Already have a great, flexible job...should I start a small business?

[Anonymous]

I currently have a very stable, incredibly flexible job that allows me to work from home several days a week. It is a fairly stress-free work environment, awesome supervisor, and it pays very well and has good benefits. I've been there a long time, and in a few years will get even more vacation time. Admittedly, I've been there so long that most of my passion for the work is gone. However, I'm experienced and can do the job easily and efficiently.

On the other hand, I have a hobby that I'm pretty darn good at, and tons of friends (and friends of friends) have offered to pay me...over the past several years, I've dabbled with accepting payment for my hobby. This work has typically been done on the weekends and i currently find the work exciting and new. There are several downsides to this "hobby". First, I have two very young children and absolutely HATE leaving them, even for a few hours on weekends. In addition, I get the sense that I think I'm worth more money than my "clients" are willing to spend on me. I'm not super confident charging clients for the work I do (even though I have a set fee), and I'm always getting haggled for less money...not something I really want to deal with. Another reason that I hesitate to go into a full-blown business is because I fear this hobby will get boring after it becomes a job! And of course I honestly doubt that I could get anywhere near the same kid of money/benefits that I get with my current full-time job.

What would you do? Continue in my passionless day job that pays well and is stable and very flexible and easy or struggle with a new business that seems exciting, but have to deal with the whole business side of things (knowing that I might not love that part).

I appreciate your feedback!
Thanks.

[Anonymous]

I'd stay where you are. Keep doing the hobby in your spare time (dying to know what it is) and keep building a reputation, experience etc. When the kids are older/you get frustrated with your job/whatever else happens in life, you can revisit.

[Anonymous]

I'm guessing photography....

[Anonymous]

Anonymous wrote:I'd stay where you are. Keep doing the hobby in your spare time (dying to know what it is) and keep building a reputation, experience etc. When the kids are older/you get frustrated with your job/whatever else happens in life, you can revisit.

+1

One of the reason you love your hobby is because you choose to do it, you don't HAVE to.

[Anonymous]

Anonymous wrote:I currently have a very stable, incredibly flexible job that allows me to work from home several days a week. It is a fairly stress-free work environment, awesome supervisor, and it pays very well and has good benefits. I've been there a long time, and in a few years will get even more vacation time. Admittedly, I've been there so long that most of my passion for the work is gone. However, I'm experienced and can do the job easily and efficiently.

God I would kill for this.

Where can I get one? And in this economy, why the heck would you jeopardize this?

[Anonymous]

I would stay put, OP.

In the meantime, I would write a business plan, maybe even take a SCORE class on writing a business plan. Run the numbers and try to get a realistic sense of how much money you will be able to make after you are established.

If the business plan is written properly and thoroughly, it will help you to be able to make a more informed decision.

[Anonymous]

Stay put -- if not for the salary, then for the benefits. I would continue to run the business on the side but run it like a true business and not a hobby -- whatever that may mean for you -- website, set pricing, incorporate the business etc. Then see how much money you're making and how much time you're spending when it isn't just a hobby. If after 1 yr, you are making an amount proportional to your total comp (salary + benefits), then you can think about pursuing it full-time. And in that 1 yr, you should save as much as you can, to give yourself options in case you do go into business for yourself.

Alternatively, depending on what the business is, can you take a leave of absence from work to get it up and running during a "test period" and then you can see how to pursue this.

If you have a job that you like -- even if you don't love it -- don't throw it away without a solid plan in place.

[Anonymous]

I'm in a nearly identical boat. I work from home frequently - maybe 3 days a week. I earn close to $200k and I get at least 5 weeks vacation a year in. Most Fridays I work from my vacation home. It's a good job.

I am not bored with my job but find myself doing MBA admissions consulting on the side because I enjoy helping others. I've debated formalizing this into an actual business for a long time and have started the process in the last few months. My issue is that it has taken an enormous amount of my time and energy to get going, what I need really is a skilled partner, but I can't find anyone with the right skills.

My advice is to do it if you enjoy it, but just recognize that it will likely be a ton of work. Out of curiosity, what's your hobby?

[Anonymous]

In this economy????? Don't be foolish.

[Anonymous]

Oh and I should note that MBA admissions consulting was a lot more fun when I did it on my own terms - I picked clients, not the other way around. I charged little, mostly because I didn't care to charge a lot, and I enjoyed watching people succeed. It was a small amount of money - maybe 10,000 a year - and I did it this way for years with literally hundreds of clients. I met so many interesting people and got a lot of satisfaction out of it. Since taking it more "pro", I have to admit some of that fun is gone. People expect a lot more when they pay real money, which is fair, but it starts to loose the sense of altruism and joy. Some clients are easy and fun and a pleasure. Others turn into nightmares. Just keep in mind that once you turn the switch on the profit equation, the dynamic changes.

[Anonymous]

I'm guessing photography too.

Stay in your job, Op!!

[Anonymous]

I was in a very, very similar situation and I think only you and your family will know what's best. I also got pretty much the same advise you're getting - to stay put in this economy. But I didn't do that, I left my job.

The bottom line, for me at least, was that I wanted to stay at home with my second child. I was a single mom for my first so I felt I missed out on so much. And my husband made just enough for us to get by on his income, while I built up my business.

One thing I did do before I quit my job (and recommend you do the same if you decide to do the same) is to set aside income from my side job until I had a backup income of 6 mos. Once I had that backup cash stashed, then I quit my full-time job.

Good luck!!

[Anonymous]

Wow, I'm in a similar situation: great job, great pay, lots of flex and vacation time, etc. I'm just incredibly bored. Unfortunately, unlike you, I don't have a hobby I could parlay into a small business. I do have lots of interests, though, so I'm taking some time to see whether I could pursue one of those interests. If I were in your shoes, I wouldn't quit my job until I had saved at least 6 months of expenses.

[Anonymous]

I would not do it.

Taxes eat you alive.

Business expenses eat up LOTS of income.

Once you grow a hobby you see how much time is consumed doing business admin for the hobby, and you do less of what you love.

If this is a field that has school or training and you're skipping that, I'd think very hard. Sometimes you're not as ready as you think you are. And sometimes the competition resents you and beats you down if you're not ready to sink or swim.

What is your proposed field, OP?

[Anonymous]

What are all these flex/WAH jobs that pay 200K? I'm dying to know!