Advice on selling candle business

[SoyKandles]

My candle business is going well, but I was just offered a full-time job with benefits and I don't know if I can pass on that. I would really miss my candlemaking, but I cannot do everything!!

Do most people who get out of this business sell the inventory or does anyone sell it as a business? I have a website, a store front, too many wholesale customers, etc. What should I do??

Any thoughts to help me make a decision would help!

I was just at a craft show and a couple was looking at everything in my booth and when I visited with them they said they were thinking of starting a candle business. I could kick myself for not getting their name!! I just found out this morning about the full time work opportunity. (That sounds funny to me - full time work - I already work more than full time! It's just 3 part-time jobs!!)

Help me!!!! Please!!!

[Gdawg]

sorry I dont have any advice...just have to go with your gut and heart but did want to say congrats on getting an offer and one with benifts that is exciting in it self.

What if you scaled your business down...not have many wholesale accounts ect. That way you can keep your candle business part time and not give away all your secrets that you worked so hard for.

[SoyKandles]

Thanks for your input Gdawg - I was wondering if it would work just to scale down some. I will still need a creative outlet - so I can't quit cold turkey!!

I didn't mention that I will be a grandma for the first time at the end of January also. I've got to save time for the grandbaby!!

[HeavenScentU]

I really don't have any advice on what to do, but you need to really search inside yourself and decide which is best for you. I left a high paying job with excellent benefits and lots of stock options to last through retirement if I stayed and I gave it all up to make candles and sell them. I regret it when I feel like things aren't going so well or I am having a bad day, but I get the most pleasure creating a candle product that people are willing to buy. I just have to set goals for myself and so far they are being achieved thru lots of prayer and preserverance. Good luck!

[SoyKandles]

HeavenScentU -- you make this more difficult!! I'm trying to search inside and see what's the best. My husband has always been self employed, so the insurance benefits are very inviting!!

I'm going back & forth right now. I suppose I should sit down and write the benefits of both sides and see where that leads.

[soapmom25]

If your business is successful, why not just look into buying insurance and having basically the best of both worlds ... your own flexibility plus the peace of mind of insurance? If the business buys it, it should be tax deductible too, but that may depend on your size (i.e. just you, or multiple employees) ~ ask your accountant.

[SoyKandles]

Since my husband is self employed, we take advantage of any tax deductible items we are allowed. If I would get insurance at my work, that's a $10,000.00 a year raise right there. Maybe I'm not thinking right, but I don't think I could pass on that.

[soapmom25]

Since my husband is self employed, we take advantage of any tax deductible items we are allowed. If I would get insurance at my work, that's a $10,000.00 a year raise right there. Maybe I'm not thinking right, but I don't think I could pass on that.

you're right about the insurance = a raise (IMO anyway) ... but what do you have to give up? Flexible schedule, nobody to ask when you need a day off, creative outlet, personal fulfillment ....

Will you be happy going back to work for somebody else?

I too have looked into going back to work, but just about the time I really have myself convinced that I need to, one of my kids gets sick or has a field trip they want me to go on, and I'm reminded of why I love being flexible! I realize your situation is probably different since you mentioned a grandchild is coming ~ your kids are obviously grown and likely on their own, but I'm just throwing that out there.

Don't forget to count the "costs" of working too .... clothing, driving, lunches, etc. You may already incur that since you mentioned you have a store front, but again ~ just trying to think of anything that would come into play!

[MissMary]

Don't forget to factor in sick days, whether you get paid for them, how many you get a year, just in case you can't make it to work for a few weeks. Vacation time, what's paid, what's not and how much you like to go away.

Being salaried - you're probably subjected to some long hours occasionally that you can't stop, being by the hour sometimes calls for more flexibility on your schedule.

Just thought I'd toss a few things to think about too. I have no personal experience, but I wish you the best of luck! Sounds like you have a tough decision.

[Fire and Ice]

JMO~ I wouldn't sell anything until I know I will like the new job and I would work at least a year before making that choice. Knowing you have a business to fall back on if things don't work out WILL give you a great deal of comfort.

Scale back the wholesale accounts some and don't accept any new ones but I wouldn't liquidate a business like you have until you KNOW that you will be staying in the new job until retirement.

Besides which, many wholesalers will not like someone else making their candles and knowing they are newbies to it. You can get the orders out because YOU have the knowledge and experience to do so. You have a system because it IS a business!

If you decide to retire from candles, you could sell your supplies here on the boards.

Fire

[SoyKandles]

Yes, I do have a tough decision!!

I haven't worked full-time (actually I currently work MORE than full-time with 3 part-time jobs!!) since my first daughter was born. We still have a son at home who's a sophomore in high school. (yes, we spread our children out too far!!)

I work part-time at a bank, do my husbands bookwork for his business & make candles, plus all the "mom" stuff.

Yikes! Lots to think about. You guys have been great in pointing out things I need to think through.

I do have a few wholesale dealers who place nice sized orders (about $1,000) and one of those has told me if I quit my candle biz that I still have to make candles for her!! I guess I could keep a few dealers, if they will work with my schedule.

My decision needs to be made in about 1 week, but I wouldn't start until after the first of the year. They are kind enough to keep my candle business in mind. Keep giving me things to think about, please! I will let you guys know my end result later.

Thanks!

[Gdawg]

Fire great advice.... Kinda like becoming a stay at home mom you have to make sure money wise you can do it so you set aside the money you make and live off your hubby's....well this is like that just like fire said work at your full time job for a year and see if this is something you can do till retirment.

Having 3 part time jobs plus mother hood you are working more now then you would be full time I think lol. I vote scale down the business cause I think if you sell it off you would really regret giving away all your hard work with secrets.

[leisa2003]

IMO,

If my husband didn't have a full-time job out of the home, for our insurance, I would not have my own candle business. I think you can still always satisfy your candle making passion. Insurance these days are sooo important, and I don't think any of us are getting younger by the day. You must do what is best for you and your family, if you work maybe just do the candle thing VERY part-time.

If you decide to sell, then what I know you can do, is put all your supplies for sale. And maybe sell "company name" (website) maybe. This would also mean the customers would come along with the sell. As far as the store front, if renting much easier to leave. If own it, rent it out.

Just some advice!

Hmmm!, Let me know if you want to sell your website business, I just have a store front!

[SoyKandles]

OK, it sounds like the most sensible thing is to take the full time job (with insurance and other benefits!) and keep my candles at a more part time thing. I'm sleeping on that tonight.

Thanks for your help. If someone else has an idea, please let me know!

[soapmom25]

OK, it sounds like the most sensible thing is to take the full time job (with insurance and other benefits!) and keep my candles at a more part time thing. I'm sleeping on that tonight.

Thanks for your help. If someone else has an idea, please let me know!

whatever YOU are happy with (and your family too!) is "the best" thing to do

Some days I would love to close/sell my business and go back to working for somebody else so I didn't have the headaches of of being self employed, but when I really crunch the numbers it would be incredibly hard for me to work somewhere else and make as much money, let alone "more" money.

As I mentioned before, I have small children to factor in though (which would included putting 1 in daycare potentially), so that in itself makes a huge difference in my figures. When my youngest is a sophomore in high school as you've mentioned, I'll likely already be doing something different

If you don't currently have insurance at all and you haven't come up with solutions to provide it (increasing your wholesale accounts, cutting overhead, having hubby's business provide it, etc.) then Yes it probably is best for you to go to work for a different company.

Maybe you can close the store front and just do ONLY wholesale. That way you're not under the daily deadlines for customers but still getting your creative outlet fix!

My best advise is to "try on" the options ... spend 2 days in the mind set of taking the job and closing the business. See how that feels ~ what would you need to sell, what could be stored, what new expenses will you incur (clothing, gas, etc.). Will you miss the store? Will you be happy working for somebody else instead of being your own boss? Are you still going to be able to do hubby's books if you're working "full time"?

Then after that, try the opposite for 2 days ~ see how that feels. Come up with ways to provide what you feel you're lacking (specifically insurance since that's what you've mentioned). Get new quotes, compare companies, etc.

After that, just see where you stand .... if in doubt, don't.

[SoyKandles]

We've always had insurance, but being self-employed all our lives, the thought of someone else buying our insurance sounds great (especially to my husband!). That part of the full-time job thing is for him!!

I know I would have a hard time giving up my freedom. He says if I decide to stay with my candles that I will have to make the business grow and possibly hire employees. Now the employee part sounds stressful to me!! My building isn't that big either, so would I have to take a loan to expand?? Trying to figure all of that out at my age (51), it sounds easier to go work somewhere else and do the candles on the side.

Another thing that my husband says is that if I'd work full time till retirement that it would really help our social security (if it's still around by then!). I know being self-employed can help that also, but even though he tries to support me, I feel that he think making candles is piddly (sp?)

I'm going to talk to the full-time boss again with more questions today - not giving him an answer yet!! Since I work there part-time now (2 days a week) -- he said my wage wouldn't increase, but the raise would be the insurance. I feel the wage should increase some for going to full time.

More later!!!!

[mizbizzyb]

Did you talk to your boss? How did it go?

[SoyKandles]

Yes, I did talk to him yesterday. I got more info on the insurance benefit and I asked if I could have a few days off when my daughter has her baby. She had asked if I would stay with them a few days - hey, can't pass that up!! I can take a few days off with no problem.

Now the wage is still the problem. They feel that insurance is enough of a raise. I've worked there almost 4 years (part-time), so they won't have to train me and they know what I'm like. If I accept this position, I'm committed and will do the best I can do for them. He said if it comes to the wages holding me back we can talk to the president of the bank and work something out. Well, lets go talk!! I need to stick to my guns and get a little more.

My brother is mad how employers treat women and men so differently (wage-wise). He encouraged me to get more up front before you get the job. Sometimes what they say will happen in the future just doesn't happen!!

It's getting closer to decision day!! Thanks for everyone listening and replying to my dilemma!!

[Gdawg]

oh yes stick to your guns on the wages. The insurance is a great benefit but they want you there now Full time and like you said they know you and you know your job. You have every right to be getting more espicially since you have been with them for 4 years.

If the answer is no from them well I guess you really didnt mean much to them work wise. Employers are great for making it all sound great up front but when it comes time for the action its a no go...going through right right now myself with a job hubby took 14 hours from home so we had to relocate

[SoyKandles]

Tomorrow is one of my part-time days (work Monday's and Friday's!!), so I'll see what they say.

Right now I'm leaning towards quitting totally at the bank and continue with my candle business!! Insurance or not! Like I said before, we pay our insurance, but do get a tax deduction thru my husband's business (he's self-employed).

I'm rethinking because a little over a year ago we purchased a lot right next to my husband's shop and it has the building where my candle shop is in. We made that investment and I have a real hard time not going thru with that committment!! We could rent the building out as an office building to a small business . . . but . . . I just don't know!! We are glad we purchased the property so if my husband needs to expand his business he can, but it's not like we're made of money!!

Yeeeeekkkk!! What to do . . . and no one can tell me exactly what to do!! Whatever decision I make I have to stick with!!

[soapmom25]

I don't mean to be personal, but is it going to COST you to cover your husband & son under your insurance if you switch to that coverage to save the expense on your husband's business? If so, that might not be much of a "raise".

If you don't already know bank policy, I would ask specifically if they pay full-time and part-time employees the same (i.e. WHY aren't you being offered more money for taking on full time hours)? Will you have more opportunity for advancement? New review dates with raises?

I'm totally with you on the idea of hiring employees to expand your business being scary!! That's precisely what has kept me at the plateau that I am at ... I'm too picky and haven't been happy with any of the people that we've tried. However, I know many, many people that have started small businesses and taken that leap and reap great success!! So if you're able, I would give that a shot

[SoyKandles]

The insurance would be a family policy and I found out I would have to pay 5% and the bank pays 95%. So the insurance would cost me $400-500 a year.

I hadn't thought of losing the deduction for my husband's business. We are always looking for deductions and here we'd be losing one!!

I will ask them about the part time / full time wage policy!! They're probably just trying to hire me cheap!!

I do wish there would be someone else around here that would share in the passion of candlemaking and my whole business -- I'd love to have a partner! But like you said, it's hard to find someone who is as picky as you or I are. But it is our business and not theirs and that makes a big difference.

[debscent]

The wages between full time & part time will be different due to vacation and sick time allowance and insurance. The company pays those benefits and are "included" in your salary if you break it down. I have a WONDERFUL employer who fully pays my insurance and various other things, but working part time you get a bit more money per hour but you don't get the benefits that are worth alot more than $1.00 - $2.00 an hour. (Just ONE more thing for you to consider). I don't envy you for this having to make this decision, but you will make the right one.

[SoyKandles]

That's part of the problem, my 15 year old son even made more per hour than I'm getting paid working part time. And now they want me full time with that same wage???

I'm really having a hard time at this decision, aren't I???

Thanks for your input!

[SoyKandles]

Well, I got a little more time to make my decision. Not much else happened . . . guess I'll work on my candle orders tomorrow and do a lot of thinking!!