Not sure if I'm being a Debby Downer or a realist. Just started doing the math of the expenses for a first show: Tent, Booth fee, walls, product, bags, mats, and on and on... feeling a bit daunted at the moment. Gonna have to spend, maybe $1000 to get started. Trying to justify the expenses while money is tight.
Obviously there are no guarantees, and no crystal balls telling me what will happen, but I'm looking to sell product in the $20-$30 range and it seems a long way from recouping the investment. How long did it take some of you to really start making a profit and not feel like all you were doing was spending money?
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Don't forget about the standard business card, the most basic form of marketing. I, like so many others, get them from VistaPrint. Costs about $20 every six months, and I report it for taxes as an advertising expense in my general ledger.
I've got the cards, did the VistaPrint thing. Tent is next, still shopping.
This one is new to me. What am I getting insurance against? Any "for instance"'s?
Insurance protects you in many ways (and you have to be sure your insurance covers what you want to cover, some are limited to specific things.)
examples: if someone falls in your booth and is injured, are you protected from their claim against you? if your truck/trailer/van is stolen, do you have insurance coverage for the lost inventory? are you protected against theft and vandalism at a show? (and nope, most shows do NOT cover that, it's often in the agreement you sign when you pay up.) What if terrible weather whips your booth into the air and it lands on another artist booth? Are you covered for helping replace THAT person's inventory?
There are other examples, that's a start.
Ok, that unfortunately makes sense. Would anyone like to recommend (for or against) any insurance companies that might specialize in this kind of coverage?
I hope you would consider www.actinsurance.com for your insurance needs as an artist at events. We have short term and annual options.
A cash flow projection worksheet can be a powerful tool when done properly.
A sample along with a couple of videos can be found on the Small Business Development Websites http://www.mainesbdc.org/index.cfm/spkey/workshops.starting_your_bu...
Mine is a lot different than the one pictured (modified to fit my needs) but this would be a great start. Just starting out you'll have to make a number of assumptions - just try to be realistic and modify your worksheet as you gain additional or "real" information. Certainly worth the time to put together in my opinion. Just the act of creating this sheet makes you ask a lot of the "hard" questions.
Hope this helps.
Robert just from a quick look see I wish I would have had that cash flow projection worksheet when I started. Fortunately for me dh and I have another business (brick and mortar) and he voluntarily supplemented a few large expenditures for me.
I am going to sneak back to my corner and spend some time look around that site some more this afternoon. <vbg>
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