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Full-time Job or Extra Money Hobby?
(Article Contributed By Dino - Posted on August 06th, 2008)
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One of the things we aim to do here at pornresource.com is to give newcomers to the business the information that they need to survive. If you come into this industry with a misinformed idea of how it runs, how it works and what you’ll have to do to succeed then you’re not going to last long. Therefore, we aim to educate people before they get started. There’s nothing worse than working blind.
Then again that’s how a lot of us started. We started doing galleries and freesites as more of a hobby than anything else and maybe made a little money. We then started doing a little more, then a little more and so on until it basically became a full-time job. Some people dropped out, some people moved onto mainstream or other things but ultimately at some point you’ll find that you’ll need to make a decision; take it to the next level or keep it low key.
If you decide to take it to the next level then you’ll need some basic precautions as far as your real-world commitments are concerned.
As I said before, most webmasters start off in the business as a hobby. Sometimes it doesn’t last long and sometimes it does, but ultimately there will come a time when you have to decide what you want to do for the long term. If you’re currently happy with your 9-5 job and are making a few bucks on the side, there’s no real reason to go full-time, unless you have the resources behind you to sustain you (more on that later).
However, if you’ve met or exceeded your real-world income then it’s more than probable you’re considering dropping your normal job and starting a full-time business. This has certain tax, benefit and lifestyle implications that you must be aware of.
A new, full-time start-up business is a tough proposition. If you’re doing well part-time right now it will make it more likely that you’ll succeed, but if you’re jumping into a new business venture on a full-time basis with no backup, no knowledge and no resources you won’t last long.
We’ll assume you’ve decided to go full-time with your webmastering and turn it into a business, complete with all the trappings. Maybe you’ve got a little capital behind you and want to open a paysite or two, or maybe you just want to centralize all your earnings. Whatever the reason, there’s a few things you should know.
A business needs knowledge to succeed. While many webmasters consider hiring an accountant and keeping their receipts in a shoe box as “running a business,” there’s much more to it especially when you’re in the porn game. We have quite a few more issues to deal with than the regular businesses out there, so it pays to know what you’re getting yourself into beforehand.
I’d highly recommend you take a small business course before you commit yourself to going full-time, especially if your current real-world job has little contact with the day-to-day running of a business. You also might consider a simple accountancy course as well as a tax course. While your accounting and taxes will be taken care of by your accountant, knowing why they’re doing what they’re doing can really help.
They don’t cost much to take, can be completed in a few months with only one or two evenings a week and provide valuable knowledge that can be used in more or less any business environment.
When should you decide to quit your day job and do webmastering full-time? Okay – let’s assume that your real-world income and your online income are approximately the same. You’ve been trundling along doing both for a few months and you’re feeling like there’s not enough hours in the day to do both. It’s time to move on to a full-time porn business.
Great – I wish you all the best, but before you go in and burn all your bridges consider this; your income is about to be literally cut in half and if your online income is derived from affiliate sales, it’s extremely unstable. A sponsor could go under, a payment processor could get their merchant accounts taken away and so on, depriving you of that money. Before you quit your job and give your boss the finger, consider cutting back a little to free up some time and allow you to continue both jobs until you have a “safety stash” tucked away.
A safety stash is a separate bank account that holds between 6 months to a year’s worth of living expenses, rent, car payments and such that you can draw on in an emergency. This is to make sure that your decision to go full-time and quit that job doesn’t come back to bite you should things not go the way you planned. Saving that money might take a while, but if you are getting two incomes right now, one of them can be saved to provide for this safety stash while the other pays the bills as normal.
If you have a family to provide for this is especially important. They will need that money more than ever if things go badly. Also, if your job has health and pension benefits you’ll have to arrange for other insurance and policies when you leave and transfer your pension (if possible) to another plan.
Till tomorrow, pimps!
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