Thinking, thinking, thinking, Panicking? Running any sort of business can be extremely stressful at times. small home businesses tend to be more stressful. I’ve been documenting my journey to make $30,000 in the next 42 days, as you can imagine, that is extremely stressful.
Many of you would also like to reach that goal, but instead of 42 days, you’d like to do it in a year. to accomplish that, you’d only have to make roughly $83 a day. that is a lot less than if you had to make $715 in 42 days.
But for those of you who get stressed and overwhelmed when thinking about money and reaching your financial goal, I am going to teach you a little trick I learned, this focuses on product and actually has very little to do with money.
Whenever you get the time, sit down and make some hats, any kind of hats, beanies, kids hats, baby hats, whatever you find cute. I recommend you stick to smaller projects that take less time, and also use less yarn. (you don’t have to do that, if you want you can make blankets or other big items) you’ll notice over time you have a decent pile of items. Now for this next part, you are going to want to pull out a calculator, follow closely as this can easy get very confusing.
Say your pile of assorted items has 200 items. Now to reach 30,000 you need to make $83 a day, that is roughly $2,490 a month. Now we are going to take $2,490 and divide that by the amount of items you have, in this case it’s 200, but that gives us .12.45.
That 12.45 is how much you are going to charge per item, doesn’t matter what the item is, that is what you will charge.
This is a great thing to do if you know you will have a super busy month and feel you won’t be able to sit and crochet constantly, you may be undercharging some items, but in a pinch it works, advertise it as a sale you are having, it’s only for those specific items, if someone wants a custom item they will have to pay your original prices. I do this twice a year, it’s fast cash since my items are dirt cheap this way.
I reach my goal, used up some yarn so i have an excuse to go buy more, it’s a win/win. it will also keep you from getting overwhelmed at the fact that you have to make x amount each day. I always like to break down my numbers as much as humanly possible, looking at small numbers make everything less overwhelming to me. (unless it’s my bank account, then I like big numbers)
I hope you all find this post to be useful! I know when I learned this little trick, it really helped me out!
Especially if you manage to sell all your items super fast! then you can basically take the rest of that month off, or you can get a head start on next month! Just remember, even though you set yourself a goal of a certain amount, it’s okay if you pass it! I’ve met some people who wanted to earn x amount each year and no matter what, they would not pass that amount, even if they got more orders, I think that was crazy, but I figured i’d point out that it is okay to go above your goals!
Good luck everyone!