Tuesday, August 28, 2012
Farmer's Market Overview
I ended up selling about $16 in crochet flower hair pins, we sold one custom letter opener (which SCB will make and ship out by Friday), 5 key chains (2 to our friends and 3 to the lady that buys something every time we are there), and 5 pens.
We collected $141.16 and paid $20.00 for the stall, $2.30 in Square credit card fees, and we will need to remit $10.16 to the state for sales taxes, so we netted $108.70 for the day.
But the great news is the feedback we got from the community.
We had a lot of requests for matching pencils and a few that would like to see matching pen pencil and letter opener sets!
Since we had a custom order to fulfill, we decided to reorder and expand the inventory again and reinvest our profits. While SCB's dad was in town he also paid him $50 for making a variety of decorative push pins that his mom's lace guild needs for an event next year. SCB still has to make 300 of these by next year, so that's more income for the business down the line.
We ordered the standard items we wanted to replace, things SCB has been dying to make that came back in stock, and are working on making some pen and pencil matching sets.
We also are going to have another venue to sell out up in Buena Park. There's a lace makers guild craft workshop and SCB's dad was offered a stall space to sell. Since the stall is only $10 and his parents just left California and want to be at home, we are going to go up and sell for them (15% commission on anything sold for our time) and we can sell SCB's pens too!
We also found a good home for some of the woodworking items that haven't gone over so well. In a few weeks we will be volunteering for Child Share at their annual gala and donating the last of our long neck bottle openers and a cork screw bottle stopper combos to their "Wall of Wine" displays. It will be good advertising for us to help get the word out there, was something we were going to to anyway, and this way it helps clear out the bottle openers that haven't been selling much (we will be keeping one of each-- Bottle opener and corkscrew stopper to display at the farmers market for our custom order table.)
So, after ordering our last bit, here's where we stand for the year thus far:
Money left in the account: $55.86
Current standings: -$402.49
While we are still under for the year, we have a lot of inventory slowly building up (which means we can think about paying for a different venue and trying our luck elsewhere), I think were doing really good in terms of figuring out what we should stock.
After we get an idea for how much the letter opener will cost to ship, we will be able to work on setting up that ETSY account (I'm really behind on that...) and start to expand :)