The Pros And Cons Of Selling Handmade Products


If you possess a craft skill, you may be considering turning it into a business. In fact, you may have already successfully sold a few of your creations. There is definitely a big market out there for handmade products – they are typically more unique than machine-manufactured products. And there are definitely advantages to selling handmade products instead of machine-made products. However, you also need to be aware of the drawbacks. This post lists some of the pros and cons of selling handmade products so that you can determine whether this is a good business venture or not.

The pros:

Low startup costs

Compared to manufacturing a product using machines, a handmade product business can cost a lot less to launch. While you may still need to invest in various tools, you won’t need to buy expensive automated machinery or pay upfront fees to a third-party manufacturer. This could save you thousands in some cases. If you don’t have a lot of money to launch your business with, a handmade product business could be a good option.

Full personalization

While modern machines are allowing greater customization, you don’t have quite the same freedom to fully personalize each product as you do when handcrafting a product. Some handmade products aren’t products but individual art pieces. This includes items like handwoven rugs, wood sculptures, paintings, crocheted soft toys and handmade necklaces – each one may be completely different to the next. Being able to make each product different can stop you getting bored of your product, and it can also allow you to easily personalise it to customers’ needs if necessary without having to learn how to program machinery.

Low environmental impact

Handmade product businesses typically have a low carbon footprint. Machinery typically consumes a lot of energy. When you make products by hand, this isn’t the case. You also have more freedom as to which materials you use and may not order them in such large bulks, reducing emissions from shipping. It’s worth noting that many customers buy handmade products because they are greener.

The cons:

Increased manufacture time

Individual handmade products take a long time to make. You could find that you have to put a lot of hours in just to create one product. If you make products to order, it could be important that customers give you enough time to manufacture the product. If you get lots of orders, you may even have to create a queue system. In some cases, it could take you a month or more to get around to a product and make it. Not all customers will be willing to wait this long. Machine-made products are advantageous for this reason – you can fulfil orders much more quickly (in some cases, by the next day).

Reduced long-term profits

You may find that you make much less of a profit in the long run by handcrafting products as opposed to using machines. While machines are expensive to set up, you can churn out batches of products much more quickly, allowing you to make a quick return. With handmade products, you need to be setting prices that make up for the hours spent making your product, as well as being able to cover the cost of materials and any other business costs. All in all, they need to be high enough to make a return, while also not being so high that you scare off customers. In most cases, your profit margins will be much less than they would be for a machine-made product.

Limited scalability

You can only make so many products in a certain amount of time, which means there is a limit as to how far you can grow your business. You may be able to train an apprentice or even a team of craftsmen to help you manufacture more hand-made products, but this also means being able to cover their wages. Overall, growth is likely to be much more feasible by adopting machinery. This could include switching out handmade embroidery for commercial embroidery machines so that you can embroider more clothing, or using electric saws to cut furniture to size so that you can build more furniture. There may be ways to partially mechanize manufacture so that you’re still doing some handcrafting. However, you may find that you cannot legally market your product as ‘handmade’ once you start doing this and you will need to specify which parts are handcrafted.

Should you start selling handmade products?

A handmade product business can be ideal if you want to start a green business on the cheap. It can also be a good venture for those who want the freedom to personalise their product instead of having to create identical copies. You do need to be patient when building these products and you do need to realise that your profits and growth will be limited. Only by becoming exceptionally skilled and well known will you be able to increase your prices and make more money (or by finding other streams of income such as workshops).

Business directory

 

3 Tips to Turn Time Management into Life Management


3 Tips to Turn Time Management into Life Management

Effectively managing your time, our most valuable possession, is an essential life skill! Join Stacey as she shares her three best tips on how to make every moment count, minimize stress, and improve the quality of your professional and personal life. All while juggling a business (even taking care of a family).

In this episode, Stacey discusses the power of creating your own ideal week. Starting with reflection and time tracking (see great downloadable templates at lauravanderkam.com), Stacey shares the colour coding and techniques that help her create a week that works for her, her businesses and her family. She also talks you through her Braindump and to-do list templates and finally talks about the power of outsourcing in your business and at home.

Australia-based Stacey Morgan is a sought-after speaker, facilitator and business consultant offering online business consulting to small businesses around the world. Her company, Morgan Media, is a global podcast production company that focuses on podcasts related to small business, the arts and raising a family. She hosts one podcast, How to Run a Successful Business (and Still Have a Life!) and co-hosts another called Miss Bossy Boots.

Fiercely dedicated to the arts, Stacey is also the Principal of Port Macquarie Performing Arts, a dance school on the mid north coast of New South Wales.

A Finalist in the Telstra Business Women’s Awards in 2020, Stacey is using her knowledge from her successful six figure businesses to coach and consult with women business owners juggling their own business whilst also raising a family.

Links & Resources

Website: www.simplystaceymorgan.com
Facebook: www.facebook.com/simplystaceymorgan
Instagram: www.instagram.com/simplystaceymorgan

This podcast is bought to you by Parents in Biz

Parents in Business website www.parentsinbiz.co.uk
Read the latest issue of the Parents in Business Magzine www.parentsinbiz.co.uk/parents-in-business-magazine
Parents in Biz Directory www.parentsinbiz.co.uk/directory
How to get involved with Parents in Biz www.parentsinbiz.co.uk/how-to-get-involved

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The key to managing money as a single parent


The key to managing money as a single parent

The key to managing money as single parents is to have a money plan. A money plan is essentially knowing the income coming to a household and telling it where to go. The expenses can be tracked in 4 main categories: savings, needs, wants and debt. The final part of a money plan is to have financial goals written down with details, including what, cost, and dates. In addition to having a money plan, it is important to have and stick to boundaries around our plan as well as knowing our support team.

I am Malikah Greene, a Financial Freedom Guide who empowers single ladies with money management skills necessary to build healthy financial habits in order to ditch debt and build wealth. I am an alumna of NC A&T SU, where I received my B.S. in Chemical Engineering. When I’m not helping others, I can be found spending time with my baby boy, dancing or travelling.

Links & Resources

Website: www.dreambymal.com
Facebook: www.facebook.com/mal.l.greene

 

This podcast is bought to you by Parents in Biz

Parents in Business website www.parentsinbiz.co.uk
Read the latest issue of the Parents in Business Magzine www.parentsinbiz.co.uk/parents-in-business-magazine
Parents in Biz Directory www.parentsinbiz.co.uk/directory
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5 Tips for Preparing Your Children for Financial Independence


5 Tips for Preparing Your Children for Financial Independence

It’s never too early to start teaching your children about money. However, the earlier they learn the basics of financial responsibility, the better off they’ll be in the future. This blog post will discuss five tips for preparing your children for financial independence. Follow these tips, and you can help your children achieve success in their financial lives!

Teach Them The Value Of Money

One of the most important things you can do is teach your children the value of money. You can do this by setting a good example yourself and showing them how you manage your finances. Explain to them why saving money is essential and how doing so can help them reach their financial goals.

Help Them Set Savings Goals

One crucial way to help your children become financially independent is to teach them how to set savings goals. Help them understand what they are saving for and why it is essential. This will help them make responsible decisions with their money when they are entering their adult lives.

Teach Them How to Budget

Another critical skill you can teach your children is how to budget. This will help them understand the value of money and how to make financial decisions for themselves.

You can start by teaching them about basic expenses like food and shelter. Then, you can help them set up a simple budget for themselves. Finally, you can teach them more complicated financial concepts like investing and retirement savings as they age.

Teach Them That Hard Work Pays Off

One of the most important things you can do for your children is teaching them that hard work pays off. But unfortunately, financial independence doesn’t come easy, and they must understand this from an early age.

Set An Example For Them

If you want your children to be financially independent, you must set an example for them. One of the best ways to do this is by living within your means and being mindful of your spending. Show them that it’s possible to have a good lifestyle without debt or overspending. Explain to them why saving money and making wise financial decisions is essential.

Another way to set an example is by investing in yourself. How can you expect your children to do the same if you’re not taking care of your financial future? Invest in a good retirement plan and ensure you’re staying on top of your finances; you can even go to financialadvisers.co.uk for sound advice. This will show your children that you’re serious about financial independence and provide them with a good role model to follow.

The most important thing you can do to prepare your children for financial independence is talking to them about money. Explain how it works, how to earn it, and how to save it. Help them understand the value of a dollar and the importance of frugality. Teaching your children these things early on will lay the foundation for their future financial success.

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Parents in Business Magazine Summer 2022


Parents in Business Magazine

As the year progresses and we enter the month of July, Summer can be a wonderful time of year, with warm, sunny days and lighter longer evenings, often filled with the smell of BBQs and squeals of delight from the paddling pool! On page four, Neela Prabhu, a qualified licenced homeopath, shares top tips to help you get through this season’s minor health issues quickly and naturally.

Our cover star is Robert Douglas he is the director at Signature Pictures Academy, a social enterprise dedicated to combatting youth unemployment and diversifying the UK film industry by training and securing ongoing work for black, Asian and minority ethnic youngsters. He is a husband and father of two boys aged 4 and 8. Robert also runs an Instagram account documenting fatherhood and breaking down stereotypes. (Page eight)

Due to increased demand, high energy prices and supply chain issues, inflation has risen dramatically – and is expected to rise further in 2022. We cover what can small business owners can do in their business to reduce the impact. (Page 30)

We have interviews with celebrity makeup and hair artist Christina Flach, the CEO of Pretty Girl Makeup and a sepsis awareness advocate. (Page 22) Terry Blackburn is an award-winning entrepreneur and founder of seven successful businesses in property investing, life insurance and mortgage brokerage. (page 26) And Mimi Nicklin is the bestselling author of Softening The Edge, a podcast host and the CEO of a global advertising agency. (Page 34)

SHONA CHAMBERS

MARKETING CONSULTANT

Shona Chambers is a Marketing Consultant and owner of Shona Chambers Marketing, a Marketing Agency based in Nunhead near Peckham. Specialising in helping Small Business Owners and Freelancers with their Marketing.

*Photo credit Portrayed Photography

www.shonachambersmarketing.co.uk

SOUMYA KARKERA

LIFE COACH

Soumya is a life coach for children and parents. She creates a safe space for children and parents to talk about their problems, find ways to move forward and feel empowered. Helping parents and children create a toolbox that has all the essential tools to navigate themselves has been her life’s work.

www.linkedin.com/in/soumya-karkera-95418949

CLARE MORRIS

FOUNDER OF CM RESOURCE

Creating, refreshing, or enhancing your business model. Clare shares business growth ideas and strategies for new, developing, and established businesses. She can help you innovate, evolve and love what you do.

www.cmresource.co.uk

LUCY PATEL

BANT REGISTERED NUTRITIONIST

Lucy is a BANT Registered Nutritionist and specialises in chronic stress, peri-menopause and hormone imbalance conditions. As a busy working Mum and business owner, she understands how living a healthy lifestyle when you are ruled by your to-do list can be very challenging.

www.lucypatelnutrition.co.uk

TUTU POPOOLA

FOUNDER & LEAD CONSULTANT OF SLEEK HR

Tutu Popoola is the Founder & Lead Consultant of Sleek HR, an outsourced HR & Diversity, Equity & Inclusion consultancy for creative businesses in the UK. She is an Accredited Member of HR Independents and Member of the Chartered Institute of Personnel and Development (CIPD)

www.sleekhr.co.uk

NEELA PRABHU

FOUNDER OF HOMOEOPATHIC HARMONY

Neela is a qualified licensed homeopath with almost 20yrs experience as a community pharmacist. Homeopathy is a holistic alternative form of medicine which dates back more than 200yrs. Outside of her homeopathic work, she enjoys kickboxing and the gym. She has 2 young daughters and 2 cats.

www.homeopathicharmony.co.uk

IAN RICHARDS

FOUNDER OF WORK TO LIVE FINANCIAL PLANNING

Work to Live Financial Planning specialise in helping parents take control of their financial future, helping you make the right decisions at the right time about spending, saving and investing your money. They focus on helping you to balance being able to live a great life now with preparing for the future.

www.worktolivefinancialplanning.com

NAOMI SUMMERS

FOUNDER OF GO GET ORGANISED

GO Get Organised offers a wide range of professional support services to businesses at affordable hourly rates, including virtual admin, marketing, web design, social media management, and more. It also hosts GO Get Networking, an ongoing programme of free online networking opportunities.

www.gogetorganised.co.uk

READ SUMMER 2022 ISSUE HERE

Want To Improve Your Business Tax Efficiency? Here’s What To Do


Want To Improve Your Business Tax Efficiency? Here’s What To Do

Tax seasons come and go, but thinking and planning are key for saving money on your business taxes. According to a recent study, 76% of UK businesses reported some business concerns, including financial performance, trade and workforce and business resilience. And so far as finances are concerned, effectively managing your taxes can improve your profitability and cash flow and add value to your business. Here are four ways to improve your business tax efficiency.

  1. Utilise your tax relief 

There are a variety of tax reliefs that encourage business expansion. It would be best to check if you qualified for this, including employment allowance, patent tax relief, and business rates. Research suggests that UK SMEs are missing thousands of pounds in unclaimed tax credits designed to reward innovation. Various types of tax relief may be available on an investment in a UK business, and the impact can be significant enough to mitigate potential losses.

  1. Stay away from tax avoidance schemes

It is normal to see businesses employ various mechanisms to avoid tax. While some of these tax avoidance schemes are legal, they are not always the easiest things to do. Many such mechanisms fall foul of the HRMC, especially if their sole purpose is tax avoidance. These schemes are usually promoted as legitimate wealth management, tax planning or investment opportunities. However, you want to be careful to avoid costing you more in the long run.

  1. Change your business structure

The type of business entity you choose for your business plays a crucial role in tax efficiency. Your business structure determines the type of taxes and how much you pay. There are three main types of taxes; personal income, self-employment, and corporate taxes. The rates for each vary and can significantly impact your tax liability. You are more likely to pay more without expert assistance since there is a risk of paying too little. Unfortunately, you expose your business to HRMC penalties when this happens.

  1. Offset losses against profits 

You can claim corporation tax relief by offsetting given losses in a tax year from trading, property income, or selling assets. You can achieve this through your business tax return. For instance, you may carry over losses to offset future years’ profits by lowering the taxes you pay the following year. You can likewise carry back losses to offset profits from previous years if they were incurred in the same trade.

  1. Get professional advice 

It is not always easy to maximise your company’s tax efficiency. Fortunately, a corporate accountancy firm can help you develop a tailored tax strategy for your business. Working with professionals is crucial for becoming tax efficient regardless of your business size and industry. They are experienced in dealing with even the most complex issues like claims related to capital allowance and R&D expenditure. These areas can be financially beneficial to your business.

Taxes should not be something you think about only at the year-end or when filing your returns. You want to consider the tips above to carefully plan, identify and capitalise on your business’s tax opportunities.

Business directory

This Is How To Provide A Safe Work Environment For Employees


This Is How To Provide A Safe Work Environment For Employees

There is no faster route to showing your employees that you don’t care about them, than expecting them to work in an unsafe business environment. The good news is there are many things you can do to promote safety in your business. Read on to find out the most crucial ones. 

 

Use signage properly 

First of all, signage in the workplace is vital, if you want to keep everyone safe. This is because signage helps to remind people of the potential dangers, meaning they do have to hold this information in their minds, along with everything else they are doing to get the job done. 

 

Examples of helpful safety signage in the workplaces, can include reminders of trips, slip or fall hazards. Also, signs conveying the information that a particular machine requires the users to wear safety equipment like headphones, goggles, and gloves are very common. Less common signage may include notifications that a specific area holds or is used for toxic substances, chemicals, or even allergens. 

 

Encourage safe ways of working 

Another way to keep the employees safe in your business is to encourage them to work safely. Now, this sounds very obvious but many business owners neglect their responsibilities in this area. 

Indeed, as a business owner, you need to both lead by example, and work in a safe manner, and not expect your employees to break safety protocol to get the job done faster or more cheaply. 

 

Invest in safety equipment 

There are many items of safety equipment that you will need to invest in to ensure your employee’s health and well-being in the work environment. Some of these will depend on the type of business you run. For example, an office will have very different safety equipment needs to a construction site. The latter requires special clothes like steel-toed boots, hard hats, goggles, gloves, and even a safety harness for working at height along with respirators for confined spaces. 

However, one type of safety equipment that every single business from retail to manufacturing needs to have is fire extinguishers. Indeed, such equipment is not only a sensible choice but is required by law. 

Of course, working out what type of extinguishers can be confusing as there are so many to choose from. Happily, Fire safety experts in your local area will be able to advise you on this. They can even help you complete your fire risk assessments as well, and provide fire alarm systems that meet all the regulations for businesses.   

 

Prioritise cleanliness and organisation 

Lastly, when keeping your employees safe is a priority, you need to encourage everyone to clean up after themselves as they work. Indeed, keeping work areas clean and having a place to store everything is helpful to safety in two ways. 

The first is that by keeping their areas clean, employees will be able to better spot any tripping, or other hazards and so avoid them. Secondly, keeping their work area organised means they will be reducing the number of safety risks around them as they work. 

Business directory

Discover how nature can help your family feel happier and calmer


Discover how nature can help your family feel happier and calmer

Discover how nature can help your family feel happier and calmer. You will learn the key aspects of nature that calm us and how to add nature to your family’s day to boost creativity, productivity, and mood.

Sandi Schwartz is an author, journalist, and mother of two. As the founder and director of the Ecohappiness Project, her mission is to inspire and educate families to build a nature habit to feel happier and calmer. Both her parenting book, Finding Ecohappiness: Fun Nature Activities to Help Your Kids Feel Happier and Calmer, and children’s book, Sky’s Search for Ecohappiness, are available now. Learn more at www.ecohappinessproject.com.

Links & Resources

Finding Ecohappiness: Fun Nature Activities to Help Your Kids Feel Happier and Calmer https://www.amazon.com/Finding-Ecohappiness-Nature-Activities-Happier/dp/0941936503/ref=sr_1_1?dchild=1&keywords=finding+ecohappiness&qid=1625680744&s=books&sr=1-1
Sky’s Search for Ecohappiness https://www.amazon.com/dp/B09SN4CMKB/ref=sr_1_1?keywords=ecohappiness&qid=1645113722&s=books&sr=1-1
Website: www.ecohappinessproject.com
Instagram: www.instagram.com/getecohappiness

This podcast is bought to you by Parents in Biz
Parents in Business website www.parentsinbiz.co.uk
Read the latest issue of the Parents in Business Magzine www.parentsinbiz.co.uk/parents-in-business-magazine
Parents in Biz Directory www.parentsinbiz.co.uk/directory
How to get involved with Parents in Biz www.parentsinbiz.co.uk/how-to-get-involved

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How to Mitigate Future Stress for All Parents


How to Mitigate Future Stress for All Parents

Parenting is one of the most rewarding – and challenging – jobs in the world. No matter how prepared you think you are, there will always be surprises that come up along the way. One of the best ways to mitigate future stress is to arm yourself with information and strategies ahead of time. In this blog post, we will discuss some tips for all parents on how to reduce stress and enjoy parenting!

Establish Me Time

First and foremost, take some time for yourself every day. It can be hard to find time to do things that are just for you when you have little ones at home, but it is important to make time for yourself. Whether it is reading a book, taking a bath, or going for a walk, find something that allows you to relax and recharge. You will be a better parent if you take care of yourself first! When it comes to parenting, one size does not fit all. What works for one family may not work for another. The most important thing is to find what works best for you and your children. If something isn’t working, don’t be afraid to change it up! There is no shame in admitting that something isn’t working and trying something new.

When Your Children are Sick

One of the most stressful things for parents is when their children are sick. No one wants to see their child suffer, but there are ways to make it a little easier on both of you. First, make sure you have a good paediatrician that you trust. This will give you peace of mind knowing that your child is in good hands. Second, keep a list of emergency numbers handy, including the number for poison control. Finally, stock up on supplies like over-the-counter medication and bandages so that you are prepared for anything.

Tantrums

Dealing with tantrums can be one of the most challenging parts of parenting. It is important to stay calm and avoid reacting in a way that will escalate the situation. One strategy is to provide your child with a safe space to express their emotions. This could be a corner of the room where they can scream and kick, or it could be a pillow that they can hit. The important thing is that they know they are allowed to express their feelings in a safe and constructive way. Another helpful tip is to have a “tantrum kit” on hand. This could include items like books, puzzles, or toys that your child can use to distract themselves when they are feeling overwhelmed.

Future Financial Stress

One of the biggest stressors for parents is worrying about their child’s future. While you can’t control everything, there are some things you can do to ease your mind. First, start saving for your child’s education early. The sooner you start, the more time you have to save. Second, teach your children about money and how to be responsible with it. This will help them make better financial decisions when they are older. Third, make sure you sorted out your wills and probate so that you know your children will be taken care of. Finally, make sure you have a good life insurance policy in place. This will give you peace of mind knowing that your family will be taken care of financially if something happens to you.

Business directory

10 Tips for a work-life balance for the modern mom


10 Tips for a work-life balance for the modern mom

Sasha believes we take life too seriously, and she walks you through a new way of thinking by changing small things along the way. Sasha has spent years working with women, and she is bringing her top 10 tips to building a life that feels more aligned with who you are. Sasha focuses on Self, Home, Relationships, and Habits to ensure all areas you may be struggling with are covered.

Sasha Morozov is a former executive who holds a Master’s in Social Work and is the founder of Sasha x home.

When Sasha isn’t chasing after her two sons, she now utilizes her clinical skills to coach women who are killing it at work but feel like they are failing at home to have more time, less clutter, and habits for a peaceful life. Sasha believes that working moms are exceptional humans who are skilled, devoted, and unstoppable.

Sasha has spent almost 15 years working in the non-profit field to help individuals and families create better futures. Sasha is an avid minimalist, productivity master, and obsessed with organizing and designing people’s lives.

Sasha has now developed a 4-Step Method that focuses on Self, Home, Relationships, and Habits to help moms hit start on the life they’ve put on pause.

Links & Resources

Freebie: 5 Steps to Coming Home Happy from Work https://fabulous-speaker-2402.ck.page/104ce77681
Connect with Sasha in the Free Facebook Group for more tips and Live videos: Moms Creating a Next Level Life at Home https://www.facebook.com/groups/269721965043411
Website: www.sashaxhome.com

This podcast is bought to you by Parents in Biz
Parents in Business website www.parentsinbiz.co.uk
Read the latest issue of the Parents in Business Magzine www.parentsinbiz.co.uk/parents-in-business-magazine
Parents in Biz Directory www.parentsinbiz.co.uk/directory
How to get involved with Parents in Biz www.parentsinbiz.co.uk/how-to-get-involved

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