WYWN: Starting a Side Business

The next post in my What’s Your Why Not series is Starting a Side Business.

There are many people who have the fantasy of starting their own business and working for themselves. When it came to starting my side hustle, I knew it was never going to be a full time gig. I just hoped for it to be a self-sustaining hobby. What was my side business? Crafts by Cori. There is also an accompanying ETSY page where I list certain items.

Crafts by Cori was a spontaneous brain child that came about when I showed my friend, Melanie, the dishcloths I was making for Christmas gifts. Being an accounting major, I set up Excel spreadsheets to keep track of costs and inventory. From 2010 to 2015, I faithfully did craft shows, calculated my costs, paid my taxes, and all the fun stuff that comes along with running a business.

Last year, I closed down the business as a Legal Entity, but I’m still making knitted items for craft shows to sell. Tax wise, I qualify as a Hobby, which is great because it’s a lot easier to keep track of costs. I┬ákeep the Facebook page running to advertise craft shows I participate in.

So what’s my point? What’s my why not when it comes to a side hustle? (A) It gave me the chance to put my accounting knowledge in real life use, especially my Cost Accounting class. (B) I wanted to see if I could make a little bit of money at it. Granted I aimed small, and am perfectly happy having a self-sustaining hobby. (C)

I’ve written about lessons I’ve learned from this business here.

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One Response to WYWN: Starting a Side Business

  1. candy says:

    I use to do tons of craft shows in my younger days. It got to be a hassle and I got burned out. During the summer I do sell our strawberries and stuff from the garden that is extra. Plus we sell our wheat we grow. Just changed venues and I won’t get rich but helps off set costs.

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