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HypnotizeAmerica Veteran user 399 Posts |
Hey guys and gals:
I need some non magic but work related advice. My company is restructuring their pay for employees so basically I am going to lose out to a 4% bonus each year, in addition there will be one senior spot that I won't be getting (even though I am qualified) which means unless I transfer to another office (I already commute 2 hours each day) to get a higher pay scale or take a higher position when/if it becomes avaliable. I am debt free and I am trying to get some money saved (like 3 to 6 months) but I wanted to wait a year or so before going full time as a performer, build my market, etc. I don't know if I should suck it up and ride it out for the next few years or switch to a different company, or what. Suggestions, advice? TC |
rossmacrae Inner circle Arlington, Virginia 2475 Posts |
Whatever you do needs to be carefully planned.
Going full time needs to be worked out with a formal business plan: http://www.sba.gov/starting_business/startup/basics.html http://home3.americanexpress.com/smallbu......ndex.asp Integrated with your shorter-term plan for keeping/changing jobs. "If you fail to plan, you plan to fail." |
tparrett62 Regular user New York 171 Posts |
TC-
I'm getting mixed messages in your post- are you planning on going full-time in a year, as you initially indicate? Or are you planning on staying a few years, as you say in the end? I get the feeling you're not 100 percent committed to the idea of going full-time. If you were, this wouldn't really enter into the equation, except maybe to justify the decision you had already made about going full-time. I agree with Ross, that going full-time needs some serious planning and a formal business plan. I'd sit down and be honest with myself about what I really want to do. It sounds to me like there's still some part of you that wants to stay and rise in your current position. Do you like what you do, but maybe you're upset at the inequity of the bonus situation and/or being passed over for the higher position? These are certainly valid reasons to want to leave one job, but maybe not enough reason to go into full-time performing. Bear in mind, there's nothing wrong with having a full-time job and working as a part-time pro, which is what you're probably doing now. In fact, it's probably the best of both worlds! Whichever path you choose, commit to it 100 percent, and good luck! BTW- I have been in your situation, about 16 years ago. Don't look at this as a problem, see it as a great opportunity to take control of your life and actually choose where you want to go. Very few people ever put this much thought into planning their lives. |
Jim Snack Inner circle 1338 Posts |
TC,
Before you can have a successful business as a full-time professional magician you need to build a successful part-time business. As a full-time performer, you will probably average about 150 dates per year (some performers do more, others less). As a part-timer, you should be booking about half that number - 50 - 75 dates per year. There is no reason why you can't be doing 4-6 shows a month and still hold down a full-time job. That's only one show every weekend, and one show in the evening every other week. If someone can't build a successful part-time business while holding a "real" job, it is unlikely that they will be successful building a full-time business when the pressure to produce income is added to the equation. Don't wait until you are out of work to start building your business. Start today building your part-time business and you will be ready to make the jump to full time if and when you decide to. Jim |
nucinud Inner circle New York, New York 1298 Posts |
I agree with Jim and Terry.
"We are what we pretend to be" Kurt Vonnegut, jr.
Now U C It Now U Don't Harry Mandel www.mandelmagic.com |
Donald Dunphy Inner circle Victoria, BC, Canada 7563 Posts |
Awesome posts, guys.
Tim, I want to remind you of something. That is, "keep your vision in mind". Right now you are really frustrated at your employer, and are nursing your feelings of frustration, anger, etc. You feel under-appreciated and under-paid. I know, I am there myself right now. (I currently do shows PT, and work at another job PT.) Now, having that frustration at your current job, boss, etc. is a great motivator to help you accomplish great things, and succeed at your magic business. So you can say, "I told you so" to the skeptics, and to those who are causing you so much frustration. It should also be pushing you to positive action on your magic / hypnosis business right now, not later. If you won't do it now, you don't have enough desire yet. Also, you should be able to replace your lost work income (the new cutbacks you just found out about), with extra show income for now. The other side of the coin is that you have a deep desire to remain debt free and have that emergency savings stay intact. Here's a summary of your two visions: 1) build up your show business and quit your job where you are under-appreciated and under-paid, and 2) have significant savings in case of emergencies and keep debt free. Keep your vision on both of those for now. Not just one over the other. Build up that savings stronger and stronger, and keep the habit of staying out of debt, even while you are frustrated and going through your "down time". There will be a day when that nest egg is there, and you will be ready to kick your job to the curb, and have the right momentum / level of desire to prove that you can do it. - Donald P.S. Tim, because of reading your posts on earlier threads about being debt-free, etc., I decided a couple of months ago to set aside $1000 as emergency savings for myself, from my income this December. It's in the budget. You inspired me to action! Thank you!
Donald Dunphy is a Victoria Magician, British Columbia, Canada.
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