botanica Posted January 24, 2010 Share Posted January 24, 2010 Sorry for this long post.....I'm at a place where I need to talk to my collegues and think out loud. Any advise or wisdom thrown my way would be very appreciated. Normally, I'm not disposed to throw out my business like this, but I need some feedback if possible.I've been at this business for a long time, and it has long-since become more of a money-thing than a hobby. Like any candlemaker, I have invested thousands of dollars and lots of time to get to where I am today. I love seeing my finished products sell, because I know that they're very good. I have really stepped up my game in the last couple of years, especially since finding this wonderful forum, and have done a lot of professional development. I have spent lots of money and time, and now I'm in debt. So, that being said, a year ago, I had a baby, and decided to take this year off (kinda). 2008 was pretty bad for me, as I'm sure many of you experienced. So, I figured that it was good timing to focus solely on my family. I did keep my one "big" wholesale account. I did two sales also, and doubled and tripled my totals from last year. But, I just found out my wholesale account is dropping my line for a couple of reasons. It threw me for a loop, but I know that I could have done more to pursue them and develop products for them specifically. But, that would have meant more money invested--and they have been shady with me. They asked me to buy more barcodes for my new products and then never ordered them, with no explanation, and no "sorry we asked you to spend money that you don't have for us and then screwed you over". Not cool! But, it has stimulated my thinking about my business. I think I need to re-focus, readjust and really think about if I will ever make money at this. I know that there are those of you out there who turn a profit, but I have to wonder if I can do that and not have to take time away from my family. Can't both be done? My ultimate goal is to open a store, but I don't have collateral that I'd be willing to put up for the loan. I'd never put my family's house in jeopardy. Regarding craft sales, they're always touch and go, and lots of effort. I enjoy direct selling, and always am a top-earner at the shows I attend, but again, they're not guaranteed. I'd like to get more wholesale accounts and fundraisers, but I get caught up in approaching them and finding business (fear?). Do I have the drive and determination? I'm thinking of just closing shop, but then I think that I'm always on the verge of making it big if I do it right. If that really exists. I've had some really incredible opportunities, and I wasn't able to pursue them for different reasons. I never want to be mediocre.How many of you are re-focusing your business? Is what I'm going through common? Thanks for listening (: Quote Link to comment Share on other sites More sharing options...
Candybee Posted January 24, 2010 Share Posted January 24, 2010 I feel for you. I think you probably know the answer to a lot of your questions but your emotions and problems are at the surface right now. Sounds to me like you just need a little extra time to make a decision. Sometimes taking a break away from your biz is what you need to refocus what's most important to you.Sorry I couldn't be more helpful. Quote Link to comment Share on other sites More sharing options...
Jokerjen Posted January 24, 2010 Share Posted January 24, 2010 I struggled back and forth for years with decisions like this.........especially when the other half is only employed seasonally.I had ups and downs with my health (still do) but ultimately this is what I love, makes me happy and I know I make a good product.So when the opportunity came up for this store, I got my ass in gear and got together a business plan..... Now, I know it will take some time to get my name out there but I am confident that I made the right choice.It also helps that I had the complete support of my spouse and children and most of my family.No one is really going to be able to make the choice for you.......for me, it was something I wasn't ready to give up..... I decided now was the time to give it everything I have....it also helps that my baby is going to be 11, so things are easier in the sense that I don't have to worry as much about babysitters and such, right now the hubby can take him and pick him up from school.....I will just have to learn to plan meals better...lol They are used to having me home to cook everyday... Quote Link to comment Share on other sites More sharing options...
chuck_35550 Posted January 24, 2010 Share Posted January 24, 2010 I am in the same thinking mode as yourself. My frustration comes from the constant shifting of raw materials. Prices of raw materials and companies going out of business or discontinuing products has me tired of re-inventing my products. We are small entrepreneurs who haven't much voice or control over the very ingredients that make up our products and are constantly at the mercy of our distributors. Personally, I intend to scale it back and bide my time. Until this economy settles down and until the future for small time business persons looks a little better; I say be careful and wait. Timing is everything in life. HTH.Steve Quote Link to comment Share on other sites More sharing options...
botanica Posted January 24, 2010 Author Share Posted January 24, 2010 Thank you for your replies and support. Only another crafter would understand...that's why I appreciate this forum. I agree, I need to be cautious, and take some time to think about what I truly want. I guess if I'm going to continue, I need to be all the way or not at all. Quote Link to comment Share on other sites More sharing options...
jenscandles Posted January 25, 2010 Share Posted January 25, 2010 Due to lack of money and time to do anything, I was forced to stop about 5 years ago. I sold off just about everything. I came across some finished product I had stored about this time last year and the bug hit me again. And I regretted selling off everything I did. Turns out you can't always replace it later.I agree with the thoughts of taking more time. This type of decision is never easy. Sometimes scaling back is easier than quitting.In the meantime, while you're considering, check out www.daveramsey.com They can help you with the debt.Take care Quote Link to comment Share on other sites More sharing options...
bugtussle Posted January 25, 2010 Share Posted January 25, 2010 I am in the same thinking mode as yourself. My frustration comes from the constant shifting of raw materials. Prices of raw materials and companies going out of business or discontinuing products has me tired of re-inventing my products. We are small entrepreneurs who haven't much voice or control over the very ingredients that make up our products and are constantly at the mercy of our distributors. Personally, I intend to scale it back and bide my time. Until this economy settles down and until the future for small time business persons looks a little better; I say be careful and wait. Timing is everything in life. HTH.SteveWe are definitely scaling back for a while. We worked too hard to let it go and we are OK to just see how the economy goes. Carole Quote Link to comment Share on other sites More sharing options...
Faerywren Posted January 25, 2010 Share Posted January 25, 2010 My dream was always to open a shop that was a production facility as well as retail. My husband is super duper supportive and would always point out places for rent saying, "There's you a soap shop". At one point, I was so set to do it, I called and got rent quotes, utility cost projections etc. It didn't take me long to figure that the amount of product I'd have to sell to pay my bills, let alone make a profit, was more than I could probably make. I work as a nurse and do soap and candles in my spare time and I do everything myself. After a little thought, I saw my hobby turning into a chore, and decided I liked being a "little guy". Quote Link to comment Share on other sites More sharing options...
brudil18 Posted January 25, 2010 Share Posted January 25, 2010 I understand where you are coming from. I have dreams of my addiction becoming bigger and opening a shop and the whole nine yards. I have those days too like you where I question it. I'm a single dad, live in a high rent (retail) area of the country, overwhelming number cruching all the time and the list goes on. How am I am ever going to make this work?I simply just believe I will. I have scaled back my approach to everything. I don't purchase unless there is money in the account. I hit the street on foot and target new wholesale accounts instead of mailing. I've basically gone low budget and simple, to get through these tougher times. Doing this makes me happy, so I focus on that. Quote Link to comment Share on other sites More sharing options...
botanica Posted January 25, 2010 Author Share Posted January 25, 2010 It IS all about what makes you happy, right? I find it's hard to get myself into the studio to work, but once I do, it feels good. Making sales feels good to me as well. And I can't have one without the other. Maybe I should make a survey about profit vs. loss. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.