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Topic: BUSINESS PLAN FOR HANDBAGS  (Read 713 times)
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mahndee73
« on: January 15, 2007 04:31:39 PM »

Hello everyone!
I have been researching business plans and I am a little confused about researching the market and finances.  The plans that I have seen seemed pretty elaborate and I don't think that I need a business plan that is elaborate.  How do you research the market for handbags?  I also have not really seen samples of plans by people who are trying to sell sewing crafts or handbags, so it's been sort of hard to figure out.  I also wonder if you would need it when you are trying to get a store to sell your item? 

Have any of you who sell handbags done a business plan?  What are your experiences with putting one together?
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« Reply #1 on: January 15, 2007 07:21:45 PM »

Are you selling handbags as a sideline in addition to holding a full-time job (or being a stay-at-home parent)?

If it's a sideline, you probably won't need to put together an elaborate business plan, but it's a good idea to crunch some numbers to make sure you won't lose money.

If your intention is for this to be your primary source of income, then definitely do a business plan, and talk to a lawyer and a CPA.  You will need a business plan if you decide to incorporate or seek a business loan.

Good luck. Smiley
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« Reply #2 on: January 15, 2007 09:48:51 PM »

Do a search for sba.com or score. Both sites have a lot of information for entrepreneurs. I make and sell handbags and I wish I had done a business plan and the market research before  I got started.
Good luck!
max
misha.etsy.com
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LRS
« Reply #3 on: January 16, 2007 07:42:50 AM »

another source of help:  Small Business Development Centers.  They're located at universities all around the US.  Most of the staff are very good and they understand that not everyone needs a 100 page business plan. 

LRS
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mahndee73
« Reply #4 on: January 16, 2007 05:00:02 PM »

Thanks so much for all of your help.  I do have a full time job that  most definitely has to come first.  I have seen some of those "100 page" business plans and It just really freaked me out Ha, ha, ha, but I knew that they were for people who were really putting themselves out there to have that as a main source of income.
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Bailliesbagsbaubles
« Reply #5 on: January 16, 2007 11:10:30 PM »

I sell handbags.  I don't have a business plan, but my situation is unique in that I am a military spouse that doesn't stay in one place for to many years at one time.  I did and have done research though.  I wish I had done it before I started selling though, but I started all of this on a whim, so.....  Do research for pricing here, ebay, etsy and of course on line.  I learned alot of info. about pricing here and on the etsy forums.  I was underpricing when I first started selling.  I have also found in my situation word of mouth sales are much better then a shop online.  But, I do see stores selling like crazy online also.
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« Reply #6 on: January 18, 2007 09:40:35 AM »

A 1-pager is fine to start. Business plans are a guide only, not written in stone. You should take your business plan out every 6 months and look at it and see if you need to change it. Things happen, things change.

Now a budget! That's something to pay attention to!
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« Reply #7 on: January 19, 2007 06:01:48 PM »

First off, I don't sell handbags, but I am in the midst of working on my business plan for my little side business. 

So far, this is what my business plan consists of:
The Purpose
The products I offer, and how I intend to expand my offerings.
Customer base/Market Research
Marketing Strategies
Outlets/places to sell

I am finding that I review mine fairly often, and adjust it.  Its not very long, but it is a good guide to keep me on track. 




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