Anna Gooz asked:


There are two way to have more money: make more or spend less. Running a successful craft business implies not only making money but also controlling costs wherever you can. Here are some tips to help you save money:

- Buy your supplies in bulk. Wholesale prices for supplies are mostly 25% less than retail prices. You will be in a better bargaining position and get better discount. If you can hook-up with fellow craft and buy together, your purchasing power goes up and you may be eligible for even more discount.

- Use online services where you can. Many companies give you discount if use online account, rather than going to store. For example, FedEx gives 10% discount of you use an online account to create shipping label, instead of writing them out. Buying online also saves on gas and environment. Amazon often gives 10%+ discount on books plus free shipping if you order for more than $25.

- Bundle you phone, internet, and TV. Cable and phone companies offer better rates if you buy all three services from a single company. They will give you a fixed low price for a year. After the year is up, call them up. In almost all cases, they will renew the price for one more year.

- Buy unlimited use cell phones. If you travel a lot to craft shows or fairs, get a cell phone with unlimited or plenty of minutes. It is expensive to go over the amount of minutes you have contracted. Hotel phones are expensive. Avoid using it. Use your cell phone instead.

- Get a cash-back credit card for your craft business. Many credit cards offer 2-5% cash back on all purchases and balance transfers. You can either plowback this extra cash into your business or reward yourself. Choice is yours.

- Use a hybrid or a fuel efficient car if you go to a lot of craft shows or are on the road a lot. Carpool with fellow crafters who are going to the same craft shows as you are. You will not only save money but also get company for the ride.

- Ask your family members to help in small chores. This will help you get more done without any additional costs. If you spouse is good with number, let them help with record-keeping and/or managing inventory

- Open the business bank at the local credit union or a small bank. You will be able to get free checking and often free overdraft protection. Make sure that the bank is FDIC insured.

- Learn to shop around, especially for high-ticket items. Whether you are looking for tickets, hotels, supplies, etc. do not be sacred to shop around. Research prices online before you decide what to buy and where.

- Subscribe to trade and craft magazines that you are unable to get at the library. It is more expensive to buy one issue at a time from the newsstand. These magazines often have 5-15% off coupons for craft supplies. Use these coupons to get the discount on your supplies.

Remember small steps can save a lot of money and add quickly to your bottom line.



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