Scared shitless to quit my job

[mosdef]

I've been in the HR business since 2016, and have since 2019 worked in a small agency. I'm days away from quitting my job, i will have to stay 3 months due to laws in my country.

Why do i want to quit my job?

I want to start my own agency, very similar to the one i'm working at. I know the inside and outs of the company and know some changes i can make to the company to make it even more profitable and agile. And to be honest i don't wanna quit my job but i have to due to the similarity in the nature of the business.

Sales, sales, sales

One of the most important things for me if i start my agency will be to get clients, and sales is the only part of the company that i don't have much insight into. And haven't done any sales. This scares me, i think it can be done with hard work but it scares me.

Why this business venture?

It's not fully fastlane but it's the fastest and "easiest" way for to scale up my income and stop exchanging my time for a hourly salary.

So do i quit my job? Or do i stay put and start other types of business where i don't have to quit my job? Hard decision....Any guidance much appreciated.

 

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[svekk1]

I think it's best to stick with what you have experience with. Especially if you see value skews.

The other road is safer, since you have an income, but higher chance of wasting time and money on things that do not have a market.

Just make sure that your contract does not contain something that prohibits you from starting a similar venture for X years.

 

[mosdef]

I think it's best to stick with what you have experience with. Especially if you see value skews.

The other road is safer, since you have an income, but higher chance of wasting time and money on things that do not have a market.

Just make sure that your contract does not contain something that prohibits you from starting a similar venture for X years.

The owner of my current company have asked me if i want to start a similiar company under their name but for a different market. They wanted to give me 4.5% ownership. That would also prohibit me to start anything for about 2 years.

 

[svekk1]

The owner of my current company have asked me if i want to start a similiar company under their name but for a different market. They wanted to give me 4.5% ownership. That would also prohibit me to start anything for about 2 years.

Are you open to that? How much would that opportunity involve you in the sales process? If you can take the chance and with that learn something on the sales process as well, that's not bad in my humble opinion.

 

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[Fasted]

You should be looking to bootstrap. How long will it take to make your first sale? The idea is that you don’t quit the source of regular income until you have started making some sales and profits.

 

[mosdef]

You should be looking to bootstrap. How long will it take to make your first sale? The idea is that you don’t quit the source of regular income until you have started making some sales and profits.

Thats what my plan is. As i mentioned i have about 3 months notice time. Under that period i can look for clients under the radar. I should be able to close my client within 2-6 months, looking at it conservatively.

I cant make any sales and profits until i quit because it against my contract to run this type of business while employed.

 

[Oso]

Thats what my plan is. As i mentioned i have about 3 months notice time. Under that period i can look for clients under the radar. I should be able to close my client within 2-6 months, looking at it conservatively.

I cant make any sales and profits until i quit because it against my contract to run this type of business while employed.

Doubt the contract does anything to prevent other people from signing new clients on your behalf...

 

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[mosdef]

Doubt the contract does anything to prevent other people from signing new clients on your behalf...

Not sure what you mean? I can't start a company in my name and do the same thing that I'm employeed to do. They can take me to court due to the competition agreement. If the company is in somebody else's name I can do it but then I don't have any power over the company.

 

[mosdef]

The company in working in are closing about 10 deals a month. I need about 1 deal every 2 month to be making more Money than in making now. Should be possible with some Hard work and dedication.

 

[BizyDad]

My recommendation would be to wait to quit your job.

Create a website for your new company. Keep the registration private.

Don't file any company paperwork with your name on it yet.

(Or, borrowing from @Oso 's suggestion, if you want to file paperwork put a family member's name on it instead of your own. I still think I could get you in legal trouble, but you'd at least have a leg to stand on.)

Either way, try and drive traffic to the website and see if you can get people interested. Practice different marketing techniques like email, social ads, search ads, cold outreach, etc.

This will give you an idea of how much it will cost to create leads.

And you can quit your job the day before you sign two new customers. That way you will have revenue from day one.

*Disclaimer - I don't know the laws of your country, so what I'm proposing might not be legal or ethical. But it is practical.

 

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[Oso]

While I don't know the laws of your specific country, personally speaking, I'd still hire freelancers for lead generation, even if it is on the DL. But I also find the idea of 3 month notices to be wild.

On one hand, I'm not going to outright encourage you to risk being sued. On the other hand, no one is going to know you contracted freelancers unless you tell them, and/or register a business.

I say cover your a$$ at all costs, but keep probing for loopholes and workarounds. There's always at least a few.

Cheers.

 

[WJK]

Learning to create leads and then closing the sale is quite a trick. IF you're gonna do this, you'd better do a full self-education program. If you are going to go independent, you'd better be ready to drop the hammer.

The alternative of owning part of an agency might be attractive IF you can build in a way to end up owning it or a controlling interest. That would be a winning situation for the moment.

 

[Antifragile]

I've been in the HR business since 2016, and have since 2019 worked in a small agency. I'm days away from quitting my job, i will have to stay 3 months due to laws in my country.

Why do i want to quit my job?

I want to start my own agency, very similar to the one i'm working at. I know the inside and outs of the company and know some changes i can make to the company to make it even more profitable and agile. And to be honest i don't wanna quit my job but i have to due to the similarity in the nature of the business.

Sales, sales, sales

One of the most important things for me if i start my agency will be to get clients, and sales is the only part of the company that i don't have much insight into. And haven't done any sales. This scares me, i think it can be done with hard work but it scares me.

Why this business venture?

It's not fully fastlane but it's the fastest and "easiest" way for to scale up my income and stop exchanging my time for a hourly salary.

So do i quit my job? Or do i stay put and start other types of business where i don't have to quit my job? Hard decision....Any guidance much appreciated.

Lots of good advice above already.

My question is this: how long can you last if your business isn’t profitable? 12 months?

Don’t screw around, almost everyone will guide you to set up your business first, drive sales and then quit. But let me tell you, nothing motivates quite like desperation. I think @Black_Dragon43 had a thread on that. If you aren’t going to die, starve yourself and your children/ family - then go!

It’s a chestnut problem. Nuts are in the chest and they need to drop, pronto.

And what exactly is that huge downside from starting your own business clean? No lawsuits. No conflict. No ethical dilemmas! Did you steal a client? Did you steal systems? What was your own and what was your ex employer’s proprietary stuff?

Quit and give it a go.

How timely, I just wrote a post on this. Quitting a job to start a business makes you more valuable! You can always get a better job after that experience.

Post in thread 'I believe in magic, and why you should too.'
GOLD! - MINDSET - I believe in magic, and why you should too.

But of course, you are scared. Who wouldn’t be. Accept it for what it is. It’s life as it is. Or did you want your cake and eat it too? Did you want this to be stress free, easy does it? Then everybody would be doing it. You can’t behave like 99% and expect to live like the 1%.

Good luck.

 

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[Xeon]

The owner of my current company have asked me if i want to start a similiar company under their name but for a different market. They wanted to give me 4.5% ownership. That would also prohibit me to start anything for about 2 years.

Personally I would consider the above, or hustle on the side but don't let your boss now.

If you start your own agency, what happens if you fail? How confident are you that you can find another job at the same salary as you're now?

If you're doing the above (the 4.5% thing), maybe sign a contract with them saying that you'll start at 4.5% ownership, but that they'll increase that % ownership for you once the company passes $x profits, and it keeps going up. This way you also get to access the company's resources (with risk all on them) while testing if this will all work out. The long term plan is to get more and more % ownership in the company to become a co-owner or majority ownership.

Not sure what you mean? I can't start a company in my name and do the same thing that I'm employeed to do. They can take me to court due to the competition agreement. If the company is in somebody else's name I can do it but then I don't have any power over the company.

Can't you use your mom or dad's name? And work that on the side.

 

[Kak]

Fear = Comfort zone.

Zero growth happens from inside comfort zone.

View: https://m.youtube.com/watch?v=bFIB05LGtMs&pp=ygUcd2lsbCBzbWl0aCBza3lkaXZpbmcgc3BlZWNoIA%3D%3D

Don’t listen to people that tell you to stay in the comfort zone. Particularly on an entrepreneur forum. Still be strategic, but get out of the comfort zone immediately.

I’d even re-examine all your entrepreneurial choices that were already made with that tiny comfort zone in mind. Might you be acting in fear on more than just the job thing?

 

[Kak]

 

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[mosdef]

Learning to create leads and then closing the sale is quite a trick. IF you're gonna do this, you'd better do a full self-education program. If you are going to go independent, you'd better be ready to drop the hammer.

The alternative of owning part of an agency might be attractive IF you can build in a way to end up owning it or a controlling interest. That would be a winning situation for the moment.

Yes, haven't done before and the only thing scaring me. I'm sure I can deliver on the project I close.

 

[mosdef]

Personally I would consider the above, or hustle on the side but don't let your boss now.

If you start your own agency, what happens if you fail? How confident are you that you can find another job at the same salary as you're now?

If you're doing the above (the 4.5% thing), maybe sign a contract with them saying that you'll start at 4.5% ownership, but that they'll increase that % ownership for you once the company passes $x profits, and it keeps going up. This way you also get to access the company's resources (with risk all on them) while testing if this will all work out. The long term plan is to get more and more % ownership in the company to become a co-owner or majority ownership.




Can't you use your mom or dad's name? And work that on the side.

The 4.5% deal is not an option. I will basically build them a company from the ground up for about 4.5%. in an extremely competitive market. They will also prohibit me to start anything for about 2 years. Not worth it.

Also hustling on the side is not an easy option, they will find out probably. On the other hand im pretty confident I can find another job or go back to my current job.

 

[mosdef]

View attachment 50498

Fine line between giving in to fear and making stupid choices, taking to much risk. But I do agree staying at my current job is the safe option and the option 98% would take.

 

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[Kak]

Fine line between giving in to fear and making stupid choices, taking to much risk. But I do agree staying at my current job is the safe option and the option 98% would take.

I regret replying.

 

[WJK]

Yes, haven't done before and the only thing scaring me. I'm sure I can deliver on the project I close.

Then you need to hire or outsource someone to help you if you quit and go out on your own. An expert can save you tons of grief and teach you how to do that part of the business.

 

[Xeon]

Also hustling on the side is not an easy option, they will find out probably. On the other hand im pretty confident I can find another job or go back to my current job.

If you've enough savings to last for one year comfortably, and are confident that you can get your first couple clients fast, then take that risk and quit, since you say you can find another job or go back to your current one (will your current boss still take you back after you start your own company to compete with his? Lol)

Also, for the first few clients, maybe you can contact the current ones under your current company and offer them better deals when you start your new company, to entice them to shift over.

 

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[Mikkel]

Fine line between giving in to fear and making stupid choices, taking to much risk. But I do agree staying at my current job is the safe option and the option 98% would take.

It is a job, it's not like you're not giving up your left kidney or something you can't replace. I bet you, you could find 5-10 other jobs who would be willing to hire you if things fall through. Quitting your job is only stupid if you have no plan. If you have a plan, execute it. If you need to quit your job to execute the plan, then quit your job.

Don't let a job shackle you to mediocrity.