Forums: Discussions for entrepreneurs and small business.

Are you ready to start it up?

Do you have any insight to share on the question of “How will I know when it’s safe to quit my day job and become a full-time entrepreneur?”

Gone down that road yourself? Got a story to tell?

If you haven`t already, check out this article for some inspiration & then come on back & post a comment.

See ya` soon!

Carla`s story is truely inspirational.  For me, the question wasn`t "is it safe yet", it was, "it it necessary".

During the research and development phase of The Pet Set, I would have my now illustrator send logo and other preliminary designs to my office e-mail.  I would look, review and sometimes comment.  But the real work would happen when I got home: so 10 hrs. at the day job and another 5 or so at home with new biz.

Then one day, at work I noticed that I was getting more e-mails from my designer than from colleagues....it was so obvious where my heart was...so I marched into my boss`s office and resigned.

When I got to my car that last morning, I felt both relieved and petrified.   I cried for 20 minutes, asking myself, what did I just do?!  I drove home, took a nap and never looked back. 

Today, yes sometimes I experience pangs of "the grass is greener" on the corporate side, but mostly, I`m doing what I was intended to do...

Thanks Joel for asking this question....it`s always good to revisit these thoughts.

Well, I`m supposed to be working on that TPS report per Rich`s direction in Startupbucks, but....

See, I`m having a problem trying to decide this myself.  If I were on my own, I would have left by now, I think, but I have a lot going on that is keeping at my current job and very unhappy.  Maybe someone will give me some good perspective on when it will be time for me to quit my day job...

The situation is a bit complex other than the fact that I have had enough.  I want to leave.  I don`t want to look at another tax form (well, unless it relates to me or my business!).  I want to jump right into my business , but I`m finding it difficult to focus on stuff I should be doing here at work and am spending tons of time thinking about and doing things for my business much like Kim was saying (obviously since I`m here all the time) I`ve saved a good amount of $$ (we have between 3 and 5 months of expenses depending on lifestyle) to keep us afloat but...

what`s holding me at my job is:

1.  I am the sole breadwinner and my husband is really not able to work at this time due to chiropractic school and health concerns.  We could take out more student loans or borrow from the bank of Mom and Dad but I don`t really like either of those options.

2.  My current employer is fast approaching "busy season" and I don`t want to leave them without sufficient staff.

3.  There`s a lag in the wedding and event business between being hired and being paid due to the nature of the planning activity.  This may be mitigated, to some extent, by some financial services I plan to offer.

4.  My husband is having serious and expensive health problems that I have to consider when making my decision to leave or to stay.  This is probably my biggest "fear" factor.

Any feedback, suggestions, etc. to get me to that "happy place" where I don`t dread getting up in the morning because it means I have to go pretend to enjoy my stay in Cubicle Land would be greatly appreciated.  :)

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MeLissa
Independent Chocolatier for Dove Chocolate Discoveries http://www.ChocoRocco.com Facebook: http://www.Facebook.com/ChocoRocco

I have a question Melissa, given your complex situation, and maybe you`ve already been down this road -- but I`m wondering if you can do some part time work for an established planner to not only bring in extra cash but to give you sort of a dress rehearsal about what you may expect when you go live?

And obviously, the two of you are the only ones who can determine the answer to Joel`s questions...I know, I know...it`s tough.

Have a great week-end.

Hi Kim -

Yes, I have considered the part-time option; however, it is very difficult to find another planner who is willing to train you, let alone pay you.  I forgot to mention (because I forgot about it temporarily) in my previous post that I do have the option of becoming an independent contractor for the company I did my wedding and event certifications through.  They take a 40% cut of your revenues and you have to contract with them for a year.  I have some reservations about this (some of which are not appropriate to discuss here)...and I am in the process of getting additional information to see if the answers I receive give me a level of comfort.

I`m very lucky in that my husband is pretty much on-board with whatever I decide. He`s a great cheerleader.  But, as you say, it`s tough.  I sort of feel like the world is on my shoulders right now...as I toss various alternatives into the air...

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MeLissa
Independent Chocolatier for Dove Chocolate Discoveries http://www.ChocoRocco.com Facebook: http://www.Facebook.com/ChocoRocco

Hi Melissa!

I just read through your posts and very much sympathize with the place you find yourself in.  It sounds like you have a lot of things on your shoulders at the moment which probably feel heavy at times.  But just from what I have read so far, you have a number of things going for you:

-You have saved money to cover 3-5 months of expenses.  And speaking from someone who used to live in San Francisco, I know that is no small sack of potatoes!

-You already have a great blog set up which states in the description :"I am the proud owner of Winsome Events - a wedding and event consulting firm serving the San Francisco Bay Area and beyond. We`ll be officially "open for business" in July 2006, but we`re able and willing to assist you now with all your planning needs."  I love that you are clear in your intentions already.  It is actually a very important part of being successful in business

-You have what I consider to an incredible USP or Unique Selling Proposition for your services:  a combo of wedding and financial planning skills.  Having just gotten married myself, I can tell you that this is an extremely valuable set of skills  You could develop an incredible package of services that would stand a mile apart from the rest of your competitors.  My heart started beating faster when I read that part of your background with the sheer excitement of the marketing and service offering possibilities.

-As for your cash flow, there are many ways to creatively build in payments based on milestones reached.  You could learn from some of your consulting friends in this community how to set up a unique pricing and payment schedule.  If no one else does it that way in your industry, that is ok!  You could weave it into your overall wedding/financial planning model (it is as much help to your clients to not get hit with a huge bill at the end as it is for you to get paid more frequently)

When you have done everything you can on the planning side and you are convinced through experience that there is a market for your services, sometimes you just have to take the leap.  When I was interviewing Carla, she told me that she did not make her move based on a carefully researched business plan, she did it because she simply could not go back to the life she had before. 

If you stay in a job that you intensely dislike for too long, it begins to wear on your health.  And that detracts from your energy for your business.

Through personal experience, there is tremendous motivation to get going when I don`t know where my next month`s cash flow will come from.  It is not terror, it is exhilaration, since I know that only I can make it happen.

I wish you all the luck in the world on your new (ad)venture.  I am so hopeful that you can create a truly unique and wildly successful company.

Keep asking for help here in the Community Forums - people that have done it before will be what will get you through the tough times.

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Pamela Slim, Ganas Consulting. Need a little booster shot to help you finally leave your corporate job? http://www.ganas.com/mydeclarationofindependence

Thanks for starting up this conversation Joel!

When I think of the question "when is it safe to quit your day job,? the word I really zero in on is "safe."

This means so many things to aspiring entrepreneurs ...

-safe financially (do I have enough money saved to start?)

-safe emotionally (do I have the emotional strength to confront the fear and anxiety that I feel when faced with this decision?)

-safe as a business risk (is there a market for my product or services, and do I have infrastructure in place to meet the need?)

-safe as a personal risk (will I blow it big time and have to slink back in humiliation to my cube?)

I would be interested to know which of all of these components of "safe" are the scariest for most people.  What I have found with my clients is that they are often different for each person.

The cool thing about having Startup Nation as a resource is that you offer a safety net with information, resources and support to help people feel more prepared and better able to make a decision.  This forum can offer emotional support, which is as important as all the rest.

I look forward to the conversation!

-Pam

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Pamela Slim, Ganas Consulting. Need a little booster shot to help you finally leave your corporate job? http://www.ganas.com/mydeclarationofindependence

Amen to that Pam!

I can identify with MeLissa and some of her fears. I share many of them.  Once dilema I face is to stay at my current job (with federal civil service) for the next 5 years so I can retire and have the cushion of my pension or cut the cord now.  I have had a taste of working as an independent consultant on a two week assignment and it was pretty close to nirvana, if that is possible.

I am working with Pam Slim to do this the right way.  What`s the right way?  Using a plan.  Brainstorm, examine, step back, and then look again.  I may not like the immediate outcome, waiting five years, but I would know that all he angles we looked at.

Bill

Phys Sec Consulting, LLC

We help company`s keep network up time up, and downtime down!

 

 

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Bill C.
Owner
Phys Sec Consulting, LLC
Lancaster, CA
www.physsecconsulting.com
We help companies keep network up time up, and don time down.

Pam -

First of all Congratulations!  :)  How do you like newlywed life so far? 

Second, thank you for your feedback.  I really appreciate it.  And, thank you Bill for your perspective, too.

I was able to do some thinking this weekend (we seriously just returned from an unplanned, spur of the moment 2.5 day trip to Maui to visit my husband`s friends and family - he needed it and so did I!).  I seriously think that unless things get unbearable at work, I will do my "duty" and at least stick around (maybe just part-time...I want to think on this) at my current job.  I believe I may "cut the cord," as you said Bill, in mid-September (or late August if we file when we want to file). 

At any rate, thank you all for your thoughts....

And, Pam, in answer to your question, I would have to say that for me, the financial security factor is my biggest hurdle. I come from humble beginnings and am fine with living a simple life, but I want/need to feel secure that I can meet my financial obligations. 

This comes from watching my parents struggle. I don`t mind making less money to pursue my new adventure in weddings and events, but if it is at a level that is less than what my non-discretionary expenditures in, I get a wee (the understatement of the year) bit nervous.  I am currently trying to balance my need to feel safe with my need to spread my wings and fly...I feel like I`m almost out of the cocoon.  :)

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MeLissa
Independent Chocolatier for Dove Chocolate Discoveries http://www.ChocoRocco.com Facebook: http://www.Facebook.com/ChocoRocco