starting a business, quitting my job.

3Point5InchFlop said:
What does that mean? I never said what I did, and that's a good wage in my line of work.
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People down south do not appreciate that the cost of living up north is much cheaper, so £28k goes much further. And as you've not said how old are, it's a decent enough salary for someone around the 30 mark.

Anyway, good luck with the business. Can you say what you'll be doing?
 
Start new business while still at old job, I'm sure it's possible.

That's what I currently do, but my new business already equals my day job as far as profits but I'm enjoying the double wage so will keep doing both for now (in 4th year already). Long hours only downside with both totaling around 70-80hrs a week.

Don't forget to register with HMRC before you start and start paying Class 2 NIC, and as soon as you think you are gonna get near the VAT threshold register.
 
You've got the start up cash, but have you got 6 months worth of living expenditure cash in the pot in case things don't work?

To echo what the others have said, if you've done your home work and you think you've got everything in place then go for it.

Else, rethink and reapproach. Or take a sabbatical, although I dunno how that works tax wise (aren't you still technically employed?).
 
From my own experience

DO NOT DO IT

I had a fairly well paid job and I thought , why not have a go at being your own boss.
2 Years later and the business is doing ok , but if I knew then what I know now I would have stayed put.
I have to work 6 days a week for 60% of what I was on before and all the stress and worry that goes along with being self employed just aint worth it
 
MowyTone said:
Career break? That way if you still arn't convinced after a few months you have a job to go back to?
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This. Many employers will allow their staff a 12 month unpaid career break so it is definitely worth investigating. Then, if all is well, you would simply need to resign formally rather than go back.
 
Thompson_NCL said:
People down south do not appreciate that the cost of living up north is much cheaper, so £28k goes much further. And as you've not said how old are, it's a decent enough salary for someone around the 30 mark.

Anyway, good luck with the business. Can you say what you'll be doing?
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What does the North / South divide have to do with anything? Having recently started my first job (Up North), I would be very disappointed to be on 28k in 4 years based on my current wage, never mind 14. Not to get at you OP, I realise everyone has a very specific set of circumstances and mine hard hardly relevant here.

On a more relevant note, if the research has been done to the sophisticated level you imply, and you're confident, then just do it! As has been said many times, you can't do well out of a risk if you don't take a risk in the first place!

And if you are set on minimising the risk, there are a few options:
- Career break
- Reduce to part-time / freelance (If appropriate in your field)
- Save money before leaving so that you have a kind of cash "buffer"

And most importantly, leave on the best terms possible, then there's always a chance you'll get the "There'll always be a place for you here" line :).
 
lurkio said:
From my own experience

DO NOT DO IT

I had a fairly well paid job and I thought , why not have a go at being your own boss.
2 Years later and the business is doing ok , but if I knew then what I know now I would have stayed put.
I have to work 6 days a week for 60% of what I was on before and all the stress and worry that goes along with being self employed just aint worth it
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Like everything, it depends what you do. I would say go for it.
 
as said does your start up cash include covering your earnings for 6 months to a year?

most businesses make a loss in the first year break even in the 2nd and make a profit in the 3rd. Without knowing what the business is it's difficult to gauge.
 
billysielu said:
it's actually considerably average
http://career-advice.monster.co.uk/...-advice/uk-average-salary-graphs/article.aspx

but not trolling at all, just saying the chap can do better - so should worry less about giving up an average salary.
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Looking at the information you quote, and using a little applied logic. I would say 28k is above average for someone working outside of london/aberdeen. Due to the wide distribution of wages, mean average for wages is misleading.
 
TheCrow said:
I don't know many self employed people that have more time to spare if anything you are likely to have much less time.
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This man speaks the truth.
I am a director of mine and my fathers company, I work 6 days a week and we are currently looking to expand. That'll be 7 days a week for me.
good luck having extra time with your kids.

If you do need any advice though ask away and I can try to be of some assistance.
 
ok, thanks for a lot of good replies and advice. Few things I've picked up that should have been mentioned before. Yes we are homeowners, however we don't have a mortgage, its paid off. The start up cash is not secured against our home either so that a bit of a safety net. TBH we don't have any debts at all as the cars are both paid for, so the gamble is again reduced.
Fully considered the partner mentioned above, They are a relation however and they are more on board for help and guidance, they sold they're business recently and that was performing exceptionally well. Their cut has been decided by them, at less than I had expected, and its been signed.
I decided before the 1st post not to mention what the venture is sorry about that I just felt like having a bit of privacy.
As for seeing my children more, they will be involved in a way so I will get more time with them than I currently do.

I've thought about this all day, and the whole problem is me.

So it's happening, I'm gonna MAN UP.

Cheers to all for the tips
 
ah that changes things a lot - if you've got no mortgage, no debt... then no doubt you can make savings go a lot further when the business is starting

good luck with it all :)
 
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