I was just watching the Today show this morning and saw a report about women entreprenuers. The expert that was interviewed suggested that when starting a new business you should have approximately 2 years cash reserves on hand to cover living expenses until you can expect to earn a living off your business.
She also recommended having double what you think your start up cost will be. So lets say you are used to living on a income of $50,000 a year and you want to start a business that will cost $25,000 (which you need to double, so $50,000) then your need to have $150,000 on hand.
Wow, I don't know about you but I don't have that kind of money lying around. The simple fact is most of us can't afford to quit our day jobs to start a new business. Also stressed was the importance of developing a business plan and building your business around something you are passionate and knowledgable about.
That is why I am such a big fan of online craft businesses. You can start small and with very little cost. No need to set aside huge reserves of cash. You are also doing something you enjoy and are knowledgable about.
Starting an online craft business may be the perfect solution to those of you who want your own business, but aren't able or willing to make the kind of financial committment described above. Be creating an online craft business you have the flexability to either sell your crafts on sites like eBay or Etsy or make your own craft website and sell crafts there.
For a very low cost start up business, you can use craft info publishing as the basis for your craft business. Crafting has such a myraid of topics from digital scrapbooking to painted gourds, finding your niche and developing it into a successful business is a real possiblity. And all without the risks involved with starting a traditional business.
If you are looking for advice on how to start an online craft business visit Cash Crafters - A guide to help crafters start an online craft business.
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