katelynjane

Business Techniques #3

In Uncategorized on August 9, 2008 at 3:00 pm

It’s so interesting to see how different sellers manage their profits! Everyone that I’ve talked to so far has a different technique and I’m learning a lot from their stories.

The next successful Etsy artist I chatted with was Kitty Cross Bones, you might remember her from her “Quit Your Day Job” article in the Storque…yeah. Lucky bum, hey? Here’s how this girly answered my question.

Q: What is your formula for your earnings? How do you work out how much to put back into the business and how much to save?

A: My earnings would be Sales – fees= net income – supplies = profit. I only put back into the biz when I run out of supplies so anything after that would be saved. I actually don’t have an exact formula as in depth as the other sellers on your blog. I don’t charge for my design or setup fees. Mainly the product would be calculated for parts+labor. Sometimes I work about 18hr days in the studio.

When I first started out selling, I was actually putting my personal savings into it from my day job (which I recently quit last year due to my Etsy success) I was in the hole, so to say, before biz started to pick up.

You asked how do I know how much money to spend on the biz and how much to save? So when I run out of supplies I will reorder them. I buy in bulk so the price is low and whatever is leftover after spending from supplies I put that into my savings account and then pay my credit card bills with it…

 

There’s so many different ways to manage your money! And it must be successful, Kitty’s quit her day job…and all the other successful Etsy Artists I’ve interviewed are super successfull too!

This series is really giving me food for thought. How should I manage my finances? What theory works best with my needs and wants? It’s a hard call, since I’m still just getting started, and it’s so great to have all this advice from sellers who have made it!

They keep coming…

                               

Advertisements
  1. Just stumbled into your blog. Interesting blog here…I’ll be following it from now on!

  2. I’m so glad you like it! Thanks so much for continuing to stop in! (:

  3. Awesome post! That story was the first one I read when I started on etsy – now I am hooked to storque! I love it!!

    Great JOB!

  4. Thanks Lis (: I really find the “quit your day job” stories helpful too, and so encouraging! Glad you liked this one too!

  5. […] life on the KJ Blog seems to be getting better!! Within the past week I featured blog entries on money managing techniquesfrom successful Etsy artists, as well as Blogging Techniques with opinions and comments from […]

  6. […] A total of 708 views, which was mind blowing! A lot of it had to do with my features that week. Several successful Etsy sellers shared their financial experiences with my readers and were able to help a bunch of us our […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: