Balancing Risk and Reward

Abstract:

It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map. Financial management includes all the things you need to do in order to maximize your Return On Investment (ROI). This system relates risks to rewards. It mostly involves a system of data collection, monitoring and analysis methods employed by any successful business. Activities in this kind of system include things such as general accounting and bookkeeping, inventory management, and record keeping…


It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

Controlling The Flow Of Money

These discussions here are not a substitute for consulting with a tax attorney or accountant in the state you do business in. These professionals will be more current with local, state and federal requirements. …


It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

Your Inventory Needs To Be Managed

c) ROI: Inventory Management

The Kinds Of Things You Want To Be Doing
In Inventory Management

Monitoring and managing inventory involves several interrelated activities. These activities will place time and cost burdens on you. Luckily, much of this can be computerized. There is inventory management software available, some of it specialized for the various design and…


It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

Record Keeping and Other Considerations

d) ROI: Other Record Keeping

You want to keep all your receipts together for each calendar year. You do NOT want to keep all your receipts stored in a shoe box. File these, say in an accordion file, organized alphabetically by company.

If part of the transactions listed on any receipt are personal and some are business…


It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

g) ROI: Getting Terms

Whenever possible, I suggest trying to get net terms with your suppliers. Net terms is a form of trade credit. Instead of paying upfront for your supplies, your suppliers will give you some predetermined period of time to pay for these goods. …


It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

j) ROI: What Does It Mean To Foster A Growth Mind-Set

Failure is uncomfortable. Disconcerting. Too often, we do everything we can to keep ourselves out of situations where we might fail. We focus on what could go wrong, instead of what could go right. We think we don’t have the abilities to do the task. We get paralyzed. We do nothing. Or…


Enroll in my jewelry design and business of craft video tutorials online. Begin with my ORIENTATION TO BEADS & JEWELRY FINDINGS COURSE. There are 18 video modules including handouts, which this is one of.

JEWELERY FINDINGS AND METALS

When working with metals, it is important to know what the metal is, and what happens to it over time, and if it has some kind of coating, what that is, and what happens to that over time.

Metals give jewelry substance. Richness. Power. Weight and weightiness. They set the tone for perceptions of power and wealth. …


SCHOOL HOME PAGE: https://so-you-want-to-be-a-jewelry-designer.teachable.com

CLASS HOME PAGE: https://so-you-want-to-be-a-jewelry-designer.teachable.com/p/naming-your-business

FREE PREVIEW PAGE: https://so-you-want-to-be-a-jewelry-designer.teachable.com/courses/naming-your-business/lectures/22712033

It really is difficult to pick a business name.

Your choice of name can make your business the talk of the town, or doom it to obscurity.

Coming up with that great name for your business takes a little work, some organization, some thinking, some getting opinions from several other people, and some reality-testing.

Some of you may be selling pieces of jewelry to your friends and acquaintances. Others may be selling at craft shows or home shows, or selling wholesale or consignment in stores. Some of you…


Let Business Concerns Influence Your Artistic Choices

To what extent do (and should) business concerns influence the artistic choices bead and jewelry artists make?

If you want to be in business, then I’d say, “A Lot!” But this isn’t what a lot of artists like to hear.

Jewelry making is not a passive art. You make jewelry for others to wear, and have to anticipate how they will assess your work and recognize your artistry. It is not the same as painting a painting or sculpting a sculpture in the sense that with paintings or sculptures, the artist does not need to communicate interactively with the viewer…

Warren Feld

Beading and jewelry making have been wonderful adventures, from custom work, production work, and teaching. *Design is about the ability to make smart choices.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store