Worrying about being laid off or looking for work may have you looking for a new opportunity. Experts have advice on how you can turn your passion into a paycheck, even in these tough economic times.
Jamie Wilson started making memories with her needle and thread. Now, she's making money too. She says, "He was six months old and had all these baby clothes in the closet." She created her first baby quilt out of old baby clothes for her first born son nearly six years ago.
She says, "Within a year, I'd had a few people ask me to make ones out of their babies' clothes, so I said sure and pretty soon I thought I should really do this as a business."
She used her web design and marketing skills to create a web site for www.jellybeanquilts.com. Now, she gets orders from all over the country. She says, "It's been crazy. So far, due for Christmas I have 27 items that I need to get done."
The mother of two has a lot to get done these days. She also runs an online store for her second business www.organicbambooclothing.com. She says, "It's really grown to the number one site on google for bamboo clothing."
And, she recently opened a store inside Valley West Mall to sell the eco-friendly goods with the help of her husband. She says, "He has left his job to help me in my endeavors. Now, he's a stay at home dad too."
Wilson says it's no secret times are tough, but the economy hasn't put a stitch in their plans. She says, "Through the whole recession, both of our businesses have been able to grow. I'm not really sure why, if we just picked things that were sort of immune"
Mid Iowa Small Business Development Center Director Sherry Shafer says, "It's the core basics and principles of all business ownership, no matter what the business environment is." Shafer says the key to starting a new business in any economy is creating a plan and getting back to the basics, by knowing your industry and getting the business tools you'll need to succeed.
She says, "Do you know the basics on what records to keep and plan, and is this a feasible idea, particularly number wise? What is it going to cost you to actually do a business in good or bad times?"
Shafer says it can take up to six months to do all the research you need to start your own business. She also recommends taking a close look at your personal finances, especially if you're starting a business because you're laid off or don't have a steady income.
Shafer says, "Some owners don't get any cash out of their business for maybe six months to a year. The bills have to be paid first, so that's why it's so critical to figure out what it's going to cost you."
Wilson says you also have to figure out what it's going to cost you in time. She says she pretty much works all day. But, she says the payoff is priceless. She says, "I've gotten to see both my kids grow up from their first flip over to their first step to everything. And, that's really been worth it to me because I've always wanted to stay home with my kids."
You can get help starting or growing your own small business. Fifteen small business development centers are located across the state. Counselors offer free one-on-one sessions and also hold workshops for a small charge.
Jamie Wilson started making memories with her needle and thread. Now, she's making money too. She says, "He was six months old and had all these baby clothes in the closet." She created her first baby quilt out of old baby clothes for her first born son nearly six years ago.
She says, "Within a year, I'd had a few people ask me to make ones out of their babies' clothes, so I said sure and pretty soon I thought I should really do this as a business."
She used her web design and marketing skills to create a web site for www.jellybeanquilts.com. Now, she gets orders from all over the country. She says, "It's been crazy. So far, due for Christmas I have 27 items that I need to get done."
The mother of two has a lot to get done these days. She also runs an online store for her second business www.organicbambooclothing.com. She says, "It's really grown to the number one site on google for bamboo clothing."
And, she recently opened a store inside Valley West Mall to sell the eco-friendly goods with the help of her husband. She says, "He has left his job to help me in my endeavors. Now, he's a stay at home dad too."
Wilson says it's no secret times are tough, but the economy hasn't put a stitch in their plans. She says, "Through the whole recession, both of our businesses have been able to grow. I'm not really sure why, if we just picked things that were sort of immune"
Mid Iowa Small Business Development Center Director Sherry Shafer says, "It's the core basics and principles of all business ownership, no matter what the business environment is." Shafer says the key to starting a new business in any economy is creating a plan and getting back to the basics, by knowing your industry and getting the business tools you'll need to succeed.
She says, "Do you know the basics on what records to keep and plan, and is this a feasible idea, particularly number wise? What is it going to cost you to actually do a business in good or bad times?"
Shafer says it can take up to six months to do all the research you need to start your own business. She also recommends taking a close look at your personal finances, especially if you're starting a business because you're laid off or don't have a steady income.
Shafer says, "Some owners don't get any cash out of their business for maybe six months to a year. The bills have to be paid first, so that's why it's so critical to figure out what it's going to cost you."
Wilson says you also have to figure out what it's going to cost you in time. She says she pretty much works all day. But, she says the payoff is priceless. She says, "I've gotten to see both my kids grow up from their first flip over to their first step to everything. And, that's really been worth it to me because I've always wanted to stay home with my kids."
You can get help starting or growing your own small business. Fifteen small business development centers are located across the state. Counselors offer free one-on-one sessions and also hold workshops for a small charge.
