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Home: Video University Forums: Marketing & Business:
Starting a full-time business (long)

X-Ray_Lane
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Jun 16, 2004, 3:41 PM

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Starting a full-time business (long)	Can't Post

Greetings,
I am currently in a situation where I must make decisions. I currently own my own small business shooting weddings, etc. I also work full-time at a small production house doing editing, graphics and shooting. I am currently in a situation where my small business is picking up. My wedding dates are slowly growing, I have two wedding production houses that funnel me work on a regular basis, and I have a few other small partnerships coming up, as well as some ideas that could be big money-makers.
Here is my dilemma, I believe that my business has the potential to grow if I could devote more time to it. Unfortunately, that would require leaving my current job with its benefits and steady paycheck. It would also mean a good 6 month to 1 year period of (probably) not making enough survive. If I were a single guy in an apartment, I would not think twice. Unfortunately, I have a family and a home to pay for and jumping into this would require greater investment in equipment and possibly extra hands.
So my big question is, how do I make this transition (or should I)? If so, how should I set this up (I am currently an LLC)? Should I try to get investment through a Small Business Investment Company? And finaly, how did any of you full-timers get it started?
Thanks for any help!

X-dee
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Jun 16, 2004, 10:58 PM

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Re: Starting a full-time business (long)	Can't Post

believe it or not i am in the exact same situation. we too are an LLC and are at a crossroads. right now i am not taking any business for 2005 until i decide what to do and how.

: Greetings,
: I am currently in a situation where I must make decisions. I currently own my own small business shooting weddings, etc. I also work full-time at a small production house doing editing, graphics and shooting. I am currently in a situation where my small business is picking up. My wedding dates are slowly growing, I have two wedding production houses that funnel me work on a regular basis, and I have a few other small partnerships coming up, as well as some ideas that could be big money-makers.
: Here is my dilemma, I believe that my business has the potential to grow if I could devote more time to it. Unfortunately, that would require leaving my current job with its benefits and steady paycheck. It would also mean a good 6 month to 1 year period of (probably) not making enough survive. If I were a single guy in an apartment, I would not think twice. Unfortunately, I have a family and a home to pay for and jumping into this would require greater investment in equipment and possibly extra hands.
: So my big question is, how do I make this transition (or should I)? If so, how should I set this up (I am currently an LLC)? Should I try to get investment through a Small Business Investment Company? And finaly, how did any of you full-timers get it started?
: Thanks for any help!

X-grinner
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Jun 23, 2004, 6:57 PM

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Re: Starting a full-time business (long) [In reply to]	Can't Post

make sure your wife is down with the plan then give your boss plenty of notice and don't burn the bridge. Go out on your own and hustle.
An LLC is fine.
I did burn the bridge when I went out on my own but thats because the last thing I wanted to do was to go back to that place or even staff anywhere again for that matter.
You won't look back. You may have to live on Ramen noodles for a while but it's well worth it. Heck, I spent over 40k in a non-compete suit to go on my own and it was still more than worth it.
I was able to finance my equipment over the course of one year from the place I started renting space from. While I paid much more than face value, again it was more than worth it. It's paid for now, I'm in my own building and life is good.
My boss is now whatever pruducer is sitting behind me which is the way it otta be.

X-Bob_Mares
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Jun 25, 2004, 6:12 PM

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Re: Starting a full-time business (long) [In reply to]	Can't Post

If you can edit video that could be a another scource of income. As some times I out source my video editing to another person.They charge me only $50 per hour but everybody else is $75-$90 per hour. Not to shabby for income!My advantage is I have a still photography business so I can market both as they are related.Get a good marketing strategy and pass out cards and leave them anywhere they will accept them. And always remember "hope is not an option"
Thanks!
Bob

X-Phil_Tanny
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Jun 25, 2004, 7:55 PM

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Re: Starting a full-time business (long) [In reply to]	Can't Post

Ray,
What a great problem to have. My very best wishes to you, reaching
for your freedom is a great adventure.
I've been self employed a long time, but not in video, trying to do that
now myself. I've been through many ups and downs along the way,
and can relate to your decision very well.
I'd suggest some patience. Try to juggle both balls as long as you
can. The longer you can build towards the transition, the more
chance of success.
If you can't handle all the incoming business while still at your job
you might sub it out, or just make a friendly referral to someone
else, making valuble networking connections for the future.
Some of these relationships might wind up being worth more
to you than a wedding job you missed.
Also, if you have more work than you can handle, you can raise
your rates. Working at top of scale will help your professional
image, and further pave the way for the final transition.
You absolutely have the right idea about aiming for self
employment. It can be a wild ride sometimes, but it's the
only way to live. Once you've had it awhile, working for
others will seem like jail.
Best of luck!
Phil