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Author Topic: Thinking of quiting my day job.  (Read 949 times)

Offline Apex Predator

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Thinking of quiting my day job.
« on: May 30, 2008, 09:48:00 AM »
I have a dream of building bows and selling them out of my home.  The freedom of working my own schedule is very appealing to me.  I still have a ways to go before my bows satisfy me, and would be something I would be proud of selling.  I am making good progress in my learning curve though.  I am blessed in that I have a steady pension check from Uncle Sam in payback for all my years in the Navy.  I would have to build a shop and buy new tools.  My overhead would be small, and I don't figure I would have to build many to pay my bills.  I can build one a week in a corner of my garge.  A new shop and real tools would really help things along.  I really enjoy working with the bamboo backed bows, and would probably stay away from the glass market.  I think the bamboo backed market is smaller, but could keep me busy.  What kind of insurance would I need for something like this.  Help me to realize a dream folks.  I figure you folks will give me the most valuable advice.  All suggestions welcome.  Thanks for listening, Marty
I didn't claw my way to the top of the food chain to eat vegetables!

Offline tradtusker

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Re: Thinking of quiting my day job.
« Reply #1 on: May 30, 2008, 10:01:00 AM »
sounds great, if its something you want to do and enjoy doing it then go for it! The number of archers is increasing all over the world so thats in your favor.
cant give much advice on insurance state side.
i wish you the best Marty
There is more to the Hunt.. then the Horns

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Andy Ivy

Offline Can Hahaka

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Re: Thinking of quiting my day job.
« Reply #2 on: May 30, 2008, 10:06:00 AM »
Though not an authority you would certainly need some sort of product liability insurance to cover the product and of course insurance to cover your shop, tools, etc.
A friend has a website he is developing to help entrapneurers with their business start ups  and he could help with your marketing, etc.
Good luck and achieve your dream.
Mississippi Lake Longbow 55#@28"
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Wisconsin Traditional Archers

GENESIS 27:3 - Now therefore, I pray thee, thy weapons, thy quiver and thy bow and go out to the field and take me some venison.

Offline trapperDave

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Re: Thinking of quiting my day job.
« Reply #3 on: May 30, 2008, 10:10:00 AM »
definitely get liability insurance and set up an LLC to protect your personal property should anyone ever try to sue.

Offline elk ninja

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Re: Thinking of quiting my day job.
« Reply #4 on: May 30, 2008, 10:23:00 AM »
Apex,
I have seen your bows.  Beautiful works!  I build bows as well, so I know how much work is involved.  My vision for my own little bow company is to let it evolve.  I don't have the luxury of a military retirement like you do, but if I did I  very well might be in the same boat as you...
But I digress, here is the point I was coming to.  My Dad used to teach small business at Boise State University.  The school has a small business development counseling service as well.  I'd whole-heartedly recommend checking into something like that if you are serious.  There is A LOT they can help you with, from business planning to what kind of insurance you need to helping you write grants to get some tools.... Hope it helps, drop me a PM if you want more info or want to chat about your business...
Mike
>>>--Semper-Fi--->

It is better to remain silent and be thought a fool than to open one's mouth and remove all doubt.
-Abraham Lincoln

Offline elk ninja

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Re: Thinking of quiting my day job.
« Reply #5 on: May 30, 2008, 10:24:00 AM »
And by the way, I think "Apex archery" sounds pretty cool!
>>>--Semper-Fi--->

It is better to remain silent and be thought a fool than to open one's mouth and remove all doubt.
-Abraham Lincoln

Offline bbassi

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Re: Thinking of quiting my day job.
« Reply #6 on: May 30, 2008, 10:27:00 AM »
There was a time in my life when I thought guiding hunters would be the ideal career for me. I loved to hunt and figured that was a natural path for me to go down, so I tried it for a year part time. What I found was there was a huge difference between doing what I loved to do, and trying to do the same thing for customers. Some were good, some were bad, but in the end trying to meet the expectations of others took all the fun out of it for me and it just became another job.

FWIW - I'm not in any way trying to discourage you from your dream. I'm just relaying my experiences to give you another perspective. Working for yourself is hard. Harder than working for someone else and a whole lot more stressful. Anyone who tells you differently has either never done it or is trying to take your money (infomecials)

I wish you luck whatever you decide.   :thumbsup:
Cum catapultae proscriptae erunt tum soli proscripti catapultas habebunt.

Offline Dave Lay

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Re: Thinking of quiting my day job.
« Reply #7 on: May 30, 2008, 10:35:00 AM »
I always have heard not to turn your hobby into your lively hood, it really takes the pleasure out of the hobby when customers or time frames start pushing ya.
   I dream every day about quitting my job but even after 30 years here I dont think I would have the nads to do it with the economy as it is right now.
 I hope ya can swing it any one who can without putting family in a bind has to chase that dream. Good luck hope it works for ya.
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Offline DesertDude

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Re: Thinking of quiting my day job.
« Reply #8 on: May 30, 2008, 10:54:00 AM »
Marty, what did you do in the Navy?  Retired AO1 here......Good luck with your dream......
DesertDude >>>----->

US Navy (Retired)
1978-1998

Offline Dick in Seattle

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Re: Thinking of quiting my day job.
« Reply #9 on: May 30, 2008, 10:59:00 AM »
Apex

Coupla points.   I have done this twice, once while still working and once while retired.    While working, I started building muzzle loaders on the side.   I loved doing it and there were people who kept buying what I built.   I'd build something that i thought appealing, then offer it.   However, I totally ruined it for myself when I started accepting orders.  Building to order, and dealing with time demands, became a terrible burden.   The individual craftsman is very vulnerable... family problems, illness, whatever can affect his ability to work.   I found myself getting behind, then people wanted things, rightfully, on the schedule i had thought I could meet...  Problems... and I finally just quit it.

After I retired, I started building hand carved wood ventriloquist figures.   Having learned my lesson, I built only what I wanted, and never accepted an order.   I was pretty fair at it and always had folks anxious for a Captain Dick figure.  I used to joke that my sales technique was to finish a figure, go into a closet and whisper "I have one ready..."  then go out and answer the phone. I did this for quite a few years, until it reached a point where the appropriate charge, based on time and material, was more than I was comfortable making people pay, like $1500... and that was ten years ago, and I was noted for the simplicity of my figures.  Today, I don't think there's anyone still offering wood figures... all fiberglass.

Point is, make sure that you set yourself up so that you continue to enjoy doing it and don't turn it into a pressure job where you try to meet everyone else's expectations.

Good luck...

Captain Dick in Seattle
Dick in Seattle

"It ain't how well the bow you shoot shoots, it's how well you shoot the bow you shoot."

Offline Whip

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Re: Thinking of quiting my day job.
« Reply #10 on: May 30, 2008, 11:03:00 AM »
The advantage you have over most other people who pursue the dream of turning a hobby into a business is that you don't have the pressure of earning your entire livelyhood from it.  In my mind that would make a huge difference.

The advice about getting help from outside sources to develop a business plan is excellent!  Colleges and universities, as well as county extention offices often have excellent programs available at little or no cost.  Well worth the time to take advantage of it!

I will find myself in somewhat the same situation very soon.  I am retiring from my present job by the end of summer and plan to pursue something in the area of my interests and passions.  I hope that I can make enough to pay for a few hunting trips each year, and hope that will keep the pressure off and allow it to continue to be fun rather than work.

Good luck - if you don't follow your dreams they will never come true!  And if it doesn't work you will still end up with some nice tools!
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In the end, it is not the years in your life that count. It's the life in your years. Abraham Lincoln.

Offline DeerSpotter

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Re: Thinking of quiting my day job.
« Reply #11 on: May 30, 2008, 11:07:00 AM »
I would have to agree with Brent, I don't want to take any enthusiasm out of your dream, but ! There is that bad word "but", I also had a business, I tried to start a business back in the 80's it never got off the ground because I didn't have "family backing", that disappeared, and when I came to Minneapolis, I met a young lady, that dreamed with me, and stood beside me, so my photography business, which was a hobby, became a business, I was determined not to borrowing money to make the business work, I used what I had, and as the business grew, I was able to purchase what I needed.  It worked out well, until it became a
24/7.  And that's because for lack of words, I was good at what I was doing.  I developed the marketing, the execution, and the product.  What really made it take off was I added my wife's name to the business name.  That way we had both female and male gender taking photographs, and people like that.  What I found out was that photography was about 5% of the business, the rest was marketing, office management, product management, then vendor management, and getting those products from the vendors in a timely manner.

Just like Brent said, " trying to meet the expectations of others took all the fun out of it"

That's what did it for me in my business I finally developed a phrase

  " your emergencies are not my expectations"
although I never said that to the customer that was my attitude.  To keep my sanity of course

Because in photography a lot of people want it right now !

That's not the way it's going to be in a bow business, so I think.  I also found out that the rules of the business were made up for 1 to 3% of the customers, and you need to stick by those rules, your business will not flourish.  I didn't believe that at first, and then I started having myself and my business analyzed by other professionals.  I had my business for 12 years (in Minnesota) we went from $30,000 the first year to averaging $110,000 a year, the majority of my out go was vendor product, and technical equipment.  That's not going to be that way in a bow business, the best piece of equipment that you're going to have is your heart.  And that's what you put into your bows, yes, they will be made out of wood, but the character and dedication and loyalty that you'll have in making every bow will be your best asset.

And that is priceless.  The attitude of your heart will govern the outcome of your business.  And like you've heard many times before

"it is not about the destination it's about the journey"

And you're right, the best part of it will be having your own schedule, " right "

The best part of my business was when my wife left her job, and we worked together 24/7, and to this day 10 years later, we wish we had that opportunity again, but then again when we look at all the frustration of the expectations of the high dollar customer, we think again.  But remember that was in photography.  I called it
"the Cinderella syndrome" where everything had to be perfect for that one day, and if one thing was wrong, everything was messed up according to that bride.  I guess the part that I liked about wedding photography, was you only got one chance to get it right.

  Yes you do have to think about the financial things, and the insurance, and all the things that go along with the marketing in the business, but the one most important thing that you have to think about is,

Am I ready to commit myself, knowing all that I know about myself, and am I willing to lay down my attitude before me and give myself up for others in such a special way, " making bows"

Just some things to think about, and after all I could be all wet, I am just one opinion.
But one opinion can change the world.

Think about the memories of the fathers and sons that you will change forever by being dedicated to making the best bow that is out there.


Pastor Carl
--------------------------
 Heb.13:5-6

Offline DeerSpotter

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Re: Thinking of quiting my day job.
« Reply #12 on: May 30, 2008, 11:13:00 AM »
" Point is, make sure that you set yourself up so that you continue to enjoy doing it and don't turn it into a pressure job where you try to meet everyone else's expectations "

Very well said


Carl
--------------------------
 Heb.13:5-6

Offline R H Clark

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Re: Thinking of quiting my day job.
« Reply #13 on: May 30, 2008, 11:14:00 AM »
If it were me I would go ahead and build a shop and get my tools while I had extra income form my other job.

I think it is a fine idea but would make sure I could make the bills even without selling a single bow.I don't know your family situation but you have to consider how it would effect them.

I think the safest way to do it is to get everything going in just your spair time.Then when you reach the point where you can't keep up with orders and still work,quit work.

Offline Shakes.602

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Re: Thinking of quiting my day job.
« Reply #14 on: May 30, 2008, 11:30:00 AM »
I hate to Show My Own Ignorance  :banghead:   on the Liability, etc.  WHAT  in the World does  LLC  stand For??  :confused:
"Carpe Cedar" Seize the Arrow!
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Offline Landshark160

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Re: Thinking of quiting my day job.
« Reply #15 on: May 30, 2008, 11:34:00 AM »
Hey Marty, I like Captain Dick's strategy.  Don't take any orders, just build them and then offer them up for sale.  With some of the beauties you're turning out, you won't have any problem finding a market.  Matter of fact, let me know when you get one in the 60# @ 27" range.  I might be able to help you get rid of it!
Chris
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The benefits of a big broadhead are most evident when things go wrong. - CTS

Offline Hawkeye

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Re: Thinking of quiting my day job.
« Reply #16 on: May 30, 2008, 11:48:00 AM »
Brilliant, Captain Dick.

Best wishes on the "journey," Apex!
Daryl Harding
"He is no fool who gives what he cannot keep to gain that which he cannot lose."  Jim Elliot

Traditional bowhunting is often a game of seconds... and inches!

Offline Apex Predator

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Re: Thinking of quiting my day job.
« Reply #17 on: May 30, 2008, 11:51:00 AM »
I like the Whispering in the closet tip!  I think building them and then selling them is the way to go.  I'll put you on my short list Chris.
I didn't claw my way to the top of the food chain to eat vegetables!

Offline Walt Francis

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Re: Thinking of quiting my day job.
« Reply #18 on: May 30, 2008, 12:03:00 PM »
Shakes, an L.L.C. are a Limited Liability Company.  A short version of how it affects a business is you get the tax benefits of a Sole Proprietorship (where you are only taxed once), and the liability benefits of a corporation (where if you are sued, to a certain extent, they can only go after the company assets, not your personal assets).  There are limits to both of the descriptions but these are the condensed basics.
The broadhead used, regardless of how sharp, is nowhere as important as being able to place it in the correct spot.

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Offline LEOPARD

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Re: Thinking of quiting my day job.
« Reply #19 on: May 30, 2008, 01:22:00 PM »
Sounds good, Marty! I think you would do well! I certainly really like the look of your bows!  ;)  
Good luck with it all!  :thumbsup:
Nigel Ivy

"The more I practice, the luckier I get...."

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