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fair wage
Bookkeeping & Accounting in Your Yarn Related Business

Are you making a “Fair Wage” in your yarn related business?

When you have a yarn related business, it’s important that you are making a fair wage while pursuing your passion. ¬†You need to know what your personal fair wage is so that you can properly price your finished handcrafted items or patterns. Most articles written about pricing handcrafted items mention using an hourly rate of …

Fall of Leaves shawl
Blog

It sure has been quiet – but I’ve been busy

Over the last several weeks, I’ve been taking a class offered through the American Crochet Association – called Crocheting for Profit. This has been a REAL eye opener, especially after the two less than stellar experiences at the craft fair. What I’ve learned so far through this class is that I’m really not charging enough! Imagine that. There is a lot of discussion about making a “fair wage” for your handcrafted items and I totally agree with that. But yet at the same time, how difficult it is to compete with someone who charges basically for materials and a few bucks in their pocket or the cheap mass-produced stuffed animals that you can buy at Walmart.

yarn stash
Bookkeeping & Accounting in Your Yarn Related Business

Your Yarn Related Business – Let’s Talk About Your Stash

In reality we have two types of of inventory:
1. our raw materials
2. our finished objects
Both of these have value and we must record or track this value (cost), not only to report on our business tax returns but also so that we can also calculate the sales price of our finished item.

bookkeeping
Bookkeeping & Accounting in Your Yarn Related Business

Bookkeeping & Accounting in Your Yarn Related Business

Over the last year and a half as I’ve been S-L-O-W-L-Y launching Fanciful Things I’ve read a lot of articles, listened to a lot of webinars/podcasts and taken some classes on starting a yarn related business – I’ve gained a lot of useful information but the one area that seems to come up short is bookkeeping and accounting for your yarn related business.