We’ve done it! We’ve reached the end of the course. Modules 16 and 17 are much like 14 and 15 as they focus on business skills.
Module 16: Finances & Budgeting
This module was a neat little guide on how to figure out your incoming and outgoing funds. First, there was a lesson on budgeting for your business. It takes you through business terminology and how to calculate a realistic projection. Then once you have that, how to balance your numbers at the end of the month. Next came a subject that has come up for every crocheter who has ever sold their work – pricing. It’s all well and good to pin a pricing format to our Pinterest boards but when you factor in what crochet materials actually cost and the time you spend making an item, many formulas put your prices far above the spending threshold of the customer. It usually looks a bit like this:
Cost + time = wholesale. Wholesale x 2 = retail. Retail = I’m not paying that!!!
This lesson dove deeper into that issue and discussed ways to set a fair price in a fibre arts business. Your work is worth it.
There is a good little lesson with ideas on how to find funding opportunities that are relevant to crochet and how to present a business idea to an investor. The module closed with some details about sole trader tax responsibilities in the UK. Even if you are foreign like me, you will need to pay attention to the VAT and tax explanations to pass the assessment. It is useful to know this information as well as it helps you understand other markets and what tax obligations you should be aware of in your own country.
Module 17: Business Plans
I have business qualifications and have had experience with business plans and management before and I can say this module was a great little refresher on how to write up a business plan and really drill down to your goals and strategy. I had not reviewed Liz and Lottie in a long time and writing the executive summary for the business as it stands in 2019/20 was a real eye-opener not just an assessment task.
The second part of this module was about charity projects and was really enjoyable as I have spent a long time on lots of different charity crochet projects. Charity can’t always be my entire focus but it gave me some great ideas for choosing and dedicating time to the projects that mean something to me alongside my business.
The assessment for this section is also 10 questions and you will need to spend some time on this one.
That’s all folks! We have reached the end of the course. My next post will be a short review of the course as a whole and (hopefully) showing you any certificates that were issued. I live a long way from the UK so let’s hope they arrive soon.