Tuesday, March 27, 2018

Financial Preparedness: Starting A Cottage Industry As A Secondary Stream of Income: Part 2 ... Funding Pillowcases by Patsi!

In part 1 of this series I shared how I arrived at ‘what to do’ for a cottage industry and in today’s post I’m going to tell you how I funded it.
The first thing I did was come up with a list of supplies that I would need in order to produce pillowcases, as in fabric and thread.
Next, I went to the sewing part of my pantry and looked at fabric I already had that I could use, than I checked my thread supply.  I was in pretty good shape for getting the first few stitched up as far as supplies went but there were still a couple of fabrics I needed.  So, I took what was left of my personal allowance and purchased them.
After selling the first few pillowcases I took the money from those sales and made a trip to JoAnn’s Fabric and purchased more fabric.  I have enough pillowcase fabric on hand now to make several so I’m in a good place with supplies.
That’s how I funded my little cottage industry, Pillowcases by Patsi.  There wasn't monies available to pull from our budget to fund this endeavor so, I had to think outside the box!
Next time I’ll talk about how I’m handling the cost of doing business … everyone wants a piece of the pie … what to do  about it?
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  1. It reminds me of the old story, "The Shoemaker and the Elves" where he makes shoes, sells them, buys more leather and makes more shoes! How encouraging that you were able to sell a few so you could get more fabric. I'm glad it's going well for you. Here's hoping you will be able to sell more each week. What fun you will have fabric shopping!!!

    1. Thank you Becky. I had forgotten the story about the Shoemaker and the Elves, but yes, that is my approach!

  2. Patsy well done on the very low start up costs.

    You are indeed doing the right thing by starting small and working up from there. As you have more funds coming in you will be able to put that back into fabrics and other sewing items.

    Like me you will end up with a whole sewing room of free fabrics from profits but it does take some time to get there.

    Hoping you are able to find replacement fabrics at good costs and don't forget that you can use upcycled fabrics from other items too as it is one of the latest trends as well.

    Good luck it sounds like you are already doing well.


    1. Thank you Sewingcreations15, there is so much that I have to learn but the one thing I am adamant about is that there will be no debt with this venture ... however long it takes me to get it up and going!

  3. A couple things we learned along the way:
    1.Even if your materials were free, deduct the amount to replace them from your sale amount every time. This way you will always have money to buy new materials (like you did with your fabric)
    2. Determine what your “commission will be on each sale. For us, we give ourselves 80% of the sale amount AFTER the materials cost. (Btw-that commission amount is what we tithe on.)
    3. For us, the other 20% of amount of sale minus the materials cost goes into our business account. The commission is always transferred into our personal checking account from the business checking account and the remaining 20% stays in the business checking. This is what we use for costs of doing business- tool replacement/repair, business cards,etc.
    it is SO much easier to have your business finances set up this way, IMO.

    Sounds like it’s going well for you!! Congratulations and continued success!!

    1. gardenpat, this is so helpful, thank you!!!!

  4. I am glad that your business is doing well. Nancy

  5. Good for you, Patsy! What you're doing is called boot-strapping! If you want inspiration for boot-strapping there is a girl where I'm from (New Orleans) that started her company with her tax return one year. She's a multi-millionaire now! Her company is called Fleurty Girl!

  6. Dear Patsy,
    I am WAY behind on reading! Congratulations on your shop! I'm also working on my own little venture, an Etsy shop. I was going to wait until I had a good bit of inventory to open it but you are making me think twice. I was buying supplies from my allowance, but my husband took me shopping at the craft store for my birthday. I only purchased sale items of course, but the budget went by the wayside I'm afraid to say. Now I'm anxious to make some of it back lol.
    I hope all is well with you. I have lots of catching up to do in blogland.
    Love, Kelsey

    1. Kelsey, be sure to let us know when you get your Etsy shop set up and good luck!


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