Want to Start an Etsy Shop? How to Plan for the Year
Even though I've never run a business with inventory, I spent several years as a contractor for a large corporation. While doing that, I learned a lot about estimated taxes, expenses, budgeting, etc. I remember thinking it would be way worse if I had material costs and inventory -- things get really complicated then.
Anyone who's ever considered starting an Etsy shop should check out Jason's post about budgeting on the Etsy blog. Jason kicks off his post with the benefits of budgeting:
Planning — A budget provides a vision of where you want your business to be in the future. Use this to create non-financial strategies to reach your financial targets.
Adjusting — A budget will never be absolutely correct. Use it to adjust throughout the year. If your recent results don’t match up with what you wanted them to be, start making different business decisions to reach your plan.
Motivating — When you see those sale numbers that are a challenge, use it as motivation to improve your business.
Read more from Budgeting Basics: 12-Month Financial Plan at The Etsy Blog
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By Laurel Regan