Credit: Peter Chin
Jones puts finishing touches on one of her tasty creations.
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Make the Move by Moonlighting
Evangelia Biddy knew she had to change course when the corporate marketing job she held by day became far less interesting than the cocktail parties and singles mixers she produced and hosted at night. “I was tired of the commute; my priorities just changed,” she says. So in 2003 she left a $95,000 annual salary plus benefits and company car to become a “spare-room tycoon.” In her guest room, with about $1,500, she established Púshkin Management Group (pmgpress.com), a company that promotes authors and events. Though her business income was only about $35,000 her first year, Biddy, 37, expects it to reach six figures next year through corporate sponsorships. “Some of my friends with M.B.A.’s still think I’m crazy,” she says. Biddy is just one of many sisters whose enthusiasm is fueling an entrepreneurial drive, says career coach Walt F.J. Goodridge, author of Turn Your Passion Into Profit (Passion Profit; passionprofit.com). He coined the term passionpreneur to describe those people who have identified their interest and turned it into a business. “Any passion can generate money. It depends on how creative you are in coming up with a product or business,” Goodridge explains. Plan for the Long Haul
Charmaine Jones loves baking cakes. And as owner of the Hoboken, New Jersey–based company Cakediva, she has seen how revenue from a favorite pastime can fluctuate. For 15 years she has created spectacular cakes for soap-opera weddings, celebrities and corporate clients, as well as Afrocentric-themed cakes for African-American weddings. Her beautifully designed confections start at $500. “The first year I made $15,000, the second $30,000, then $45,000. The fourth year, I made almost $100,000,” she says. But with the downturn in the economy in 2002, her business income fell to $35,000. She has survived by diversifying her offerings—adding cupcakes, cookies and greeting cards. Jones is planning further expansion. She’s going to write a cookbook, teach classes, create new products, and possibly get her own cooking show, she says. Her advice for longevity: Get rid of all negativity around you, because it will draw you down. Be sure to save money beforehand for the bills and other expenses. Buy the essentials you can’t do without and use the other money you make to grow the business. It’s important for a novice entrepreneur to develop tunnel vision: Concentrate on one thing first and then move to other parts of the business. And step out on faith. “I surrounded myself with Black people who had their own business,” Jones says. “I saw what could be and never wanted to hear anything else.” To read the entire article, “Make Your Passion Pay,” pick up the November issue of ESSENCE. |
