Should I quit my job and focus 100% on my own business?

Updated on : January 17, 2022 by Jacoby Lambert



Should I quit my job and focus 100% on my own business?

I was in a very similar situation when I started Gillware Data Recovery. He was a successful software architect with a healthy six-figure salary, but he was bored with software and did not enjoy having bosses.

At first I worked 40 hours in consulting and then another 40 hours in the side business. I'm a bit of a workaholic so that wasn't a big deal. The 40 hours in the side business never felt like a job, it still doesn't.

I was lucky that when I wrote / designed software for large companies, I did it as a consultant. I was twice lucky to be well above average.

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I was in a very similar situation when I started Gillware Data Recovery. He was a successful software architect with a healthy six-figure salary, but he was bored with software and did not enjoy having bosses.

At first I worked 40 hours in consulting and then another 40 hours in the side business. I'm a bit of a workaholic so that wasn't a big deal. The 40 hours in the side business never felt like a job, it still doesn't.

I was lucky that when I wrote / designed software for large companies, I did it as a consultant. I was twice as lucky to be well above average in that profession and to be able to perform the normal tasks of a 40 hour consultant in about 15 yo-hours. So I worked it out with my managers and worked less and less over time, until finally it didn't even make sense to work those 15 hours. This was to the chagrin of my IT pimp who was losing money on my stupid non-40 hour antics.

It is worth noting that I have never paid myself a CEO salary that is equivalent to what I earned as a software mercenary. More money to me means less happy employees or fewer employees doing all the fun things I want them to do. It is also worth noting that he was not married and had no dependents. If I'm honest with myself, I'm pretty sure I wouldn't be able to do it again, or at least not until my kids are off to college.

We are on this planet once. If taking risks and being your own boss is important and you feel driven to do these things, skip. This is the hardest part to analyze because you need to be truly honest about your personality and what makes you happy. Most people are not so happy at work, or at least they are much happier on the weekends. Those same people enjoy weekends and free time more because they can't really think about work at all and are only concentrating on their hobbies / friends / family. When you and your family's income come 100% from your own business, you can't turn it off, you'll think about it all the time, possibly even in your dreams. I used to dream of hard drives all the time. Sad. But for me everything is worth it.

I can tell you that I will never have a job where an old man with a stupid mustache with 40 IQ points less than me tells me what to do. Even if he's a perfectly nice man with a well-groomed mustache, that pays me an exorbitant salary. While I have never been considered a maverick, I know for a fact that if I ever need to, I can put together a winning team to tackle almost any industry. Trust has been earned by doing it more than once.

Ultimately, listen to your instincts. If that drive toward daily work dreads you, and if you start spending more and more time looking at your watch and thinking about your other job, it's time to move on.

You're in a great situation, I think. Since your side business already makes money, you probably wouldn't be completely insane if you quit your job. The other answers are really good, so I'll try to take a slightly different perspective. Aside from the obvious risks (like competition, market changes, etc.), the biggest risk of leaving your job is that you won't perform as well personally without the structure of a 9-5.

I am someone who performs very well with a certain structure. When I was a PhD student, I had an extremely flexible schedule and it didn't work out well for me. I had a lot of three

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You're in a great situation, I think. Since your side business already makes money, you probably wouldn't be completely insane if you quit your job. The other answers are really good, so I'll try to take a slightly different perspective. Aside from the obvious risks (like competition, market changes, etc.), the biggest risk of leaving your job is that you won't perform as well personally without the structure of a 9-5.

I am someone who performs very well with a certain structure. When I was a PhD student, I had an extremely flexible schedule and it didn't work out well for me. I had a lot of trouble getting things done. As soon as I got a 9-5, my productivity, both on and off work, improved. I just put in more hours a week. One big reason was that I had to get out of bed every morning, and I had to do at least some work on my 9-5. It was really rewarding to be successful at work and it gave me an extra boost to start some side projects.

Since then, I have spent a lot of time giving myself structure in my spare time and I can be productive even on the days when I am not working. But it took a long time to arrive. So if you end up jumping ship, be sure to look at the business fundamentals first and follow the great advice in many of these answers. But don't forget the psychological aspect. Make sure you have a plan to stick to a routine and get work done every day, even without a boss breathing down your neck.

As someone who just closed a business a few months ago, you can probably be of some help.
1) Can you live without your salary amount for example 6 months to a year in case things don't go as planned? It's apparently one of the first questions you need to answer before starting out on your own. How long can you hold out?
2) 9-5 maybe a routine, but on your own you could extend beyond that, you may have to work longer hours. How are you arranged for that?
3) How is the competition and the size of the market? (This is where my business couldn't work because the cake was too small and I didn't

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As someone who just closed a business a few months ago, you can probably be of some help.
1) Can you live without your salary amount for example 6 months to a year in case things don't go as planned? It's apparently one of the first questions you need to answer before starting out on your own. How long can you hold out?
2) 9-5 maybe a routine, but on your own you could extend beyond that, you may have to work longer hours. How are you arranged for that?
3) How is the competition and the size of the market? (This is where my business couldn't work because the pie was too small and I didn't want to do the projects that were presented to me as I could get more satisfying projects as a freelancer.)
4) Write down realistic achievable goals for yourself and what you expect for your business in the next year, two years, etc.
5) Could you get a job as a consultant to have more free time searching for add-ons? ?
6) While salary addiction is hard to break, if you think seriously and are convinced of the potential of your business, go for it. You can always go back to ball and chain, right?
7) Do not burn bridges, you never know when you will have to cross them again.
8) Good luck and hope it helps you.

Do you have the money for all the startup costs, all the skill sets, mindsets, and tool sets to do this? more cash to survive for 5 years?

One of the things we do is build businesses from scratch; put EVERYTHING in place to start being profitable in 3-5 months. We charge $ 35-200K to do all the things required and we guarantee the success of that business. During that period, there is a staff of 3-5 people who work full time.

The alternative is to grope it for maybe 5 years (which is the average) and struggle to achieve profitability (potential) or the norm, failure. Li

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Do you have the money for all the startup costs, all the skill sets, mindsets, and tool sets to do this? more cash to survive for 5 years?

One of the things we do is build businesses from scratch; put EVERYTHING in place to start being profitable in 3-5 months. We charge $ 35-200K to do all the things required and we guarantee the success of that business. During that period, there is a staff of 3-5 people who work full time.

The alternative is to grope it for maybe 5 years (which is the average) and struggle to achieve profitability (potential) or the norm, failure. Probably, even if you are running an existing business and trying to grow it, you have done it by your will and hard work; not because you know how to run a business. Your question is indicative of the lack of knowledge it takes to work full time.

When your business is generating passive cash flow that replaces your own income from another job, then you can quit your job.

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Since there is a lot of competition in the wordpress plugin space, I would recommend that you continue your work until your business is generating at least 60-75% of your income. Also, you want to see a solid track record (more like exponential growth) than you are currently seeing. Therefore, you may need to explore other product ideas. Since your expenses are low, keep saving until you have a mattress that is at least a year old, preferably two. Once you have a savings cushion and your secondary products are generating 60-75% of your income, you are ready to go out on your own with confidence.

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Since there is a lot of competition in the wordpress plugin space, I would recommend that you continue your work until your business is generating at least 60-75% of your income. Also, you want to see a solid track record (more like exponential growth) than you are currently seeing. Therefore, you may need to explore other product ideas. Since your expenses are low, keep saving until you have a mattress that is at least a year old, preferably two. Once you have a savings cushion and your secondary products are generating 60-75% of your income, you are ready to go out on your own with complete confidence! For the path you are taking, I don't think it will take you long! Best wishes!

Yes, absolutely, you must quit smoking. You are in an enviable position in front of most people who have the same aspirations.

And if you need real life stories from others doing the same, read the blogs of any of these guys: Patrick McKenzie, Nathan Barry, Brennan Dunn, Josh Pigford, Michael Buckbee, Scott Nixon, Sean Fioritto, and many others.

And attend MicroConf. It's full of people like you who provide helpful and practical advice.

The first thing to do is calculate how much track you have. Then work backwards from there to find out when you can quit.

You are in a very interesting but common situation among people trying to navigate two boats, in a good way. Instead of burning the bridges behind you, why not try something Tim Ferris suggested in the book Four Hour Workweek: Outsourcing? If possible read the book, you are in the best situation. The most important thing in life is spending time with family. Juggling your 9 to 5 job and your business would waste your family time and affect your health.

Consider writing a business plan for your side business using realistic numbers from your track record.

Set realistic goals and priorities.

Can you afford to live on that income as you are today? What about the benefits? You will have to replace the ones provided by your current employer.

Sit down with your financial planner and tax advisers to get their ideas.

Identify the team you will go to for support, accountability partners if you wish.

Think about all the advice you are receiving, evaluate what is appropriate, and then make your decision based on your needs, your plans, your priorities.

It depends on whether you want fun, excitement and freedom in your life, with a high probability of failure! If you love that challenge, you're not in a bad position (assuming you've amassed some of the riches you've been earning in savings, so you can enter the swordsmanship life of the corporate world with a treasure chest to back off). upon!). A tough decision, if you're earning 3-5K on the side, that's more than I've ever done working full time, but you know what kind of person resides deep in your heart, and that's the person it should be. . My humble opinion, anyway

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It depends on whether you want fun, excitement and freedom in your life, with a high probability of failure! If you love that challenge, you're not in a bad position (assuming you've amassed some of the riches you've been earning in savings, so you can enter the swordsmanship life of the corporate world with a treasure chest to back off). upon!). A tough decision, if you're earning 3-5K on the side, that's more than I've ever done working full time, but you know what kind of person resides deep in your heart, and that's the person it should be. . My humble opinion, anyway.

In addition to the many excellent points and suggestions that have already been provided, I would say that there is one more consideration:

What job are you best at?

If your 9-5 is not in web design / development, but you are spending your spare hours making Wordpress templates and selling them quite successfully, then quit your job ASAP and spend your time doing what is clearly your passion. .

If your 9-5 is similar on a job basis and it's just a matter of finances, do what everyone else here has said - run the numbers. If the reward is worth the risk, go for it.

Give 9-5 the boost and dive into your side business venture with your undivided attention.
It would be a nice change of place. You can work anywhere you have internet access, that is, almost anywhere in the city and if you have a data device or network to share on your cell phone, your office is vastly expanded in size. Its only limitation is having easy access to an electrical outlet.
From worst to worst, he could always return to the field he would leave.
Good luck!

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