guest post: Four Things You Should do Before Turning Your Passion into Your Full Time Job

While I wrap things up at the New York Gift Fair today, I’m excited to share this guest post from Regina Morrison of Acute Designs.

A little over a year ago, I was stuck in a mind numbing job and needed a creative outlet so I started a small handmade accessories business.  I initially thought my business would be a fun side project but quickly knew that I needed more than a typical 9-5 job.

I was bitten by the bug – the be your own boss and run your own business bug and I was determined to turn my passion into a full time job.

In order to get to the place I am now, which is full time business owner and blogger, I had to do many different things.  Four of these things stick out as the most important and they are simple things that you can do if you are contemplating making the leap into full time business owner.

1. Create a Plan – This is boring to some, but a solid plan will keep you on the right path.  Figure out exactly how you will make money.  It is fun to day dream about your creations getting featured in magazines and millions flocking to your products, however it is really hard to get there.

I feel that far too often, creative types get lost in the dream and end up just spinning wheels to stay even.  To become profitable and get ahead, you need a plan.  And you need to follow through.

My advice is to get a calendar and map out month by month what you will do to grow and sustain your business.  This could include planning marketing strategies around certain holidays, sourcing new vendors for supplies, signing up for shows around the country, submitting your products to top bloggers or magazine editors, making wholesale line sheets, and so on.  This will vary from business to business, but the idea is to think ahead and not go blindly through the year or you will find that your business does not progress.

2. Finances – This was a scary one for me.  I had a full time job that was not stressful or demanding and no matter how hard I worked or how much I goofed off, my paycheck was deposited into my bank account every other Friday.  I had to do very little for this money and the prospect of not having it at my disposal was scary.

I am fortunate that my husband has a great job, but I still need to contribute.   In order to get over the fear of not having enough money, I figured out my bare minimum number.  Anyone trying to leave their day job should do this.  Write down exactly how much money you need (not want but need) every month to survive.   Take that number and multiply it by six.  That is what you need to save before you leave the job. {Megan’s note: I could not agree more with this advice!  I even considered making this whole paragraph bold, that’s how important I think it is!}

If you don’t make any money for six months, you will still survive.  More conservative experts will tell you to save a year’s worth, but I am not that conservative so I went with the six month plan.  This puts your back against the wall to make something happen in six months.  And frankly, if you don’t make any money in six months, you might want to reevaluate your strategy.

3. Set a Deadline and Act – Stop dreaming about “when I quit my job” and make it a reality with a deadline.  As previously discussed, I was afraid of leaving the comfy paycheck but I also feared being stuck in a dead end job for the rest of my life.  My fear of being stuck overcame my fear of not having enough money.  I used that fear to act and set a deadline.  I gave myself six months to save money and create my business plan then I dove into the world of being my own boss.

Set your deadline and don’t wait for the right time.  There isn’t a “right time.” If everyone waited for the right time to take a risk, nothing great would ever happen.

4. Work, Work, Work – The year that I ran my business and held down my day job was an extremely busy year.  I had set my deadline and knew I was going to make the transition, so I wanted to be prepared.  I spent almost every weekend and evening working.  I even spent most days at work reading and researching.  I wasted very little time that year and it was stressful, but I am happy I did it.  All that work made the transition to full time an easy one.

Regina Morrison is a full time designer, owner of Acute Designs and freelance writer. Follow her journey, on her blog, Acute Designs.