I make over 100k at my full-time job with great benefits, including free health insurance and matched 401k. I also enjoy the work and get a lot of personal satisfaction from it. But things have changed. My company has grown from a small team of 10 to nearly 200, and I don’t feel the same sense of connection anymore. I thrive in small business settings, and that’s not what I have now.
Last year, I got the certifications I needed to start my own business and thought I’d keep it as a small side project. The business is doing well, but it’s been more expensive than expected. I was hoping to be profitable by July, but it looks like that won’t happen until October. I’m committed to making it work, but the stress is building.
I love running my business. It’s been so rewarding. I can see that if I go full-time by January 2025, I could earn the same income I get from my job by mid-2025, and eventually double that by 2026.
But here’s the problem: when I’m at the office, I’m fully focused on my job, and I don’t answer business calls. When I’m at home, I feel overwhelmed by everything I’ve missed. I’m always catching up, and I’m weeks behind in my business work. Hiring someone to handle it for me isn’t an option.
I’ve just been diagnosed with carpal tunnel, and I’m working 7 days a week for 15 hours a day. It’s not sustainable.
My family thinks it’s a bad idea to leave my stable job, especially since I’d need loans to live off of while my business picks up. I’m scared, but I don’t know when the right time to make the leap is. Any advice on when to take the plunge?
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It’s smart to have a financial cushion before making the switch. Aim for at least 6 months of savings, plus enough to cover your salary. If possible, try asking for extended leave from your full-time job. Use those 6 months to really push your business and then decide if it’s time to go full-time.
@Dru
I agree, asking for leave from your full-time job seems like the best step. Your projections are based on too many ‘what-ifs’. Testing the waters with some time off could give you a clearer picture before making a big leap.
Build Savings: Save enough to cover both personal and business expenses for 6 to 12 months. This will give you peace of mind if your business takes longer to become profitable.
Review Your Business Plan: Take a good look at your income projections and adjust for any unexpected delays. Things like your carpal tunnel could slow you down, so make sure your plan is realistic.
Boost Your Income: Look for ways to generate more revenue now—maybe raise prices or offer additional services to hit your income goal sooner.
Transition Gradually: If possible, reduce hours at your current job or scale up your business hours gradually. This approach will help reduce the financial burden when you go full-time.
Healthcare: Don’t forget about health insurance. If your current job covers it, you’ll need to find an alternative once you leave. Look into private plans or COBRA to ensure you’re covered.
Outsource or Automate: Since you can’t afford to hire someone full-time, consider automating or outsourcing tasks to free up your time as you transition to your business full-time.
Alston said: @Merritt
Thanks for the tips! I’m going to focus on this plan tomorrow.
I’m not sure 6 months of savings would be enough, though. The costs of starting a business could wipe out that savings before the business starts to earn money. 12 months might be a safer bet.
Maybe now is the time to leave your office job—when you’re already spread thin and can’t do both anymore. You mentioned needing loans to survive during the transition, but if you’re doing this business on the side, wouldn’t all of your side income be extra? Have you considered taking on less hours or part-time work at your current job? That might make things easier.
@West
I would love to go part-time, but I’m afraid to ask. But I think you’re right. I love your response—it’s exactly what I needed to hear! I’m so happy your business is going well!
You’ve got to hire someone to take some of the load off. You can’t do everything on your own and still run a successful business. What kind of business do you have? Is it mostly online?
Clove said:
You’ve got to hire someone to take some of the load off. You can’t do everything on your own and still run a successful business. What kind of business do you have? Is it mostly online?
It’s a service business, both online and through the mail. It’s very niche and relies heavily on experience. Why do you think it’s impossible to do everything yourself and still be considered a business?
It sounds like your business is doing great, but you’re burning out. Maybe it’s time to set up some financial backup to cushion the transition. You could also simplify the business for now to relieve some stress. The best time to make the leap is when you’ve found a way to survive if things don’t go perfectly.
If hiring someone isn’t an option, try offering equity or see if a friend would be willing to help with calls. Or maybe set up an AI system to handle some of the communication for you. ChatGPT can help filter calls and messages so it looks like your business is running smoothly even when you’re not available. I really hope you find a way to make it work—your passion for this is clear!
It seems like you’re in a tough spot, but you’re also doing well with the business. Maybe it’s time to make the leap, but make sure you’ve got backup for any rough patches. Starting full-time with a bit of safety net could make things less stressful.