Thinking about starting my own quilting related business
 

I think this belongs here instead of general chit chat. If I am wrong, sorry

So I have reached a cross roads in the professional life. I have grown very dissatisfied with my job. I work for a call center in the insurance field and have enjoyed it until the last 2 years.

I am 50 and have worked for this company for a few decades so I have a really good salary. It would not be easy to replace it.
Unfortunately due to life, our debt ratio is higher than I would like but am working it down.

Anyway, I am just going around in circles in my mind...do I leave, do I stay, do I try to do this in my spare time....what spare time really!!

My question is to anyone who found themselves in this situation or just starting a business up in the quilting field, was it successful.

CAn I asked what your monthly or annual income was.
How did you get it started
Thank you!

Good luck to you in making your decision. One lady I know decided to give it a try - her family figured they could make it a year without her salary while she jumped in with both feet. Last I heard she was doing very well in her business and loving every minute of the 18 hour days she was putting in.

I dream about this as well but I make 75% of the salary so I am stuck at my job, I would say if you can afford it go for it if it will make you happy

I was a vendor for about 6 yrs. Doing shows mostly out of town. The hours I spent at the sewing machine, only gave me a blood clot in my lung. 90 percent of blood clots start in your legs. The Money was hard to make. The show fees were high. People love handmade items however it is labor intense. Be careful and if you decide on this, good luck.

Well, I'm very old, but right now, in this economy, a very good salary is very much to be desired. But, also you are at the right age to get it going if that is what you want to do. It never hurts to have different directions you can go.

Keep the salary and pay down your debt first. That's one less thing for you to worry about when you start a quilting business. That isn't what you want to hear, but it is what you need to do - unless you are going bonkers on the job OR would get a nice pension if you retired now.

Assuming that you can dedicate a reasonable portion of your salary to paying the bills now, start cutting personal spending now. Try to pay the bills off faster and save some money. This is good preparation for when you START the business - your income will be lower so your 'out-go' has to be lower, too.

I can't give you any info about starting a quilting business. I do know that machine quilting is a lot of work and takes time - and all I do is edge to edge quilting on personal quilts. I think if it was my business, I would get tired of it extremely fast. Quitting your job COMMITS YOU to quilting full time, so think long and hard before you quit.


i wish you luck. Decisions like this are never easy.

I have owned my own non quilti gn business for 35 years. A few points. First consult with your local SBA. Second you currently need to add 40% to your current income to make the same being self employed. FICA 401k vacation sick leave holiday pay employer paid insurance ALL GONE. Add 10 hours a week to your schedule for paperwork. Finally debt will put you under if you work for yourself. No debt. Low mortgage no car payments no consumer debt and 18 months cash reserves then you can think about starting a business. No toys with payments
That being said I love owning my own business

I would encourage you to try it out for a bit before you totally quit your current job.

Before I retired I went to part time - working Tuesday, Wednesday, Thursday and till noon on Friday. Left my weekends free to do my Renaissance Festivals without worrying about being too tired on Monday or arriving too late on Friday night. Plus that still allowed me to have a steady income for those pesky bills that just keep popping up.

I agree with everyone else, but also dont just wait. The biggest issue with local stores is building a customer base. THAT is something you can start now. Show up to guild meetings, as many as you can afford to go to. Go to classes, check out local shops, go to shows, talk with the teachers, students, guild members. Teach a few classes, get your name OUT there. So when you are ready to open a shop, you have people who know who you are, your quality of work and what your "mission" is will shop with you. This will get you a good customer base starting out and continue to grow it.

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.

What I was going to say - when you have so much quilt/rug business that you are way backed up, then you can think about quitting your other job.

Also want to agree with - do some research. Find out how much call there is for your kind of services. I have done antique quilt restoration but it was a very small part of my business. Not like there is a steady flow of customers.

I also thought I would want to have a quilting store. So I got a job at Hancock Fabric. I only worked there 4 days, my knees were screaming at me and I could hardly move every morning. This place was big and they didn't want me to leave the cutting table, so when people ask for something, I had to point where it was located. Only 2 employees were up front to man the table & cashier. It was really hard to measure fabrics, answer ppls questions and my hands got so dry handling fabrics all day. I knew if I stayed, I would hate fabric. I know the mgr was angry that I left, )even though he knew of my misery) sorry about that. So I'm thinking having a fabric store is not for me.

This is right on the mark! I had my own business and I loved it but when I started we had NO debt and money saved to start. In the current economy it could be pretty rough. We have a new sewing store in our town and she is doing okay but I am not sure she will be able to continue due to overhead, etc. Several shops in the area have closed in the past 2 years.

I had my own business. I worked with glass. I also had a full time job that required daily overtime. When I started making as much money my part time glass job as I was earning on the regular full time job I was secure enough to quit my office job and make my hobby into a full time job. At about the same time I got married and we moved overseas, and that was it, so I really do not know if I would have been successful if we stayed in Canada. Try to work out so you can have both jobs for a while. It will be tough, i know it, but it will work great for your debt. I payed a humangus portion of my student loan with my part time craft business. Good luck!

Everyone has valid and very good advised. I know I will be staying in my job, you are all right. Very very hard to give up a great salary, benefits and fairly secure job. But I am so disappointed in it. I have lost my sparkle for this job. Maybe it's just the weather and I will feel better when the warm sunny days are back, it might honestly be that and I should look into this aspect. But I think I will still do some research and even but an ad somewhere for quilt and rug repairs and see what happens. Even a few jobs once in a while will be some extra income and will make me feel better I think. Thanks everyone!

it takes time to build a quilting business....unless you have lots of start up money to get you going/through for the first 3-5 years i would not expect to quit a good job & replace it with a just starting out quilting business...do you already have a customer base? have you been quilting for people? making money with your quilting?
i've had a business for 8 years now... i still work full time= in another field...the past 3 years i have made a profit with the quilting but i do not feel like i can pay all of my bills and maintain my current (life style) with just the quilting yet- maybe if we had retirement = or something else... I stay busy enough with it- i make plenty to 'support my quilting habit' and allow us the fun extra's- outside the monthly budget, like long weekends away, vacation fun, and some money in savings...i do not have to get into the household budget to enjoy my quilting, and i have a pretty good repeat customer base-adding a few new customers every year- if something happened to my job i might be able to spend more time at it & make more money- but it would be stressful - at some point maybe i will decide to retire & make it my primary income- but we need to be debt free before i even consider it.
of course if you plan to open a quilt shop thats a whole different story- you need money for your retail space, stock and the 'gumption' to work 18 hours a day...lots to think about- i would try to get started- while still working & see how that goes- it's seldom a good idea to leave a good job without a sure thing in the wings

I started my business while I was still working full time. I quilted at night and on weekends for about 2 years until I could afford to quilt my job and I had some word of mouth customers. Now I use the social media's to my advantage and I am doing very well. But...... get out of debt before you quit. Quilting can be very expensive, and by then you will know if you really want to do this as a full time job.

Before anyone starts a business they should do some serious research and planning. A good business plan complete with projected financials is needed. I taught in the business college of a university for years and we helped people write business plans both as class projects under the supervision of the professor or faculty would act as a consultant to a business. You could check with universities in your area to see if they do this. We charged a nominal fee for the class project however consulting fees for faculty were more. The Small Business Administration website has a wealth of knowledge. Check that out. There are also templates available for business plans. I agree with being as debt free as possible before starting a business because you will incur debt in starting and running a business. Your bills for supplies, rent etc. will come due before people pay you for your merchandise/services. You need a way to manage cash flow. Also check to see if SCORE (senior corp of retired executives) is available for consultation. Your chamber of commerce should be able to guide you to some resources as well.

If you have a quilting store close to where you live I would first see if you can work at the store on weekends. This would give you a great feel on what you need to do and if you would want to start one. I also agree that you have to have so much money on reserve because you will be working without a paycheck for a couple of years. When I started my business it was 5 years without pay and everything back into the business. Wishing you well.

Everyone needs dreams. They carry us through the mundane times. Taking steps, even though they are small steps, gives us a lift.

I agree stay at your job. I have a small LAQ business. My husband and I started it when he retired (I retired 4 years before him). Yes we enjoy the business and have made some income from it, but we do have our retirements too. A small quilt show near my home started up really big. They did not have extra set aside, and when they were making great money, it was spent on things she enjoyed doing, traveling to see her kids and other things not related to the business. Well, two years ago, after 6 years in business she decided the business can run itself. NO, customers did not come in for her husband to cut fabric, they wanted her advise and help. Well, there is no business there now, and they have nothing to show for it. So stay with your job, and pay off your debt, save and have at least a years income to cover your living expense and start your business. Good luck with what you decide.

Your repair/restoriation business sound like a great part -time job-- especially to start. Sound like you may need to go national to get enough business to quit you full time job! Also sound like you need a vacation! Or perhaps you should check into changing jobs- either in your current company or with another. When you own your on business the "customer" is you boss and they are not always nice. Good luck!!!!!!!

Ditto on what everyone else suggested.

You might try teaching quilt making. along with the quilt shop. I have done that and it works too.

I work with small business and many have gone under in the last few years. There is good advice on this post.
Take it to heart.

Your profile doesn't say where you are located, so I'm just throwing this out there for your information. Stitchin' Heaven in Mineola, TX, has a "boot camp" for people who are thinking about starting a quilting business. Not having been to it, I have no other information, but there might be something similar in your area. If there is a college in your area, they may have an extension course on starting a business.

I'm about 4 months into my business. We paid off all of the debt, my hubby still has his job/insurance that covers us both. I semi-retired, with a small eBay business to fund my quilting business. I thought about the craft show circuit, but so many people pass your booth saying "I could make that myself so much cheaper!" So I learned how to make the patterns! Now when I hear that, I know I'll make a sale!
I have only 2 patterns in print right now, so I haven't done those expensive booths yet. I'd like to have 4-6 in hand before spending $1000 on a booth! Only selling now online and through a few pattern sites as well. It hasn't taken off yet, but I have faith in my project.
I started my eBay business about a year before I quit my regular job so I'd know the time and money involved. (I buy stuff at auctions and estate sales and re-sell it. ) I learned to buy only stuff I know I can flip fast and for at least double the money. It has to fit in my car and be easy to pack and ship. It's been fun to learn and both businesses have been a great way to write off all of my quilting supplies, fabric and a few other purchases-not to mention the mileage deduction.
Don't kid yourself about time. Everything has a learning curve. My drawing program, any photo program, putting up a website, learning Instagram, twitter, Facebook, pinterest, blogging, different online outlets for your products. It takes time to learn them and get them to be second nature so you're spending more time on your business than your technology.

So- start small. If you love what you're doing, it won't wear you out after your day job. You'll learn lessons (make mistakes) specific to what you're doing while you still have an income and it won't be fatal to your bottom line. You'll see if you like it enough to do it full time. You'll learn how to price your services where you'll get customers and feel good about what you're making. And master one technology thing every month or so. Let your hobby help pay off your debt before you leave your job.
I think you'll be surprised how much less you dislike your job when you have an exit plan in the works!
Good luck! It's a journey!

If you can afford it go for it. Expect to put in long hours.

I am hearing and agreeing with staying at your job, at least until you debts get paid down.
You say you are dissatisfied with your current job. Are there things there that you can change to increase your satisfaction (other than quitting)? Think of the good things that happen there, when you think a negative thought about your job, stop that thought and find two positive things about your job...and a pay check may be the only positive thing. Try to think positive thoughts about co-workers. I know it sounds like Pollyanna, but I firmly believe that positive thinking works.

It doesn't cost anything to dream :) When my job or any area in my life is a struggle, work, marriage, teenagers, Gratitide is a huge help in turning things around. I make a list daily of 5 things I'm grateful for. If work is tough its 5 gratitudes about work. If my hubby is getting on my last nerve... its 5 gratitiudes about hubby/our marriage. Just a thought that might help stablemom on the work front