My Life in Cash - I've Turned My Gifting into a Business
Closer, 18 Dec 2014
"I love gifting and arts and crafts and, after buying a nappy cake (nappies stacked to look like a tiered cake) for a friend, I started my own. In February, I sold 15 nappy cakes, containing teddies, blankets and other baby items, for £20 each at a craft fair - I made £100 profit. Then in April, when a local shopping centre offered new businesses rents of £100 per week, I opened my own store.
It was tough, as I'd previously got into debt after getting divorced and had to go through a debt management scheme. I knew no high-street bank would lend to me, so I secured an Amigo Loan for £2,500 at 49.9 percent APR over five years, paying £98 per month. This was steep, but it covered start-up costs - a till, a website and furniture. Now, I also make craft-based cakes filled with sweets and beauty treats for weddings, birthdays and anniversaries.
I turn over £800 - £1500 per month and, while I put any profit back into the business and have to rely on family for financial support, I hope to take a wage in January. Next year, I want to set up an online store and double my income."