here is a previous thread on the subject http://www.quiltingboard.com/main-f1...c-t174532.html

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.

I came here to say exactly what Lori S just said about calculating the value of any benefits you have at your present job. My other hobby is one where people often think, "I should quit my job and go fulltime!" But the few people I know who have made a success at it have worked hard to survive.

I'm not saying you can't do it, but you need to understand what you're getting into first.

Tate

You didn't say exactly what it is you're wanting to do.
Have you "tested" the waters to know if there is a need for this business?
What will you need to take in each month for you to deam it a success?

For years (30+) I have done alterations for people. There was a time when that's all I did, no outside job. Thankfully, I had insurance through the hubby's job. All that has changed now. No hubby. Have to buy my own insurance. Taxes, etc. That's when the alteration business went to part-time while I worked outside the home. Still no benefits with any of the jobs.

Lots for you to consider. Hope whatever you decide, that you find peace.

I would say don't quit your job until your salary is not needed to pay the bills.

Another item which is important. Do you have health insurance where you work? If you loose that, a private policy is very expensive and goes up about every 6 months.

Thnks everyone. I am thinking right now I am going to offer quilt restoring and repair and braided and hooked rug repair. That is something i can jump into right away and do from home , I have alot of vintage, retro, traditional and contempory fabrics so I may not have to buy much. And i have a lot of stock for the rugs. I am going to advertise and see what response I get....just want to do something for me.

check out the quilt conventions. they usually have classes/lectures about this. there have also been a few books published. Check also the International Professional Quilting Association in Maryland. They have good info. also sign on to the yahoo group for long arm quilting.

Definitely start doing this part time while you continue at your full time position--even though you are wanting out!

I'm in the same age bracket. Don't quit your job. Pay down your debt and work part time at a local LQS store. You have to crawl before you run. See what it is like and then after say a year or so. Have you done a business plan? It's a must and it will help you set goals so you can achieve your dreams without bankruptcy.