Help! Work Dilemma!

[mrsggrowsveg]

Three years ago my husband and I started an organic farming/tea business at the farmer's market.  It has been very successful, but we have hit the point where we cannot grow anymore working full time.  We have decided there are two options to grow the business:

1.  We both quit our jobs.  We will work part time alternating shifts waiting tables at a friend's restuarant.  During the day, we will farm and post products online.  We will be able to have our 7 month old with us at all times.  We will need to make a combines $1000 per week waiting tables/business to maintain our current budget/savings including our health insurance expense.

2.  I stay working and my husband quits.  I can stay working and keep insurance.  He will stay home with the baby and work on farming things.  He will need to make $300-$400 per week working part time waiting tables at night also.  We may not get to see eachother much.

As far as finances, we have $160,000 on a mortgage and student loan debt of $40,000.  We would like to keep the business income separate from part time income so we can reinvest it.  Since, we live in the country we will have high gas costs with either option.  We currently carpool and have a 48 mpg car that is paid off.

What option would be smarter?

[swick]

Lots to consider! I don't know if my thoughts are very valid, since I'm Canadian but the thoughts that jump out at me are:

1. How much would it cost for insurance if you had to pay for it all yourself? With a young baby and a business that requires two healthy people to run, it would be really important I think.
2. Do you have to drive into town to wait tables? Do you make enough doing this to offset the time/vehicle costs?
3. Does any of your student loans qualify for loan forgiveness or income-based repayment?
4. Would you qualify for any tax write-offs or farming subsidy's?
5. Are you in a field/location that would allow you to enter again easily if you can't bring in enough income with both of you working from home?
6. Do you have enough of an emergency fund to get you through the transition period?
7. Is the farming and Farmer's Market seasonal or would you be able to bring in enough money year-round?
8. Would it be possible for either of you to consult or work from home so you are keeping those professional connections/door's open? Or work part-time and keep your insurance?

Not trying to discourage you, those are just the questions that popped into my head. Sounds like a great business/life!

[Jamesqf]

More information needed.  What are your current jobs & related costs, and how much do you love/hate them?

Would finding part-time workers (say students) for the business be an option?  If you or husband are making lots of money at work, and you don't absolutely hate it, it would seem silly to just quit.

[shadowmoss]

Could you advertise or look for a couple of WOOFs to help out?  I may have spelled that wrong.  Anyway, they are (from what I understand) usually young people who will work on organic farms in exchange for a place to live and food.  They get experience, you get willing farm workers.  Results can be mixed, so use due diligence.

[Hotstreak]

Three years ago my husband and I started an organic farming/tea business at the farmer's market.  It has been very successful, but we have hit the point where we cannot grow anymore working full time.  We have decided there are two options to grow the business:

1.  We both quit our jobs.  We will work part time alternating shifts waiting tables at a friend's restuarant.  During the day, we will farm and post products online.  We will be able to have our 7 month old with us at all times.  We will need to make a combines $1000 per week waiting tables/business to maintain our current budget/savings including our health insurance expense.

2.  I stay working and my husband quits.  I can stay working and keep insurance.  He will stay home with the baby and work on farming things.  He will need to make $300-$400 per week working part time waiting tables at night also.  We may not get to see eachother much.

As far as finances, we have $160,000 on a mortgage and student loan debt of $40,000.  We would like to keep the business income separate from part time income so we can reinvest it.  Since, we live in the country we will have high gas costs with either option.  We currently carpool and have a 48 mpg car that is paid off.

What option would be smarter?

You're not going to get any great answers here without providing a lot more details.  To start, how much do each of you make now, how much would expenses be lowered or increased if you quit, how much does the business make, and what would the effect be on business income if one or both of you quit(in terms of increased margin, or economy of scale, or more production.. and bottom line it too). 

Quite frankly it seems like if this was feasible, you would not be asking about it, you would have done it already.  The tone sounds like you're loaded with debt, willing to sacrifice income to make this work.  Please say if this is wrong and provide the details, it would be great to see!

[mrsggrowsveg]

Currently, my husband averages about $50,000 per year as a lab assistant.  He is miserable at his job.  I make about $30,000 a year as a research analyst and insurance is deducted from my check.  We can not work from home with our current jobs. 

If we were at home we would save about $260 per week of daycare expenses.  Our gas expenses may actually increase because we will not all be carpooling together and town is still 25 miles away.  Currently our business nets about $200 per week, but there are many avenues we have not yet explored and our demand is much higher than we can supply.

I will check into part time workers to help on our farm.