Home – New Forums Starting your journey When to stop with backup part-time work and just do it

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  • #992921
    RichLucas
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    Hi everyone,

    Who else has had experience working long-term part-time for someone else and trying to get your own business off the ground at the same time?

    I’m toying with the idea of just pulling up stumps on the part-time work soon which initially would probably mean living with a little more credit card debt, but my business prospects are really healthy. Good plan, finance, opportunities for multiple income streams etc.

    Have you made the leap? How (and when) did you do it?

    #1188812
    Maria Grant
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    I’m not a specialist in the area but from general advice that I read so far before quitting you job getting rid of credit card debt should be the first priority and then saving enough to keep you going at least a couple of month without income. Better be safe than sorry and in credit card debt.

    #1188813
    RichLucas
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    Thanks Maria, on paper very solid advice.

    #1188814
    bb1
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    If your part time job is holding you back from really taking your business off, it may be worthwhile just making a jump, as the credit card may not be hit as hard as you think.

    In my case I stopped my full time job, than started my business, but I guess that was the risk I was prepared to take based on all the other circumstances.

    You really need to weigh up, how much debt you will get, before the business can support you, and is that sustainable

    #1188815
    RichLucas
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    Thanks Bert, yes that’s what it’s all about. Potential vs. potential risk.

    If I run the numbers one more time Excel will explode…

    #1188816
    Kelly Exeter FS Editor
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    Hey Rich – when I went out on my own I initially negotiated with my employers at the time to move to a four-day work week. I never actually made it to that four-day work week because I quickly realised (in my gut) that it was kind of a ‘leap now’ moment.

    I think you probably know the answer to your question in your gut?!

    #1188817
    RichLucas
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    Hi Kelly,

    You’re right, I do know the answer. Time to buckle up.

    #1188818
    GuestMember
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    My partner reduced working days twice from 5 to 4 to 3 days per week. It was a great, secure transition. However, she was moving into hypnotherapy, where clients could be seen in an evening, and I was able to be the buffer and see any clients she didn’t have time for, which does make a difference.

    More recently, we didn’t advertise a hypnotherapy training for many months because we needed to focus on Trade Secrets. That turned out to be a big mistake because when we decided to start advertising training again, there was a six month lead-in. Not good for cash flow. That was following our gut (I’m always advising this, like Kelly did!) and heart and later backed up with sound rationale, it seemed. It still wasn’t the right thing after all. Gut normally is though. I still maintain that.

    Lots of variables here. A few that sprung to mind:

    Cashflow – already got sales? Do they come to fruition fast? Predictable? Reliable? Do they pay up quick? Bad debt ever an issue?

    Capital – enough to start and see you though? Already got all your equipment, etc?

    Timeflow (as I call it) – a frustration for so many startups is that you need time to invest in your business if it is ever to take off. But you need cash. Making that cash, unless there’s sufficient starting capital or profit, means working or consultancy. These take time away from the very thing you’re trying to fire up, starving it of labour. You need customers to keep relieving you of marketing duties so that you can spend time working on, rather than in, the business. You can peddle like mad and not go very far.

    Mental and Physical Health – being short of cash can be very stressful and damaging to health. But so can continuing in a job where your heart’s not in it and you want to be elsewhere.

    My brother-in-law started a plumbing business while in work. He started saying he was ill to his employer to free up time. Personally, my integrity won’t allow that. I think he was wrong. But some people think I’m a softy and I hold myself back ‘doing the right thing’.

    Final thought. When people hand their notice in, a lot of employers really value what we did for them and say, “If ever you want to come back” Even if they don’t, we can go back with our tail between our legs. Sometimes even on better pay and terms (don’t know what they’ve got ’til it’s gone) and with reduced hours. Just pride to deal with!

    #1188819
    RichLucas
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    Thanks very much Paul, a good wrap-up of considerations there!

    To answer a few of your main points:

    • Cashflow: in the last few months, yes. The more time I put into strategic marketing and planning, the more easy cash I get. This can be as little as a blog post, updating a web page, and perhaps a cheap promo and a few photos on Facebook once a week. In addition, my career pays 40% more – taking into account all expenses and non-billable hours.
    • Capital: I have all the equipment/tools I need… my wife may say too much :) I also have some finance which is/will be being used for DIY SEO upskilling and a number of demo and off-the-shelf products (i.e. electric guitars).
    • Timeflow: this is the killer, and the main reason why I’m willing to live with some debt. I’m doing 4 days p/t elsewhere… doesn’t seem like much, but it involves a 2.5hrs commute a day, which put together adds up. What I do requires a lot of focus, attention to detail and the flexibility to experiment and be creative… tough to do when you’ve given your best for someone else for the first four days of the week. And yes I have that integrity ‘problem’ too. I just can’t do a bad job, whether for someone else’s customer or my own. On the flipside this means I have a host of willing referees should I ever need to turn tail.

    Sounds like I just convinced myself…

    #1188820
    GuestMember
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    Yeah. You’ve said it twice now and seem congruent. Go for it! Good on yer. Don’t fret (ahem); fly the flag for Oz. I had a Rode mic in the UK so Aussie instruments (with a bit of Chinese thrown in!) find their way all over the world.

    #1188821
    chopesandbro
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    Our plan ( atm) is for myself to keep working F/t and assist in the café as much as I can while my partner takes full control of the business.

    reasons outlined below-

    1 security , I have a great job.
    2 while husband and wife teams can be super successful the fact is every business needs A BOSS. I feel , particularly in the start up stage having her as THE Boss just works . Of course I can have my input but rather than stress and argue over every small detail ( as you do :) ) by me being off site 50% the time gives her full freedom to make decisions .
    Ideally I’d like keep my job and work with her in the business in my spare time.

    which brings me to a question best asked in a new thread.

    #1188822
    RichLucas
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    Thanks all for your input and insights.

    Just thought you’d like to know that I’ve backed myself this time and as of end-October am going it alone. A few little private announcements to friends, family and peers have been met with much support and enthusiasm.

    Thanks again, I look forward to contributing more to this space as my experience grows over time.

    #1188823
    John Romaine
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    Back in 2007 I got into “trouble” for being 4 minutes late for work.

    I quit the next day.

    I crapped my dacks the day after that.

    Looking back it was pretty foolish, but at the same time, it was exactly what I needed to do. For me, it got my arse into gear big time, because it was sink or swim.

    I remember the day I first started in that job. I sat beside a guy on my first day and asked “How long have you been here?” He replied “45 years”.

    I shuddered.

    Some of us just aren’t meant to be employees.

    If I had my time over again, I’d make the transition a bit smoother, instead of just “chucking” my job. Ideally, I think the best approach is to work part time, or casual, say 2 or 3 days a week (just to cover basic expenses) and devote yourself to what’s left (4 or 5 days)

    I’d forget about weekends. Every day is Monday when you want to make it bad enough. A lot of people ask me “What motivates you to keep going?” and I sometimes say “The thought of going back to a 9-5 job”

    [MEDIA=youtube]-PdjNJz7B1Q[/MEDIA]

    #1188824
    RichLucas
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    Thanks for the inspiration John!

    It’s gonna be one killer parachute once it opens.

    #1188825
    GuestMember
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    Good luck Richard! Hopefully you can get more support here as needed and share what you learn with everyone.

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