Hi, I really need some advice on my business move.
I am considering taking out a loan to cover myself for 6 months of rent at a self contained studio.
I have been an artist & ceramicist for a few years now and have been making decent money from it, but inconsistently due to two main factors.
The first reason is until very recently I rented a space at a ceramic studio but there were issues there with getting things fired (HUGE kiln so it took forever to fill it up before the owner would do a firing) also issues with lack of ventilation (big health hazard), other studio members helping themselves to my equipment without asking, inexperienced potters work being put in the kiln which has resulted in ruining my work etc. The biggest issue there though was that I couldn’t constantly fire my work, so I’ve not been able to keep up with regularly restocking stockists, my online shop and expanding my business.
The second factor holding me back is myself I suppose. For reference, I don’t come from money and nobody in my family (or circle of friends) runs their own business. I have been completely financially independent since my teens (now nearing 30) and so naturally I have always been super over cautious when it comes to money as I don’t have a parental safety net, nor anyone with the knowledge to help or advise me on my quest to run my own business.
I’ve always put my ‘day job’ ahead of taking the plunge with self employment because frankly I’m terrified, but this has also caused me to turn down so many opportunities because I simply don’t have the time to run my creative business and do my day job. Doing both is seriously burning me out and I feel like I’m at a cross roads.
I handed in my notice at the studio and purchased a kiln. I was planning on running it from a shed in my garden but my circumstances have since changed and I don’t know how much of a viable option this is (I rent).
My current plan is to take out a loan to cover myself for the next 6 months of rent at a self contained studio where I could set up a proper pottery/art studio.
I would rent out the kiln to bring in some income and contribute to the monthly rent, but I would also have the space and total freedom to create and fire as much pottery as I want- allowing me to reach out to more stockists, restock my website regularly and generally just make this income a regular thing.
I have a track record of my products selling really well (I just can’t keep up with the volume needed at my current set up, hence the feast and famine financial situation!)
I also have a decent social media following and as my ‘day job’ is working in social media for a company, I have a very good insight into how to start leveraging my following for brand deals, paid content etc.
If I went ahead with this plan, I would leave my day job in the summer (2 month notice period)
I really want to make a go of this, but I’m so scared of taking the risk. That being said, I work very well under pressure, this is just such a massive for me decision though.
I would really appreciate any feedback, questions, advice, anything that you guys can offer me as I’m feeling really alone in this decision!
Thank you!