Kate Carrara of Philadelphia, the self-proclaimed "Cupcake Lady," sold her house and car and gave up a well-paying job to start Buttercream, a mobile cupcake shop. September 15, 2010 As told to Caitlin DeweyWhat did you do before you sold cupcakes? Everyone in my family is a lawyer -- my father's a lawyer, my grandfather's a lawyer. So I went to law school and spent six years working as a trial lawyer for my family's firm. Then I did coding for two years at another law firm, which was insanely boring. But I was also planning my cupcake business and trying out cupcake recipes on my co-workers. When did you make the switch? I quit my job in July 2009 after I saw that someone in New York City had opened a cupcake truck, which I thought was a great idea. I realized I had to do this in Philadelphia or someone else would. What are your costs? For the first year of operation, start-up costs were about $50,000. The truck alone was $20,000, and the vendor's license was about $5,000. The rest depends on rent and salaries. I have five employees, whom I have to pay a good wage. Advertisement How did you raise the money? My husband and I took out loans and sold a piece of the business to a family friend. We also had to live off my husband's salary after I quit my job, so we downsized everything we could. I sold my diamond engagement ring. My husband and I went from living in a three-bedroom home with two cars to a small apartment with one car. How many cupcakes do you sell a day? We aim for 500. It's a little slower in the summer, when the students are away. And what do you pay for ingredients? Our baking costs are not that high -- we're not talking oysters here. For $500 I can bake 2,000 cupcakes. We sell them for $2 each. Is the business profitable? In the first year, we made $100,000, but we're putting a lot of that back into the business now. I'm starting to look into retail and wholesale outlets. I'd like to open some kiosks. Advertisement Do you have any regrets? Sometimes when I have friends over to my apartment now, I'll see them glancing around discreetly, as if they're looking for something. I have to ask them, "You're just here for the cupcakes, aren't you?"