The Business Side Of Arts & Crafts!
Do you have the gift to produce something creative and functional out of just anything? Do you possess a one-of-a-kind trash to cash talent? Are you looking for a new source of income or simply for an extra means? Fairs and Festivals is at your service to address the common questions asked regarding the business side of arts and crafts.
Setting Prices for Arts and Crafts
Prices are based on your business and financial goals, and costs and expenses. If you are able to hit the right price for your goods, you’ll make your customers satisfied, and your profits increasing. The perfect word to describe the price is reasonable – not cheap but reasonable. Being reasonable you are able to cover all your incurred costs and expenses plus profit. Your profit must be scaled in such a way that your product is not too expensive to drive away buyers nor too cheap to give a low quality mindset and scare them away as well. Selling price should be able to keep the business rolling till the Return on Investment (ROI) is met within the identified period of time, or else you’ll find yourself out of business in no time or you are sweating yourself out for a simple thank you.
Licenses, Permits and Taxes Required in a Craft Show
Craft show requirements depend on the country and state that you are located and/or where the show will be held. Different areas necessitate varying documents to get the show started. Basically, you can apply for all of these from your local government offices or online if they have established their website. Licenses and taxes are most of the time necessary to participate in a craft show. Permits on the other hand depend on the location and on what you are selling – edible items for example surely requires permit to check if it is safe to eat. For further questions and clarifications you can contact directly the show promoter for assistance. The Fairs and Festivals website provides you the proper contact information for events nationwide and year round.
Receipt Creation and Issuance
Receipt is the proof of purchase and sales. From the receipt, profits gained and taxes to be paid can be drawn and calculated. It is important to highlight the product description, quantity, price, tax (percentage of the price), store name and sometimes the customer’s name and signature for verification. It is significant to produce 2 or more copies of each receipt issued – customer’s copy, seller’s copy and an extra copy for whatever purpose it may serve.
Offering several payment methods equates catering a greater market size. These methods include cash, credit card, check, PayPal merchant account, online/ecommerce store (for online selling), and Intuit’s GoPayment merchant service (for mobile). You can tag along your laptop with you so that you can transact online payments. Your computer is the card terminal, which works with PayPal. Major credit cards are accepted, and the money gets into your account immediately. When it comes to checks, you have to be very cautious about it. Get the important details about the buyer (name, address, contact number, e-mail address, and photocopy of his valid I.D. if possible). Keep in mind that bouncing checks will definitely give you a massive headache.