starting a business, quitting my job.

3Point5InchFlop · 9 Oct 2013 at 15:19

Looking for tips and advice guys. Me and my Mrs have been planning our business for a long time now and the projections are good, start up money is in place, and a partner on board too. Happy days.
Now to the hard part, I've been in my current job for 14 years and earn just over 28 grand a year. I'm bottling it to leave. How did others cope with the worry that your throwing away a decent paycheck on a gamble.
Right now I'm stalling, shouldn't be. I should be excited on a new venture, thrilled to get to spend more time with the kids than I do now. But I'm bricking it.
Thoughts?

Paul11 · 9 Oct 2013 at 15:21

why cant you start your business on the side whilst you are still working and only quit your job once its up and running ?

Suarez7 · 9 Oct 2013 at 15:22

Life is all about taking risks.

tom_e · 9 Oct 2013 at 15:22

It's always going to be a gamble doing something like this, all you can do is make sure you're as certain as possible that you're going to be able to make it work and be prepared to put crazy hours in at least in the beginning to make sure it's a success.
Good luck!

Judgeneo · 9 Oct 2013 at 15:24

Paul11 said:
why cant you start your business on the side whilst you are still working and only quit your job once its up and running ?

This.

However, if you've been planning for as long as you said, and are confident in your projections, have money ready, then I'd say go for it!

3Point5InchFlop · 9 Oct 2013 at 15:25

Sorry I should have mentioned that. It's due to the conflicting hours I can't start up on the side. I really wish I could. But there is no way to be both places at once.

4Qman · 9 Oct 2013 at 15:25

You either take the risk now, or spend the rest of your life wondering!

randomshenans · 9 Oct 2013 at 15:25

You never roll a double without rolling in the first place.

MowyTone · 9 Oct 2013 at 15:27

Career break? That way if you still arn't convinced after a few months you have a job to go back to?

MeEsH BaKkA · 9 Oct 2013 at 15:27

I'm in a similar position myself, luckily with my job I can do private work in my own time and earned roughly half of what I usually do with my employed job last year. Which whilst very good money is nackering and makes an even bigger financial jump initially if I do decide to go it alone.

If it's something you want to do then do it, the biggest thing that is making me want to go full time running my own company is, nothing beats being the boss and earning money for yourself.

eatcustard · 9 Oct 2013 at 15:30

Go for it and good luck

TheCrow · 9 Oct 2013 at 15:31

If you can't do them both them you just need to take the jump and go for it. Sounds like you have everything in place and thought out.

3Point5InchFlop said:
I should be excited on a new venture, thrilled to get to spend more time with the kids than I do now.

I don't know many self employed people that have more time to spare if anything you are likely to have much less time.

Steedie · 9 Oct 2013 at 15:32

"The most dangerous risk of all - The risk of spending your life not doing what you want on the bet you can buy yourself the freedom to do it later"

Do it OP

Cosimo · 9 Oct 2013 at 15:35

You can’t give it a 100% doing both and the only way you’ll make it successful is by being able to give 100%. You know what you have to do next. Good luck with it.

Randomface74 · 9 Oct 2013 at 15:36

14 years to be on 28k - depressing as hell - gl with the business

alx · 9 Oct 2013 at 15:37

Nothing ventured, nothing gained

3Point5InchFlop · 9 Oct 2013 at 15:38

billysielu said:
14 years to be on 28k - depressing as hell - gl with the business

What does that mean? I never said what I did, and that's a good wage in my line of work.

Scougar · 9 Oct 2013 at 15:38

Do you have to be there initially? Can the partner or the wife do the work in the hours of conflict? Cash flow is going to help your business that's all.

Career break is a good option btw... look into it!

Also.. don't trust your partner, treat the relationship for the business as purely professional. Seen people get screwed over by so called friends that were partners.

dowie · 9 Oct 2013 at 15:41

3Point5InchFlop said:
Sorry I should have mentioned that. It's due to the conflicting hours I can't start up on the side. I really wish I could. But there is no way to be both places at once.

If that's not an option then what about part-time... I mean if you've been with an employer for 14 years then surely you can negotiate a change in hours - explain to them the situation... as a long term employee you ought to stand a reasonable chance.

Your wife and a business partner are both involved in this - is your role something that they can't do? Do you really need to be there 9-5 every week day? Perhaps look at doing 2-3 days at your current job and spending the rest of your time on the business - a friend of mine did this when he was starting up his company.

PapaLazaru · 9 Oct 2013 at 15:41

Just go for it, though one word of warning.

If you have a mortgage, you will find it extremely difficult, if not impossible, to remortgage with another provider for the next three years. You will need to stick with your current provider and just switch products.

Apart from that, what's to lose? You have done your homework and funds are in place. You can't back out now.