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Crafting a New Biz
Do you troll the aisles at your local craft store and secretly bead necklaces at night? If you’ve always dreamed of transforming a little hobby into a big business, a role model couldn’t hurt. Lifehacker breaks down the steps that jewelry designer Nicole took to quit her day job and sell her wares full-time online at Etsy, a handmade craft store huge in the online world. She was quite the planner before she took the plunge, and here is the path she took:
1. Figured out how much money she would need to make each week. It’s an unappealing step as guesstimating is more reassuring than staring at less-than-friendly numbers. However, if you’re serious about taking on a new business, you might as well face them in the beginning.
2. Determined her taxes for the year and met with an attorney.
3. Formed an LLC (we’ve already detailed how to do that here on First30Days).
4. Researched insurance and set herself up with good coverage.
5. Preplanned by buying supplies early (when she still had a paycheck).
6. Went over her monthly expenses in detail. Two phone calls to the cable company and her car insurer lowered both rates!
7. Savored eating out at restaurants one more time, and then never looked back.
She has solid, practical tips, not to mention super cute necklaces! Do you dream of making a similar jump and turning your hobby into your full-time career? Any other tips for creative types turned would-be entrepreneurs? [Lifehacker]