Hi all. I hope this is the right place to post this. I really needed a place to put my thoughts and get some unbiased feeback.
I am thinking of quitting my job and starting a business with my husband. Currently, he is a photographer but it does not provide steady income (we don't really advertise or anything). He is home with our kids and is working toward his master's degree as well. Together, I believe we can have a very successful photography/design business. I have tried doing my part (marketing, corresponding with customers, bookkeeping) while working full time and going to school part time, but I am spent.
We have enough money saved to cover one year of expenses (all our bills and then some), but not much beyond that...and we do have a few weddings lined up for 2013. I think if he and I could delve into this full time we could get this off the ground. If we don't see the results we hope for within 10 months, then he or I will return to work. We will also remain in school, so we will be furthering our education while we attempt this.
I think it could work out, and even if I have to go back to work in a year, the groundwork will be done for this business to continue to grow.
I would love any feedback you could provide. It's very late so if I left out anything crucial, sorry, just ask if you need more info to decide whether I'm nuts or not.
"Whenever you find yourself on the side of the majority, it is time to pause and reflect." ~Mark Twain
It sounds like you've done a lot of planning, and it's great that you have savings and a back-up plan! I'd highly recommend checking out any local resources for small business. If you're in the U.S., you may have a local Small Business Administration office that offers counseling and assistance. There are tons of free and low-cost resources out there to help you! Best of luck :)
I used to own a photography company that did really well when I was doing it full time. We moved to two different states, and while I was able to keep it up and running through the first move, I changed my focus after the second and just haven't sought it out. I could very easily get back into it, but having just had a baby I am taking some time to just focus on that.
Weddings are a lot of fun, but a lot of work. I'm sure you guys know that well by now!
The best thing I can suggest is to NEVER undersell yourself. People will pay for quality work, and if they feel you are quality based on your work and because you value yourself, they will follow suit. It is much much harder to raise your prices after devaluing yourself than it is to lower them!
If you want to talk shop sometime, let me know. :)