Tag: start a memory bear business

Memory Bear Business: Business Tools and Supplies

“If at any time you feel overwhelmed and would like to speak with me, please schedule a no-cost 15-minute phone consultation via this business coaching page

Business Tools & Equipment

 

Basics for Success 

Starting or growing your memory bear business does take some basic tools and equipment. We’ve covered your business name, licenses, website, domain name, and a few other technical items. I’m going to talk to new and current memory bear business owners, so if you already have these items then you’re ahead of the game! 

  • Sewing Machine – nothing fancy. In fact, I use the Brother from Walmart 
  • Extra thread – be sure to buy all-purpose thread in all colors 
  • Bobbins – have pre-loaded bobbins and the right size 
  • Fabric scissors – keep a dedicated pair of fabric scissors at hand always 
  • Poly-fil- I buy the 10# box of poly-fil, it makes the best memory bears 
  • Embroidery Floss- I offer hand-stitched eyes and a nose, others might offer child safety eyes and nose services either way 
  • Needles- I keep all sizes on hand and several of each 
  • Inkjet printer – I use this to print paper contracts, invoices, and iron-on fabric 
  • Bear pattern – I actually use two different patterns and a secret technique to create my bears
  • Camera – I recommend that you take ‘before’ and ‘after’ pictures of every memory bear order 
  • Iron and Ironing board – take a minute to iron your teddy bear fabric 
  • Starch – just in case water /steam does not work for tough wrinkles 
  • Stabilizer – there are several fabric stabilizers on the market 
  • Sewing table – I use a 6’ folding table and it works great 
  • Pet free, Childfree, Smoke-free, Food Free working environment 

Closing / About 

All good things must come to an end 

I sure hope you gleaned a few golden nuggets from my blog! I’m not sure we have been properly introduced, so here it goes! 

My name is Stephanie Grams, I am married and a mom to six children; two of which have passed away. I was taught how to hand sew by my mom and grandma at the age of 7, simply because I was inquisitive (a.k.a. underfoot). They would spend weekends together making clothes for my sisters and me, and special occasion clothing for themselves. I have a very vivid memory of hiding under the sewing table (a.k.a. the dining room table) just to listen to them talk. I was fascinated by the sound of the sewing machine, the conversation about patterns and thread. 

I have owned and operated a very successful hand-made primitive company in which I hand made the patterns for the primitive dolls, including their hand-painted or sculpted faces, body, and clothing. 

Today you can find me on Youtube offering memory bear business tips and hand embroidery instruction!

If you have questions, feel overwhelmed, or are looking to make more money in your memory bear business then I invite you to schedule your free 15-minute phone consultation at this page

Memory Bear Business: Business Structures

“If at any time you feel overwhelmed and would like to speak with me, please schedule a no-cost 15-minute phone consultation via this business coaching page

The 4 Most Common Business Structures 

DISCLAIMER: I am not an attorney or lawyer, I am not giving you legal advice. I only share the information I have found via the IRS.GOV website. Please do your own due diligence when constructing your memory bear sewing service business.

The four most common business structures are sole proprietorshippartnershiplimited liability company (LLC), and corporation. Each legal structure has its pros and cons, and it’s worth understanding every one of them before choosing to register. For time’s sake, I will only cover two: Sole Proprietor and Limited Liability (LLC). 

SOLE PROPRIETORSHIP 

Example: Virtual Assistant, Freelance Graphic Designer 

What it is: A sole proprietorship is a business that’s owned and ran by one person; the government makes no legal distinction between the person who owns the business and the business itself. It’s the simplest way to operate your business. 

Pros: It’s easy and inexpensive to create a sole proprietorship because there’s only one owner, and that owner has complete control over all business decisions. Tax preparations are also simple since a sole proprietor is not taxed separately from its owner. 

Cons: It is often difficult to raise money, get investors, or business loans. Also, since the owner and the business are legally the same, the owner is personally liable for all the debts and obligations of the business. 

Taxes: The sole proprietor owns and manages the business and is responsible for all transactions, including debts and liabilities. Income and losses are taxed on the individual’s personal income tax return at ordinary rates. Also, you may be subject to payroll taxes, or self-employment taxes, on the money you earn. (Find IRS tax forms here) 

Limited Liability Company (LLC) 

Example: A small design firm; Memory Bear Business 

What it is: LLC’s are a type of business structure that’s more complex than the sole proprietorship, but less complex than a corporation. They are called “pass-through entities” because they’re not subject to a separate level of tax. Most states don’t restrict ownership on LLCs, and so members an include individuals, corporations, and even other LLCs and foreign entities. Most states also permit “single-member” LLCs, those having only one owner. 

Pros: Owners of an LLC have limited liability, meaning that they are not personally responsible for any financial or legal faults of the business. This reduction in risk is what makes an LLC a very popular business structure. 

Cons: LLCs are often more complex than sole proprietorships which means higher initial costs. 

Taxes: LLCs have the benefit of “flow-through” tax treatment, meaning that the owners – not the LLC – are the ones who are taxed. Having only one level of tax imposed makes taxes easier.

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Follow along for part 3~

Choosing and Registering Your Memory Bear Sewing Service Business Name

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