Magic, for many people, is a great hobby.
It helps children and young adults break out their shell and gain confidence in their own abilities.
Public speaking, is the bane of most people, but for the accomplished magician, this is a learned and polished skill.
Plenty of practice time goes into perfecting the craft.
The average magician spends hours alone in front of a mirror working on the technical side of the performance.
There is a passion in magic that is necessary if the performance is going to be optimal.
All those hours and weeks and months of practice usually are followed by the intense urge to show off this new skill.
Alas, most fall away or never really get started.
However, for those few that put in the time and have a knack for entertaining people, that nagging question starts to surface "Should I go professional?" That's what we're here to talk about.
Going pro.
It is a daunting thought -- especially if you are older and somewhat established in another profession.
You know your art; you know you can entertain, but do you just leave the comfort of that weekly paycheck to go it alone? Well yes...
and no.
Unless you are independently wealthy, just jumping in with both feet is not the way to do this.
There are a few things to think about first.

• Are you married? Do you have children? The sudden loss of an income can be cause for alarm.
  Remember that most business' don't turn a profit for 2 or 3 years.
  Fortunately, magic can actually turn a profit from day one.
  The question is, is that profit enough to live on until the business grows?
• Insurance: That's a big one.
  If your spouse doesn't have insurance that can cover your family, or if you are single, then the burden for insurance or any illness will fall squarely on your shoulders.
  Expect to pay about $1000 per month for a somewhat decent health insurance policy.
  
• Advertising: That can be costly as well.
  Yellow page ads can run several hundred dollars per year.
  Small display ads in parent magazines or local papers can run $100-300 per month.
  Plus, who will design these ads and track them to make sure they are actually working? Paying someone else will cost money.
  Doing it yourself will cost you time.
  The same goes for website design and hosting.
  
• Automobile maintenance: You'll be putting a lot of miles on your vehicle.
  Make sure it is running properly at all times.
  Being late to a show because the car broke down won't make your customer any happier.
  Make sure your vehicle looks presentable as well.
  You don't need the newest model, but in this industry, image is a big part of the business.
  Your vehicle is part of your image.
  No rust or dents allowed my friend.
  The customer WILL take note.
  
• Prop replacement: Yes, if properly taken care of, your props can last quite a while.
  Some will last for decades.
  Be aware that doing 100, 200, or more shows a year will take a toll on your props though.
  You want them looking nice as well.
  So, be prepared to replace or repair as needed.
  
• Taxes: You aren't working for an employer any more.
  You are working for yourself.
  That sounds great, but remember -- you are now responsible for the entire 15% Social Security tax plus the full amount of Medicare tax.
  Your employer used to pay half.
  Now you pay it all.
  Oh yeah, be prepared to file taxes quarterly.
  That's what business' do.
  

This is the short list.
Suffice to say, there are plenty of costs involved.
If you are going to make it as a self-employed business person, you need to count the costs.
Most business fail within the first 5 years.
Mainly because they didn't have enough capital to stay afloat in the hard times, or they didn't have enough business knowledge.
You might consider extra income streams as well.
Setting up a party supply store online, or offer magic tricks for sale as an add on once you've booked a show.
My advice is to take it slow.
This business of magic allows you to do that.
Build a good part-time business.
Don't spend the money as you make it though.
Instead, put it aside -- invest it in a place where you can access it when the time comes.
But until then, forget about it.
Learn all you can about running a business -- this is show-business.
Business is the largest part of that word.
Trust me.
Sit down and do a budget-- a real budget.
Take notes on every expense you or your family make over the period of a couple months.
Factor in the insurance costs and all the things listed earlier in this article.
Once you have an accurate estimate of your spending habits, you can estimate how much income per month you will need.
When your part-time magic business is covering 2/3 of this amount, and you have at least a 6 months reserve of cash (not including IRA's or any retirement investments) then you might seriously consider quitting that day job.
Still, its a gamble.
Your confidence needs to by high, and your eyes need to be wide open to every possibility.