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Crafting a New Biz
Do you troll the aisles at your local craft store and secretly bead necklaces at night? If you’ve always dreamed of transforming a little hobby into a big business, a role model couldn’t hurt. Lifehacker breaks down the steps that jewelry designer Nicole took to quit her day job and sell her wares full-time online at Etsy, a handmade craft store huge in the online world. She was quite the planner before she took the plunge, and here is the path she took:
1. Figured out how much money she would need to make each week. It’s an unappealing step as guesstimating is more reassuring than staring at less-than-friendly numbers. However, if you’re serious about taking on a new business, you might as well face them in the beginning.
2. Determined her taxes for the year and met with an attorney.
3. Formed an LLC (we’ve already detailed how to do that here on First30Days).
4. Researched insurance and set herself up with good coverage.
5. Preplanned by buying supplies early (when she still had a paycheck).
6. Went over her monthly expenses in detail. Two phone calls to the cable company and her car insurer lowered both rates!
7. Savored eating out at restaurants one more time, and then never looked back.
She has solid, practical tips, not to mention super cute necklaces! Do you dream of making a similar jump and turning your hobby into your full-time career? Any other tips for creative types turned would-be entrepreneurs? [Lifehacker]
I love Etsy, and this story is so inspiring to anyone who is looking to turn their passions into a full time career.
I am a self-employed freelance writer and one of my best tips for other would-bes is just to stay focused. It shouldn't be hard if you love what you do. Buuuutttt.... sometimes things (and people) can get in the way, especially, if you are working from home. It's nice to make your own hours, but try to schedule your day as close to a "normal" work day as possible. Get dressed in the morning, get your coffee or tea, and sit down to work. Keep television, personal calls and Internet surfing at bay. It's OK to take a lunch hour and talk to family or friends, or watch a short show. But then, get back to work. It's easy for people to assume that the self-employed person lives the simple life, but people will only think that if you let them. Make it clear that you are working and it will be easier to nix distractions.
It's inspiring to hear about people who turn their craft into a business.
I sell on Etsy! Though not full-time, I know people who have made that leap, and it may be difficult and financially-straining at times, but most are so much happier.
I love reading about how people successfully make the leap to self-employment. I especially like when the article gives specific information. These are some excellent and practical tips!
My wife has a small business. I am her partner. My role is to hold down a day job with benefits so she can focus on her business. She's putting our son through college while I keep a roof over our heads and food in the fridge.
Oh, and I carry the heavy stuff :-/
We jumped off the cliff last year and started screenprinting limited-edition t-shirts. While the business model is far from perfect, I think having a partner was essential. We're able to "fill in the gaps" for one another by bringign different strengths to the table. Also, we make sure all our paperwork is always in order—even as a small biz that's important.
Just find something you're passionate about and do it! The rest will come.