Home Forums Starting your journey leaving full time work

  • This topic is empty.
Viewing 13 posts - 1 through 13 (of 13 total)
  • Author
    Posts
  • #999957
    eightknots
    Member
    • Total posts: 16

    Hi all , I have been for the last year running my marine trimming business as well as working full time , the issue im now facing is time , clients expectations of time for there job to be done is the same as a full time business and i only have a few hours some nights and weekends . To be honest by the end of last year i was burnt out from working 2 jobs and 6 – 7 days a week , but financially i cant quite make it full time , although having the extra time would help achieve that end , catch 22 .

    anyone else been through this and ways to work though it

    #1222019
    Dave – FS Concierge
    Moderator
    • Total posts: 2,523

    Welcome to the forums [USER=116784]@eightknots[/USER]!

    An idea to help manage clients expectations: Increase your rates by 20%. Then you can afford to offer a non-urgent discount of 20% for 1-2 week turnaround. Then your customers have willingly chosen to wait longer for a financial benefit. Those ones that are urgent will at least give you a 20% pay bonus.

    As for “making the leap” to full-time, there is a train of thought that says to cut your living expenses for a period, so you can take that leap at 50% pay, because (as you’ve mentioned) you’ll prob never bridge the pay gap working weekends.

    Best of luck, and hopefully our members can share their experiences.
    Dave

    #1222020
    bb1
    Participant
    • Total posts: 4,472

    If you believe that you can’t make a go of it if you went full time, give it up and stick to your day job, obviously the business is not viable.

    This statement in itself says you are not up to running a business ”clients expectations of time for there job to be done is the same as a full time business”, why would you expect that clients wouldn’t have expectations. This just tells me you are not cut out to run a business.

    Good luck

    #1222021
    eightknots
    Member
    • Total posts: 16
    Dave – FS Concierge, post: 268239, member: 49676 wrote:
    Welcome to the forums [USER=116784]@eightknots[/USER]!

    An idea to help manage clients expectations: Increase your rates by 20%. Then you can afford to offer a non-urgent discount of 20% for 1-2 week turnaround. Then your customers have willingly chosen to wait longer for a financial benefit. Those ones that are urgent will at least give you a 20% pay bonus.

    As for “making the leap” to full-time, there is a train of thought that says to cut your living expenses for a period, so you can take that leap at 50% pay, because (as you’ve mentioned) you’ll prob never bridge the pay gap working weekends.

    Best of luck, and hopefully our members can share their experiences.
    Dave

    Thanks Dave that’s a good idea , i put that into place and see how its goes

    #1222022
    eightknots
    Member
    • Total posts: 16
    bb1, post: 268241, member: 53375 wrote:
    If you believe that you can’t make a go of it if you went full time, give it up and stick to your day job, obviously the business is not viable.

    This statement in itself says you are not up to running a business ”clients expectations of time for there job to be done is the same as a full time business”, why would you expect that clients wouldn’t have expectations. This just tells me you are not cut out to run a business.

    Good luck

    the business is plenty viable , turned over 50k last year just part time , i think either i didn’t write it right or you took it wrong , i understand my clients have expectations (ive had a number of good businesses before) what i was more pointing out is they are the same as if i was full time , i think daves comment has a lot of merit , but thanks for taking the time to comment

    #1222023
    dima
    Member
    • Total posts: 46

    There is no perfect time to do it, so if you are keen and confident to take the leap just go for it (with your eyes as open as possible, thats the advice I got). Worst case scenario it all falls apart and you have to find more work again, best case scenario you are now doing something you are passionate about and never look back.

    You can always find part time work to bridge the gap. In fact having a 2-3 day a week job for a while might assist with the transition not just financially, but also to break up the days so that you are not stuck working on your business all the time without a break.

    #1222024
    Mischelle
    Member
    • Total posts: 805
    eightknots, post: 268238, member: 116784 wrote:
    Hi all , I have been for the last year running my marine trimming business as well as working full time , the issue im now facing is time , clients expectations of time for there job to be done is the same as a full time business and i only have a few hours some nights and weekends . To be honest by the end of last year i was burnt out from working 2 jobs and 6 – 7 days a week , but financially i cant quite make it full time , although having the extra time would help achieve that end , catch 22 .

    anyone else been through this and ways to work though it
    Hi,

    It is always scary doing the full-time jump, many of us have jumped, and it went smoothly or crashed in a pile, dusted themselves off and jumped again :).

    So your choice is:

    • Take the leap, and work the extra time to gain new customers and make it so you get a full time wage from your business, OR
    • Stay where you are and just keep the business as a part time gig and reduce the clients so you are not working so much (or as Dave suggested have a priority Fee – but be careful as this can cause customers to go somewhere else with faster lead times without a fee)

    I jumped in from a high paid job, to working for myself full-time on a tiny, tiny wage.

    It was very hard, I trimmed back on everything in my life, lived on the essentials only, but it paid off in the end and I LOVE working for myself

    Only you can say if you can push yourself on reduced income while you gain more clients.

    Either way you choose, all the best.
    Cheers
    Mischelle :):)

    #1222025
    m.dance
    Member
    • Total posts: 17
    eightknots, post: 268242, member: 116784 wrote:
    Thanks Dave that’s a good idea , i put that into place and see how its goes

    I would like to hear how this goes for you?

    #1222026
    eightknots
    Member
    • Total posts: 16

    Thanks for everyone’s input , its much appreciated the time you have all taken to respond .
    as an update my biggest fear is being able to pay my bills as they arrive (not having huge savings to rely on and i wont borrow money for it) so have decided to do 2-3 months of working the 2 jobs as many hours as i can sustain to build up 4-6 weeks of funds , and then im going to bite the bullet and go for it

    #1222027
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    Here are a couple of things to think about:

    1. Spend the time before you jump (ethically) lining up work so you can start with a bang. This could be anything from networking to creating a website and advertising program to designing flyers and more.
    2. A good night sleep from knowing you have enough funds to pay the bills and keep the business moving is worth a lot of $$$ for me personally. I started with a loan that covered the cost of the business and several months operating expenses. All went well and I did not need to access the expenses portion of the loan but the peace of mind it gave me was priceless. This approach can work for some.

    #1222028
    eightknots
    Member
    • Total posts: 16

    ok a little update tomorrows my last day in the world of an employee , right in the middle of the coronavirus , i sure know how to pick my time …. however i have 8 weeks of work booked in before i start so its now or never

    #1222029
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117
    eightknots, post: 269025, member: 116784 wrote:
    ok a little update tomorrows my last day in the world of an employee , right in the middle of the coronavirus , i sure know how to pick my time …. however i have 8 weeks of work booked in before i start so its now or never
    You do have the back up of you existing skills which you have already proven are marketable in the job market.

    That said, there must be a fairly high risk that industries associated with discretionary expenditure will slow down?

    #1222030
    lsants023
    Member
    • Total posts: 2

    This is very good advice as I’m facing the same issue with my business at the moment.

    Mischelle, post: 268302, member: 60404 wrote:
    Hi,

    It is always scary doing the full-time jump, many of us have jumped, and it went smoothly or crashed in a pile, dusted themselves off and jumped again :).

    So your choice is:

    • Take the leap, and work the extra time to gain new customers and make it so you get a full time wage from your business, OR
    • Stay where you are and just keep the business as a part time gig and reduce the clients so you are not working so much (or as Dave suggested have a priority Fee – but be careful as this can cause customers to go somewhere else with faster lead times without a fee)

    I jumped in from a high paid job, to working for myself full-time on a tiny, tiny wage.

    It was very hard, I trimmed back on everything in my life, lived on the essentials only, but it paid off in the end and I LOVE working for myself

    Only you can say if you can push yourself on reduced income while you gain more clients.

    Either way you choose, all the best.
    Cheers
    Mischelle :):)

Viewing 13 posts - 1 through 13 (of 13 total)
  • You must be logged in to reply to this topic.