You've been making jewelry for a few years now and have built a nice customer base. You dream of kicking things up a notch and making your business bigger and better than ever before! How do you know you're ready?
I am by no means a business guru but these are just a few hints that your business might do well if you take it to the next level:
1. Your jewelry-making business has consistently been profitable for at least two years.
Yes business sales and profits ebb and flow but if you have been reaping the rewards for all your hard work in the form of cash at the end of each month, then you're already on good ground. It doesn't make sense to expand a failing business, does it?
2. You have a significant number of repeat customers.
If you're seeing the same faces time and time again requesting your products, then this is a good indicator that expansion might be a good idea. People like your product style, quality and price enough to come back for more. This is definitely one of the most important factors for a successful business. Every business needs customers to survive.
3. You can't keep up with demand.
Spending lots of hours struggling to keep up with orders? Do you have nightmares during your two hours of sleep that you didn't complete an order? Then it might be time to hire some help. You can't and shouldn't try to do everything yourself when business is booming. This leads to products of poor quality and errors. Mistakes will happen but when you're rushing and sleep-deprived, they happen more frequently. It only takes one mistake to tarnish the good name you've spent years building. Even if you just hire a part-time employee or someone to help out during the busiest times of the year e.g. Christmas, it's always a great investment to protect the reputation and well-being of your business.
4. You're running out of room.
Messy craft room- Katedids
Lots people are not fortunate enough to have a whole room dedicated to their craft. Some are confined to a closet or a desk in the corner of the house. If you find, though, that your supplies are starting to take over ever nook and cranny of your home, then it might be time to find a new space. You can rent an office/ studio in a convenient location or consider converting your garage. Whatever, you do, think about how you will use your space and what you have to get out of it before you commit to any changes. The last thing you want is to sign a lease or spend money on construction, then to use the space for two days and realize it's not going to work.
5. You're organized and like to keep track of everything.
This is a good quality in business. In life, people might think you're a bit O.C.D but when you're running a business, you need to have up-to-date accounts, order lists, inventory, product costs and more! If you know it's not in your DNA to stay on top of all these things, hire someone to do it for you. It will save you hours (or days depending on how delinquent you've been) trying to make sense of a stack of paperwork that you let pile up.
If most or all of the five points apply to you and your business, then it may be time to start thinking: How do I expand my business?