Entrepreneur's Life

Five Money...

1.  I think it is very important to pay a lot of attention to how much money you'll really need to make.  Things like insurance are very expensive, especially for the self-employed.  Often times, these things are taken for granted in error.

2.  Having a part time job is extremely important.  Not only does this provide money to invest in your business, it also provides money to cushion you in case you have a really bad month of sales.

3.  Last but not least, it is important not to burn your bridges.  You should take care to leave employers on good terms.  This is because you may want to return at some point, and also because they may be potential customers or know people who could be your potential customers.

7 Tips for...

1.  I think getting your family involved in the business is a great idea.  This gives them a way to be "investors" in your success without monetary risk.  This is also good because it allows you to spend time with your family instead of strangers/employees during a time that you'll likely be very busy.

2.  You give up a lot of personal time when starting a business.  You have to be really committed to your success in order to make the time committment required.

3.  I think making good use of your time is most important.  Not only can you just get more done, you can also use leftover time for a part-time job with the intent of raising money for your business.


Starting a Part time vs...

1.  The most important point in this article was making sure your idea has potential.  It is important that a good idea be sustainable.  If you are going to make Etsy, etc. a full time job, it has to be via products that will not just be popular for a year or two.

2.  Finances are also an important aspect for deciding to go from part to full time.  Even though having a great idea is critical, you must also be able to successfully support the idea financially.  This could be by saving, or with an SBA loan, but you must be able to pay for the advertising, supplies, and administration needed for your business. 

3.  I like how this article also mentions how important it is to involve your family.  When you're working from home, your career involves them also.  Additionally, you're likely to be stressed out, and having a family support can help a lot.

You don't have to...

1.  This article makes some great points about why it's smart to keep a part-time day job.  The best point I think was that part-time employment takes the pressure off of you with regards to fast success.  You still have a source of income, so the money pinch isn't on you.

2.  Doing both just crafts part time can also be supplementary income during a regular employment.  You can craft when you want, because you aren't completely dependent on that particular source of income.

3.  Lastly, starting as a part-time operation also is easier in economic climates like the current one.  Part time requires less start up capital.  Less capital necessary just means less of a risk/investment.