While others were partying and ringing in the new year, I spent a quiet evening on the couch with my dog, Jackson. We reflected on the past year and realized that Tara White Studio, as a craft business, needed some reorganization and realignment. The first step in addressing these would be to draft a business plan.
This is something I have never actually done before, so I was a bit nervous to get started. After a quick Google search I came across a post from Etsy’s blog (of course, why didn’t I think to check there?). The post, How to Write a Creative Business Plan In Under an Hour, was exactly what I was looking for. In her post, the author included an example business plan for her fantasy business. This was not the text-heavy word document that I had initially envisioned. It was very visual and fun but included all of the pertinent information for a successful business plan.
Since this was my first attempt at this document, I decided to base mine off of her example, but added my own flair. In an effort in keeping it all on one page it may be a bit busy, but since it is a plan for myself, I am happy with it.
The most difficult parts for me were coming up with a value proposition, assessing the market need and proposing the solution to that need that my business fulfills. These parts are definitely going to be works in progress and one of my goals for the year is to reevaluate them and make them a bit more specific.
The fun parts were adding up my expenses, revenue and calculating my profit. Since 2014 was not as successful as 2013, I set my revenue goal for 2015 in between the two other values. However I also plan to spend less on expenses. One of my goals for this aspect of the plan is to start utilizing my expense planner again or look into a Quickbooks account.
Back in 2013, I made an active effort to post on social media and this blog. At the time I did not think it was impacting my business, however after looking back at the past two years I’ve realized that this was the biggest difference between 2013 and 2014. This year, I plan to boost my social media presence through increased Instagram posts and more personal stories here. I will also be taking more advantage of some of the useful tools provided through Facebook Page Insights. Here I was able to find a graph summarizing all the people who have liked my page, including gender and age. Interestingly, the percentage of women versus men is comparable to that of my Etsy customers. I hope to use this information to reach out to and provide better products to my potential customers.
Last but not least, were my milestones. I admit these are modest but every small thing means something and can provide inspiration and drive for moving forward. In the past year my notable moments were surpassing 200 likes on the Tara White Studio FB page, 2 sales resulting from custom requests through FB and of course, completing my business plan!
I am very excited for the year to come and all the work I plan to do. I wish you success in your own ventures.
Oh and I almost forgot, I also reorganized my small and humble work space. Enjoy some pictures below!