Time to Open a Shop

[THEJTINS 29]

OK so when do/did you know that it's time to open a dedicated sign shop?

[LLaurence 12]

Are you talking brick and mortar? Or just quitting the day job and doing this full time?

[THEJTINS 29]

Both. I figure if I quit my day job a shop location is a must.

[gcextreme 475]

Only do this when u have enuff money saved up to support yourself in the slow times and if youare confident you can make ends meet with it.

Ive been doing it only for a little over a year now, and theres always at least $300 in my business account..and i do it out of my home, and still have my fulltime job with medical/health benefits.

I am nowhere near close to quiting my job and going full time...maybe in 2-3 yrs tho.

[jessefisher4 35]

I have heard rule of thumb is if you are consistently making 1/2 of what you make at your regular job jump in full time. This came from an accountant friend and another friend who has his own business. May not be for everyone though.

[gcextreme 475]

Going by that rule... i would need to be making at least $175 a week...

Right now my paycheck every two weeks is about $750 after taxes and 401k and medical n health insurance..

So thats a measely $375 a week..so half that is $187.50..

Wow $375 a week for 40 hrs is only $9.37!! Wtf!! Wow..my hourly wage is $14.25..thats screwed up!!

[slice&dice 2,450]

You will just know, once you see a place that is for rent and is affordable and located well.

 

Always remember, if the space seems big enough at first, it won't be after you get going.

[xpaperman 719]

I have converted my two car garage into "my shop".  I work out of my home so I have no walk in business.... no traffic on main street...  I set my own hours, take off when I want and work late nights at times simply because I am a night owl.  I have more business than I had hoped for at this point.  A few key contacts made that happen.  That being said, I don't see the reason to open a store front.  I don't want to have to be tied down 8-5.  That is my biggest deal.... flexibility of when I work.  Plus you can write off part of your mortgage and utilities off..... BONUS!  I don't see the rush to open a store unless you need the exposure.

 

I know I have been lucky and blessed to be in the situation I am, but for me, for now..... Home is where I am staying!

[jessefisher4 35]

Maybe I should have worded that better. 1/2 would be from gross since you still have to pay taxes and health ins. etc. etc... 1/2 Also means what you are paying yourself not what the business is bringing in. It's not a hard and fast rule just a guideline. It's a jumping off point to say "I have made half part time. If I can devote all my energy and efforts to one job rather than two I can make up the other half."

 

Again not an exact science just a guide.

[sloozy8 1]

I have converted my two car garage into "my shop".  I work out of my home so I have no walk in business.... no traffic on main street...  I set my own hours, take off when I want and work late nights at times simply because I am a night owl.  I have more business than I had hoped for at this point.  A few key contacts made that happen.  That being said, I don't see the reason to open a store front.  I don't want to have to be tied down 8-5.  That is my biggest deal.... flexibility of when I work.  Plus you can write off part of your mortgage and utilities off..... BONUS!  I don't see the rush to open a store unless you need the exposure.

 

I know I have been lucky and blessed to be in the situation I am, but for me, for now..... Home is where I am staying!

This sounds almost like our set-up.