My business is in black, and has been from day dot. Dear Pru began as a side hustle: a self-sustaining way to turn my hobby into a business. And, as it has grown organically into a national brand within my niche, it still pays for itself. It’s turning over a much bigger profit, but still not enough for a living wage.
With 10K I can scale. I can outsource aspects of my business to enable me to focus on growing my core business: teaching workshops Australia wide, designing knitting patterns for DIY “even slower” fashion, and writing for knitting publications. At the moment, I do all my own accounts, proposals, web maintenance, social media marketing, sample knitting, layouts, teaching notes, etc etc. I do pay someone to do tech editing and major website updates but I could streamline things further, and build a team around me to whom I regularly outsource tasks. I could afford to subscribe to Xero or one of those accounting programs…I could develop a workflow that allows me to design new knitted garments and accessories and then push it through to publication supported by a team, which is how big names in my industry like Stephen West publish patterns at pace, and generate a much bigger revenue.
With a cash injection like this, I could finally invest in building an online learning platform, which has been my dream for the last year or so. I love sharing knitting skills, and currently teach in yarn stores all over Australia, and in 2024, the world. An online learning platform would allow me to develop self-paced and hybrid workshops that would support knitters all over the world to improve their skills and increase their confidence in knitting their own garments and accessories. I would also set up a community learning hub for Dear Pru subscribers to seek help, share growth and finished garments. This would also help support my business financially. Online learning courses and subscriptions would provide new revenue streams which I can reinvest in producing new courses and supporting growth in other areas of the business, and find new balance for myself as a creative business owner.
I know I could, If I was focused solely on the MVP of getting a course up online, produce some videos and cobble together a course. As a teacher with 17 years experience, I am adept at curriculum design, and curating lessons on different LMS. And I have 6 years of knitting workshop content. However, there is a risk that low quality video and audio will not meet my customers’ needs, and could be a risk to my brand. I would prefer to do it in a classy way, with evergreen content, on a stable platform I haven’t had to cobble together!
Even 5K would make a big difference… that’s what the Spark panel might offer me if my video entry for the 10K Spark Women in Business doesn’t inspire the community to vote for me.
Watch my pitch: would you vote for me? Voting closes 31 December!
Learn about the 2023 Spark Women in Business grant winner: Practice Studio