Wednesday, September 17, 2008

Quit Your Day Job: The Dorque gets it right for a change

Early this month, EtsyBitch posted an article by one of our readers pointing out the fallacies of the Dorque series on quitting your day job. Maybe (just maybe) someone at Etsy listened. For their latest in that series, instead of promoting someone living at home with their parents, subsisting on unemployment, or dealing with the fact that they were actually fired rather than quitting their day job, the Dorque has published one of their few practical articles for making that first scary step.

Nicole of Lillyella talks about the steps she took for starting her own business. One of the best aspects of this is her list of the steps she took before taking the "plunge":

1. I first figured out how much money I would need to make each week.
2. I also calculated how much I would need to put away for taxes and met with an attorney to ensure I was recording things properly from the start to avoid extra work later.
3. I had already formed an LLC when I began thinking about my graphic design business, and then a couple of years ago I added a DBA name, Lillyella, when I began designing jewelry and doing shows, so that was taken care of.
4. My biggest concern was health insurance, so I spent a good amount of time researching providers and small business organizations in my city, and then getting myself set up with good coverage.
5. I also decided to stock up on as many supplies as I could while I still had a steady paycheck coming in and I also rearranged my workspace.
6. I went through my monthly expenses and figured out where I could save some money. I called my cable company and just told them I felt my bill was too high, and they lowered it! I was on a roll after that: who else can I call to save money?! I called my car insurance company to tell them I would only be driving about 10 miles a week, as opposed to the 300 miles per week I was driving before, and my premium went down by about $75. That's a great tip that some people may overlook.
7. But lastly — and this is by far the most important — I enjoyed eating enchiladas at our favorite Mexican restaurant a few last times. I figured that the luxury of eating out would be one of the first things to go!

Lillyella's realistic assesment of what she would need for her business, her goals, and the things she would have to do without in order for her to make it work are absolutely refreshing when compared to some of the previous Dorque articles in this series.


not an admin favorite said...

Her article is the best one I have seen.

But it doesn't hurt to be an admin favorite and have 3 items on 1 page of the gift guides. Makes me wonder how much of being an admin favorite contributes to having additional sales. The duplicates have been removed.

MOJ said...

My head may explode they are now talking about actually having a vacation mode. somebody hold me.