At what point do you decide to quit your job and run your crafting business full time? This question gets asked all the time. If we are being honest, all of us would prefer to craft all the time, and nothing else. For many of us being able to turn our crafting into crafting for profit as a full time job is a regular dream and wish.
On the serious side, there is no one answer fit all. Each situation is individual. Here are some of the things you should consider before deciding to quit a job and allow your crafting for profit adventures to become your primary focus.
Is the income you are bringing in from currently side crafting business a “full time” income? Is it close enough? Has your crafting business reach its full potential with you working it on part time basis? Do you believe it will grow more if you give it your full attention? Did you do your homework and counted the numbers? If you hope it will grow more when you quit your job by giving it all your attention, you are taking a gamble. Hope shouldn’t be confused with data and solid planning.
Do the numbers support your decision to quit your full time job? Do you have a solid backup plan if the side business doesn’t grow beyond its current state? Are you at the point where income from crafting business surpasses what you are currently making at your day job? If yes, by how much? Does it bring you enough money for continued income, money for inventory and repairs/maintenance to your equipment? What about earning enough to pay your federal, state, and local income taxes. One of the ways to evaluate if you are ready to quit your full time job is to transition into a part or quarter time. Perhaps you can even take leave of absence to allow yourself to do two things:
- Focus on your crafting business and monitor if it is bringing the income you are expecting it to get from it.
- Evaluate if you can live on your business income for a month without a struggle.
Perhaps you should consider having a regular part time job, and run crafting business on full time basis. This is the path I took and it makes perfect sense in my case. I am a single parent with both of my children on my medical insurance. My daytime career is a solid one through which I get great medical benefits, and excellent contributions to my 410K. Both of these factors are high pricing point for me. While my side business brings me decent income, it isn’t high enough to cover either medical benefits or save for the future at the current rate that I save at my daytime job. Should my side business grow to bring extra income where quitting my daytime job is a real possibility, I’ll reevaluate my choices.
learn more about crafting for profit
- Small Business Budget – All about budgeting for your small business
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