Making the jump

[AardvarkPro]

Hi everyone,

I need some straight talk.

Two years ago, after stellar performance at my employer, I was laid off due to our company being sold. The entire staff was let go, without so much of a look at our resumes. We were gone before the new owners even knew our names.

For a little while, I was unemployed because I was really too narrow in my job search. Money started running short. I took a full-time job in another industry to give it a try. Turns out that I hate it. The job isn't terrible, but it's not my cup of tea.

So here's the thing: I know that I can go out on my own and make a lot of money doing the same thing I did at my last job. I could do it on my own, easy. I get emails from my old customers asking when I'm coming back. I have revenue basically in my hand if I want it and overhead is low. Basically. I ran a huge project at my last job and replicating that isn't rocket science. It is however my first rodeo as an entrepreneur.

I know that I have the business skills, since I bootstrapped my last project. The employer would have made investments but I felt like that would have made us lazy.

I am very worried that something will go wrong. Not that the business would be a failure, but maybe I'd get sick and not be able to run the business anymore. I'll admit there that I'm afraid of screwing up and living in a van down by the river. It is really irrational, as I am now making half of what I could be making. I like the security I have now, but the job is making me miserable. It's making me poor. The shares I got from my last job won't vest for 2 years, so I'm cash poor right now and my current salary is only letting me tread water.

How does one put the fear aside and just look rationally at an opportunity and make a move? The idea of working without a traditional boss sounds amazing but it scares me too. The lack of a safety net is holding me back. I am not a timid person and I hustle like hell. But after going through the layoff experience and wondering where my next meal would come from, I'm a little traumatized. I want to horde money worse than a grandmother who grew up in the 30's. I've gone from feeling free to feeling like I'm in a straightjacket, stuck with my current job. It's nuts.

 

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[oldscool]

First of all, since you fear the unknown maybe give it a whirl part time. If you become successful enough start pocketing away money, getting insurance and making sure that you can cover ill health. Hell thats what your employer does to cover his a$$. You will be replicating your boss. Now go!

 

[oldscool]

My pep talk was easy as your new business I bet

"In the end we only regret the chances we didnt take"-unknown

 

[AardvarkPro]

My pep talk was easy as your new business I bet

"In the end we only regret the chances we didnt take"-unknown

I really appreciate the advice. I have tried to get off the ground part-time but really this is the kind of gig where the contacts happen 9-5. I've done all I can to lay the groundwork on nights and weekends, and saved up enough. I need to quit my current job in order to make a go of my dream.

I am really pumped and going to quit my day job this week. I am a risk-averse person and would not be making that leap unless I felt that this was a reliable opportunity. I've given myself several opportunities to "sleep on it" and avoid any irrational exuberance about what this will take. That's why it's taken me almost a year ;-)

I gotta say that I'm most excited about owning my work. The place I worked last was great, but 1) they took half of the money I was making for the firm (without funding our overhead) and 2) they had some processes that were very costly and due only to their legacy IT systems. Take those two things out of the equation, and I think this will be awesome.

 

[Stevo1]

Sounds like you know what you want to do, but just need to take the plunge.

Can you get pre-orders from the existing customers for what you are doing?

If you could get enough in pre-order / upfront payment to last say 3-6 months perhaps that would give you the security you need to plough ahead. I'm guessing this would be reasonably straight forward as you have existing relationships in place.

Check out some of the threads by IceCreamKid he talks a lot about getting investment upfront based on the prototype of an idea.

Nothing ventured nothing gained and if it all comes crashing down sounds like you have the skill base to get another job why you re-plan.

 

[oldscool]

Can you tell your boss you want to go on a hiatus with the possibility of coming back if things dont workout? Put in 2 week notice and kind of massage the relationship. Honestly, I think if things dont work out you could talk your way into another job, (if not, the same job).

See you at the top when you ready to take the leap. No more mental masturbation sir

 

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