Hubs rode along with me and the dog today to deposit the check I received from the t-shirt pillow class. We talked about how my micro-business was doing. So, I guess it’s report card time. And yes, I am going to talk a little bit about numbers and money.
I’ve been “in business” for five months now and yes, I’m turning a teeny-tiny profit only thanks to the fact I’ve not taken a “salary” out of the company. Instead, I invested the proceeds back in the company by purchasing equipment to use for my sewing classes. [I knew this would be the case the first 2-3 years, which is why I started part-time while I have a full-time job.]
65% of my revenues have come from teaching – my favorite part of the business – and the remainder have come from quilt restorations and custom sewing. Looking ahead to fall, I see that percentage evening out to a 50/50 split thanks to some custom work currently in the hopper.
I can count on receiving an average of $30 per clock hour of instruction for teaching kids’ sewing classes as long as I teach outside of my home. It doesn’t matter if it’s private or group lessons. Adult classes pay more because of a larger number of students. I am well aware that another independent teacher in my area receives $50 per hour when she teaches a class. She also has 14 students where I have no more than 6. The payoff in having this number is that I can I can now write a realistic proposal when pitching a teen/adult class to the local continuing education center. I know how to set the course price to be competitive and what I will need to cover my time and expenses.
An after-school or before school craft club would be wonderful – IF I can quit my day job to concentrate on this. Four one-hour sessions a week would replace 1/3 of my existing income. That doesn’t include other classes taught elsewhere or out of my home. Mornings could be spent working on custom sewing projects such as t-shirt quilts or perhaps working a part-time library job as long as I was finished by 1 p.m.
Need to raise prices a bit and make better use of my sewing time. Not meeting my targets there.
Spending 5 minutes to write the blurb on Craig’s List about my kids’ sewing classes was well worth it.
Moving closer in to Atlanta (like we’ve discussed) would definitely be the right move for my business. Most of the requests received for private sewing instruction (the most lucrative BY FAR) have been from parents in north Atlanta, not the boonies where I live. I’ve cheerfully referred people to other shops and teachers when I can’t help them. The favor will eventually be repaid. I see this all the time in library land. I shipped some books that were turned into my library to the school district 1/2 state away last spring. When I returned to work last week, I had a library book returned to me from the King County Public Library in Seattle.
My business needs at least one additional revenue stream. Writing for publication or vending small items at craft fairs/online stores would seem like a really good fit.
I probably bought one insurance policy that I really didn’t need. I will not be renewing that one.
I will transfer the business domain name to this blog when the year is up. No need for two separate sites.
Come Stitch With Me, LLC 