The Big Time You've tested the part-time waters; now take the full-time plunge.

No doubt about it, taking your part-time business full time isan exciting yet scary proposition. Your small but loyal band ofcustomers is convinced everyone they know wants to buy your productor service. You love the independence and fulfillment being yourown boss brings, and you want more of it--all the time.

But are you ready to take the big plunge? Are you willing toquit your job or cash out your savings so you can turn your weekendor nighttime business into a full-time venture?

You might be, says David H. Bangs Jr., author of BusinessPlanning Guide: Creating a Plan for Success in Your Own Business(Upstart Publishing), depending on how you answer these keyquestions:

• Can you commit the time it takes to run a full-time business,or do you have too many other interests, such as family and civicresponsibilities?

• Is it sensible for you to take the financial risk yourfull-time business will require?

• Is there enough market demand to warrant selling your productor service full time?

"Not every part-time business is primed to turn full time.The market demand might not be there, or the owner can't commitwhat's needed," says Bangs. "The best way to know ifyou have what it takes is to put together a business plan. Somepeople are afraid of the answers they'll get to thesequestions, so they skip the business plan and proceed anyway. Butthen they don't have a solid basis for launching a full-timebusiness."

Nancy Bombace says writing a business plan before she launchedHoneyLuna, The Honeymoon Registry Service for couples-to-be andtheir wedding guests, was her smartest move.

"I was so excited about our business idea that I wanted tojump right in," admits Bombace, who owns the Mill Valley,California, business with her husband, Phil. Fortunately, a CPAfriend suggested she put together a business plan. "We lookedat how much money we needed for advertising, accounting, postage,our 800 number and other areas of our business," she says."We projected these figures out one, three and five years, anddeveloped best-case, average and worst-case scenarios."

The six-week process of preparing a business plan uncovered somevaluable information: Bombace couldn't afford to quit herfull-time job as an administrative assistant and run HoneyLuna fulltime. "My heart was in my new business, but I needed to keepworking at my regular job so I'd have the money to launchHoneyLuna and keep it going," she says.

In late 1995, Bombace cut her job to four days a week and spentone full day each week--and weekends and evenings--developingHoneyLuna. As her client list grew, Bombace cut her job to two daysa week, and in January 1997, quit altogether to run HoneyLuna fulltime. Bombace booked dream honeymoons for 50 couples in 1997. Shehas 60 new clients this year and hopes to turn a profit by the endof the year.

Here are four more important steps you must take to turn yourpart-time business into a prosperous full-time enterprise.

1. Find customers. The Bombaces attended bridalshows throughout Northern California and the Pacific Northwest tointroduce HoneyLuna to prospective clients. "Bridal shows havebeen a great way to test reactions face-to-face and explain how ourconcept works," she says.

Bombace also made cold calls to professional wedding serviceproviders, including photographers and florists. She also designeda brochure describing HoneyLuna's services, established atoll-free number and created a Web page to promote her company onthe Internet.

John Dudley, a professional magician in Grand Junction,Michigan, used a few marketing tricks of his own to build a clientbase for Magic by John Dudley when he took his part-time businessfull time in the late 1980s. "I wanted people to associate myname with magic, just like they do David Copperfield's,"says Dudley, who performs his magic at parties, businessconventions and dinner shows.

To get his name out around town, Dudley printed business cardsand left them everywhere he went, particularly in places wherechildren were likely to be. "I've gotten magic shows fromcards I've left on bubble gum machines," he says.

Dudley also designed a brochure explaining the types offunctions where he can perform. He's big on free giveaways,such as puzzles, magic tricks and photographs of himself. Everyperson who attends his magic shows goes home with a giveaway, andeach item has his name, address and phone number. "Peopleremember a great magic trick, but not necessarily the person whodid it," says Dudley. "This way, they know it's Magicby John Dudley."

2. Raise capital. Chances are, your full-timebusiness will need an infusion of funds to keep it running untilyou can turn a profit. The Bombaces did what many start-upentrepreneurs do: After tapping their savings, they asked familyand friends for loans. "We borrowed about $15,000--enough tocover the cost of our computer programs, brochures, business phonelines and basic office supplies," Bombace says.

The couple also applied for an SBA-guaranteed loan through theirlocal banker. "We were approved for a $10,000 loan, which wedidn't use, since [it turned out] the funds from our familywere sufficient," Bombace says.

3. Gather support. You can learn a lot about runninga successful enterprise by talking with other entrepreneurswho've done it. Meet successful entrepreneurs by attendingbusiness conferences or joining industry trade groups or your localchamber of commerce.

You can also learn from experts by "enlisting the rightresources," suggests Mark LeBlanc, owner of Small BusinessSuccess, a La Jolla, California, small-business consulting firm."Spend $150 and call your accountant or attorney and get theright advice," says LeBlanc. "So many people are afraidto spend the money. Then, when they have a problem, it costs themmuch more to correct it."

Another suggestion: "Put together an advisory group,"LeBlanc says. "Ask your accountant, lawyer and experts youknow in marketing and managing a small business to be youradvisors."

4. Keep a positive attitude. Even though Bombaceearned a salary from her part-time job while she builtHoneyLuna's clientele, the transition wasn't withoutsacrifices. "We had to adjust our lifestyle and give upspending on travel and other fun activities," she says.

Supporting a full-time business tested the Bombaces'marriage, too. "Sometimes we both got upset, but we'refortunate that we could talk it through," says Bombace."We knew it would be three to five years before the businesswould pay for itself and start supplying an income, but we had toremind ourselves what we were doing and why. At times I wanted tothrow in the towel, but I knew I really wanted my ownbusiness."

For Dudley, making the transition was a matter of having theright attitude. "I take myself seriously. I keep my blinderson to naysayers who say, `No, this can't work,' or peoplewho ask, `Well, that's nice, but what's your realjob?'

"I was inspired by a good friend of mine who lived to be 98years old," Dudley continues. "He quit his job during theDepression to be a professional magician. He supported his wife andtwo children doing magic. If he could do it during the Depression,certainly someone like me in today's economy can do it,too."

Repeat Performance

Can you land your former employer as a client? If your newbusiness doesn't compete with the company you used to work for,and you've been a hard-working employee, your former bossshould welcome the chance to become your client and refer friendsand associates to you as well.

Should you tap your former employer's customer base? If yousigned a noncompete contract with your former employer, you'reobligated by law not to solicit its clients. Noncompete contractsgenerally have a time limit--say, two or five years--after whichyou're free to target the company's clients.

Whether doing so is a good idea depends on your local businessclimate. In some communities, soliciting a former employer'scustomers is frowned upon; in others, it's totallyacceptable.

Resources

Before you go full time, check out these helpful resources:

• Business Planning Guide: Creating a Plan for Success in YourOwn Business, by David H. Bangs Jr. (Upstart, $22.95,800-235-8866)

• Creating a Successful Business Plan (Entrepreneur MediaInc., $59, 800-421-2300)

• Entrepreneurs Are Made Not Born, by Lloyd Shefsky(McGraw-Hill, $22.95, 800-722-4726)

• Fear of Failure, by James Marshall Galbraith (BenchmarkBooks, $19.95, 800-345-6665)

• Master Strategies for Higher Achievement, by BrianTracy, a six-cassette audiotape program (Nightingale-Conant,$59.95, 800-525-9000)

• Secrets of Self-Employment: Surviving and Thriving on theUps and Downs of Being Your Own Boss, by Sarah and Paul Edwards(Putnam Publishing Group, $13.95, 800-942-9093)