1 Thing You Need For Your Small Business

All About That Money

Wanting to open a business is just the beginning of your journey. Between deciding on products, where to sell, who your suppliers will be, your mind can be buzzing! Getting paid sounds simple and the easiest solution would be to dump those funds right into your own personal checking account. I mean it’s YOUR money, you worked for it, so why not? If you only take ONE piece of advice from me, let it be this one – open a business bank account! 

 

Keeping your business money separate from your personal money is going to help you keep your taxes somewhat square when it comes time to file them at the start of the year. But opening a bank account won’t help if you don’t keep your purchases separate as well. What should you separate though? The short answer to that is everything.

  

Opening and using separate accounts will help you keep track of your income across various selling platforms and your expenses from various sites. It will help define YOUR business and you can, at a glance, see where your money is coming and going. I also suggest applying for and opening a business credit card. When shopping for a credit card, try to find one that has awesome perks like cash-back which will help offset the costs of running a business. I love American Express Business Credit Card account.  I also have a Paypal business account with a credit card (mostly because If I don’t have my main card on hand, I can use that on most sites to check out. They also offer 6 months no intrest if the purchase is large enough so that’s a big bonus for me. *Disclaimer – PLEASE use credit cards responsibly!

 

Where Can You Get A Free Account

I shopped around for my accounts for a while before I found mine. I noticed that a lot of banks want to charge you a monthly fee for a business account. Just starting out, I did NOT want to pay for a monthly fee. While I can appreciate “that’s the cost of running a business”, that’s not something that I wanted to take on at the time. I finally found that Ameris Banking offered FREE business checking accounts. I did have to deposit I believe 100 to open the account, but the fact that it was free was fantastic. 

One thing to keep in mind that FREE does have restrictions. You are limited to your monthly transactions but you have over 1,000 transactions available. As long as you are not swiping hundreds of time a day, you should be okay with their free account. 

 

PROS

[ ] Free Bank account 

[ ] Friendly customer service 

[ ] Debit card and credit cards available 

[ ] Popcorn and lemonade in the lobby (as told by my son)

 

CONS

CONS 

[ ] Website isn’t the “coolest” 

[ ] Limited monthly transactions 

[ ] Minimum required to open account.

From Hobby to Income

Let's Make An Etsy Shop!

Can I start a business?

One of the biggest perks of owning a craft machine is the ability to turn a hobby into a money-making dream! Even if you have a job outside, being able to bring a small stream of revenue can be a huge advantage. This is money that you can use to pay off debts (hello student loans!), build a nest egg of savings, or simply just splurge on yourself without feeling guilty.  There are countless platforms that you can sell on to start building your empire, but in this article, we are going to go over the popular handmade platform – Etsy.

Why sell on Etsy?

Etsy, as mentioned early, is one of the oldest handmade platforms. Over the years thousands of shops have opened up. According to Etsy in their 2020 wrap-up, there were over 3.7 million shops on Etsy! Now you might be wondering with MILLIONS of shops already opened, is that marketplace too saturated? Will I be able to create an income stable enough to kiss my 9-5 goodbye? How will I stand out in an ocean of other shops? Those are all very justified questions, however, that same year data shows that Etsy also had over 69.6 MILLION customers! That is a lot of bodies searching for handmade goods. 

 

In recent years, Etsy has started running more promotions, creating commercials, TV shows, and pushing ads to bring in additional customers, spreading the knowledge and reach of this handmade platform. So what does that mean for you? Well, it shows that Etsy is dedicated to making their platform the biggest it’s ever been! When you make money, Etsy makes money, so their focus will continue to be growth in the future. 

What can I sell on Etsy?

You can sell anything on Etsy that you make! We each have a unique gift and style that someone somewhere in the world is going to LOVE. Selling on Etsy will give you access to those people who are looking for and will appreciate your talent. While we all might be using the same SVG files, using the same brand shirts or faux leather, and using the same craft machine, we can all find our spot in the Etsy community. One of the biggest things that will set you apart from Sally Cricut is that you are you. Not only will your skill and craftsmanship stand out against hers, but your customer service will be totally different! Your customers will grow to love YOU and how you handle your business. The way you display your products, how you set your shop up, write your descriptions, will all be a representation of who you are, and while some copy, no one can replace YOU! 

While you play with your machine, think of the projects that you love creating the most and really think about what you can put into your shop. If you can’t pick a favorite project, no worries! You can build your shop in a way that will allow all of your interest to flow until you are able to hone in on what you really want to do or what your shoppers are most looking for. I am sure you have heard “find a niche and stick to it”. I am here to tell you the exact opposite. You DO NOT have to have a niche to start with! A niche can find you. When I first started in 2017 and even into 2018, I was all over the map. I had shirts, tumblers, decals, paper crafts, keychains – the list goes on and on. Around August 2019, I took a hard look at what items really sold well in my shop and found out that one theme, in particular, sold well above anything else. I knew from that moment that my niche found me! I began to shift my business in that direction and the results have been insane. 

How can I sell on Etsy?

Setting up a shop is one of the first steps that you can take on your journey to building a different financial future. By using this link here, you can get your first 40 listings for free! While this process is pretty straight forward, it’s the work afterward that will begin to test your commitment to creating a shop that will stand the test of time. Are you ready to become an Etsy seller? Follow along with me as we go from start to finish on opening an Etsy shop and the things you need to fill out first!