Should I or Should I Not - Quit My Job...

[Exuberant]

It's not about being lazy. All I'm saying is you may think you need to quit to get more time but if you can generate income from the business while keeping the job, then you really didn't need to quit and lose the majority of your income did you?

Savings is good but based on my experience, I'd rather be generating a decent revenue from the business before I make the jump again.

No one here would advise you to stay in a job the rest of your life, that's crazy.


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[actionmonk]

It's not about being lazy. All I'm saying is you may think you need to quit to get more time but if you can generate income from the business while keeping the job, then you really didn't need to quit and lose the majority of your income did you?

Savings is good but based on my experience, I'd rather be generating a decent revenue from the business before I make the jump again.

No one here would advise you to stay in a job the rest of your life, that's crazy.


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Ok, you know what you are saying is an ideal situation, but the reality seems a little different, 24 hours a day, includes 8 hours for work, 8 hours for rest and 8 hours for recreation.

In reality, work = job is not 8 hours it ends up being 12 hours, including travelling etc. I've tried sleeping less and it's of no use risking your health. So 8 hours of sleep. You are just left with 4 hours out of which you can barely pull out 2 hours for business.

When you are starting up and until you gain traction, you are the one doing all the work. Learning and trying and failing.

See how difficult it gets, when you try to play it safe. It's just 2 hours let's say 5 days a week.

I don't know about others. But to me it looks like the opportunity cost is huge of keeping a job.

I'd torch it as soon as I can, as scary as it may seem.

I love the idea of keeping a job while building your business, but it's not really practical.

One day you have to jump. At least I have to

Well, that's my reality.

But thank you for sharing your thoughts. Wish you the best!

 

[Exuberant]

Please don't take it the wrong way. I'm just sharing my experience of twice having quit a job without generating enough income from my businesses.

This time around I'll be doing it differently.

I wish you all the best and I'm sure in a few months time we'll hear a great update from you.


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[arukomp]

It's harder to stay in a job for the rest of your life.

I believe it's the opposite. It's easy to stay in the same job for the rest of your life, because it becomes your comfort zone. CHANGE is hard.

 

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[Nic S.]

I find myself in a bit of a dilemma, and would appreciate advise from the fastlaners here.

I've been working for a co. for a little over 12 years now, as a project manager. Decent job, rather a comfortable one and a decent paycheque along with a great relationship with the owners of the co.

But then there is a problem...

I am still in the slow lane, have been aspiring to get into the fast lane from perhaps a decade now. I've failed at an attempt in business at least twice. ( serious yet amateur attempt, involved debts etc, which thankfully I am out of now.) Yes I did learn in the process so no regrets.

At this very moment I am making an attempt to build an online business while I do my full time job, but the amount of effort I am able to put in here is not much, my job consumes about 12 hours (including the commute)

I am thinking of continuing it this way for another 6 months, and then quit my job, even if I haven't gained lot of traction in the business and intend to do it full time and live off savings - good to keep me going for at least a year.

Another thought, tells me to keep the job use the money I am making there and let that fund the business expenses like advertising and only quit when I am atleast matching my income from my job.

But to build a business you need consistent effort, I am trading a significant amount of time in the slow lane and very less towards the fast lane.

I am not sure if I am just afraid of letting go of a job that's comfortable and trying to give myself reasons why quitting may not be the right thing to do?

What are your thoughts, any body who has been in the same situation? how did it go for you?

Would love to hear from you.

Thank you

I just did that about a month ago.
I am starting by first startup - I have a prototype and I got to a point where I was ready to launch a Kickstarter campaing so I decided to quit my 90k job to get on the fastlane.
I have the product almost there but I didn't have enough traction so I quit to focus on that. Building traction takes time, I found out quick. In retrospective, I could have hold onto the job to use that cash to do more marketing, but I don't know if I could have that part time either. Is tough to see it until you actually do it.
My suggestion will be to do your homework. Like how much you have, how much you can spend on building your customer base, and how long. If you time is 3 months to gain more traction, plan for 5 or 6 months.
Maybe find resources that you can do the basics like building you a landing page, articles for your blog ect. Fiverr.com is a great place to find the resources you need as little as $5, don't spend too much until you find the right person with the right quality before you spend more.

Taking risk is necessary when you are starting your own thing, but make sure is a calculated one.
Good Luck!

 

[actionmonk]

All right!

Did not realize it has been 4 years since I last updated this post.

Based on the tips I got from this forum, I was able to successfully negotiate a deal with my employer. For about 2 years, I worked only part time, but was getting paid a full-time salary.

It was all temporary though, and soon it was time for me to decide if I will quit or go back to doing the job full time.

I decided to quit.

I am willing to take a step in the unknown.

I have enough supplies to keep me and my family going for a year or two.

So the real fastlane journey has just begun.

Stay tuned...

 

[Nez24]

I find myself in a bit of a dilemma, and would appreciate advise from the fastlaners here.

I've been working for a co. for a little over 12 years now, as a project manager. Decent job, rather a comfortable one and a decent paycheque along with a great relationship with the owners of the co.

But then there is a problem...

I am still in the slow lane, have been aspiring to get into the fast lane from perhaps a decade now. I've failed at an attempt in business at least twice. ( serious yet amateur attempt, involved debts etc, which thankfully I am out of now.) Yes I did learn in the process so no regrets.

At this very moment I am making an attempt to build an online business while I do my full time job, but the amount of effort I am able to put in here is not much, my job consumes about 12 hours (including the commute)

I am thinking of continuing it this way for another 6 months, and then quit my job, even if I haven't gained lot of traction in the business and intend to do it full time and live off savings - good to keep me going for at least a year.

Another thought, tells me to keep the job use the money I am making there and let that fund the business expenses like advertising and only quit when I am atleast matching my income from my job.

But to build a business you need consistent effort, I am trading a significant amount of time in the slow lane and very less towards the fast lane.

I am not sure if I am just afraid of letting go of a job that's comfortable and trying to give myself reasons why quitting may not be the right thing to do?

What are your thoughts, any body who has been in the same situation? how did it go for you?

Would love to hear from you.

Thank you

I found myself taking a good look in the mirror and this quote has stuck with me "Do not confuse movement with progress" I was doing the same old thing is was comfortable but I was getting nowhere same problems , same results and I did not see it for some reason. I had to change it does not feel good or comfortable to me but it was what I had to do to start growing. And having a support system.

 

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[Juke]

All right!

Did not realize it has been 4 years since I last updated this post.

Based on the tips I got from this forum, I was able to successfully negotiate a deal with my employer. For about 2 years, I worked only part time, but was getting paid a full-time salary.

It was all temporary though, and soon it was time for me to decide if I will quit or go back to doing the job full time.

I decided to quit.

I am willing to take a step in the unknown.

I have enough supplies to keep me and my family going for a year or two.

So the real fastlane journey has just begun.

Stay tuned...

Congratulations, wishing you all the best!

I find myself in a similar situation, deciding on the right time to quit my job and go full time Fastlane entrepreneur so I know exactly what you were going through and how hard that decision was.

Looking forward to hearing how you get on! Good luck

 

[zblundell]

I would quit my job right and dive in to the fastlane, however I have so much debt right now that it is not even plausible. (I literally could by a super car if my debt was reversed) Keep going, keep trying, never give up, and don't be dumb like me and get in over your head with debt. As long as you stay motivated, you will succeed.

 

[actionmonk]

I would quit my job right and dive in to the fastlane, however I have so much debt right now that it is not even plausible. (I literally could by a super car if my debt was reversed) Keep going, keep trying, never give up, and don't be dumb like me and get in over your head with debt. As long as you stay motivated, you will succeed.

I am no stranger to debt, but overcame that hurdle a few years ago. I went for several settlements, took a hit at my credit score, but now it's stellar again.

From that point on, the word EMI does not exist in my life.

Paying off your debt as quickly as possible IS your Fastlane for the moment.

All the best!

 

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[actionmonk]

I am going to discontinue updating this thread. As the purpose of this one has been fulfilled.

If you're interested in following my entrepreneurial journey. I started a new thread, with another username. AUM.

Here is the link EXECUTION - Authorpreneur in the Making. Goal - The Unscripted Life.