Hello Guys! I hope you liked this video, remember that this isn't a advice video, it's more just about how I did my finances in my first couple of years in business, so take this with a grain of salt, and if you need proper financial advise please seek it (because I am not the greatest at finances hahah) - Also if you like this lil purse illustration you can buy him as a little planner sticker to help keep track of your finances here: www.etsy.com/uk/listing/695012577/payday-finance-planner-stickers-budget heheh YOU DA BEST Love, Catherine AKA the Human Marshmellow xxxx
@frahuk39915 жыл бұрын
As an accountant I would say you gave great advice to those trying to get grips of business finance! Keep up the good work and thank you for sharing such a insightful video 💕💕💕
@botje1245 жыл бұрын
Frah UK I agree with you! She gave a great insight, with her own business as example. 😊
@mayraponce5903 жыл бұрын
Hello, one question. The 30% that I should reserve for taxes is just from my revenue or from the total price?
@nataliesoutlet5 жыл бұрын
OMG your little finance binders make finances SOOO fun!!!
@feliciaeverlyn37445 жыл бұрын
There are quite a lot of artists that I follow on social media because I appreciate their style, skills, and knowledge. It is very rare that I become invested in someone not just for their content, but as a person. I can only speak for myself, but you seem to elicit that from people
@LadyDelSangue874 жыл бұрын
right!? I have only watched 3 videos so far but I am feeling so excited and confident to get everything set up. I have more hope that I will at least make a little bit of money, than doubt and fear because I have these videos to look back on to give me advice any time I want.
@jag57982 жыл бұрын
Packaging is a lot to consider as part of your cost. Many people create the product and then under buy their packaging - where first impressions are everything.
@DettolObsessed5 жыл бұрын
Thank you for sharing. Helpful! Please make a video on how to manage inventory. How do you keep track of the tools and items that you use to make products and also how do you keep track of the shop items you make. Do you simply use an excel sheet to count them. Do you do weeding at the end of the year... That sort of thing. No one ever talks about that :(
@Nanamema5 жыл бұрын
Yes this is a great video idea!
@gabbisunshine4 жыл бұрын
I third this suggestion!
@curlylulu97215 жыл бұрын
The video has been up for 9 minutes and there are already comments, so we all know damn well none of us finished this video yet 😂😂 I love the KAT FAM 😂😂 By the way Catherine I know you say this isn't advice, but this is certainly guidance. You have helped and encouraged a bunch of people, including myself, on how not to only start their businesses but how to believe in themselves enough to make the jump and challenge themselves to do better every day 💗 you are literally DA BEST 💗
@RMHART5 жыл бұрын
Curly hahaha yep I normally comment about a minute in😂🙌 can’t wait for the vlog to go up! I feel like all the artists I follow aren’t uploading atm except Katnipp!
@curlylulu97215 жыл бұрын
RMH ART omds same! A lot of the artists I follow haven’t been posting as much, but not to worry, Catherine always comes through right?! 😂😂
@RMHART5 жыл бұрын
Curly ikr!! She always comes through 😀🙌 I thought it might have just been my notifications not working but nope hahah I’m not sure if you follow painters but I upload vlogs and speedpaints + art chats if that’s something you might be interested in 😊
@KatnippStudios5 жыл бұрын
Heheheh I love you guys so fricken much 💕😭😍😍🙏
@Rainynights84 жыл бұрын
Came for the quick advice, stayed for you! Very genuine both with your store conduct and as a person. I have a lot of fun watching your videos and they offer genuine advice thank you so much for sharing your experience and just for being you
@kazzified295 жыл бұрын
This is so helpful. A lot of my friends have been telling me to start selling my artwork and I don’t know the first thing about doing that. I’m such a chicken when it comes to finances and things like that. You’re so sweet and lovely that it doesn’t seem as monumentally scary. Still scary but not aaaaaaaas scary.
@sarahminnis78355 жыл бұрын
If you sell on Etsy, go to your Shop Manager and then to Integrations. It gives you ideas of apps and social media sites to link to your Etsy shop. Under the bookkeeping and taxes section it gives you a few suggestions: Quickbooks, Taxjar, Greenback, Wave and Taxcloud. Think some are region specific e.g. USA but it’s a good place to start if you’re looking for inspiration 😊 xx
@Minicoops965 жыл бұрын
I’m currently studying accounting and bookkeeping currently and all of this matched the advice we’re given in classes, this is wonderful advice to give people who are starting out or who don’t know about finances! 💕💕
@liezelhaupt71725 жыл бұрын
I think you don't give yourself enough credit about how much knowledge you have accumulated. I learned a lot from this video! Thank you and you always make me smile. 😊💕
@chickenstripper77555 жыл бұрын
This is so helpful especially with taxes because I’m a young business owner who has just left school i wish they taught how taxes and tax returns worked in school thank you so much
@arisayukie11025 жыл бұрын
this helped me a LOT! I don't have a single knowledge in finance area and because of that I can't organize my shop's money. Thank uu!!!
@WhaleTank3 жыл бұрын
Thank god for either book keepers and electronic book keeping software. My parents have owned their own business for as long as I can remember. I remember every month my mom would spend a day doing the books by hand in this special book keeping book. It had this special grid paper and she would sit there for hours.
@doctorstitches5 жыл бұрын
Thanks for sharing ❤️ I don't have a small business yet, but I would like to have one someday 😊
@abbimelissachute24884 жыл бұрын
Do it today!!
@thenortherngirlnextdoor5 жыл бұрын
As a creative, finances and math, in general, SCARE me! lol I loved this sooo much! I will have to look to see if you have done a "How to price your items to sell" video if you havent made one yet I look forward to seeing it or finding it! Have a great day! :D
@amandabowers88885 жыл бұрын
This was one of my favorite videos I've seen in a while. Mostly because I've been self-employed (not as an artist yet, though that is a goal one day) for about 5 years and I LOVE hearing what others are doing on the business end, and I also because I discovered in the process of running my own biz that I love the bookkeeping end so much that I'm actually going to school for accounting now!
@EclecticLauren5 жыл бұрын
Super love quickbooks self employed too and it’s integrations for my multiple Etsy shops! It works equally as well and fast in the US as it seems to for you in the UK
@mirmirs4 жыл бұрын
Gosh when i do my self assessment, i always get confused with the words capital allowance and stuff, but your video helps me a bit!
@hiyou14603 жыл бұрын
This was so helpful! I opened up my business a few months ago and haven’t been doing any bookkeeping (only been keeping receipts) and literally didn’t know where to start but this was really helpful and reassuring, thank you!!! Xx
@rockinglassstudio30735 жыл бұрын
Super super super helpful. Most have taken Lia s and have accountants from the start. I have no loans. I have been going slow BUT suddenly am having to be bigger fast. This was very helpful. Thank you.
@fijaystudio5 жыл бұрын
Thank you! Plain English explanations, you are so good at that, breaking it down into digestible pieces. I’m in oz,, but we have similar stuff (sole vs Ltd etc). Nearly cried when you explained Ltd, co., And how you divide your activities, I have Never before been able to get my head around the meaning of Ltd co !
@kirstysewell3674 жыл бұрын
You are a true inspiration and should be very proud of yourself. These videos have pushed me to follow my dreams...
@Fatema2022110 ай бұрын
You are so helpful. Ive opened my shop on etsy recently and not sure how to do the text return. Thank you for this video ❤❤❤
@Elysian330 Жыл бұрын
You know that scene in black books where Bernard black makes a outfit of of his receipts to avoid his tax return because he doesn’t know what to do… that would be me lol…
@Valentine72015 жыл бұрын
Yay have been needing a video like this, thanks for sharing! Very helpful! 💕
@BREAKENSTEIN5 жыл бұрын
This is a dumb question but I have always been confused with the "hired an accountant" thing. Like are you paying them like a full time employee? 8 hours a day 5 days a week? If not, how do you know when they're working for you and when they're not? Google is not helpful with these questions.
@paulinerocha91535 жыл бұрын
I think you hire them like you hire a plumber. Like you're their client and you pay them the designated amount they charge. they keep track of your finances but you only work with them on certain days and such. like a family doctor. the doctor keeps track of your immunizations???? ( I don't know how to put it) or like a dentist but you only pay when you actually go there. example.. like if you have to get your teeth cleaned every six months or a bad tooth
@BREAKENSTEIN5 жыл бұрын
@@paulinerocha9153 OOOOOoooh ok. Thank you!
@lorraine.-.4 жыл бұрын
If you’re self employed & using something like quickbooks you pretty much keep track of your spendings (incomings & outgoings) yourself & then when you need to need to file - you pay a solicitor a fee to go through your tax return & then you submit it. Although it’s not a necessity when you earn below a particular threshold & are a sole trader. Good to have an expert to look over everything though. 😬
@natashas85923 жыл бұрын
I cannot express how helpful this video was, and not only that but it was so fun too. I know, I can’t believe it, u made finances fun 😳 thank you thank you thank you ❤️
@lawsdraws3 жыл бұрын
Kat, this video is SO helpful. I know a lot of this info can be found online, but Universities should be absolutely ashamed of themselves if they do not offer information like this. Mine certainly didn't (that was a very long time ago now though, haha) and it seems like not much has changed. It's like they don't want new creatives to know this stuff! Thank you for breaking it down so eloquently, and making it seem a lot less daunting for those new to running their own businesses. I'd have loved to watch a vid like this when I was at uni as a concise introduction to the money side of things.
@chasitytaylor88585 жыл бұрын
I think it great that you, as someone who doesn’t find themselves finance minded, shares what works for you. You break it down so it’s easy to understand.😊💕
@dreamy_studiosss3 жыл бұрын
hello Katnipp, I was wondering if you could talk about payroll. Maybe do an updated version of this video?
@nicholskara5 жыл бұрын
Fan-girling again. Loved talking with you on Instagram and getting to watch you on youtube is awesome!!
@OldHag735 жыл бұрын
for any veiwer in Sweden just note that doing your bookkeeping in excell isn't allowed you need a proper bookeeping program. There are a lot out there and for your safety do your reaserch before choosing. Also fo over skatteverkets site about tax and moms for alla the different types of companys. I also recomend Verksamt site and also nyföretagarcentrum and simmilar sites if you live in Sweden.
@KatnippStudios5 жыл бұрын
Thank you so much for sharing 💕😍
@maryboyer17825 жыл бұрын
Thank you for sharing. I’m trying to figure out how to get started on Etsy and have a plan to grow with a small budget. I’m a housewife who will be having another baby soon so I won’t be getting a part time job to support my business. I’m trying to see how much I should save from my pocket money before I launch my site. I already have some supplies I can work with. I’m mostly concerned about shipping experience and other business needs. Anyone have a tips or suggestions? I would appreciate them.
@Delphadae4 жыл бұрын
Thank you so much for this video!! I have an etsy, but I haven't been taking it real seriously in the past (proper bookkeeping, branding, consistency, etc). I'm starting from square one and going ti make sure I start as prepared as possible!
@clckat4 жыл бұрын
Currently binge watching all of your videos. Your advice is priceless, thank you for sharing it with us ❤️
@geraldineconway18655 жыл бұрын
You’re so open and helpful with how you manage all aspects of your business.
@liliansharin4 жыл бұрын
So funny, I know you love the pastel colors, but I am binge watching your videos now and saw one you were wearing a black color sweater and now your hair is darker. The darker colors look so good on you. ❤️
@RMHART5 жыл бұрын
I really love hearing how things were for you at the start, I can relate soo much! These are things I’ve done too 😅
@anjarichardsartuk5 жыл бұрын
Could you maybe talk about if you had any products that didn't do well when you started or what you did to make things that would make a profit etc ?
@TheMikkimouse1415 жыл бұрын
Just as I was searching the internet for information on taxes your video pops up 😭 your the saving grace ❤️❤️❤️❤️
@SnowdropDaisy5 жыл бұрын
Gah! This is so informative! Thank you so much for taking the time to make this video 🥰💜
@elmelosaurio56004 жыл бұрын
I saved money and now that im 18 i bought a little bit of supplies and im waiting for them to arrive, cause i need a job and ive invested maybe 100 dollars and when i make sales im gonna use the money to restock
@elmelosaurio56004 жыл бұрын
Also my dad helps me a little bit cause ps supplies bought online are a bit cheaper so i saved some money
@Practice_Kindness-1st5 жыл бұрын
You are a marshmallow gem! Thank you for sharing your tips!
@TheMindlessAutumn4 жыл бұрын
I love the kitty bank b roll. :) so cute! also, thanks for sharing the financing video.
@hopevity2 жыл бұрын
As an American, your accent is so cute
@eleanormcburnie29653 жыл бұрын
This is so so helpful and honest! Im opening my Etsy shop in a few days, this has been a godsend! You and your videos are fabulous! :)
@lorraine.-.4 жыл бұрын
Love this video, I didn’t know Etsy & quickbooks integrates automatically. That’s brilliant & so useful to know as I’m about to set up an Etsy store! Thanks for the info! ❤️
@mzzbevcreates5 жыл бұрын
Fanflippintastic Catherine! Thank you so much for taking the time to do this, it was a lot of information and very helpful. I did not know ETSY was hooked up to Quicken(?) I'll have to tell my hubby helps with the books. Thanks again now go love on yourself and have a good weekend :)
@crowtailsillustration2045 жыл бұрын
Brilliant video! Just what I've (and I'm sure lots of others) been looking for. Thank you for taking the time to make such a useful video :)
@MsLisaLisa894 жыл бұрын
If you live in the states, check out the Small Business Administration website. There are even grants for women, minorities and the LGBT. Also some libraries have free access to resources and online classes.
@montanafrancis-brewer46625 жыл бұрын
OMGGG, so so sooooooo helpful!!! Been wanting to start up an ecommerce store for ages but was so unsure about the finance/tax side of things :( thanks for sharing hun x
@Bournelux5 жыл бұрын
It’s great to see others and how they do their finances. Mine is literally an excel spreadsheet atm, however I have had no income 😬
@curlylulu97215 жыл бұрын
Just finished and this was actually super useful, although I am nowhere near the profit needed to file for my taxes, yet, this gave me quite a bit of insight into what I hopefully will have to do soon enough. Good shout on the quickbooks advice, I've been considering getting it but so far I hadn't seen anyone from the uk do an in-depth talk on it 👏🏾
@drawingserenity82585 жыл бұрын
Thank you so much Kat, this video is really helpful!!! 🧡
@merivelle5 жыл бұрын
this has been so useful! i'm so glad you speak about all the different aspects of starting and owning a business :D
@OutoftheBoxReiki5 жыл бұрын
Thank you 💜. You answered some of my questions and helped me with the concerns I had about the taxes. Thank you for all of your advice and inspiration. You have helped me more than you know. Love you
@jennybaez-santana65282 жыл бұрын
This was very helpful. Thank you
@kariphilipp39595 жыл бұрын
Fabulous video, thank you so much! Super helpful! I love these kinds of videos! You are awesome! ♥️
@staceydelcolvin5 жыл бұрын
Yaaas! I’ve been waiting for this video! It was very informative, and will definitely help new entrepreneurs on the financial side of their business! ❤️
@tracyhopkinson93114 жыл бұрын
Thank you for this, so helpful. I am just starting up as I have had to close my beauty business because of covid19
@ebonyknight39485 жыл бұрын
This came at exactly the right time for me. Thanks so much.
@leofrine_noev4 жыл бұрын
This is so helpful - you got rid of most of my anxiety 😅 Thank you so much for sharing
@kimolyslager5 жыл бұрын
Aaah yes i was secretly waiting for this!!! I officially started my own company about a month ago (YAY! also, aaaaaaAAAaaa so scary) and the whole finance part of it still really scares me. This is so so so helpful lovely, thank you SO much!!! 💛💛🌻
@magictrees1013 жыл бұрын
thanks, i'm doing my first tax return this year and i have no idea. gonna use quickbooks lol
@FollowTheBlackCat904 жыл бұрын
I've just started a tiny Etsy shop and this insight is invaluable, so thank you so much for sharing!!
@AltaMenneh5 жыл бұрын
This was sooo helpful!!! Food for thought for my future business goals..Thanks love! ❤️
@valeriewalburn47843 жыл бұрын
I love your videos! ❤❤
@keirabaker14683 жыл бұрын
Thank youuuu this was so great for me starting our on etsy
@annaalpes3 жыл бұрын
Thank you for your video I took notes! I found it very interesting!!
@sleep85144 жыл бұрын
Do you know what?... You are flippin Awesome. Thank you for sharing
@alyycat09225 жыл бұрын
Great video
@alyycat09225 жыл бұрын
Also this video has spurred me on to get up to date with my 2019/2020 numbers!
@freyaelouisee4 жыл бұрын
Do you have to register as sole trader/ self employed if you only make a little bit of money ? Is there an amount of money that you have to make before you register and do tax assessment x
@myartpixie3 жыл бұрын
Love the folders!!! Great advice!!!
@lee-133 жыл бұрын
This very helpful!
@lachartgallery4 жыл бұрын
Yes! Very helpful thank you! Just the tips we all need x
@carlswoolf45445 жыл бұрын
I found that very informative. Thank you Katnipp xxx
@persebra5 жыл бұрын
Thanks for another informative video! Question: Is there a reason why you don't also have a print on demand shop ( Society 6, Redbubble, or Spoonflower) or an integrated service like Printfy, Printful, etc.to offer more products like T-shirts etc? See
@mermtato5 жыл бұрын
This was an IMMENSELY helpful video, thank you Katherine! The way you broke it all down, talked about your business' timeline and changing needs as you grew really helped make the idea/plan of having my own art business seem much less overwhelming. I also reeeally appreciate how simple your systems and tools are... especially because, like you, I avoid math as much as possible :B
@tissuepaperbutterfly5 жыл бұрын
Thank you Catherine!!! This is greatly helpful xxx
@veronicarivera13525 жыл бұрын
How much of what you make do you pay to yourself?
@KatnippStudios5 жыл бұрын
I usually pay myself at least 170 a week some times more, but 170 is important because that covers my bills hehehe xxxx
@KatnippStudios5 жыл бұрын
£170 a week that is heheh xxx
@DameDiabolique5 жыл бұрын
@@KatnippStudios Thanks for responding. This is helpful.
@KatieThomasCreative5 жыл бұрын
Thank you! You made this seems bit less scary!
@ullahennig5 жыл бұрын
Thank you for sharing - I think you did a wonderful job explaining the basic financial principles. Very well structured and - yes - entertaining! I hope you don't mind me asking for additional information regarding the following: you are doing your stickers with your own criscut maschine. I know that there is something like stickerapp or stickeryeti online where you can upload your designs and get the stickers. What do you think about that? Did you make your own stickers from the beginning? When is it financially sounder to that (it includes investing in another machine) It would be great if you could say something about that in one of your next videos... Thanks in advance!
@ColdBluex5 жыл бұрын
In Italy is all sooo confusing. Even the requirements to sell as a one-person-business isn't clear at all.There is no gain threasold to understand if you need or not to have a VAT number. I don't how this works in UK, but in Italy it works something like that: - if you are constant/stable organized - if your working/selling activity is continouous - if you make things in a professional way you need a VAT registration, no matter how much your income is. The evergreen problem is understand WHAT they mean with that. For example: I make stickers and I try make them in the best way I can. I sell them on Etsy, I gain 500€ in a year. Since on Etsy my stickers are always available to buyers, accountants usually would say to you that you NEED a VAT registration, otherwise your a tax evader. Even using social media to spread the work can be considered a "professional thing". It's not even specified what they mean with "regular sells": if I sell my thing twice a year...is it regular or not? Often even accountants are unable to answer and the reply is "if you want to be sure, ask for a VAT number. At the end of the day it's what they want you to do with all this vagueness". To this point one's can say: go ahead, register your VAT number and begin your business! Right. But in Italy having a "partita iva" costs you about 5000/6000€ because of Italian Social Security Service that ask you to pay something like 300€ per month, starting from immediately for a MINIMAL of almost 4000€/year (meaning that you HAVE TO pay that 4000€ either if you have the income or not). Plus the accountant because in Italy is almost impossible to make this kind of things on your own, VAT payments and other fees. So..I've been unemployed for almost a decade (due to the crisis), my family have been in heavy debt for even more (because of my father) and I have no savings to start. How in the world can I set up a small business and try to make a living, for example selling stickers or polymer clay charms, if institutions ask me to pay over 4000€ per year since the very beginning? This is one of the reasons why almost everyone in this situation, in Italy, sells without paying taxes, waiting to have enough money and with the risk of the Finalcial Police checks and terrible fines. So you can't find a job > you try to create one > it costs you a kidney > you can't work unless you find a job in order to save to set up your business. And now whoever works on their own pays TAXES for something like 60% of their income. This nation is such a leech. By the way thank you for your advice and inspiration! :D
@KatnippStudios5 жыл бұрын
Oh my gosh they are not making it easy for small businesses over in Italy are they I’m so sorry you have to go through this, surely it should be incentivised to open small business for a minimal cost to help the economy 🧐🧐🧐 signhhh in these circumstances it’s just so hard because you are restricted with government laws - I really wish you the best of luck and a way around this sticky situation xxxx
@ColdBluex5 жыл бұрын
Just out of curiosity: how it works in UK? Do you need immediately a VAT number or there's a profit threasold under which you don't need one? Or maybe a VAT number is necessary only when you open a company?I've tried to search on internet, but it's all very confusing and I'm unable to find those informations :DAbout me..unfortunately I think small businesses aren't on the agenda of anyone. They need money to pay pensions and they try to suck them up from anyone who can pay. It's not important that I would pay for far longer I was able to work and invest in my job rather than pay a lot immediately and then be forced to close because I'm strangled by taxes. I've seen plenty of little businesses try to emerge and then closing within a bunch of years or even month. That's very sad :/Anyway, thank you for your support!
@dangoflower7514 жыл бұрын
I found this helpful! Thank you so so much! :D
@paolabueso3 жыл бұрын
Thank you so much for sharing this video!
@WorldInHazel5 жыл бұрын
Loved this video! So informative and just what I needed. What I'm a bit confused about is if you need a license or document to be able to sell online or have an online store. I hear people talking about it but not really how to get it. I'm in NYC now and am interested if there's such a thing and how to get it.
@cosmiclatte94163 жыл бұрын
So helpful! Thank you for sharing! :D
@visualpollutionartbyfia-an67614 жыл бұрын
You’re so beautiful and lovely - I wantched your video on lac of support and I think I’m obsessed with you and your art WHERE HAVE YOU BEEN MY WHOLE LIFE??
@parismccloud34655 жыл бұрын
Thank you for your advise and experience ☺️
@nyrovilily92545 жыл бұрын
Yass girl came through was watching but also thinking daym i miss her fluffy pink hair and then i like properly looked at your face and shape girl u look good i think u lost weight ( this is a compliment lol) u look so happy and glowy
@KatnippStudios5 жыл бұрын
hhehehe oh my gosh thank you! I do miss the pink hair, but its so blooming hard to upkeep hehehe xxxx
@Livelife_light5 жыл бұрын
you are awesome! thank you Katherine
@TRIPLEMLUXE4 жыл бұрын
Thank you so much for sharing! Your amazing 💕✨
@Bonniebeebs5 жыл бұрын
Thanks for the really helpful video was just wondering how you log things you’ve brought in the past that you want to use towards a business ? Ie the bits you brought before you started but still use x
@eggfriedrice92164 жыл бұрын
do you pay taxes for youtube and if so would it be paid separately from your ltd company?
@AMortificare5 жыл бұрын
thank you so much for talking about this!!
@reversedapparel6743 жыл бұрын
Ugghhhhh i really do hate this side of selling on etsyyy :((((((((((((((((
@angelacharles18945 жыл бұрын
Great info, thanks Katnipp
@kat.ex39093 жыл бұрын
I want to begin selling to collect some money on the Facebook market. But I have no idea if I have to collect sales tax if I’m selling several new crochet items. I want to ship them too but I have no idea how to ship things, I never done it ever. I have no idea what taxes are and it kinda pushes me back from wanting to start a business. I’m 15 and I don’t know the things I can and can’t do. I know I have to do a lot of co-signing because I’m underage.after I have enough money from the Facebook market I want to buy the supplies I need to expand and start my business on another website and sell it all in one place. Instead of just seeing one item on the market, if that makes sense