This article in the New York Times about people giving up their day jobs to make craft full time and sell on the “handmade Ebay”, Etsy, left me thinking … is next year the year you’re going to get brave, quit the job you’re in, and do what you want to do? And if so - can you make money, really, in your own small business?
Web entrepreneur Tim Ferriss (yes, of The 4-Hour Workweek fame) must be right: we all want to quit our jobs. His book has been sitting on the New York Times Bestseller list for 23 months now. But is he just peddling a pipe dream? How many of his readers succeed in actually getting this 4-hour working week?
If you really want to do something different in the new year, like start your own business, you need to be able to answer these questions on a checklist;
* Is my idea/product/service going to make me any money – is it worth trying it out on the side first?
* Am I absolutely, positively passionate about this – or do I just hate my current day job?
* How much money will I need to survive every month?
* How much money is this business actually going to make? What is a realistic revenue goal? Is that what others in a similar industry are making?
* How unique is my product?
* Should I go see an accountant first? At the very least, have I applied for an ABN or ACN – this can take up to four weeks.
* Should I go see my bank too? Even if I don’t need a start-up loan, I’ll need bank accounts, a chequebook and a linked credit card to run the business.
*Do I have debt that I could pay off first, before I quit my day job? Is working part-time a better option?
* Have I created, or can I create, a market for my product, now? Through setting up a website, social networking, advertising or word-of-mouth marketing, before I find myself sitting at home on the couch with no job, wondering how to start this business idea?
* Can I get support/inspiration from people I know who have done the same thing? Or should I join an online or real-life network?
* Can I afford to make a loss (or at least make no money) for a month, three months, six months? What’s the fallback plan?
Ugh, reality. Still, if you’re thinking seriously about it, then start the planning now, and not five minutes into a conversation with your boss that ends in “You can’t fire me, I quit!”
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Denise @ Raw Brides January 27, 2010 at 8:30 pm
I love, LOVE Tim Ferris’ book – I read it from cover to cover all the time, starting back when I was working full time in a job that was ok, but my heart was in my own business.
Since last year, I now work part-time, which gives me much more time to work on my 4HWW plan.
I have to admit, I’m one of those people who kind of throw myself into things without really thinking through the consequences (particularly financial!).
Even though I work twice as hard at the moment, I really enjoy it, and I’m always keeping Tim’s principles in mind….
Jo – if you ever interview Tim, I will be totally jealous!
Practising what I Preach: I just saved $140 on my Car Insurance | Personal financial advice & tips for women December 20, 2010 at 7:11 pm
[...] … Just a reminder. A year ago, I wrote about 2010 and having the life you wanted … without going bankrupt. As 2010 draws to a close, have a think … did you get it yet? [...]