Decision has to be made

[technobubble]

Hey guys and gals, I bet there were numerous posts about this but I would like to get a fresh 3rd party feedback.
I need to make a decision.
I have an idea, I know how to execute it, I really don't need to invest much apart time.

Currently I work in another city and I’m struggling between 2 which is very time/money consuming.
I earn quite much but as we know, it doesn’t matter, it’s still a job with a boss, risk of firing etc.
I also have a small side income and by now I have saved about 20k + 10k car which I would sell and buy something cheaper (if I were to leave my job).

What I’m struggling with is that I can’t do both – work and at the same time develop my project. I am too tired in the evenings and weekends are spent with my family because I don’t see them from Monday to Friday.
If I leave my job, I won’t have an income, but I would have all the time to work with my business.
I know it's been told that you need to leave your job only when you developed your business enough to support you financially.
Now the question is, can I leave my job and work towards my business, when let’s say there’s no income but only a bit of savings?
What did you do when you were in a similar position?
I usually don’t spend much, I know how to save, I have a place to live.
By my estimation profit from my business would be visible only in 10 to 12+ months’ time.

Btw, I’m 29 now, I feel quite experienced from my previous workplaces and I know I need to move already with my own thing and not side hustles (though I had really profitable ones).
Thank you for reading and for your thoughts!

Edit: I QUIT MY JOB.
This decision was quite tough for me for a lot of things, if the business won't work it may be hard to get back to an office job, no steady income for maybe even a year etc.
Bottom line: IF I DON'T TRY, I WILL NEVER KNOW!

 

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[Mikkel]

If you think you can live off of your side business with the current money you have up until the point you start makong money, then it is possible. However, you are going to be strapped for cash by the time you may make money which can influence how you proceed with your business.

I don't know what you currently do for work, but could you find part time work in the city where your side business is? Work 20-30 hours and give yourself enough free time work more on your side business?

 

[Matt Lee]

Now the question is, can I leave my job and work towards my business, when let’s say there’s no income but only a bit of savings?

How much do you believe in yourself at the moment? If you believe you can pull it off, do it. If there's even a hint of hesitation don't do it. You have a good chunk of change, you can probably build something on the side if you're serious and meticulous with your time.

The saddest scenario is you pulling the trigger to drop everything whilst not being committed enough and losing all your money with nothing to fall back on. IDK what your risk tolerance is. It's up to you to decide what you are willing to do.

Some options I think of off the top of my head are

1) free up 1 job since you have 2, and use the free time to build your business. This way you will have a steady income+the income on the side+the savings. You'll be uncomfortable but not to the extent of panicking.

2) if your risk tolerance is high, I'd fully send it. This is ONLY if you trust you can pull something off or that you don't mind bootstrapping and hustling if shit goes south.

 

[FastNAwesome]

Hey guys and gals, I bet there were numerous posts about this but I would like to get a fresh 3rd party feedback.
I need to make a decision.
I have an idea, I know how to execute it, I really don't need to invest much apart time.

Currently I work in another city and I’m struggling between 2 which is very time/money consuming.
I earn quite much but as we know, it doesn’t matter, it’s still a job with a boss, risk of firing etc.
I also have a small side income and by now I have saved about 20k + 10k car which I would sell and buy something cheaper (if I were to leave my job).

What I’m struggling with is that I can’t do both – work and at the same time develop my project. I am too tired in the evenings and weekends are spent with my family because I don’t see them from Monday to Friday.
If I leave my job, I won’t have an income, but I would have all the time to work with my business.
I know it's been told that you need to leave your job only when you developed your business enough to support you financially.
Now the question is, can I leave my job and work towards my business, when let’s say there’s no income but only a bit of savings?
What did you do when you were in a similar position?
I usually don’t spend much, I know how to save, I have a place to live.

By my estimation profit from my business would be visible only in 10 to 12+ months’ time.

Actually, I've been in almost the same situation...and I quit my well paying job to pursue business.

It did work out, but not as fast as I hoped it would. But I had no savings at all, and at that point wasn't even sure it will work out. It was a straight forward business (web design) so when I was quitting, I was quite confident I'll make it work.

But a month passed by quickly, there was no sales, and I had no savings. At that point you start second guessing yourself. I sold my cheap car for even less than it was worth just to get by.

And then the next month, I finally got things going, and everything was good.

What I would do differently?

It may not be the same as what you should do differently, as everyone has a different situation,
and I presume your business is something totally different too.

But here's my .2c for what it's worth...

> I'd have enough savings for at least 3 months, but the more then better. That way I'd be able to focus completely, knowing that if I don't get things going in e.g.2 months, I'll still have a full month to find another job to catch a breath and reconsider direction.

But since your business is on a longer stick by your own estimate, it means that even if it works out ideally, just as you imagined, you still need to have enough savings to last you for a year, right?

> I'd see if I can somehow work it out with employer so that both can be done.

If you decide to quit anyway, then what's to lose?
Maybe you could even ask your employer for advice, and maybe they'll have some.

Or maybe they can even help you get that business started! Or become a client!

Don't assume they wouldn't. Especially if you're on good terms.

You never know who knows who, maybe some of his friends needs exactly what you'll be offering,
and becomes your first big client.

 

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[technobubble]

Thank you so much for the thoughts and insights everyone!
I've decided to leave my fulltime job and get back to my city.
Still not acting on this but probably very soon.
My side hustle is generating approx. 200-500 EUR a month so I think I would be safe for a while...
I am thinking that the worst that could happen is if I fail with my business and I just get back to some company.

I don't know what you currently do for work, but could you find part time work in the city where your side business is?

Currently I work in a pharmaceutical distribution company, so I couldn't work individually because of the licenses etc. but part time job - that's a great thought!

How much do you believe in yourself at the moment?

Right now I believe more than I ever believed before, that's what is driving me finally! About pulling it off I am quite sure too, there are some old, big companies, would be competitors but that's normal. I would be doing what I was doing before in various companies but now for myself only, it will be hard to win suppliers and many other tricky things, but I know I need to try!

But since your business is on a longer stick by your own estimate, it means that even if it works out ideally, just as you imagined, you still need to have enough savings to last you for a year, right?

Thanks for your message. It's quite a safe estimation, I dedicated some time for creating a name, logo, website, bank account, all the legal things. But most time would be as you've said - making first sales.

If you decide to quit anyway, then what's to lose?

As in the situation you had, what's to lose is only a well paid job... It's quite hard to leave because the atmosphere there is good, boss and main shareholder are very friendly, helpful, tough to find this kind of environment. But in the end I need to think what's best for myself.

Or maybe they can even help you get that business started! Or become a client!

Don't assume they wouldn't. Especially if you're on good terms.

You never know who knows who, maybe some of his friends needs exactly what you'll be offering,
and becomes your first big client.

My business will be in a similar area so I doubt it'll work at first but true - you never know, maybe someday the paths will cross again! It's always best to leave a workplace on good terms.

 

[FastNAwesome]

As in the situation you had, what's to lose is only a well paid job... It's quite hard to leave because the atmosphere there is good, boss and main shareholder are very friendly, helpful, tough to find this kind of environment. But in the end I need to think what's best for myself.

Actually, I meant to say something else.

Not that you should leave your job...

My point was that IF you decide to quit anyway...so if you decide to tell your boss your quitting, then maybe you can try to work out some part time deal with them or something that will let you keep your job but leave you enough time for your own thing.

And now that you describe your job so favourably...and if I understood well you have an extra gig too, why not first try to drop that gig in favour of building your own business?

It's always best to leave a workplace on good terms.

Agreed 1000%.

You may switch companies.
Your boss may also switch businesses, maybe few years from now they'll be in some other business.

But relationships stay, and it's so good to stay on good terms.

 

[technobubble]

Actually, I meant to say something else.

Not that you should leave your job...

My point was that IF you decide to quit anyway...so if you decide to tell your boss your quitting, then maybe you can try to work out some part time deal with them or something that will let you keep your job but leave you enough time for your own thing.

And now that you describe your job so favourably...and if I understood well you have an extra gig too, why not first try to drop that gig in favour of building your own business?


Agreed 1000%.

You may switch companies.
Your boss may also switch businesses, maybe few years from now they'll be in some other business.

But relationships stay, and it's so good to stay on good terms.

I thought about it too but probably no part time offer on the table for this one, they want a fulltime minion. And 2 out of 3 shareholders are really nuts, won't agree to anything else, with the main one I get along fine.
So next week I'm already bringing a bottle and some cake to say goodbye.
I hope to share some progress news regarding my future business in a few months time

 

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[originalMJT]

Quit your job and put 100% into working for yourself, go all in, burn your boats and leave yourself no opotion but making it work. Having a job and boss is the worst thing in the world, it does not take long to start earning your own money. I got fired from my job two week before christmas in 2008 and have never had a job or boss from thats day. They gave my 2 months pay so i only had 8 weeks to start and an make a profatable business. It really focuses your mind on making money when you have no safety net.

 

[Dr_B]

1. Quit your job and focus on your side business or 2. Stay in your well paid job and give up on your dreams of entrepreneurship?

Or 3... Do something else!?
Can your find a better job, that pays more money for less time and effort, or that gives you more free time to spend on your business and with your family? Can this new job help you with your business? Be in the same area as your business, or teach you some skills you will need in your business?

 

[technobubble]

Quit your job and put 100% into working for yourself, go all in, burn your boats and leave yourself no opotion but making it work.

Thanks for the morale boost! It was hard to say no to a relatively big wage, but I did it and now I'm going for it!

Can your find a better job, that pays more money for less time and effort, or that gives you more free time to spend on your business and with your family? Can this new job help you with your business? Be in the same area as your business, or teach you some skills you will need in your business?

Thank you for the thoughts! I worked in a similar area for the last 3 years, that is why I'm so sure it will work doing my own thing. I guess it's quite common to work in some field and then do something similar on your own.

 

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[FastNAwesome]

So next week I'm already bringing a bottle and some cake to say goodbye.

Best of luck dude!