Advice request on whether to quiet my job and start my own business
- Thread starter DonegalDanny
- Start date
I dont get this?
For any business owner, your employees that make you money, you will be loyal to. Those that do not make you money, you release.
Pay off your debt
Save some money
Work on your business on the side, and if things are looking good quit. I'd tell you to quit now but you have 10k in debt...
Whatever you do make sure you don't put yourself into more debt..
Save some money
Work on your business on the side, and if things are looking good quit. I'd tell you to quit now but you have 10k in debt...
Whatever you do make sure you don't put yourself into more debt..
Said mindset doubles as an invitation to financial butt-rape when embraced by simian-level business savviness. Trust me on this.
Little Boy Blue...
HE NEEDED THE MONEY!
Take a hint, DannyD- quick way to pay down that debt.
Def not wrong on this one. I was not prepared in the least. Had a couple years of business school (accounting major) so I wasn't a total fuck-head, but I certainly wasn't far off. I accumulated a lot of debt, and eventually ended up selling Gmail addresses to some of you guys. I figured it out because I had to, which I suppose brings me full circle to my point again.
I too had a similar amount of debt, and no savings. Perhaps not the route I should be recommending, but if I could go back, I would do it the same way.
Stay out of debt, in particular don't owe money to a government because they will hound you forever.
Other than that, do what you want. I started with less than 2 months of savings and I've been able to live and travel for a couple of years, however I did put in the time after work to begin with for at least on year. I also wish I would have had more money to begin with so I wouldn't have had to hustle with sidegigs and consultancy. That drains your brainpower away from your own projects.
Save up a couple of months at least.
Other than that, do what you want. I started with less than 2 months of savings and I've been able to live and travel for a couple of years, however I did put in the time after work to begin with for at least on year. I also wish I would have had more money to begin with so I wouldn't have had to hustle with sidegigs and consultancy. That drains your brainpower away from your own projects.
Save up a couple of months at least.
TL;DR
But... from sivers.org/tarzan
But... from sivers.org/tarzan
I get emails from many people who want to make a big change in their career.
Each one wants to quit their current career, and boldly leap into their new venture or preferred lifestyle.
When they ask my advice, they think I'm going to say, “Yes! Quit! Go for it!”
But instead, they're surprised at my suggestion:
Remember how Tarzan swings through the jungle? He doesn't let go of the previous vine until the next vine is supporting his weight.
So my advice is: Change careers like Tarzan.
Don't let go of the old one until the new one is supporting you.
And make sure you don't lose momentum
While it's possible to bootstrap a business with very little or no money having some money makes everything 100x easier. You don't want to get to the point where you have to choose between paying your hosting bill or cell phone bill or having to do something for 2-3 days that a service/software that costs $100 can do within minutes.
My advice would be to evaluate every dollar you're spending and cut anything that doesn't have to do with food/shelter/medicine and then find ways to get those food/shelter/medicine expenses down even further. Then either save up for a few months and quit or start waking up at 11 pm, work on your business before work, then go to your job at 9 am, clock out at 5, go to sleep and repeat... That way you're using all of your energy on your business and being slow/unproductive on somebody else's dime.
My advice would be to evaluate every dollar you're spending and cut anything that doesn't have to do with food/shelter/medicine and then find ways to get those food/shelter/medicine expenses down even further. Then either save up for a few months and quit or start waking up at 11 pm, work on your business before work, then go to your job at 9 am, clock out at 5, go to sleep and repeat... That way you're using all of your energy on your business and being slow/unproductive on somebody else's dime.
This.
I actually still consult for my old company while running my primary business. If you are allowed to work remotely, its actually pretty easy.
If you are going to run with this make sure you set up an LLC, get an EIN, bank account & CC in the LLC's name / keep your personal stuff separate from your business and get some general liability insurance.
Make sure you protect your personal lability (you obviously should do this with any business) because if your business takes off they may come after you, considering you spent months discussing it with them and I'll assume you were working on it on their dime?
I ran it for 4 months, did $4,000 in revenue, just turned a profit and then shut it down.
Then I quit my job and started my own marketing company and haven't looked back since.
Thought people might enjoy the update. I'm not making much money, but every month I get another client on retainer and my monthly income rises a bit.
Work hard folks
https://www.youtube.com/watch?v=bF4Dw_CNTys
Congrats! But why did you shut it down? Why not run it while also running your marketing biz?
It was a US site and I'm in the UK. I had access to a US bank account through my job, but once I quit that I couldn't keep it going.
In retrospect, I should have found a way, but I wanted a break from e-commerce for a while too.