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Thread: Starting a loss making business - is this the right thing to do?

  1. #11
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    Nov 2010
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    Thanks for all the replies, it's helpful to see what other people do in a similar situation.

    Sounds like the same as you is the way to go for me, Snow_imp. Thanks.

  2. #12
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    If you keep full records and an open dialogue with the tax folk, I cannot see the problem if indeed your "hobby" just covers itself and does not make a profit or even a small continuous loss. It is the paperwork that will prove your intentions. If however your bank account does not reflect this then get used to the taste of porridge and a very small room albeit with all mod cons, tv, games machine, fridge and a steady stream of shower time suitors :0)

  3. #13
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    Thanks Kwant. Yes, you are right, I will need to take this seriously even though it's just part-time, and make sure that I do have the records to back up what I'm doing.

    I'm not averse to paying tax or anything - the more I pay the better in fact, as it means the more I'm earning! Just being realistic.

  4. #14
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    Mar 2012
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    This has been a really interesting exchange Fay. I'm kind of in same boat as you at moment. Thinking about all of this stuff as I think about getting a bit more 'serious' about my passion. Food for thought...
    Claire

  5. #15
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    what about selling your pieces on ebay? to see if there is a market for the pieces that you make and to see if people would buy at the price you are wanting to sell. that way you could just sell when you have made some pieces and you wouldn't have to make a whole batch of things, and you could build up a reputation and then if its goes well then you could create a site.

  6. #16
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    Quote Originally Posted by tinker30 View Post
    what about selling your pieces on ebay? to see if there is a market for the pieces that you make and to see if people would buy at the price you are wanting to sell. that way you could just sell when you have made some pieces and you wouldn't have to make a whole batch of things, and you could build up a reputation and then if its goes well then you could create a site.
    I wouldn't recommend ebay for selling new quality stuff. There is just so much on there and so much of it is cheap tat that you'd get lost amongst it all. I'd go for etsy or folksy or one of those places. It is cheaper than ebay and more targeted.

  7. #17
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    sorry i didn't know about etsy, but you get the general idea. or even a facebook page, twitter or that kind of thing.

  8. #18
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    etsy's good. very cheap to list, they don't take a whopping great commission and it has the capability to allow you to commission items. I :heart: it

  9. #19
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    I sell on Etsy too and for me it is good as there is no recurring fee other than the very low listing fee so it is easy to manage and keep costs under control and as Medusa says the sales commission is reasonable. I think it also looks nice as a site, and very easy to use.

  10. #20
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    Nov 2010
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    Thanks for the ideas!

    Yes, I was looking at Etsy and Folksy. It would be interesting to know how much people sell through these sites, as it seems like there is a *lot* of stuff on there, and a lot of people who don't seem to have sold anything. Looking onto the forums, on Folksy at least, I got the impression that the only people buying from there are people who are also selling. It's good to know that there are some people managing to stand out and make a success of it!

    My grand plan was to:
    1) build up a small amount of stock, crystalising my ideas for my "range", and taking some good photos
    2) register on Etsy or similar
    3) approach some local shops and galleries - there are quite a few in my areas, though they tend to take a 50% commission and work on a sale or return basis
    4) set up my own website (I design web sites as a day job and have been a bit removed from the tech side in recent years, so actually looking forward to this)
    5) continue to build up a stock of a few items per week, in order to do a craft fair near christmas.

    So I think I'll be able to move forward through those steps slowly, without too much overhead to begin with, and with the opportunity to incorporate feedback from local shops etc prior to making too much.

    It's great to be able to discuss these things here, thanks to everyone for the input!
    Fay

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