Just back from an exhausting but invigorating three days at the Manufacturing Jewelers & Suppliers of America trade show in NYC. My favorite seminar was on current/future jewelry trends and how runway styles translate into everyday fashion – exciting information which I will be sharing in an upcoming post.
In my Business Plan, I budgeted for the purchase of a kiln in 2010. However, at the show one vendor made me an offer I couldn’t refuse and I am now the proud owner of a kiln. Although I was not supposed to make this purchase until Phase 2 of my Business Plan, there was a show discount being offered, as well as a pending price increase – so I made an executive decision, bit the bullet and bought the kiln. Having a kiln in my own studio will greatly increase the breadth and quality of product lines I may offer.
Did you notice? I made a decision to change my Business Plan, right then and there. My Small Business Advisor told me in no uncertain terms that a Business Plan is a living, breathing document. Life happens. In this case, buying the kiln now saved me at least 13.5%, over next year’s pricing. I will need to revisit my entire plan and recalculate my budget to accommodate the kiln purchase. I will also need to revise my income projections upward, as the use of a kiln will increase the quantity and quality of jewelry I can produce.
I was able to purchase other tools, at a a reduced price. These tools were included in my current year budget, so I will also be revising my Business Plan to reflect those savings.
Of course, there is no way I escaped the show without buying at least a few pretty things! I will be posting my gorgeous new gems in a future design column.