Business Ownership
Last year I was introduced to the world of machine embroidery. I even spent quite a bit of money to get an amazing sewing machine that, besides sewing, also does embroidery. Prior to becoming involved in the embroidery I had begun to sew fabric bags, purses and wallets. I really enjoy this type of sewing and have sold a few, given a few as gifts and used a few of them myself. What got me really hooked on the embroidery was the fact that I could use it to decorate the bags and purses that I was all ready making. It’s amazing what a neat addition it is.
I was so proud of the work I was doing I would take finished products to work me in order to show off. I wound up selling a few this way and also took a few special orders which I got paid for. Since that time I’ve thought seriously about how I can make a living selling what I love making. I know that I would need to set up my own business in some form and I would want to get a wholesalers number to purchase fabric at a cheaper price per yard to make it more profitable. I just really don’t know where to start.
It’s been a long while since I took business classes in college and I didn’t put what a learned to work, so I’ve basically forgotten everything! Not to mention, I’m sure things have changed in 20 years! I do remember there are choices of how to set up a [tag]home business[/tag], sole proprietorship, partnership, [tag]corporations[/tag]. There are tax implications too that have to be considered for each of these. I do know that no matter which way I go I will need to fill out forms.
If I decide to go as a corporation I can get free corporate forms or I could pay someone else to prepare all the paperwork for me for $20-$25 including shareholder meeting minutes. It all sounds pretty complicated so I think I would prefer to have someone else do the work.
I’m hoping to get my sewing business set up soon because my sisters are think we need to set up at a couple of craft fairs and try to sell some of our bags. I think I need to do this too so I will know for sure if it is a profitable idea, or not.
