Got laid off - start a business or get a new engineering job?

[rutrika]

I got laid off recently from a job (I was working as Test automation/QA engineer with decent salary ~180k per year, and doing Front End as well).

I have savings around 70k and should receive severance package from job around 50k. My current expenses 3.5k per month (2k - mortgage, 1.5k - food, transport etc. Trying to rent out room in apt).

I’m 35 at this moment. My goal is get 2-3 mln of net wroth (currently is 400k). I want to build scalable business and invest later in Real estate (I already have 2 properties - 1 residential, 1 rental). As a scalable business I was thinking of buying online business, build audience business (YouTube channel, blog), start software.



I see two options at this point:

1.work on service business (web design, SEO). Since I have a some experience with WordPress, created one website for real estate manager friend and ran google ads (wanted to build lead system and get % from their team sales, but sales dropped in local real estate area a lot due to recession and population decrease).
I'm worrying that I don't know how long time it will take to get traction (at least 7-10k) - maybe 1-2 years

2. Get a software engineer job and start working on scalable business.
In this case, I'm worrying that in order to build scalable business - I need to get an experience first with easier type of business (like service)



Would it be beneficial in your opinion to build a service business to get skills for scalable business (SEO, web design, sales, communication, operations etc.) and start working on a scalable business (after getting some income - 5-10k per month) or is it better to get a job as a software engineer and start working to work on the business in free time?

 

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[Vigilante]

I got laid off recently from a job (I was working as Test automation/QA engineer with decent salary ~180k per year, and doing Front End as well).

I have savings around 70k and should receive severance package from job around 50k. My current expenses 3.5k per month (2k - mortgage, 1.5k - food, transport etc. Trying to rent out room in apt).

I’m 35 at this moment. My goal is get 2-3 mln of net wroth (currently is 400k). I want to build scalable business and invest later in Real estate (I already have 2 properties - 1 residential, 1 rental). As a scalable business I was thinking of buying online business, build audience business (YouTube channel, blog), start software.



I see two options at this point:

1.work on service business (web design, SEO). Since I have a some experience with WordPress, created one website for real estate manager friend and ran google ads (wanted to build lead system and get % from their team sales, but sales dropped in local real estate area a lot due to recession and population decrease).

2.get a job as a software engineer and start working on scalable business.



Would it be beneficial in your opinion to build a service business to get skills for scalable business (SEO, web design, sales, communication, operations etc.) and start working on a scalable business (after getting some income - 5-10k per month) or is it better to get a job as a software engineer and start working to work on the business in free time?

Have you read the millionaire Fastlane ?

 

[rutrika]

Have you read the millionaire Fastlane ?

Of course I did

 

[Strategery]

You’re not going to make $180k doing many service businesses without putting in a lot of time. Another high paying job would probably distract you less than a service biz. But if you’re hell-bent on doing a service biz, you could just get another job and start the service biz as a side hustle so you’re not sweating bullets while leeching from your savings.

 

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[The-J]

https://www.youtube.com/@ZaneEngineersLife/videos

@ZCP might be able to help here

 

[ZCP]

@rutrika hit up all the combinators and biz launch schools and platforms and see if you can get in on the team of a startup?
you have some money to live on and would learn a SHIT TON and make a lot of connections.

what area are you located? dm me and we can do a quick call

the key is your outcome. make money or build a business or own real estate?
what is the perfect outcome of the next ten years?

 

[mamamargaux]

@MJ DeMarco made this video. Maybe this can help you.

View: https://www.youtube.com/watch?v=r_58zPgArb4

 

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[rutrika]

@MJ DeMarco made this video. Maybe this can help you.

View: https://www.youtube.com/watch?v=r_58zPgArb4

@MJ DeMarco made this video. Maybe this can help you.

View: https://www.youtube.com/watch?v=r_58zPgArb4

Thanks for sharing,
In order to get traction and good income by applying my skills (front-end, automation/QA service) to a service business and to get a decent income (10k) - I think it might take a long time. But not sure if these skills would be really beneficial for building a scalable business

@rutrika hit up all the combinators and biz launch schools and platforms and see if you can get in on the team of a startup?
you have some money to live on and would learn a SHIT TON and make a lot of connections.

what area are you located? dm me and we can do a quick call

the key is your outcome. make money or build a business or own real estate?
what is the perfect outcome of the next ten years?

Thank you, I'm in the Bay Area
Perfect outcome - passive income at least 10k, have a successful business

 

[ZCP]

@rutrika sounds like you are chasing money.
suggest focusing on 'providing value'.
have your clear outcome in front of you. just shift the focus from your arbitrary $10k that keeps coming up.
focus on helping others and providing value. the money will come.

 

[fastlane_dad]

I suggest getting another job as your skills / experience will be highly valuable and applicable immediately to another employer. I assume you can also match your most recent salary, if not exceed it fairly easily (which is a GREAT place to start based on what you were making).

Second to that in your free time you should work on starting a business - if that is your end goal. Sure you are taking a risk one way or another - but this way you don't have to be depleting your assets, without having a revenue stream coming in -- and will only make everything THAT much more stressful for you.

When your business income replaces your full time job income is a good place to start when you can debate dropping you job.

Again - your risk tolerances might vary considerably on this. I don't know your comfort level OR if a business is just an idea you are perusing. It's a very long road typically with many financial and emotional ups and downs that you must be ok undertaking.

As you have some money saved up, and some net worth you might be totally OK living off your savings and investing all into your big 'hot' idea -- but I'd err on the side of caution given the breadth of skills and income you can earn otherwise.

Just my 0.2c.

 

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[Kevin88660]

I got laid off recently from a job (I was working as Test automation/QA engineer with decent salary ~180k per year, and doing Front End as well).

I have savings around 70k and should receive severance package from job around 50k. My current expenses 3.5k per month (2k - mortgage, 1.5k - food, transport etc. Trying to rent out room in apt).

I’m 35 at this moment. My goal is get 2-3 mln of net wroth (currently is 400k). I want to build scalable business and invest later in Real estate (I already have 2 properties - 1 residential, 1 rental). As a scalable business I was thinking of buying online business, build audience business (YouTube channel, blog), start software.



I see two options at this point:

1.work on service business (web design, SEO). Since I have a some experience with WordPress, created one website for real estate manager friend and ran google ads (wanted to build lead system and get % from their team sales, but sales dropped in local real estate area a lot due to recession and population decrease).
I'm worrying that I don't know how long time it will take to get traction (at least 7-10k) - maybe 1-2 years

2. Get a software engineer job and start working on scalable business.
In this case, I'm worrying that in order to build scalable business - I need to get an experience first with easier type of business (like service)



Would it be beneficial in your opinion to build a service business to get skills for scalable business (SEO, web design, sales, communication, operations etc.) and start working on a scalable business (after getting some income - 5-10k per month) or is it better to get a job as a software engineer and start working to work on the business in free time?

You have a good set of experience and financial foundation.

Best of luck!