Give it a start part time to test the waters prior to leaving a paying position with benefits. I own my small business ( non -quilt related) and do make some income from a quilt related business. First and foremost account for all the benefits in $$$ that is provided by your current employer this includes the portion of social security that is paid by the employeer, and any 401 k match. A huge consideration is health insurance... good luck finding a insurer once you cross the over 50 years old mark and are not part of a group plan. DO make some calls now about getting the same coverage and the cost. This will change with some of the new regulations but it will cost. A huge consideration is taking a much loved hobby and turning it into a business.. a lot changes when you HAVE to make something and are at the whims of the market and market conditions. All business advisors will tell you you must have ONE FULL years living expenses and business expenses in the bank before taking on the risk of loosing your salary and without comparable replacement that is guarenteed ! Take it slow , and write a real business plan and account for every expense ... it makes no sense to hide the truth from yourself. Act as your own consultant .. how would you advise someone you care about who is considering making the same risky leap. There was a time when I made enough part time with quilting/ sewing that I could have quilt my regular position and done it full time.. but I can tell you how many times I am glad I have my "day" job .. its often... especially in the last few years of a ruff economy .. I am glad I had both! If you were looking to make just a investment .. what would be the first thing any good advisor would tell you ... Diversify.... do the same with planning your future.. do not have only option and no way to retreat from a loosing venture.
Last edited by Lori S; 04-10-2013 at 05:53 PM.