Home – New Forums Starting your journey Going solo- part time vs full time?

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  • #991122
    elig84
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    • Total posts: 29
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    My wife and I are not in a good way financially. I have full time job and my wife works 2 days a week. We have worked out our budget and it’s hard to trim it down.

    Over the last year or so I have been doing some consulting work on the side (working at nights). But the private work is getting more busy and it’s becoming unsustainable to work both jobs. I’ve had advice to leave my 9-5 job and pursue the consultancy business full time.

    I think it is a gamble to go from a reliable salary to not knowing if I will have work one week to the next. I am considering working 3 days a week in in my permanent employment and 2 days a week on the business until such time we can see it will be a viable risk and be able to go solo full time. At least this way I will still have some form on reliable income.

    Advice please on part-time vs full-time?

    Thanks!

    #1180110
    ShellysBookkeeping
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    Could you access long service leave or leave without pay for 6 months and give your consulting business a dedicated go for that period then evaluate. You may find that part-time you are still juggling and busy and that it still is not sustainable. It really becomes a personal decision on financial stability vs running a business.
    Good luck either way.

    #1180111
    ThexArm
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    Frankly no one can answer that question for you because you know your circumstances better. If you think you can financially sustain by going part time in your permanent employment then doing in that way is better than leaving your full time job.

    At any cost it takes time for you to become full time busy in your consulting business.

    #1180112
    Dave Gillen – Former FS Concierge
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    It sounds like you have the right approach to keep working part time in your job. If your finances are tight then the day you quit your job your income will drop instantly. It simply will take some time to generate the business to replace that income.

    Drop your job when you physically have too much paid work booked to keep up with, rather than quitting and hoping you can make up the difference soon (because it may take longer than you think).

    Good luck!

    Dave

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