Advice request on whether to quiet my job and start my own business

DonegalDanny

DonegalDanny

New member
Jan 31, 2011
58
1
0
Hi Guys,

I don't post here often, but do lurk a lot and know there are a lot of smart people here and so if you're willing I'd like to ask for your advice.

Basically, I've been working for an e-commerce company for a few years now with a background before that in freelance digital marketing (nothing hardcore, just working with local businesses).

I started in an entry level position in this e-commerce company, but was quickly recognized for performing well, and I started working for the chairman (self made millionaire) on a business unit within the business, all the while the chairman taught me loads about the business side of things.

Two years later, I know every aspect of running an e-commerce business, from the marketing, to operations, product development, pricing etc.

As such, I put together a business proposal for a new e-commerce site within the company and after a couple of months discussing this with the managing director it's been declined. They say it looks good, but the company isn't in a position to launch any new business units until the next financial year.

The thing is, I put together this proposal with that in mind, and so basically the whole proposal was built to negate that issue: dropship suppliers, shopify rather than Magento, etc. Basically I wanted to bootstrap it myself with almost no input or funding from the wider business, and yet they still say no (apparently it would still require extra work from accounting and they are over stretched).

As such, I'm very much tempted to quit my job and just run with this idea myself. I am loyal to the company, I learnt almost everything I know through working there, but at the same time I don't want to let this opportunity pass.

Also, I have no savings, maybe about $10,000 in debt. But I do have a couple of family members who would fund me a few grand each, as well as a government scheme which offers up to ten. As the business is based around dropship suppliers (initially) the up front capital requirement is quite low.

I'd just need to buy some small equipment, maybe rent a desk and pay personal expenses/debt repayments till the business takes off.

It's a massive risk, but I don't know if I can not do it. I'm 24 and male if it matters. Any advice you have would be very much appreciated.

Cheers

Edit: Sorry about SP in title
 


Also, I have no savings, maybe about $10,000 in debt. But I do have a couple of family members who would fund me a few grand each, as well as a government scheme which offers up to ten. As the business is based around dropship suppliers (initially) the up front capital requirement is quite low.
Click to expand...

Advice request on whether to quiet my job and start my own business
Click to expand...

Seriously?
 
Don't quit your job. How else will you pay your bills?
Don't rent a desk. Work at home after work and on weekends.
 
droplister said:
Don't quit your job. How else will you pay your bills?
Don't rent a desk. Work at home after work and on weekends.
Click to expand...
Hi, well the government scheme is a personal loan so I could probably live off that for a few months. I think I could have the site generating enough sales by then.

I actually do some freelance work as well outside of my day job, I could keep that going and use that as well. Or I suppose stop the freelance, and use the time to work on the site.
 
I quit my job because I had another job offer, which fell through (IRS took money out of his account). I have been in business for myself ever since.

This is not for the faint of heart. I started with no plan and I was luckily enough to do some things right.

Though, none of us can sit here and deny you of your dream. Trust your gut and be ready for the long haul.

I'm PMing you my skype to see if i can help in any way
 
If you struggle to manage your expenses while having a steady job and a steady income, you will most likely struggle when living + invesitng on a shoe string budget.

Sort that out first.

Like others said, don't quit, put your whole life and all the free time to lift that biz of the ground while still having a job.

Rest when it is up and running and you can quit your job.
 
unless your home job (or your venture) can pay all your bills + health care insurance + and some part goes to your savings, don't even think of quitting your day job.
 
Drop ship?

Do you live on a imaginary Space ship? Low margins, massive competition, customer acquisition costs through the roof, so you must.
 
You should noisy your job, not quiet it... unless you work in a library that is.

On a more serious note I've been in you position.
What I did is start working on my online job in my spare time (in my case at nights) until I felt that the income was stable enough for me to quit my job in order to ramp it up.
Don't quit your job unless you're 100% sure you can live on the income that you will (not expect - WILL) get from your new venture.
 
SkyFire said:
Drop ship?

Do you live on a imaginary Space ship? Low margins, massive competition, customer acquisition costs through the roof, so you must.
Click to expand...
It can be. However I have worked with dropship suppliers in my day job and it is possible to get decent profitable dropship relations with companies if you know how to find the right ones.

Appreciate the advice from everyone.
 
Seriously you need to get that debt paid off and get about 3-6 months of savings. Starting a business and running a business are 2 different skills.
 
OP if you're 10k in debt and can't even form a proper sentence for your thread title, then I don't think quiting your job is a good idea. Instead you should do what others have suggested and keep your job and work on your biz during weekends and/or whenever you have any downtime.

No offense but I suspect your money management is awful, which doesn't bode well for you if you want to be self employed.

You should be thankful that you at least work for an e-commerce biz and not something totally unrelated that you hate and can't gain any useful insight from for your own endeavors.
 
Definitely pay off the $10k first.

You don't want to end in a position where you're not making money, you can't pay off your debt and you credit gets ruined. I am all for "fuck the banks and government" but good credit can definitely help you with your business in the future. You will never know when you need it.

Best of luck OP.
 
1. Quit Job
2. Fuck your debt
3. Eat Ramen
4. ?????
5. Profit


you-can-trust-me.jpg




/notserious
 
Your current job has more financial security than trying to start your own business. And you have $xx,xxx in debt. I think the answer is very clear.
 
Why not keep your job now, and slowly put together the backend of what you want to launch? Start filing necessary paperwork, starting building assets, get some relationships together, etc.

A few months down the road you'll start to get an idea of whether you can proceed or not. You'll get to keep your current income and not get more crazy in debt, yet you'll get a taste of the other side.

If it fails, at least you still have a job.

But if it pays, you now have leverage at your current job that it was a grand idea and THEY fund YOU, or you leave and blow it out the ole wazoo and get the debt you were going to grab otherwise.
 
DonegalDanny said:
I put together a business proposal for a new e-commerce site within the company and after a couple of months discussing this with the managing director it's been declined.
Click to expand...

If you can't sell to people you know it's going be harder to sell people your don't if you start working for yourself.

Do the idea on the side, if it works then make the decision to quit or even better sell it to your boss when it's making $$$$$.
 
You must log in or register to reply here.
Top Bottom