When did you leave your "safe" job to puruse your own business?

[msaelim]

So I've been working in HR for the past couple of years or so now and although it's okay I have always wanted to own my own business and had an interested of starting a doggy day care because I love dogs. Before I thought about staffing agencies but there's way too many and I work in staffing and I really don't like it that part of HR anymore.

So I am looking for opportunities right now to volunteer at animal shelters or even part time positions at doggy day cares to get a feel of what it's like to work with dogs and see if I enjoy it. From that point, I would gain as much as experience as I could handling them and then possibly start my own....so we will see how I like it if I get the chance to work with them.

But I'm curious, do you just take a leap of faith and leave your current "safe" job and take a risk to pursue your business? My father decided to quit his job when he saw his business was doing good 35 years ago. I would imagine it being hard to have a part time job and operating a business unless you have some kind of partnership.

[turboguy]

It probably depends a bit on the kind of job you have and the kind of business you want to start. It is probably smarter to keep your job and do the business in the evenings and weekends until it gets established but if both the business and the job need to be done during the same hours then you pretty well need to take the plunge and cross your fingers and learn how to live cheap. Something like the doggie day care would not be a business you could do while keeping your current job unless you have a wife or a partner with free time.

[Fulcrum]

Aug 20, 2012 at 7am. Jumped in with both feet and eyes wide shut.

[BusinessBySusan]

I've been a part of two business in my life. The first was a minority partner in an entertainment company and I worked my day job in Consulting (9-5 job) and this entertainment company at the same time. It was tough because HQ for the business I was a partner of was in another state so I was working remotely.

Few years ago I decided to start my own personal development business where I provide resource information about how to improve your life, I always am an author and I provide content and information for other businesses and I still have my current day job in consulting.

But to answer your question, I've never left my day job and have seen no reason to. I balance my work life with my personal life so I don't feel like I am missing out on spending time with loved ones. I give myself permission to take a break from my the business I own on occasion.

[Harold Mansfield]

Yes, it's hard to work a full time job and start a business on the side, but that's how many people do it. There is never going to be a "safe" or perfect time to do it. You have to weigh one against the other and determine when the time is right for you to take a cut in pay, lose your insurance, and put in more hours than you're used to.

The big determiner is how long can you go without making money? And are you willing to cut back on lifestyle while you're learning how to make it work?

[stevenfies]

Msaelim, I'll tell you how I made the transition myself.

First and most importantly, I made a plan. Actually it was two plans - one being my business plan, and the other being my "life" plan. The life plan was designed as a means of planning my transition from FT employment to entrepreneurship.

Ultimately it took me about 6-7 months to make the final transition. During that period of time I got my business website setup, created a sales/marketing plan, got the consulting certifications I needed, saved as much money as possible from my existing job, and coordinated the business launch with my business partner.

Notably, I also gave myself a 1-2 year financial ramp (made sure I had saved 1-2 years of personal living expenses) and figured out financing for the business in advance, before making the leap.

Having things figured out like this is important. If you quit your job on a whim with only enough money to survive a few months or less, and/or if you don't have a financing solution in place, then you will be under tremendous pressure to reach revenue immediately or fail. Failure isn't a bad thing by any means, it can be a valuable learning experience - but you also want to calculate things out enough that you feel confident about your time horizon for reaching revenue.

In your case, you will probably be bootstrapping (self-funded) and not getting investor money, so it's important to make sure you've thought everything through. I do like your plan of getting some experience in your free time and ultimately making the transition when the time is right.

[Harold Mansfield]

I quit my "safe" job in December of 2007 when it was clear that they were going to shut down in Feb of 2008, and as Mortgage, Banks, and Investment companies were failing left and right. I always considered it a temporary gig anyway. Something to pay the bills while I was learning a few tech and design skills.

The day they announced that they were shutting down our division, I went to Human Resources and told them I wouldn't be coming back after lunch. They had no objection.
At the time Unemployment was being extended to 50 weeks and eventually to 99 weeks, so I used the extra time to downsize and continue learning. I figured I'd be up and running before it ran out, and I was.

So basically I had nothing to lose and was never planning on staying there in the first place.

[Fulcrum]

Harold, you started a business in THAT ECONOMY?

[billbenson]

My career as an international salesman ended in 97 because of internet sales and the industry completely changed. It took me several years to figure out I was unemployable at anything near a salary I was accustomed to. So I started studying online and books and built an online business over time.

I quit looking for a job when I was making more money with my business than the job offers.

[Harold Mansfield]

Harold, you started a business in THAT ECONOMY?
Ha, yeah. You know I love that phrase.

[Fulcrum]

Ha, yeah. You know I love that phrase.

You and me both. I'm still hearing that I'm crazy for being in the industry I'm in.

I walked away from a $25/hour job in 2010 (could've turned 6 figures if I wanted the overtime) and took a $6/hour pay cut to get away from a hostile, nepotistic atmosphere. You wouldn't believe the flak I took from that and the names I got called (familyish forum here so I won't repeat what was said).

@OP, sometimes you just need to take that first step. It's a big one and almost everything looking forward is unknown. Have faith and perseverance. Don't be scared to cut your losses and pivot if you find what you are doing isn't working (too many people don't do this and keep throwing good money at bad). If you are bootstrapping, avoid debt unless you know you can handle the payments. A good accountant or bookkeeper will be a great benefit as well.

Don't let other people's negative opinions turn you away from starting a business if your research is telling you to do it. Of course, you can't ignore what they're saying, but if all they're concerned about is the perceived risk and you think you can handle the actual risk than go for it.

[Fulcrum]

First and most importantly, I made a plan. Actually it was two plans - one being my business plan, and the other being my "life" plan. The life plan was designed as a means of planning my transition from FT employment to entrepreneurship.

I had never heard of doing a life plan until my employee started talking about it last year. Personally, I find life to be too unpredictable to make a plan.


Having things figured out like this is important. If you quit your job on a whim with only enough money to survive a few months or less, and/or if you don't have a financing solution in place, then you will be under tremendous pressure to reach revenue immediately or fail. Failure isn't a bad thing by any means, it can be a valuable learning experience - but you also want to calculate things out enough that you feel confident about your time horizon for reaching revenue.

You didn't happen to be hiding in my shop while I was starting out? Everything you wrote here was the exact opposite of what I did. Then again, I just dove right in and it was sink or swim and sinking wasn't an option.

@Msaelim, I'm in the process of expanding the capabilities of my shop. I have a new toy coming in tomorrow that will give me a fairly decent setup for some small fabrication projects (3 more pieces and I'd call it a great setup). I have no idea if this will fly. Right now, this is just for in house work but I will put the word out that I have the equipment. If I get paying work with it - great. If not, at least I can stop farming out work that I enjoy doing.

I hope this thread helps.

[Harold Mansfield]

Notably, I also gave myself a 1-2 year financial ramp (made sure I had saved 1-2 years of personal living expenses) and figured out financing for the business in advance, before making the leap.

Having things figured out like this is important. If you quit your job on a whim with only enough money to survive a few months or less, and/or if you don't have a financing solution in place, then you will be under tremendous pressure to reach revenue immediately or fail. Failure isn't a bad thing by any means, it can be a valuable learning experience - but you also want to calculate things out enough that you feel confident about your time horizon for reaching revenue.





You didn't happen to be hiding in my shop while I was starting out? Everything you wrote here was the exact opposite of what I did. Then again, I just dove right in and it was sink or swim and sinking wasn't an option.



Same here. I had no money saved, no back up plan and no idea if I could make it. All logic points to the fact that I should have failed and should be an employee somewhere right now.
I always tell anyone who asks NOT to do it the way I did it, and yet I did do it that way and it worked. Not the way I expected it to, but it did eventually work.

I was also single, had no responsibilities, no major bills like a mortgage, and the only person I had to worry about feeding was myself.

[shrinkme]

I went full time consulting independently when my division shut down. It's been a challenge at times but I love being on my own.

[hein]

The trick is to equip yourself with the right knowledge and skill-sets, and with the right mindset. If you have the intent and seriously want to break free from the "system" you will find the time to start and build your business part-time up to a point where you are making equal or more money than your job. We were all conditioned to believe "Go to school, get good grades, get degrees, work hard and climb the corporate ladder and you will have a safe and secure life" but this strategy worked many years ago, but not today where you have unlimited opportunities all around you...

Yes, there will be obstacles/challenges on your path, but it's all part of the journey. You also don't need to take risks when starting your business, cause it's usually the the risk that kills it in the end. Structure you finances in such a way to minimize upfront cost or even structure it without using any money at all in the beginning. Depending on your type of business you might need a partner, or maybe you can bring in partners at a later stage in order to help you grow the business.

Remember the purpose of your business is to provide value and fulfill a need by selling a service/product to a group of eager buyers. And your job is to get a client and keep them at a profit. Also remember that your business should not keep you a slave within the business where you work yourself to death...perhaps in the beginning it will require lots of effort and time in order to get it off the ground. But as you progress through the different business levels...you should work ON your business NOT IN.....Huge difference

In the end your business should make YOU more FREE. Meaning that it should create and provide more FREEDOM time for yourself so that you can enjoy and do the things that you really passionate about.

I hope this helps:)

[Harold Mansfield]

Also, no job is "safe". From mergers, to buyouts, to downsizing, to bankruptcies, layoffs outsourcing, greed, and fraud...if you're an employee anything can happen to your job at any time. If you're not at the top of the food chain making decisions you have no idea what those who are, are doing up there.

Depending on how high up you are, being in a union and other factors you MAY have some notice or parachute benefits package, but nothing is guaranteed.

[Fulcrum]

Also, no job is "safe". From mergers, to buyouts, to downsizing, to bankruptcies, layoffs outsourcing, greed, and fraud...if you're an employee anything can happen to your job at any time. If you're not at the top of the food chain making decisions you have no idea what those who are, are doing up there.

Even when you're self employed you're not safe. Sure we might own a business but odds are we all serve larger customers (mostly) who in turn serve other customers. If there is a downturn in the market there is a cascading effect.

I've been seeing a lot of similarities to 2007/2008 lately and I wouldn't be surprised if we see another major crash within the next couple of years.

[Harold Mansfield]

One I just saw one locally. A CA supermarket chain came in and purchased stores/locations from an existing company. They kept the employees and honored their benefits package. Cool, right?

A year later they went under and sold the locations back to the exact same company that had previously purchased them from, who are now making the employees reapply and they lose seniority and benefits. They start from scratch again.

That is such BS. I'm so pissed off that they treated those people like this that I won't shop there anymore.

[Fulcrum]

Was that first purchaser a reputable company or a shell setup to do exactly what they did?

[Harold Mansfield]

Was that first purchaser a reputable company or a shell setup to do exactly what they did?

Both are reputable companies. One from CA with 150 locations breaking into the Vegas market, and the other is one of the largest in the country with 2,205 locations.

[billbenson]

I'm kind of with you and kind of not.I don't agree with the stereo typical union example of somebody putting a screw in a car getting a higher wage for doing the same job, just because of time on the job.

I do agree with giving a good employee a pay raise if they study for a higher paying job.But not if they are just being lazy and want more money for stocking shelves or whatever.

I also think people should get cost of living raises.

[Anoura929]

I started my company straight out of college and left an analytics job making roughly 40-45$/hr to follow my dream of owning my own online store.
I am hiring my first employee soon and will pay her well... I chose her after seeing her facebook page and really liking how she writes.