Advice on selling candle business

[soapmom25]

If possible, I'd hold out till Monday and ask your accountant! Find out for sure what kind of an impact it will make on hubby's business for you to lose that deduction (the insurance).

Is there a way you can play the game and each of you hire one another to have an additional tax write off?? We can't because we both work together at the same business, but if your businesses are separate, perhaps he could hire you to do the books, etc. .... not sure, just a thought

I don't get the impression from your latter posts that you WANT to get out of the candle business, so I would look further into what can be done to build that before giving it up. Our accountant has been great on giving us ideas to save on taxes, etc. so hopefully yours will too

[SoyKandles]

About not wanting to get out of the candle business . . . some days I kind of want to and then the next I definately don't. Just an undecisive person!!

I feel to keep the candle business it would be more work in the coming years. In order to keep the business up where it is or have it grow, I have to do more marketing and keep my product "out there" . . . will I be up to doing that in a few years? Or will that part get old?

I think my husband really wants me to take the full-time job, but he won't make me do that and isn't telling me I have to.

About talking to my accountant - I've thought of that, but he's also part owner in the bank where I would be working!! (it's a small town!) You brought up a few good points though. Something to think about!!

[SoyKandles]

Well, I suppose I will take the full-time job . . . and just hope this is the right decision!! I also hope I can keep doing my candles in the evenings or whenever as a smaller business/hobby.

Thanks all for the help!

[Gdawg]

:undecided well you dont sound very enthused about taking this, best of luck!

at least you are hopefully keeping the candles as a side and doing your wholesale accounts. Weekends will be very busy for you I am sure but hey you never know maybe you can have the best of both worlds

[SpaceGirl]

It may seem like a lot to juggle both (and it is) but who knows -- you may find that it super-organizes your life! (it has for me - get home from work, do dishes, make candles or B&B stuff in the evenings).

I wish you much, much luck and as much sleep as you can manage.

[SoyKandles]

I'm working all day and all evening the way it is, so it should be any different! I will have to cut back on the wholesale customers though, or they will need to have patience.

Why do I feel like part of me died? Don't answer that!! This is what I need to do for our family!!

[mizbizzyb]

I've been watching this thread - now this is just my opinion based on the posts - cause I don't know you personally.

I think you made the wrong decision.

You don't sound happy about the decision, it does not appear your heart is in going back to work.

I don't know your home situation so if this was made based on that I understand as we all have to make certain sacrifices in life.

However.....learn to juggle them both - you can do it with time management and committment.

I work 2 jobs plus candles - I only have one person the orders like wholesale - well that is the price break she gets - but just regular customers and it can be tough sometimes making sure both jobs are done on a A+ scale and my customers are getting A+ service....But I am determined to make sure I balance all 3.

Good luck with you new job - only you will know whether you made the right decision.

[soapmom25]

if you LOVE the job at the bank, then I think you'll do fine! It is possible to balance more than one "job", you've already proven that with what you said you do now for the candle biz, hubby, etc.

I would just really be interested in the numbers (partially cuz I'm a numbers geek LOL ) when it comes down to losing the write-off on the insurance from hubby's biz vs. you paying for coverage through the job. Plus if you're working full time at the bank and still expecting to do candles on the side, will that bump you into a higher tax bracket???

I know words on a board can't convey emotion accurately, but as the others said ~ you don't "sound" excited about this, so I hope you're truly following your heart and not just doing this because you feel like it's expected of you. It's move like that, that will breed resentment and you'll regret giving up your freedom and flexibility. Are the rewards of being self-employed getting trampled by the desire for financial gain? (that's not a judgement, just a question!!)

All that said, I know being self-employed isn't always rewarding LOL, so I'm not saying I'm against quitting it ... just trying to make sure you've thought it out.

I hope it works out though! The timing should be nice ~ starting something new in a new year

Best wishes!!!

[SoyKandles]

I don't think I'll know if I made the right decision for awhile, I've got to give it all time.

I would love to just continue the candles, but when my husband calls it a hobby and I feel it's more than that, that's what I resent!! So to keep peace in the family, I'll take the job. Then I won't have to work my butt off making sure my candle business keeps growing the way HE thinks it should. (sounds like there's more issues going on here -- not really!)

We'll see him get mad whan we do go up a tax bracket!! It happened when I started doing well with my candles!

[Gdawg]

you never know this could be a good thing...hubby and family may come to appriciate you more once they see that you wear many hats and the things that you were once able to do on an almost whims notice you can not do now cause the full time job.

[SoyKandles]

It would be good to be appreciated! I'm so busy now with making candles, I sure hope I made the right decision!

[sharig]

I don't think I'll know if I made the right decision for awhile, I've got to give it all time.

I would love to just continue the candles, but when my husband calls it a hobby and I feel it's more than that, that's what I resent!! So to keep peace in the family, I'll take the job.

This sounds soooo much like my situation. I would love to be able to make candles all day. It is my passion! And get this....I've discovered I'm pretty good at it.

However, hubby doesn't feel that it's a realistic dream to have. So, I work as much as I can (substitute teach) and then stay up half the damn night to get my orders done. It makes him happy, and keeps the peace. I deal with it, but would love for someday, far down the road, to be able to have a storefront and be able to do what I love, not what I have to.

I wish you luck in your venture...try and have a positive outlook. We're all pulling for you!

Shari

[madebymelanie]

I realize I'm a little late here, but I just have to put my 2 cents in. I was kind of in the same situation this past summer. I'm a former HS Business/Computer teacher. I currently stay home and run my candle/soap/B&B business. We have 2 little boys, 5 and 9 and my husband owns part of an asphalt paving corporation. I had the opportunity to go back to teaching this past summer and I tell you, it was a heck of a decision. I loved teaching, but I also love my company. With my husbands career (working 4am to 9pm at least and then tons of paperwork after work and on weekends), we decided we needed someone at home for our little guys. Right now, I don't make what I did teaching, but it's getting close. I don't have daycare, I have tons of deductions for us for taxes, I see them get on and off the bus, and I have tons of flexibility if they get sick, etc.

Well, I turned down the positions. Quality of life is just too important for us. With my support on this end, my husband is able to do more on his end in his corporation. We now bumped up into a higher tax bracket, but so much so, that our taxes will be going down this year instead of up! Hubby is totally thrilled and constantly tells me and others that he couldn't do what he does if I didn't do what I do. Just thought I'd give you some food for thought. HTH!

[Lorrie]

I don't think I'll know if I made the right decision for awhile, I've got to give it all time.

I would love to just continue the candles, but when my husband calls it a hobby and I feel it's more than that, that's what I resent!! So to keep peace in the family, I'll take the job. Then I won't have to work my butt off making sure my candle business keeps growing the way HE thinks it should. (sounds like there's more issues going on here -- not really!)

We'll see him get mad whan we do go up a tax bracket!! It happened when I started doing well with my candles!

I also have been following this thread. This post right here makes me sad. You have so much love and passion for what you are doing but yet, your husband doesn't show the same support to you as (I am assuming) do to his business. My husband is the same way. He doesn't support my business at all and I too have thought of selling it but then I think about the joy it brings to me and I just can't give it up. I all ready work outside the home but I have to because my business it's able to support me yet. I am still working on making my business grow and I think that yours could have grown more too.

When you accepted the full time job at the bank do you still have the option of going back to part time if it doesn't work out? If it gets to be too much for you, you can always do this.

I wish you all the best and I hope things work out for you.

[AAngels]

I am in my fifty's too and I have only been doing this a year. I work daytime job also and I am self-employed. If my husband didn't have insurance at his work, I would definately have it some where. Can u both afford to buy insurance?

Now what some one mentioned about employees, if you have so many, that can count as a group and your insurance, including you both could be at a reduced rate. Maybe that is a possibility for you.

Toss things over.

[SoyKandles]

madebymelanie - in your situation with 2 small children, I would stay home also and find a way to make things work. I did that also when my kids were young. Since I'm in my 50's, I'm not needed like I was in my 20's & 30's. But my 15 year old son was sick last week and he did ask me to come home early. I guess I'm still needed! Especially when is doesn't feel well.

The last few days at my candle shop have been great -- customers in a lot and orders going out in getting more orders. Now if it was like this all year long, it would be worth it!!

I start my bank job January 7. (Last year I was swamped with candle orders till the end of January! The stores were sold out and had to replenish their inventory, so it just kept going.) I'm going to make this work and be good at it!! I don't do anything half way, so I will be dedicated to this new position.

Hopefully I can still do some candlemaking in the evenings. I have a type of candle I still would like to try and master!!

Thanks for everyones helpful words! You are kind people to want to help me!

Susan

[madebymelanie]

Since I'm in my 50's, I'm not needed like I was in my 20's & 30's. But my 15 year old son was sick last week and he did ask me to come home early. I guess I'm still needed! Especially when is doesn't feel well.

Yes, you are still needed, Mommas are always needed! I still call Mom when I'm sick!

I would give that job your all as you said, but if I were you, I wouldn't sell out quite yet. Like others have said, you can always come back to it as long as you still enjoy it.

Good luck with the new position!

[Tallbabydoll]

I just found this thread, and I'm probably to late to be of any help, but thought I'd mention my thoughts. Insurance will still be a deduction for you, just not as big of one as your husband was getting. Another possible deduction, if your medical expenses total 7.2% of your gross income, they become a deduction as well. So keep all reciepts from Dr visits, pharmacy, lab work, ER visits, etc. These expenses add up. As for getting insurance being a raise, I don't agree. The insurance is part of a benefit package any full time employee gets, at least at most places. If they hired someone full time off the street, would they not get insurance? If the answer is yes, then how is it a raise? How is it given to you as a reward for your length of employement, dedication, knowledge, or service, when it would be given to anyone excepting full time work? Then on top of that, you already work there 2 days a week, so your only gaining 3 days of work. I think I would talk to them about cutting back your hours to part time during your busy times for candles. Especially if they dont give you a raise.JMHO

[SoyKandles]

They did give me a small raise and every July we meet with the "men in charge" and are evaluated, etc. (probably not stated correctly). At that time we get raises also.

They were very pleased I said yes, because of my experience working there already & my maturity (yeah, I'm old!!).

I do keep records of all our medical expenses, but you can't use that deduction if you don't itemize. I don't think we've been able to itemize the last few years because most of our debt is paid off, not much for depreciation because we haven't bought new equipment, etc. (oh, our house is paid off also - no interest expense there anymore!) All we have is college debt from our girls' college!!

I think I will enjoy the full-time job. I'm have a huge sale table at my candle shop now and hopefully I will sell lots of inventory. Us women love the word SALE!!

Thanks for your thoughts!

[Tallbabydoll]

Glad to hear that they gave you a raise, you deserve it. I'm very surprized that your accountant hasn't advised you to itemize. There are soooo many things that you can right off. If a room of your home is dedicated to the business, thats a deduction, business related clothing, your phone, internet, banking expenses, advertising expenses, office supplies such as ink etc, use of your vehicle, gas, cell phone, electric, heating, when you have to eat away from home, hotel lodging, postage, home security (even if you have a large breed dog, he can be considered security and his expenses can be a deduction) all your candle supplies and equipment etc, donations to charity are 100% write offs, retirement investments like 401k or Roth IRA's, plus there are probably many more that I either dont know of or aren't thinking of right now. I would at least have your accountant do it both ways and find out your best route. Can't hurt to try right? HTH and Best of luck with your new position.

[SoyKandles]

I maybe don't understand things correctly, but we do use all of our expenses as deductions on our Schedule C for our businesses. I guess it's the personal Schedule A that we don't meet the amount for deductions. Does that make sense?

The large dog used as a security dog - now that's a great idea!! We have a yellow lab.

Our accountant says that when you put down that you use a room in your house for an office, that's a quick red flag to the IRS and you will more than likely get audited. We've avoided that one for that reason.

Thanks for your concern!