When did you make the transition...

I actually went the opposite way... now work part time in my old profession, and cater part time. This 1st happened accidently... I was offered a job in my old profession that I was really excited about and wanted. It was about 50 hours a week and so my plan to keep catering went out the window. I took a few catering jobs during that year that I really wanted because I missed it. When the job turned out to be the job from ****, I put my catering name back out there.

So now I find I enjoy catering the most when I do it part time and work at my old profession part time. Doing a couple of catering jobs/month. Having fun and making some money.

Not much help in nswer to our question...

I hear ya abut financial concerns. I'm still rounding out my skills before I even think of setting out one my own. Also need capital. I also wonder about getting sales experiance. Right know I'm thinking about getting a booth at one of the local farmers markets. I just need a job with Sunday's off! Until then, I labor in Brunch Purgatory.

The more I talk with people in the industry the more I hear that most business failures happen due to insufficient capital and poor cash managment.

Some stuff to do before you quit your job:

Figure out your breakeven. Then figure out if you can get enough business to cover costs and make a living. If are at any point confused with this, consult a professional. It will be the best $ you ever spend.

If you haven't all ready, talk to your accountant or lawyer about business entities. Take a look at your contracts too. If you're going to use a program like QuickBooks, get your accountant or a "QBProAdvisor" to set this up for you and teach you to use it if you don't know how too.

Brace yourself for a sticker shock! You need to enough cash to cover your personal (don't forget COBRA!) and business expenses and to finance any debt. Plan your cash for at least 6 months. You're going to have an increase in taxes too, at least 7.65%. If you touch your retirement funds, I will hunt you down myself.

You may want to iron out any staffing issues in advance if you can.

Also make sure your facilities are 100% go. You don't want to have down time due to construction or bringing stuff up to code, equipment repairs etc.

If you've got a spouse and/or kids, this can put a strain on things. Please make this a mutual decision with your s/o!

I'm still part time after 17 years

I started in 1990 and use to do mostly corporate catered lunches etc. From the very beginning I was catering just for extra money for vacations and things I wanted and I really never have liked the corporate thing much. It takes too long to get my money 4-8 weeks and I'm tired of complaining about it all the time to my husband etc. So, I have decided finally to give that part of the business up unless it is for larger groups of 40 or more. Normally my business lunches would be less han 20 and that isn't worth my time and energy anymore. My heart has always been with cocktail parties and teas/showers. I love making that type food and won't miss the boring sandwiches (and I had a few different ones)/salad/finger dessert luncheons I use to do for companies. I never wanted to get any bigger than what I could do myself. I have no help in the kitchen but do take someone with me to help at the party. Guess I was no help but good luck in your transition.