Business costs

[amandanmv]

Anyone gotten a loan for start up costs? I purchased my domain and I'm setting up my site, but it'll be very bare if I don't get a larger selection of ribbons than I have. If I buy locally I can buy a little here and there, but I'll be paying way more than if I bought in bulk online.

So, I was thinking of taking out a small loan. Just a couple hundred dollars for the supplies. With christmas coming up, I would take any money received as a gift and put towards the loan to pay it off quickly. I just can't decide.

[Amber427]

Personally- I started out small and grew from there. It was stress free and alot more easy going. This buisness is good and bad- and coming into it in debt is not the best option. IMO.

[homeschoolmom]

I completely agree!!!! do not go into debt....I have done embroidery work for 5 years -3 years on a small brother machine-2 years on a bigger one...Janome and then I bought my commercial machine (with cash) I don't owe anyone! If I don't make money with it at least I don't have to come up with a payment. It is a much easier way to work-no pressure!
What you could do is make a ton of plain color bows and have a home party- When I did mine I sold over 190 dollars in just bows! THAT would buy lots of ribbon! You can take orders for custom bows but tell them you will have to order ribbon it may take 2 weeks to complete any orders (everyone was happy with that at my parties) Plus my friends had the parties and they made the finger foods and all- I just brought the bows! Even if you only make 50 dollars- buy ribbon-have another party...LOL

[amandanmv]

I like the idea of bow parties, but I don't really know a lot of people. Sad to say I don't really have any real life friends that I could invite. Not really sure how a bow party works either.

I am hoping to have a good experience at an upcoming craft show, but I need the ribbon before then to make the bows for the show. UGH. LOL

[homeschoolmom]

Originally Posted by amandanmv

I like the idea of bow parties, but I don't really know a lot of people. Sad to say I don't really have any real life friends that I could invite. Not really sure how a bow party works either.

I am hoping to have a good experience at an upcoming craft show, but I need the ribbon before then to make the bows for the show. UGH. LOL

I can understand....trust me! I almost got a loan for my machine and supplies but I just put my mind to it and let the idea go! It stunk cuz I needed it then - or so I though!
Maybe you can get smaller amounts of ribbon and make say 5 or 6 of each color?
I know- I am sorry...I am no help!
What about this- do you have anything you could sell on ebay? I have done that before- when I first started out I said I would not buy bow making supplies unless I sold on ebay and made the money to get them....it worked!

[amandanmv]

I'm thinking of doing 4 or 5 of each color for the show, but I want to offer them in small bows with 3/8" and medium bows with 5/8" so I need all the popular colors in both sizes.

Anyone wanna sell me 10 yards of the most popular colors in both of those sizes? I'd like to find someone who would do that and charge me the same price as it would be if I were ordering from UB. KWIM?

[ldelzer]

You can buy the convience packs at TRR. On the retail site, the spools are 5 yards.

Actually, you can buy 5 yards of the most popular colors pretty inexpensively.

Start small.

[Chantilly]

Yep, my advice is to start off small too. You don't want to start with a debt if you can help it.
Good luck with it all!

[bugsandbows]

I agree with the majority, pay everything off without debt. I thought there was free money out there for small biz, Not! If there is, I want some!!

[bittybows]

I say ditto, don't go into debt. My start up costs were about $500, when I decided to buy in bulk dozens of colors of ribbon. $300 of that was from our family's checking account, and my husband thought I was crazy. After that, I simply rolled profits into further supplies. For about 1 1/2 years, I barely touched any of the profits--it all went back into the company, supplies, website, organization...It was the slower way of doing things, but IMO a smarter business move. It also has made me consider what is absolutely necessary, and what can wait.
HTH!