Let’s Talk Numbers ~ May Business Review

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If you have read my “Welcome Post” then you already know my ultimate goal is to be able to work my crochet business full time and I’m not talking “starving artist” full time I’m talking about doing what I love and still living a comfortable life. Like occasionally eating a steak dinner kind of comfortable. Whether or not that is actually doable is a question that I ponder quite often ultimately I have decided that for me there is no other option I want this just about as much as I want my next breath so like really really want this!

Do a quick search on Google for successful handmade business and you will see quite a few pages of not only success stories but a bunch of how you to can have success in your handmade business. Now narrow that search down to “successful crochet business” and the pages certainly dwindle down, now don’t get me wrong there are certainly some success stories out there when it comes to crochet artist but two things I learned really quickly success is relative depends on who you are asking and for me success was not going to happen just from making all the crochet things although I really do want to crochet all the things!

I want it to be clear that I absolutely love to crochet, I would do it if I never sold a single thing. Crochet for me is therapy and I’m honored that people find value in what I’m able to create with my two hands.  With that being said I also know that if I want to reach my goal of running my crochet business full time I can’t just focus on the making; it is one of the reasons I ventured off into pattern design and teaching online and now this blog (well this blog is more like my diary), but the plan is for it generate income at some point.

Wait did I just say that, isn’t that suppose to be like some secret. I’m not suppose to confess that I actually want to make money from my craft. Does it make it less authentic or me not a crochet lover because I want to make money? That seems absurd to me as it is the furthest thing from the truth, as I already stated I would crochet and talk about my love for yarn and all things crochet related even if I never made another dime. But the fact that I can actually make money, enough even to do it full time makes my heart full it’s a kind of joy that I can’t hardly put into words. So yeah I’m going to say it and I’m going to keep saying it… Show Me The Money!

Ok no for real show me the money, so I am about to share something that most people won’t and to be honest I have a knot in my stomach as I type this but I feel like this is going to be an important part of the journey to document where I started and where I end up and because I’m taking you along this journey with me… yeah you get to see the good and the bad.

Ok ok ok the numbers…

For the month of May I made $482.65

34 Pattern sales
12 Online Class sales
1 Afropuff Keychain
1 Lovey Blanket

My Expenses for May $192.15

Supplies
Shipping
Paypal Fees
Professional Development
Marketing
Website Hosting/Setup

Profit for May $290.15

I know what you are thinking Don’t Quit Your Day Job… lol!

I was actually expecting May to be a low income month as you can see from my income I did not have any custom doll orders and custom dolls do make up the bulk of my income. This was intentional I did not market nor accept any custom request for a few reasons one being I was already behind on my current orders and accepting additional request would simply push my turnaround time out even further and I also knew that I was going to launch mycrochetlife.com which was going to require even more of my time.

Thank goodness for pattern sales. I am happy that I have the patterns available to keep money coming in during times like these but I also know that I have  huge potential for growth in that area. As you can see with 34 pattern sales last month I am averaging about one pattern per day. I currently have 4 patterns available which can all be found here so I feel I should be averaging at least 3 to 5 pattern sales per day I’m not exactly sure what I need to change to make that happen but I have some ideas in the works. I want to keep the patterns at the $5 range but if the trend of one pattern sale per day continues I will have no other choice but raise the price.

I also re-launched the online keychain class. I had originally done this as a live course however after evaulatation of the live class I realized that a pre recorded class would work better for me and my teaching style. The recording and editing process took a little longer than expected but over all I am happy with the result and look forward to doing more tutorials and classes soon.

So that’s it folks those are my numbers for May, I’ve started June with my foot firmly pressed on the gas and although most will tell you that the Summer months are slow months there will be no slowing down over here. Feel free to leave your thoughts and comments below and until next time

Happy Crocheting…

 

 

 

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18 thoughts on “Let’s Talk Numbers ~ May Business Review

  1. Great post! Thank you for your transparency. After watching half of your scope on replay I jumped to your website to read it. I think I need to do a scope in response to how you are inspiring me. 😀😀👍🏾

    Go get your dollars! Ohhh, and let me go peep your other patterns I haven’t seen yet. 😜

  2. This is very brave Yolanda, but I do understand the reasoning behind it. It’s accountability for you and your goals. Profit is good. Success will come to you.

  3. Yolanda, thank you for sharing your story. Yes, it was right to document and I love your honesty. I have just raised the bar higher for my business! Greater is coming! Come thru June! Xoxo

  4. Awesome blog. First of all, we have to speak greatness into the atmosphere. If you want mo’ money, say I want mo’ money and then continue to work toward accomplishing that goal. You are so right, it is a must to offer different services related to your venture. It helps pull in income from alternate routes (thanks for that re-enforcement). This day and age you have to have more than one hustle. One last thing, I have been encouraged to track my business finances more closely. When I first started crocheting 3 years I was happy to get an order. So I would go grab the skeins needed and crochet on. For payment I would factor in my yarn costs, add a few dollars (literally a few) and there was my product price. Never, including my time, gas, or delivery costs. I have come a long way and still moving forward. This blog post reinforced the need to keep learning, growing, and creating. Thank you!!!!

    1. Thank You! For your encouraging words. Yes once I realized that I wanted to do this full time I started tracking every penny. It definitely helps to see where the money goes and to make sure you are charging your worth. I’m shouting from the roof top “I want mo’ money!”

    2. I doubt if u will even see this, but you brought up some interesting key points in terms of pricing our stuff. I always think I underprice so that I don’t lose the sale. Shame on me!

      1. I try to read all my comments. 😊 But you are right pricing is so difficult. I constantly have to remind myself that there is value in what I do, people don’t haggle these larger brands (MK, Coach etc) about there prices so you won’t haggle me about mine. Thank you for reading. I appreciate your support so much!

        1. Lol I can’t believe how much folks want a 5 finger discount for handmade goods but will pay FULL PRICE without batting an eye for store brands. Truly mind boggling! Like the handmade isn’t worth the same price because it was made out of your home. Unreal!

  5. So, I’ve bean crocheting since I was a little girl. Mostly for enjoyment, besides reading it’s my favorite hobby, keeps me sane. Blankets, hats, scarves, amigurumi, et. But, recently, someone saw a picture if a doll I made and offered to purchase and I froze. I’ve sold hats, blankets but I don’t know why this scared me. I mean, we’re artists and we’re sensitive about our s@#t, lol. But, I’m determined to get pass my fear and do it. Don’t give up Yolanda! I’m inspired by you!

  6. Yolanda in terms of the patterns, do you list them other places as well? I’m sure you do, but was just curious as to if you’re using all the platforms available. Loved your openness in this post. It inspires others to take a leap out on faith, & do something that they really enjoy doing, but may have been afraid to do. Keep your eyes on the prize!

    1. Right now I have my patterns available on Craftsy and Raverly. I use to use Etsy but the fees seem a bit much when the item is already priced fairly low, I have been considering go back to Etsy as I do know I get a lot more traffic there then trying to push traffic on my own.

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