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In reply to the discussion: Think Twice Before Quitting Your Job to Sell Homemade Jam [View all]WCGreen
(45,558 posts)Most successful small business will require at least a full year of money to fall back on in that crucial first year. More than that, not having a realistic business plan is also a big reason for failure.
In my case, MrsWCGreen works full time so we were never really dependent on my income to survive.
My best year ever was in 1999 when I had ten small business to take care of, free lance writing for a local magazine, did about 125 tax returns and also served as the paid Treasurer for a few democratic candidate. And that year I had a net earning of $15k.
I spent a lot of money, close to $20k to net that $15k and I also ran myself literally into the ground.
Within two years I was disabled and headed on my way to the lung transplant I am testing for right now.