Not entirely sure how this came about but it did. I’ve been doing financials this past month, and I had an extra few bucks to spend on an individual membership, so I did. I’m contemplating the Master’s program (level 1, at least) but that is a major time requirement. It’s only like five major commissions or so. Yikes.
Back to the financials thing, I’ve been trying to set up a more legitimate system than what I have now. I’m lucky (or maybe not) in that my major requires basic accounting classes, so I know how to run a basic ledger and accounts. I just have the problem that I don’t have a separate bank account for EmilyRoseKnits, plus when I buy yarn, most of the time I don’t know if I’m going to end up selling a finished product with it. Sometimes it does end up on the table and sometimes it doesn’t. It’s great from an artistic point of view, but hell from an accounting one. Three months down the road when I get around to working with the hand dyed alpaca for some project, I don’t remember what it cost to start out with. The only solution I currently have for that is to keep a record of all the yarn I buy, which on top of all the other work is simply too much.
Which also brings me to pricing. It’s a bitch. I try to at least recoup basic supply costs but I struggle with charging for labor. If I actually charged minimum wage for the hours put into, say a pair of mittens, people would be paying a good $70 for them. That’s simply not possible in the venues I sell at. It also doesn’t include the overhead required for the time I would have to do paperwork and books for each job. Etsy has some good solutions to this, but none I can find include the fluidity needed to account for changes at venues.
My ideal solution to this would be to find a small boutique to work with and supply say, 4 items a month to, with varying price ranges. However, that’s a pipe dream that probably never happen till I can get a consistent system set up. Gonna dream big on that one. And make excel my new best friend.