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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.