Would someone just tell me that it'll all be ok if I just take the big leap, quit my job and focus full time on the business? Because that's what I really want to do. Badly.
If only daycare (and everything else here, for that matter) didn't cost so much... *sigh*
Anyone know the magic financial formula?
Sorry, no formula. Only guidance and patience from God.
Don't know but when you figure it out, please share with the rest of us
Do a business plan and see what the numbers tell you.
Cakes aside, I know many women who have realized they were working to pay the daycare bill and their gas to go back and forth to work, so they became a stay at home mom. Their income may have dropped, but they ended up with more disposable income and a happier home since both adults weren't so stressed all the time.
I am going to play the devils advicate here and point out some realities that only YOU can answer!
1>Are you are quiting a high paying job to do cakes, and it will affect your monthly household budget? Do you have savings enough to live without any money from your side coming in? Can you live off your husband's income? (the average business doesnt make any money till the 3rd year)
2> Will you be loosing any kind of benefits, 401K, etc.
3> Sure, you will save the cost of daycare. But running a business is beyond full time. Are you prepared to dedicate and I mean dedicate at least 60 hours a week to the business? Do you have the support needed to take care of the kids when you have a busy week?
4> What kind of cakes do you want to do? If you only want to do this part time, you may want to limit the amount of orders you take. If you are any good at all, word will get out and demand will hit you very quickly! Are you prepared to say NO?
5> Like Debi said, make a biz plan, make a list of pros and cons.
6> Before you quit, see if your present employer will let you go part time or work from home, so you can test if this is something you want to do. Making a cake every once in a while is VERY different from making 10-12 cakes a week.
7> What is your plan if one of your kids get sick, and you have to take care of them instead of getting cakes done, or if there is another emergency
Darn it - you mean, there's no magic formula?!
Loriemoms - those are some great questions. The exact ones we've been contemplating, actually.
I'm actually already a fully functioning business, licensed commercial space, etc. I've gotten to the point that I'm overbooked. I know how it'll effect my monthly budget... the issue really is, in my case, getting over the fear of not having that stable company job providing the paychecks. And what's the right balance of cutting back at the company job and ramping up the cupcake business.
It boils down to feeling the fear and doing it anyway. I'm so much better at taking risks with someone else's company/money. LOL
Do what my sister did, she took a leave of absence from her FT job to see if staying home was something she wanted to do.
Let me know if you figure this out. I'm in the same boat. I work fulltime and rent kitchen space and am scared to death to make the switch. hummmm love my job security but hate the job...all day I'm thinking CAKE....