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Dilemma in switching from Job to Business

By krklohi123 ·
Hi,
From long time I was thinking about to start my own business, But I wasted many years in this thinking process and kept the business aside because of other commitments. But again from last couple months again i want to do business. "Once for life time experience".

I was in a BIG dilemma to switch from employment to own business.

Currently I work for Multinational Company as Sr. Developer and it pays very well, and I get lot of benefits and get lot of chances to visit other countries and work with BIG clients.

But every end of the day, I'm not satisfied with the work what I'm doing. I want explore more things and earn better money with hard work (not just sit in office and write few lines of code/ copy from Google)

I'm married and we had a baby recently. And my wife is working. I?m 31 now.

Is it right time to do? Or leave it just work like other million programmers in the world.

Please suggest.

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All Answers

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You have been reading Aesop, haven't you?

by santeewelding In reply to Dilemma in switching from ...

The wolf and the kept dog.

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That is your decision

by cmiller5400 In reply to Dilemma in switching from ...

That is your decision and your decision alone. We can't make it for you.

My first question would be: do you have an adequate savings/emergency fund? At least 8-12 months salary in a liquid form such as cash/savings/cd's? This is in addition to any costs required to start up your own business. It could take a while to get the business up and rolling, if at all and you MUST have a good supply of cash on hand to take care of your family.

Do you have potential clients lined up? Where you work, is there some sort of "non-compete" (prohibits you from contacting any of your prior customers)


Lastly: Best of luck in your endeavors. I wish you much success.

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This is your Decision and only you can make it

by OH Smeg In reply to Dilemma in switching from ...

But besides what has been posted above there are some other things to consider.

Do you have all of the legals in place before considering anything?

Have you worked out a Business Plan?

Have you even considered what working for yourself actually entails?

It will mean no more international travel, long hours as you have the worst Boss possible who will never allow you time off because they know you don't really need it and certainly can not afford it.

What prospects for clients if any do you have and if these originate from your present position are there any Anti Competitive Clauses in your Work Agreement?

if you don't have any potential clients how to you propose to get some? They do not grow on trees and those that are out there tend to want the security of a Large Programmers Base so that they are not subject to the individuals shortcomings not to mention mistakes.

The reality is that while you may make more money per hour working for yourself you will initially at least have many unpaid hours with No Medical, Legal or any other insurance and no Guaranteed Income so Loans and so on will be very hard to get and any that you do have on the strength of your current employment may be foreclosed because of a change in your circumstances.

Probably the most important thing is what does the Wife say about this? After all you have to live with her and if she isn't willing to go hungry or allow the baby to go hungry if only for a short time it's not worth even thinking about it.

The other things to consider is that most Business who go broke do so within the first year of opening their doors and are poorly managed because the people who started them have a Rose Colored View of working for themselves and construct overly optimistic Business Plans that are not possible to meet.

If the idea is to get a better income you'll need to understand that everyone will have their hand in your pockets for your money which has to be paid and you'll need a massive Insurance Cover to protect you from any mistakes you may make along the way. The up side of course is that the initial business will most likely be small so there will not be Hundreds of Millions $ damages claimed when you screw up. But even still if a company was to miss a 12 Million $ contract because of your mistake that is a lot of hours you need to work to meet that obligation.

While I wish you luck for your future you need to understand that not many who start a business succeed and for every one that makes it thousands do not. But with any business it all depends what your aims where when you started.

I personally only wanted to work a couple of days a week and have time to play with my toys and family. That didn't happen and I now work at least 100 Hours a week do not have holidays am very lucky to get a hour or two to go to product launches and while I supposedly own the company here I know that I'm working to keep the Staff, The Banks, The Insurance Companies, The Government offices and so on in work. I now have far less time for myself than when I was working for a boss and never get any time off. I describe myself as Alleged Boss and Official Scape Goat now days.

Col

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Also if you are going to start your own business

by OH Smeg In reply to This is your Decision and ...

And unless you are going to have several employees do not borrow any money for the basic equipment required.

Right at the moment Credit is hard come by and it way too dangerous to rely upon. The best thing is to negotiate a Overdraft and then not need to use it or to get rid of any that you have to use ASAP so you are not caring any debt that you may find hard to pay.

But look long and hard at your Business Plan and if anything cut back on the projections. So cut back on your projected income by 50% and reevaluate your expected outgoings by increasing them 50%. If the plan still looks acceptable go ahead but do not fudge the figures to make it look better than it actually is.

You can live with under-projecting your Income but under-projecting your outgoings is a completely different matter which you will not survive.

Col

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My experience

by ameack In reply to Dilemma in switching from ...

I was also in the same dilema some years back Work or Business.
But I had to take some hard decisions and started my business while I was working.
I owned the business but could give only 20-25 Hrs a week for it.
I hired a guy who would work for me for my set targets.
The business started to grow slowly, Believe me it takes a lot of time as you dont spend more time yourself in the business. You will have sometimes when you have to push and back your dreams.

Now I still work and own a business with 3 people working for me and the good part of it is my wife doesnt have to work anymore.

Belive me there is nothing like living to your dreams.
If you have dream ... chase it

thanks

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My two cents.

by Ron K. In reply to Dilemma in switching from ...

It may only be worth two cents too. <br>
Pull your head out of your job for awhile and take a look around at the unemployment figures and the economy. There are more consultancies than you can shake a stick at; many of them started by folks forced out of a job. <br>
If you're bored, be bored but cover your butt thoroughly and realize that all of your hard-won savings could disappear because you want to follow some sort of dream. *poof* Savings gone, benefits gone and, whenever money troubles come in the door, love flies out of the window. <br>
A good, or great job is very hard to find. Appreciate what you have. <br>
I've been bored on the job as a corporate advanced manufacturing engineer, flying all over ****. I stuck with it because I had responsibilty to my family, previous commitments that I had to honor. Me being too bored to meet those commitments didn't count for much. <br>
Oh poor, pitiful me. Lord have mercy on me. Woe, woe, is me.

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