Trading in a six-figure income for fashion

plopez.top.jpgPriscilla Lopez, 47 THEN: Health care IT consultant NOW: Tennis wear designer By Josh Hyatt, contributor


(Money Magazine) -- After 20 years in health care, Priscilla Lopez craved a more creative outlet, preferably one related to fashion.

"I knew I needed a change, but it's hard to give up a six-figure income," says Lopez, who lives in Lake Forest, Ill. She agonized for a year. Then, in 2004, the avid tennis player -- who's also skilled at sewing --began cutting back on consulting work to try designing stylish tennis outfits.

Soon after, Lopez was wearing one of her creations at her tennis club when she was stopped by the buyer for the club's store; the venue became the first to sell her Peachy Tan label.

Through trade shows, Lopez has gotten the line into 350 additional stores, and today Peachy Tan's annual revenue tops $500,000. "This wasn't a well-thought-out plan," she admits. "I was just pursuing a dream."

How she does it

1. By using savings for startup.

Lopez and her husband are diligent savers -- so she was able to withdraw startup costs without risking their retirement. Since 2006, Peachy Tan has operated out of revenue.

2. By keeping costs down.

Fabric vendors offered her volume discounts, but she found it cheaper to buy only what she needed. She's now looking into moving manufacturing overseas to cut overhead further.

3. By setting priorities.

Lopez divides her to-do list into three parts, with "absolutes" at the top. "You never get caught up at this stage of the business," she adds. "So I make sure I attack the big things."  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.58%3.48%
15 yr fixed2.72%2.69%
5/1 ARM2.57%2.60%
30 yr refi3.57%3.47%
15 yr refi2.72%2.67%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 15,118.49 35.87 0.24%
Nasdaq 3,436.58 27.41 0.80%
S&P 500 1,633.70 7.03 0.43%
Treasuries 1.90 0.09 4.80%
Data as of 6:07am ET
Company Price Change % Change
Dell Inc 13.45 0.13 0.98%
Bank of America Corp... 13.02 0.11 0.85%
Sprint Nextel Corp 7.36 0.01 0.14%
Microsoft Corp 32.69 0.03 0.09%
Micron Technology In... 10.82 0.11 1.02%
Data as of May 10
Sponsors

Sections

A team of thieves hacked into banks around the globe, while foot soldiers withdrew massive sums from ATMs and bought luxury items with stolen cash. More

On paper, Nokia's latest Windows Phone 8 device, the Lumia 928, is the company's new best smartphone. It could even be the best overall Windows smartphone when it hits Verizon later this month. More

Small online retailers consider Internet sales taxes a compliance hell. Still the nation is one step closer to requiring sellers to start collecting sales tax upfront. More

Wedding season is here. And for the estimated 69 million Americans who will be attending weddings this year, it means shelling out hundreds or even thousands of dollars. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.