Do you have a business or a hobby? You may have turned your hobby into a business, you may make sales, but is it REALLY a business? When people talk to me about this issue, they mention taxes, business names, income… but that's not the answer. You can have a business and not have made a dime yet. And you can have a hobby that makes money.
So do you have a business or do you have a hobby?
Listen to the episode (or watch in the video player!) to figure it out!
If you’ve been doing the work and you feel like you’re still not where you want to be financially, sign up here to learn more about Pay Yourself. I’m re-launching it soon, and it’ll walk you through the calculations and figuring you’ve gotta do to help your business get profitable and start regularly paying yourself.
Do you feel a little insecure talking to bankers or fancy businessmen about your handmade business because you don’t know all the accounting terms? Want to talk about money and make decisions more comfortably?
Today I’m going to introduce you to five accounting terms so we can talk more about money!
Before we dive into the terminology I want to tell you this – the Starship, my online community for makers and artists, which includes access to all of my classes, including the updated and expanded Pay Yourself and Pricing 101, opens next week. I’m not going to open it to the whole world, only to the people who have signed up to learn more about it.
So if you wanna learn more about it and if it’s for you, sign up here. Because I’ve added new and updated classes to it this year, the price is going up when it opens next time, so if you want in at its current price, you gotta be signed up right here!
I follow my enthusiasm by reading…a lot. And once a month, I share (some of) the books I read last month and the books I intend to read this month. You can join the informal book club by sharing your own list with me on Facebook and find all the posts here.
Hillbilly Elegy, by JD Vance – Oh man. This memoir really hit home. The author grew up just a few miles from where I did, but above that his home situation was similar to mine. The way he places it all in a social and historical context really helped me process it all in a new way. Basically, until I write my memoir you can read JD's and get a good view of my early life.
I'm teaching at a summit for LYS owners with Gwen Bortner in Asheville, NC in April. I think we can still sneak in 1 or 2 more yarn shops, if you wanna learn how to up-level all your systems, admin and marketing. More info here!
I've started a new Friday video series where I talk about the lessons I'm learning while I build my own biz. Find it here!
What do people REALLY make in their handmade businesses?
Two years ago, after seeing tons of income reports from bloggers & coaches I started to wonder what an income report would look like from a maker.
I decided to hold a survey to collect income reports for 2 reasons:
The reports I saw from bloggers and coaches were just NOT comparable to a handmade business.
It’s way more useful to know what lots of people are doing than what ONE superstar is doing.
So I created a survey, where you could share your numbers and your feelings with me. And I’m doing it again this year. You can go to taraswiger.com/income and share your response with me totally anonymously.