Is It Time To Quit Day Job?

[JustinTime]

Hi All,

I'm 24 work for a great company, but it does require traveling about every week (Starting to get old). Average work is probably 45 - 50 hours a week. It does have great benefits below is what I would be giving up by quitting:

• Cash Pay: 161K
• Stock: 20K
• Benefits: 30K (Free healthcare, 9K 401k Match, Insurance, Etc.)

I started a side business in 2013. It's an online tech subscription based service. It's very passive. Maybe 30 minutes a day some days no time. So my day job doesn't really affect this side job. The biggest benefit from a business perspective by quitting my day job would be: ability to advertise at tech user groups, and more time to put into new features, more free time.

My side business income is as shown:

• 2013: 128K
• 2014: 249K
• 2015: 553K

I know this is ultimately my decision. Right now, I'm probably planning to stay at my current job at-least two more years to see if the business keeps growing like it has.

Any thoughts?

 

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[M Power]

Hi All,

I'm 24 work for a great company, but it does require traveling about every week (Starting to get old). Average work is probably 45 - 50 hours a week. It does have great benefits below is what I would be giving up by quitting:

• Cash Pay: 161K
• Stock: 20K
• Benefits: 30K (Free healthcare, 9K 401k Match, Insurance, Etc.)

I started a side business in 2013. It's an online tech subscription based service. It's very passive. Maybe 30 minutes a day some days no time. So my day job doesn't really affect this side job. The biggest benefit from a business perspective by quitting my day job would be: ability to advertise at tech user groups, and more time to put into new features, more free time.

My side business income is as shown:

• 2013: 128K
• 2014: 249K
• 2015: 553K

I know this is ultimately my decision. Right now, I'm probably planning to stay at my current job at-least two more years to see if the business keeps growing like it has.

Any thoughts?

You made $550,000 last year doing the "side" biz and you still have to ask? Seems like it would be wrong to stay when you could use all that time to grow more. Idk your specific business or other facts though. But, the free health care and stock options would be nice.

 

[GrayCode]

You made $550,000 last year doing the "side" biz and you still have to ask? Seems like it would be wrong to stay when you could use all that time to grow more. Idk your specific business or other facts though. But, the free health care and stock options would be nice.

If your numbers are correct I would have probably quit in 2013... assuming you are profiting.

 

[Mikkel]

First off, congrats! You seem like your business is thriving, just by what you have written here.

In my opinion the question you should ask would be, would you be able to grow your business so you would make more money next year then what your company can offer you working full time for a full year. If the answer is yes, which I could assume it would, then yes I would quit your day job and just focus on your business

 

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[JustinTime]

Yeah, I think you are right. The nice thing is there really isn't any overhead at all. HealthCare is probably the biggest thing making me think about this more. I need to research healthcare cost if I pay for it all.

You made $550,000 last year doing the "side" biz and you still have to ask? Seems like it would be wrong to stay when you could use all that time to grow more. Idk your specific business or other facts though. But, the free health care and stock options would be nice.

 

[JustinTime]

Yeah the business income is pretty much all income except taxes. There's very little overhead asides from web hosting etc.

If your numbers are correct I would have probably quit in 2013... assuming you are profiting.

 

[JustinTime]

Yeah that's basically my question. I think by presenting the product at user groups and events I could probably increase revenue of my business by my salary. The business by itself without any extra effort has doubled profit each year I've had it. Makes me wonder what I could do if I really buckled down an only focuses on it.

First off, congrats! You seem like your business is thriving, just by what you have written here.

In my opinion the question you should ask would be, would you be able to grow your business so you would make more money next year then what your company can offer you working full time for a full year. If the answer is yes, which I could assume it would, then yes I would quit your day job and just focus on your business

 

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[Jon L]

I wouldn't worry about replacing your salary. You already have the cashflow to support yourself from the business. Go get out and market the hell out of that thing and you could probably 5-10x that business income.

Now...to figure out how to get my main business as profitable as your side business...

 

[drifter]

Easy to put out those types of posts - has it been verified, that is the question.

 

[M Power]

Yeah, I think you are right. The nice thing is there really isn't any overhead at all. HealthCare is probably the biggest thing making me think about this more. I need to research healthcare cost if I pay for it all.

Good luck! Sounds like you're already making moves so I know you'll do great.

 

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[CLE]

You are 24 I'm guessing a decent health insurance policy out of pocket is like $500-600 monthly for someone your age. Your salary at your job isn't bad but your side pay is out of this world. I'd quit and run with it man. The world is yours at this point.

 

[daivey]

can't tell if this is real, or troll.

 

[Jon L]

can't tell if this is real, or troll.

I'm guessing he also benches 600 lbs and dates swimsuit models, but who am I to judge.

 

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[Baker]

30 minutes a day, 553k and doubling.. Interesting.

 

[daivey]

I'm guessing he also benches 600 lbs and dates swimsuit models, but who am I to judge.

im pretty sure it's a troll.

 

[JustinTime]

im pretty sure it's a troll.

Not trolling.... I decided to say at may day job another year or so to see if the subscription base keeps growing. It's nice having them Max out my FICA taxes.

 

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[911Carrera]

Troll. Why do people make these threads? People who pull these kinds of numbers don't ask these questions or make these threads.

 

[JustinTime]

Whatever makes you feel happy.

Troll. Why do people make these threads? People who pull these kinds of numbers don't ask these questions or make these threads.

 

[J Perez]

Troll. Why do people make these threads? People who pull these kinds of numbers don't ask these questions or make these threads.

Exactly what I was thinking, trolling. No one making those kind of figures needs to ask if they still need to wrk at "job"

No proof??? Lol

 

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