part-time or full-time effort?

[mikael84]

Hi guys,

One of the big unknowns for my future start-up project is whether I should quit my current job and work fully on the new small company.

The idea is that, it would require ALL my time.

The downside is the fact that I would loose my regular salary and the fact that the new company wouldn’t make any significant amount of money in the first months.


So far, I wanted to keep my job and to work in the evenings and week ends but recently, I had a discussion with a friend who took part in such a project a few years ago and he told me that I had to focus on one goal at a time and that it was impossible to start a company while keeping another regular job. From his point of view, it would be too hard to manage the two fronts at the same time.


So, I would like to know your experience on that particular issue. Did you work full time/part time on your project? Did you keep another job? Did you only rely on your partner’s income?

When/How did you decide to move from a part-time effort to a full time effort??

Obviously those questions depend on numerous factors and each case is unique, still, I would like to hear from you
.
Thanks in advance!

Mikael

[Marketeer]

It's a personal thing and depends on how much risk you're willing to take.

While you should be open to other people's advice, you should always do what you are comfortable with. It's easy for a friend to tell you to bite the bullet and go headfirst into your new endeavor, but they're not the one's going without a paycheck.

I think either approach is good, but depends on your own individual situation.

You could do it part time in order to build it up to a place where you feel comfortable quitting your 'day' job and going forward solo. That should be able to give you some cushion to lean on once you decide your ok without a steady paycheck.

Good luck!

[amg2000]

Hi Mikael,

Just from my personal experience, I didn't quit my job and start working my home-based internet business full-time until I met a few goals I had set: bills paid off, 1 year savings, and internet business earning more than my J-O-B.

I'm not saying that's what everybody should do, but with a family to support, I wanted to be cautious!

Brian

[mikael84]

Thanks for your comments. I appreciate.

I don't have a family to support so it is easier for me.

What I will probably do is to wait for the new business to be "monthly profitable" (sales > expenses on a 31 day period with the minimum possible salary for me).

I wont wait until it earns more than my current job as it would take a while and would need more time investment from me for to happen.

Thanks again.

[skyjoe76]

When I am faced with this decisions four years back. I quit everything, jumped into my new business.

Well, I must say I've learn tremendously in the process, but it stretched my financial status.

I would recommend anyone not to quit their job, but keep their current job, so they won't stress too much on the financial area.

On the other hand, when I think back, if I were to work part time on my business, then it may not be that successful like it is today, and I may not be who I am today. I may even quit my business when the going gets tough because I can still fall back on my job.

When I quit my job, I don't have a choice but to succeed. Failure is no longer an option to me.

It's your choice. Will you be able to take that financial stress without any income?

[jackace]

You can do it either way. Lots of times it depends on the type of business. If it is something that you need to get to market asap or something that grows quickly early, then it might be good to work full-time on the business. If however the business takes time to grow and there is no big time issue, it can be easier and less financially stressful if you keep a 9-5 for bills.

[ltressel]

Mikael, I agree with AMG2000.

When I decided to leave my regular JOB in 2005, I made sure I had socked away about 1 year worth of savings. I also invested most of my salary increases to my 401K( 4years in the corporate system). That became another buffer for me while I establish my business.

The point is, make sure that you know that you fully committed to your venture come what may. The road you are about to take guarantees nothing but you only have to be sure that your mindset can withstand all victories and tragedies in the world of entrepreneurship.

Have a good plan towards your business. You have to study the steps that you need in getting to your success point and plan for the probable issues along side it.

You will always fear things may or may not happen but if you plan your course, it shouldn't deter you from succeeding.


LT

[GetPaidToHost]

I started with one of my companies (http://www.truevisioncom.com) part-time thinking I would go into it full time in the future. But I was able to generate enough income to quit my full time job and continue it part-time.

[Finandom]

May I know what is your small business about? I think this have to depend on the type of your small business. Quiting your job is quite risky especially if your business is new and not established. If possible, you can let us know what is your biggest monthly expenses or commitment. This is a crucial factor that we must consider before quiting the job.

[kbusi]

No one can answer this for you. I asked some of my friends the same question and they gave me various answers. most of them leading up to "play it safe" wait till you make money and then quit.

Try thinking from this: Imagine you're a millionaire and you lost everything. Had to get a job to make ends meet. And now you're at this point in your life. What would the millionaire you do?
Thats what you should do. Hope that makes sense. Make decisions thinking from the end result.

[jesterx]

make sure you can supoprt yourself and your family before you do this.

its exciting taking your business from a hobby part time to full time but a mans gotta put food on the table and pay off a mortgage so think about it long and hard before you do. just my two cents.

[LightWerkz]

Keep your day job and work even harder to get the ball rolling on the side. You need to establish yourself first and make sure you can make ends meet before you get you really get your feet wet.

There will be a period of uncertainty, prepare yourself for it as best as possible.