Taxes and other things

There is always the business side to look at. Making and selling scarves is my passion but I still have to look at all the other things that go into making a company successful.

First off, we applied for a patent and are waiting on approval. The patent award process takes up to 18 months so we do have to wait for the final word. In the mean time, however, Curly Q Original is officially "Patent Pending". What a great feeling!

Also, we've applied for a trademark. Need to protect that original design. The trademark went live a couple of days ago. It is a great feeling knowing my business and ideas are protected.

Taxes. Wow, this is my first year doing business taxes. I don't want to complain too much but I do have to say the government takes a lot of money away from the small business owner. Seriously, they usually get about 1/3 of my profits (and that doesn't even include the sales tax that all my customers have to pay). Ok, done complaining. :)

Anyway, my sweet, financially savvy husband began doing our taxes and, well, with all the rules we decided that it may be best if we hire an accountant. This is our first time using an accountant. I'm glad for the service but, once again, it is another fee to running a business.

So, with a patent, trademark, and taxes it cost the company around $2700 when all is said and done. Fortunately, the patent and trademark will not be repeating themselves every year. I'm actually not complaining about the cost. I have been writing this blog, however, as a way to document my journey as a new small business owner. It seems there are unexpected costs around every turn and I would hope, as people read this, they can learn some of the ins and outs of business so the unexpected might be a little more expected (if that makes any sense).

I'm excited for what this year has in store for Curly Q Original. I'm doing a trade show in Albuquerque in mid March. Hopefully I'll pick up a few stores in New Mexico and Texas while I'm there. I'm also planning on doing Oasis again in July. I was thrilled to be called during the January show by a few people wondering where I was. I just love being loved.

I'll keep updating on the Spring shows. In the mean time, it is back to manufacturing. I'm only about half way done with the spring line and need to get cracking. Hope my sewing machine doesn't blow up (haha).