General discussion

Locked

Job vs. own business

By skainhifi ·
TechRepublic friends,

- I am 26.
- I have a full time public sector job.
- I am attending grad school.
- I have started my own Web development business on the side.

My public sector job is not challenging (and boring). The pay is average, but has good benefits. My own business is challenging and fun, but does not pay well (until I can put more time into it).

Do I quit my job and take a risk on my own business? Or continue with my current job until my business can pay the bills?

Losing my health, life, etc. benefits at the public sector job is a big negative of quitting. I feel like if I don't get out of the public sector soon, I'll be stuck in slow-moving boredom forever.

skainhifi

This conversation is currently closed to new comments.

Thread display: Collapse - | Expand +

All Comments

Collapse -

be prepared!

by sctang73 In reply to Job vs. own business

just started my own business at the beginning of this year. planned, planned & planned some more - still suffered w/ poor management of resources and time.

can you bear the fact that you may have no backups to rely on? you *will* be the first and most likely the only tech your clients will look for/ chase after when the crap hits the fan. if that fact does not appeal to you, read no further and just look for another job instead.

if you've got a nice amount of cash stashed away and your side jobs are profitable, then you've got an edge. many people are not fortunate enough to start with an established client base.

taxes can kill - do your research and find out how much you will lose to the gov't and why.

identify yourself - will you be a partnership? an LLP?, an LLC? an S corp? this decision affects your taxes, profits, and potential lawsuits.

will you have a base of operations? can/ will you provide remote or onsite support? how will you travel? do you plan to offer a (hopefully profitable & realistic) support contract? will you still have time for your school/ course work?

can you afford to starve for at least 3 months before seeing a paycheck? granted, this is extreme, but you must be able to plan for the worst. chasing deadbeats for money is a painful & necessary part of owning a business.

Collapse -

Do Not Quit

by wakawaka In reply to Job vs. own business

Do not quit until you have sufficient funds for EVERYTHING in case everything goes wrong, for at LEAST 1 year. (make it 1 1/6 if you are not considering venture capital investments.)

Collapse -

Preparation - That Is the Ticket

by millsjl In reply to Job vs. own business

I know the question was be employed or be self-employed but I believe the real issue is flexibility. The prime area to prepare for the flexibility to work any job is financial. 1: Self-employed will require you to be skilled in money management, people skills for your employees or customer base, and the skills for the product or services your business will provide. 2: You can continue in your present employment, eliminate any debt, save 6-months of your gross salary, set aside each pay period a percentage of that pay for expected and unexpected expenses ( a budget ), and focus on the skills of your trade. Put these monies in a credit union savings account and earn interest. Sooner than you would think you will be able to make a move because your needs will be met for the present and for the near future. Bills come due every 30 days. The other projects we could do to expand our horizons and challenge us take longer than 30 days to pay off. I was on the other side of this fence and I crossed over. I now have that flexibility. You can have that flexibility also.

Collapse -

these days

by techrepublic In reply to Job vs. own business

Honestly, I'd stay with the slack public service job. Grow your side business slowly in your spare time. Once it pays out, you won't be wondering the answer to this question.

Collapse -

Do maximum reserch before making decision.. After that DO NOT LISTEN...

by Varunpatel85 In reply to Job vs. own business

Do maximum reserch before making decision.. Once you have MADE decision DO NOT LISTEN TO ANY ONE.....

Related Discussions

Related Forums