Articles

Business Plans for your New Jersey Art or Craft Business

March 2009

The best way for New Jersey artists and crafters to ensure success is to create and follow a business plan. If you treat your art or craft business like a hobby you will only make enough money to cover expenses and have some fun. An art or craft business in New Jersey is just like any other business and needs a plan in order to be profitable. Studies have proven the length of the plan is not important, only that you’ve written it down and follow it. The business plan is the first and most important thing you need when you decide to take your art or craft business seriously. What is a business plan and how do you make one? Your business plan doesn't need to be complicated or fancy. Basically, it is just a written plan that allows you to decide some very important things about your business. You will want to decide what your vision statement is. It may be something simple, like, "I want to make a reasonable living while sharing my love of crocheting with others and putting a smile on their faces." Once you have your vision statement for your New Jersey craft business, you can more easily decide what things to do or not do in your craft business by asking yourself whether that action is in line with your vision statement. The next thing you will want to decide in your business plan is how much money you want to make with your New Jersey craft business. Having a written goal of how much money you want to make in a year makes you seven times more likely to achieve it. It is important that you are specific with this goal. Saying, "I want to make enough to cover the bills and have some fun" is not a specific income goal while saying, "I want to make $32,000 in 2009," is a specific goal. Once you have your vision statement and income goal added to your New Jersey art or craft business plan, you will have to decide what it will take to make that goal a reality. Then write it down. You might decide that there are ten major New Jersey art or craft shows that you can participate in during 2009. You may then realize that you will need to make $3200 at each show to reach your income goal for the year. Of course, you may decide that this isn't realistic and then you can make plans for other ways to reach your goal like online sales and so forth. The point is that you will be much more successful in your New Jersey art or craft business if you have a written business plan.

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