new business idea - quit my current job or not?

ilcp

ilcp

ilcp

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Ok one of my friend has had a good business idea that could potentially be a big winner if done right and marketed right etc.

I am currently helping him out during evening/weekends as I work full-time. I have just heard that another company (albeit in US) are going to be launching something in the area we are building our product in.

Q: Should I leave my current job to concentrate on our business? The only reason I hadnt yet is:

1. wasnt sure if this idea would be good (but another company are doing so)
2. what if it still fails - no job
3. no income for the next year or so ( not really an issue per se because i am at home, but i was saving up my income to get on the property ladder.)

The pros are :

1. work from home
2. my own business

so what are your thoughts? anyone who has gone/done the same thing, experiences, suggestions?

Thanks
 
If you can stick with your current job AND work on the new business then I would do that. All depends on if you can afford it or not.

Re the US company launching a similar item/service, Is it likely to have an affect on your business in the UK? If not, then it could be a good idea to wait a few months and see how they get on to get a gauge on where your business might be heading. If their business might affect yours then it could be a case of making your first decision as Director and just going for it regardless of any competitors.
 
Can you work both jobs and see if it takes off? Even if it means working your arse off at all hours for a while?

Also if you're going into business with someone, especially a friend make sure the ownership, obligations and exit options are clear and agreed legally.
 
I am currently working on it part time but I just thought i could do it properly if I work on it full time
 
Hikari Kisugi said:
What is your current job and field?
Hiw easy would is be to resume a career in this field if the product fails?

Whats the product?
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I am in IT and the business idea also is it related. So I can put this on my cv and will gain skills
 
Without knowing what the product is how can we help? it could be a poor idea and we all tell you forget it or it could be amazing!
 
ilcp said:
I have just heard that another company (albeit in US) are going to be launching something in the area we are building our product in.
Click to expand...

Does this mean you'll be in competition with an international company or you think they might use what you're doing?
 
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well they haven't really said what they intend to offer, but have said it is in the same market as mine for the same audience as what my business intends to target.

JAMAL:

I dont want anyone else to offer the same product, and my friend has told me to keep it a secret for now. If I said what we will be creating, you or anyone else might go and finish the product and then we would lose out, I think that it is very important for us to be the first ones to offer this.
 
How old are you and how long have you had your current job?

I'd work both jobs even if it takes up all your 'free' time. Don't quit and do it if you don't have a job to walk back in to.

Be careful of starting a proper business with friends/family etc. that you'll need to invest time & money in to.

Good luck.
 
Id look indepth at all the markets that can affect your product. Just because some US startup is doing same / similar doesn't mean it's a good idea. Idea's are also not worth anything, it's the execution of that idea is what gets you money. You will probably find there are many people doing similar to you, your never be the only one.
 
As your living at home you have no rent/bills and overheads to pay so regular income isnt that important. If you really believe in this venture I would quit your job and throw all your effort into it... You'll regret it if you don't..

Even if it fails, you won't be in massive debt and you'll have valuable life experience. You can also add 'company owner' to your CV.
 
leaskovski said:
What does your current job contract say about doing work on the side?
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why would they have a problem with me doing something on the side?

I have told people @ work i am doing work in the evening and no one has said anything.. so i guess if there was a problem, i would have known about it.
 
For some reason some employers try to write into a contract for Developers that any work you do whilst under their employment is the property of them. I dont think something like that would ever actually be tested though.
 
leaskovski said:
For some reason some employers try to write into a contract for Developers that any work you do whilst under their employment is the property of them. I dont think something like that would ever actually be tested though.
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You can be sure it would be tested if it was successful!
 
You say you are helping the friend so would you you be working for him or would you be a partner? assuming you are a partner...

If you can do both jobs then carry on both. But if not then I would be inclined to go for it. Life is too short not to take opportunities if you believe there us a reasonable chance of success and you are able to support yourself while not earning.
 
leaskovski said:
For some reason some employers try to write into a contract for Developers that any work you do whilst under their employment is the property of them. I dont think something like that would ever actually be tested though.
Click to expand...

Its not limited to developers, this is something that you will want to be wary of... to the point of not discussing it at all in your work email, having anything to do with this 'project' on your work pc or accessing any websites related to it or places where you discussed it from work.

Any of the above could be used to claim that you worked on said project during the employed hours of your company and therefore any intellectual property created is rightfully theirs.

Im a sysadmin and this type of clause is in my contract, but i believe it extends to non technical roles too as various forms of documentation and processes could be considered 'IP'

It sounds like a tinfoil hat approach, but its not that far fetched.. I believe the legal case between the winklevoss twins and facebook was all over this kind of territory
 
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