profits

"It is a labor to task the faculties of a man -- such problems of profit and loss, of interest...." -- Henry David Thoreau

I believe it is fair to make the general statement that no other concept is understood or appreciated less in the crafts industry, than that of profits. Profits make it all happen -- again and again and again. Without them, everything surrounding our craft endeavors comes to a halt. So, what are profits and what do you do with them? If you have not yet read the FACQs on the Business Cycle and Cash Flow, you might want to review them before going any further.

Okay, so you've sold your craft widgets, you've paid your bills and your employees, and covered your overheads. Hopefully you've even taken a little out for yourself, either as a salary paid by your business, or as company paid expenses of one kind or another. You still have a handful of money left over -- that's profit. It's not a dirty word; you have to have it to keep your craft business going. Just don't rush out and spend it until you've reviewed the following uses for it. Once all that has been budgeted, then anything left over can be considered entrepreneurial profit to do with as you please.

   
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