Recently, I received a question from one of the Quilting Business community members from Ottawa, Canada. Since it was about starting a business, I thought it was very applicable to the Craft Business community as well.
Over the past week, we’ve exchanged a few emails, and we’ve discussed Assia’s desire to have a quilting business. I’m going to paraphrase her questions, but I think I’ve saved the essence. And, I apologize for such a long post, but I thought the questions and answers were a good discussion that is applicable to a lot of people looking to start their own quilting business.
Here’s the basics of the first question that Assia asked:
Hello Chuck,
Last year, I bought your book on starting a quilting business, and my intention is to do all the preparations and learn all I can before making the plunge when I retire. At the same time, I wish to start investing in supplies and books and planning some designs.
The rationale is that in a few years, costs will have increased while my retirement income will be less than my current working income. In addition, some books will be out of print, thus costing up to ten times more; and, as you are well aware, interesting fabrics get sold within a season.
Do you think that if one is determined to start a small business, it’s a sound decision to buy things while one can afford them? Or do you rather think that it’s best saving the money? I value your opinion, Chuck, and would appreciate your point of view on the matter when you have time.
Here’s my answer to the question:
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