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Name to trade under?
Last post 09-08-2008 9:51 AM by ~LadyBug~. 7 replies.
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  • 08-30-2008 5:53 PM

    • GwenW46
    • Joined on 09-10-2007
    • Dublin, Rep. of Ireland
    • Posts 6

    Name to trade under?

    Hi folks,

    I've started to sell the odd necklace and am thinking very strongly of taking a table at a local Cristmas fair this year. I've also received an order from my Aunt who owns a craft shop.

    When talking to my Aunt she suggested I come up with a name to trade under and do up labels and business cards etc. I'm afraid that taking that step will change how I feel about what is my hobby and I won't want to do it anymore. That being said it would be nice to get a few bob for my work especially if it will finance more beading!

    Does anyone have any wise words to say about how to balance the hobby/business thing and know of any does and don'ts I should keep in mind with regards trade names? (I've already come up with a possibility which showed up 0 on a google search.)

    Regards,

    Gwen.

  • 08-31-2008 11:44 PM In reply to

    Re: Name to trade under?

    Hi Gwen,

    Go to GoDaddy.com and check out your business name through that website. Also Bob Parsons of GoDaddy.com has videos and one that I watched recently was about picking a business name for your company. I thought it was helpful, perhaps you will too.

    As far as balancing business versus hobby, a hobby should be fun and only done when you're interested in doing it. Once your beading obsession becomes a business, then it no longer is as much fun because you have deadlines and you're also trying to find ways to sell your designs. Of course, if you can become successful at selling your designs on a regular basis, then you'll feel a sense of pride and satisfaction in your own business. Until that happens it could take a year or two or even longer for the business to develop to that point. Also, as a business, you have to keep records and pay taxes on your profits.

    I had another business and that one took even longer for it to become a viable endeavor. My bead jewelery business seems to be coming along a little faster--thank heavens for that! It seems that if I am not working at my business, I'm thinking about it and trying to find ways to improve it.

    Being in business is tough; it is not easy.

     

    Signature
    Carole Novak, www.censtudios.net
  • 09-01-2008 8:21 AM In reply to

    • donnaes
    • Joined on 09-20-2007
    • McKinney, TX
    • Posts 6

    Re: Name to trade under?

    Hi, Gwen.

     

    Glitters2004 is right - being in business is not easy.  I took my hobby of silk flower arranging to a business, then added jewelry making to it, just over a year ago.  I only sell at a monthly trade fair and just made my first, very small, profit last month.  I love what I'm doing, though.

    On the down side, I'm always working on the next merchandise for my booth, thinking of new ways to market myself, trying to come up with ideas that will get people into my booth and merchandise moving out of it.  Over the winter, I sold only jewelry.  For the last three or four months, I've sold a lot of silk floral arrangements, and not much jewelry; there's no predicting what people will want.  Spending time preparing for next month's sale means the house doesn't get cleaned like it should, laundry sometimes piles up, etc.  There's always paperwork to do - inventory, pricing pieces, paying bills.

     You'll have to check into sales tax and licensing requirements in your area.  Texas believes that if one sells two items in any 12-month period that one is in business and needs a sales and use tax permit (let's hope none of the ebayers get caught) and is perfectly willing to find anyone who does get caught something on the order of $100 per day from the time of the second sale until the permit is applied for. If you want to open a business checking account, you may need a "doing business as" statement, if you're not trading under your own name.  Fortunately, I found out, quite be accident, that I had to file a "business personal property tax rendition" (form indicating how much inventory I had on hand as of Jan 1) before the due date for filing.

    Having said all that, even with all the work involved in setting up a 24x24 foot space by myself every month, I am having fun doing it and it's obvious to the vendors around me and to people I talk to about my business that I am having fun - it's not just something I say.  There's nothing to compare to the thrill of hearing "you do beautiful work" and selling something you're made. 

    Your aunt has a good idea - even if you don't want to go into business right now, if there's a name you like, you might as well reserve it as a domain name so you can have it if you do decide to go into business.  Business cards can be done on most home computers with business card stock that can be purchased just about anywhere.  I'd definitely make up some business cards - even if you just give them to your aunt to give to her friends. 

    I hope this helps.

     

  • 09-06-2008 1:31 PM In reply to

    • GwenW46
    • Joined on 09-10-2007
    • Dublin, Rep. of Ireland
    • Posts 6

    Re: Name to trade under?

    Thanks to both of you.

    I now have plenty to think about, although I'm still not sure.

    I could of course just sell to my aunt and do a christmas fair every year. That way I'll get some money back for more beads and not be a slave to beading. My son has autism so I can't commit to a full blown business for a while yet, at least not until he becomes a little more independant.

    It's thanks to him I got into beading in the first place. He wasn't going to sleep until 3 or 4 in the morning for a while and because he has no sense of danger and I don't like the idea of locking him in his room I was staying up until he fell asleep. I put on a stone as I was snacking late at night so I started beading to keep my hands occupied. It certainly stopped the snacking but unfortunatly the weight's a bit slow to come off. I'm now hooked of course. (It also reduced my blood pressure and stress levels!)

    Thanks again and best wishes,

    Gwen.

     

  • 09-06-2008 5:21 PM In reply to

    • donnaes
    • Joined on 09-20-2007
    • McKinney, TX
    • Posts 6

    Re: Name to trade under?

    You are very welcome, Gwen.

    Whatever you decide, make peace with your decision and move on - don't second guess yourself.  You can always change your mind.

    Best wishes to you and your son.

    Regards,

    Donna

     

  • 09-07-2008 11:08 AM In reply to

    • ~LadyBug~
    • Joined on 09-07-2008
    • Orlando, Florida
    • Posts 21

    Re: Name to trade under?

    Glitters2004, could you give me a link to that business naming video? thanks so much!

    ~A

    Signature
    My babies-
    the cats, Pickles(10) and Prince(7)
    the bunny, Jamie(1)
    the fish, Lizzi and Lily, the angel fish, and the panda cory triplets

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  • 09-07-2008 9:16 PM In reply to

    Re: Name to trade under?

    LadyBug,

    The website is godaddy.com. The top ten tips for picking a domain name gives good info.

    Carole

     

    Signature
    Carole Novak, www.censtudios.net
  • 09-08-2008 9:51 AM In reply to

    • ~LadyBug~
    • Joined on 09-07-2008
    • Orlando, Florida
    • Posts 21

    Re: Name to trade under?

    thanks!

    Signature
    My babies-
    the cats, Pickles(10) and Prince(7)
    the bunny, Jamie(1)
    the fish, Lizzi and Lily, the angel fish, and the panda cory triplets

    JDRF walk team-Anna's Hope
    We're going to find a Cure for (type 1)diabetes!
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