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Be honest with yourself: When was the last time you did a spending audit in your business? If you cant say recently, you need to go do one. And, if you don’t know what a spending audit is – or how to do one – I’ve written about spending audits in this article.
Now that that is out of the way, let’s talk money today.
There’s a fine balance between spending money wisely versus wrecklessly in your craft business – especially when you are first starting it. Today, I’m sharing my opinions on eight things that you shouldn’t waste money on.
Table of Contents
8 Money Wasters in Your Craft Business
New Equipment
I’d never buy a new piece of equipment without first looking around for it used. You can save hundreds or even thousands on everything from a second or third cutting machine to heat presses and fancy printers if you find someone getting rid of theirs. My favorite places to look are: Craigslist, local Facebook groups, Mercari, Offerup, and LetGo.
Digital Design and Font Bundles
Gasp! I said it. The same rule we used above for supplies works for digital purchases, too. There’s no reason to buy a bundle of 30 or 40 designs for your Silhouette or Cricut if you only have a plan for a few of them. Price them out individually and see if you can save yourself a few dollars.
Supplies that You Don’t Have a Plan For
At the craft store and see a supply you love? Awesome! If you have a plan for it – buy it. If you don’t – take a picture of it and make a plan for it. Then, come back and purchase it later. Bonus: This also reduces clutter in your work and storage space!
Expedited Shipping for Your Online Purchases
With a little planning ahead of time, you shouldn’t ever need to pay for expedited shipping of anything. While it is usually only a few dollars here and there, it can really add up.
Software Subscriptions
Like equipment, for almost every piece of paid software out there, you can find something that does the same job for free.
If you do need a specific software for a task, see if they offer a free trial. But, be sure to set a reminder to cancel the free trial before you get billed.
Fancy Desk Supplies
If you are like me and work from home, I promise you that you don’t need colored paperclips, shaped thumb tacks, or fancy staples. Stick to the basics, they work the same.
Credit Card Interest
If your craft business can’t afford it right here and now, don’t buy it. You should strive to pay off your business expenses before interest starts accruing. Read more about starting your craft business without debt.
Paid Advertising
I’ve seen many small businesses throw money at paid advertising without a solid marketing plan. Yes, paid advertising can be a great way to reach customers. In most cases, craft businesses can thrive with a good social media plan. There’s no need to pay for additional social media exposure unless you have a well thought out marketing plan behind it.
Tell me: What have you found to be a money waster in your Silhouette or Cricut business?
Since 2015, Christine Schinagl has been helping crafters start and run craft businesses through her blog, Cutting for Business. As a Silhouette and Cricut crafter herself, she has a unique take on what works and what doesn’t work in the craft business world. She also enjoys teaching other crafters how to create digital SVG designs, available through the Design with Me series.
Melinda
Tuesday 20th of August 2019
My biggest money waste is buying thing and telling myself "I'm gonna make XYZ"
Christine, Cutting for Business
Sunday 25th of August 2019
Ohhhh, me too!
Kim
Tuesday 20th of August 2019
I see a lot of bloggers posting their "Haul" from Micheal's grab bag, Dollar Tree shopping trip, etc... I found myself heading to Micheal's to get my grab bag too and find our Michael's not doing the grab bags, but buy because I'm there. (A conspiracy looks likely or a paid blogger to get people into the stores?) These bloggers create a feeling of rushing to get the same deal, when I don't really need what they are showing, but wouldn't be cool to get such a buy! I've stopped watching them because if I need something for my project, I'll either go get it or order it on line, thus reducing my impulse buys.
Christine, Cutting for Business
Sunday 25th of August 2019
Oh gosh, those are tempting! I never try my luck with those though!
Katrina
Monday 8th of October 2018
I agree with buying used equipment. I got a really nice Stahl heat press on Craigslist for under $200. New was $800. If I had to replace the most expensive replacement part on the machine, the electronics, I still would have spent less total on my press than I would have spent on a low to mid grade heat press that was new. I have also had great luck with open box items on Amazon. That's how I bought my first Silhouette Cameo. It worked like charm for 2-3 years, til I sold it to get the new model.
Christine
Tuesday 16th of October 2018
Awesome heart press deal!
Susan L Smith
Wednesday 19th of September 2018
Great tips! I hope people pay attention to them. My question though is about purchasing used equipment. What about the warranty that you get with new items? Isn't that worth the difference between used and new?
DreaD
Wednesday 21st of August 2019
Very helpful article. A lot of common sense really, but it is just so darn hard to not buy cool stuff on sale without an immediate plan to use it. LOL Thanks for sharing! :-) Regarding buying used machines, this is my experience and opinion...just something to consider: I bought my first cutting machine from a lady on FB Marketplace. It seemed like the smart thing because I was an inexperienced user and wasn't sure if I would use it enough to get my money's worth, I could not justify spending $300 only to decide I would not use it. But, for the same reason, me being a new user, I found out that purchasing my machine second hand was a bad idea because just like Cricut cartridges, all warranties including customer support, are linked to the person's account who purchased it from an authorized retailer. This means I received virtually no assistance form Cricut when I needed help nor when I experienced issues with my machine. So, I would recommend that purchasing a second-hand machine be done only by experienced users, and who have another machine should the used one break down. Again, good tips, thank you!
Christine
Monday 24th of September 2018
The warranty situation would be a case to case. If the equipment comes with a lifetime guarantee, you can get it transferred from the old owner to the new owner. In other cases, if the warranty is only a year or so, the savings of buying used may make up for the lack of it.