Would you give up your 60k full-time job and start yoru own company?

31 replies
Let say you make around 60k per year right now, full time at a relaxing environment, no stress, fun etc. - but no advancement opportunity, probably staying like that forever.

Would you give up your 60k full-time job and start your own company?

Considering 60k is around $5000 per month with benefits and bonus - thats not too bad from where I live. Realistically, this is not going make me RICH, thats for sure, but I read other warriors posting their successful stories and case studies blah blah blah.. and most ends up around the same amount, and that is WITH the risk.

Please dont get me wrong, I am not saying anyone who starts their own company is stupid as I am planning to start one myself, but I am holding back a little...

Looking for expert suggestions and advice here. Appreciated.
Thanks in advance.
#60k #company #fulltime #give #job #start #yoru
  • Profile picture of the author Michael Travis
    I am by far no expert on this topic but I can give advice from real life experiences. There is a saying that goes: "A bird in the hand beats 2 in the bush" meaing keep what you have because it is really no better than what may be out there.

    Although you see others here making these nice incomes working in the offline market doesn't necessary mean you will have the same success. I am sure if you ask anyone having success they will tell you there is work involved.

    If I was in your shoes I would keep working my regular job to keep the benefits. Then on the side start your own company. Work both jobs until you have at least 6 months salary saved up. Then make the switch if you feel having your own company is worth all the headaches associated with it.

    Michael
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  • Profile picture of the author Chris Cho
    I slowed down with my real estate business to build my seo business even though i was making a comfy six figures a year working less than 5 hours a week.

    Sometimes it's not even about the money for me. It's about doing what i find fun and working with like minded people. I love working with business owners as my clients.

    Real estate is great too but sometimes I'm buying houses from desperate sellers. I get to help them out of sticky situations and money is great but it has it's pros and cons.
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  • Profile picture of the author imanbahrani
    Hi Noobcorp.

    I left my somewhat comfy high paying job to starting own successful SEO company. My advice is to not jump all in and quit your job immediately. Take this one step at a time, start you business part-time, once you know that you have enough business coming in each month and have a good amount saved then take your risk to the next level
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  • Profile picture of the author Nikolas
    If your passion is to start a new company, then do it and even if you fail you'll be happy.

    Just my 0.02
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  • Profile picture of the author warriorkay
    .
    I think you can but it's a good idea to work for a while and
    save some good money, either in the bank or in some investments
    that will be bringing you some reasonable money monthly.

    The truth is that starting your own business is a good idea
    but it might take a couple months or a few years to pick up.
    During that time you do need some money to keep afloat, if
    not you will be frustrated and not even go through with your
    plans re your own business/company.

    Kingsley


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    • Profile picture of the author Dan Ashburn
      Noobcorp,

      I was in the same position as you not so long back. I have run an offline consulting business for some years now however I never made it my full time occupation. Running it alongside a strenuous but successful career in the UK Air Force it came to a point where it was one or the other and I chose my passion, what I love doing - Offline Marketing.

      My advice would be not to focus on the short term, how much you earn now, how easy and cushy it is but how much you want to be in Offline Marketing. Anyone who is full time will tell you it is a long, hard journey making an Offline business your full occupation, working for yourself requires dedication and persistence like no other - much different from having a set schedule of getting up and going to work with a monthly pay check!

      If you want it that bad, if you long for it then go for it! You only get one shot at life, might as well make it a good one!

      I do agree with the comments above however, make sure you leave your current job with a safety net... a good few months worth of cash so if faeces hits the pan you have an exit strategy and it can go down as a learning curve that will only make you stronger!

      It all boils down to.... how bad do you want it?
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  • Profile picture of the author Jokyv
    for me, my plan is to quit my day job only if i can make as much as i can make with my online work....

    Quitting before you only give you pressure!
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    • Profile picture of the author Dan Ashburn
      Originally Posted by Jokyv View Post

      for me, my plan is to quit my day job only if i can make as much as i can make with my online work....

      Quitting before you only give you pressure!
      Some would argue its that pressure that compels you to succeed, having no choice but to succeed is a powerful driving force!
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  • Profile picture of the author ryanmckinney
    Hey noobcorp,

    I currently make about 85K a yr, and I am in the middle of building my consultancy company in order to quit my job.

    My job isn't terrible, I sit at a desk all day and "supervise".

    However I want something different, I want my job to be where ever I want to live, not have to live where my job is.

    I hate the sound of my alarm.

    I just want something different, and I want to help people.

    I am slowly working on replacing it, and not far from quitting.

    Ryan
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  • Profile picture of the author George Pitts
    Noobcorp,

    You are in a really good position. You have a good paying job that is stress free and relaxed. If I were you I would start my company up and build it up to a point where you can replace or exceed your current income. I don't know if you have a family but you have to keep their best interest at heart as well.

    I would go through all the proper channels and get your business started LLC, EIN, ETC and all your necessary legal stuff out the way and then slowly build up your business the right way. Going this route will not only help you make less mistakes but you wont be in a rush to make money cause you are no longer getting that guaranteed 60k a year to show up to work

    Just my thoughts...

    G
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  • Profile picture of the author itzpaul
    I agree with the other posters here. Definitely, start focusing on the business as your sideline. Eventually, you'll be able to step out of your own job and focus on your business. Play it safe, I would assume. Doesn't hurt to work twice as hard and know you'll be OK, either way.
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  • Profile picture of the author Noobcorp
    Thanks for all your suggestions.

    I think you guys are right, its better to be safe than sorry.
    Quitting my FT job without seeing success in my own company will be a bad move.

    Now, the question is, we all know FT means 9am - 5pm, and despite the fact that
    my work environment is relaxing and open, BUT its not to the point where I can pickup
    phone calls and talk about my own business on the side.

    What can I do about this? I am pretty sure clients will try reaching me between
    9am - 5pm (since thats most company's business hours). This will be a conflict for me.

    Please adivse. Thanks again.
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    • Profile picture of the author Amir Luis
      Originally Posted by Noobcorp View Post

      Thanks for all your suggestions.

      I think you guys are right, its better to be safe than sorry.
      Quitting my FT job without seeing success in my own company will be a bad move.

      Now, the question is, we all know FT means 9am - 5pm, and despite the fact that
      my work environment is relaxing and open, BUT its not to the point where I can pickup
      phone calls and talk about my own business on the side.

      What can I do about this? I am pretty sure clients will try reaching me between
      9am - 5pm (since thats most company's business hours). This will be a conflict for me.

      Please adivse. Thanks again.


      Hey NoobCorp....

      You may not know who I am because I haven't really been active on the forums as of late.... If you want more info on me.... read this....

      http://www.warriorforum.com/offline-...marketing.html

      If you don't... that's ok too.

      What I know for a fact... Based out of experience, is that if you don't quit your job. You won't make it in this field.

      Starting a business is a full time job in itself.

      The reason I have not been active on the forums so much is because I own a couple of businesses now. Not jobs.... but full blown businesses that operate whether I am there or not.

      There is a difference.

      I see a lot of people in the offline arena speaking of their businesses... but really what they have is a job.

      That is what I had too.

      I started with nothing.... I was broke. There was really no hope in sight when I got started in this industry. All I knew is that I needed some cash QUICK!

      The gift of desperation is what got me to take action.

      Between that and the expert advise of a trusted friend. Who at that time I really didn't know... I just bought a WSO he released and ran with it. John Durham.

      After making $2k -$5k per week plus for weeks on end.... I wasn't desperate anymore. Next thing you know.... I am starting to run out of money.

      BOOM.... The gift of desperation kicks in.... and I go get some more money.

      Straight and simple.

      I love Internet Marketing. I love Clients. I love Providing Results. So this business model was perfect for me.

      I didn't like how I started but I did it anyway. Why?

      Because I had no choice.

      If you are comfortable at your job. Stay there. But realize you will always be stuck under someone elses thumb.

      If that thought alone is enough to motivate you to do something different. You might have what it takes to make it in this biz. If not... Stay at your job.

      If you NEED security and have no faith in yourself. You might want to stay at your job.

      If you have big brass ones... (you know what I mean) Then you might want to pull up your skirt. Grab your short and curlies, and jump right in.

      Sticking your toe in doesn't get you paid.

      Straight up.

      Only one year after I started in this business I was able to purchase a cell phone store(Brick and Mortar), and start a non profit organization that helps people in need.

      I now have multiple streams of income from multiple businesses. And it all started from right here on the Warrior Forum and The Telemarketing Forum when TMF was just beginning. If you search over there.... you will see my journey laid out in print through various posts.

      Could I have done those things working for $60k a year?

      Maybe.... but it would have taken a LONG TIME.

      I wish you the best in whatever it is you do.

      I hope you join us as we trudge the road to success.
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  • Profile picture of the author Jason Kanigan
    Train your clients. Tell them that in order to be most productive in making results for them, you will only respond to communication after (say) 6PM. As long as you abide by this agreement, they'll accept it.

    I remember Dan Kennedy writing about how notoriously difficult he was to reach...never used business cards because he wanted people to work to find him--and therefore be committed to him because they put in effort...only answering the phone for a scheduled & publicized hour a week.

    If you have what your clients want, they'll live with your "quirkiness." Just make sure you explain this communication agreement right up front.
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    • Profile picture of the author jimbo13
      You can do both to start.

      It is no different from you having a market stall for example on the weekend is it?

      It is only when you have a few customers and servicing them properly becomes an issue that you have to make the jump.

      Dan
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  • Profile picture of the author Noobcorp
    Ah thats true.
    Btw, how should I register LLC or sole proprietorship?

    Is liability usually an issue with SEO/Web Development companies?

    Thanks again
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    • Originally Posted by Noobcorp View Post

      Ah thats true.
      Btw, how should I register LLC or sole proprietorship?

      Is liability usually an issue with SEO/Web Development companies?

      Thanks again
      Notice I am giving you a disclaimer on this answer. I am not a lawyer and anything I say should be considered as nonsense. It is only an opinion and deal with it at your own risk.

      Noob I have had several businesses over the years offline and online. I do 6 figures often and have always stayed a sole proprietor to this point. I have on occasion bought insurances for liability concerns for example, errors and omissions for some non physical products and services,and mechanic/contractor for physical products and services. If you don't know what they are Google them.

      An LLC is easy to get and I probably will be going that route if my IM business keeps growing. Your choice in the matter is more related to how you want to have your business run behind the scenes concerning paperwork, taxes, financing and so on.

      I believe the hysteria often surrounding liabilty is unfortunately the reason that keeps some paralyzed and is the excuse they use not to go into business for them selves and from taking the risk that is inherently related to being in business.

      Just use disclaimers as necessary in the IM business and buy insurance just like you have on your home if you feel you need protected in your offline business. Liability on the Internet is a hard thing to show. Why is the reputation saving business such a big business model online now.

      Please read my disclaimer!

      Old Dog

      P.S. Use your head in knowing when to go full time. The only problem to be sensitive to IMHO, is that as long as you have a fall back bridge behind you, (your job) you may use it as an excuse to not reach out and take the risks you need to in order to be a business. You got to always fight that excuse. It's hard to do this. I can vouch for that.


      .
      Signature

      P.S. If I can be of any assistance in your "Off" or "On"- line sales and marketing please PM me or email at WinnersChoice-Warrior@yahoo.com . Old Dog

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      • Profile picture of the author HypeText
        I am a slightly different character as I have only ever held 4 Actual "Jobs" in my life and have been self employed since I was 24. I am now 45.

        When I made the decision to "jump ship" and do my own thing it was because I landed a very lucrative contract that was worth well into 6 Figures for me in terms of profit.

        For someone starting from scratch my strongest recommendation would be:

        1) Make sure you have a Reserve in the Bank to live on for a while until your income is sustainable.

        2) Don't burn bridges when you leave your job, you might need to cross that bridge again if things don't work out.

        3) Ease into it. don't just up and quit the "JOB" in hopes you "might" start a successful business.

        4) Have a Plan...as in an actual business plan. do your homework and know what you are getting yourself into.
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    • Profile picture of the author run2win
      Originally Posted by Noobcorp View Post

      Ah thats true.
      Btw, how should I register LLC or sole proprietorship?

      Is liability usually an issue with SEO/Web Development companies?

      Thanks again
      I'll make the same disclaimer: I am not qualified to give legal advice and none is intended...

      The best policy is KISS - Keep It Short & Simple. The common advice is to just get going - using your personal name. Prove your business profitable and then worry about the details. I've found I can burn a lot of time/energy trying to get everything set up. On more than one occasion I decided to scrap the whole business or modify the approach and all the setup time was a waste.

      If you're operating with integrity liability is rarely an issue - so much the less in the relatively short span you may operate as a sole proprietor. I have always been able to negotiate mutually agreeable solutions in the rare occasions an issue has arisen.
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      • Profile picture of the author HypeText
        Originally Posted by run2win View Post

        I'll make the same disclaimer: I am not qualified to give legal advice and none is intended...

        The best policy is KISS - Keep It Short & Simple. The common advice is to just get going - using your personal name. Prove your business profitable and then worry about the details. I've found I can burn a lot of time/energy trying to get everything set up. On more than one occasion I decided to scrap the whole business or modify the approach and all the setup time was a waste.

        If you're operating with integrity liability is rarely an issue - so much the less in the relatively short span you may operate as a sole proprietor. I have always been able to negotiate mutually agreeable solutions in the rare occasions an issue has arisen.
        People often engage in "frivolous lawsuits" and actually sometimes win even if the business didn't do anything wrong...it pays to stay protected.
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        • Profile picture of the author run2win
          No particular argument there... but these details too often delay or prevent getting out of the gate in the first place.
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  • Profile picture of the author skooja
    Originally Posted by Noobcorp View Post

    Let say you make around 60k per year right now, full time at a relaxing environment, no stress, fun etc. - but no advancement opportunity, probably staying like that forever.

    Would you give up your 60k full-time job and start your own company?

    Considering 60k is around $5000 per month with benefits and bonus - thats not too bad from where I live. Realistically, this is not going make me RICH, thats for sure, but I read other warriors posting their successful stories and case studies blah blah blah.. and most ends up around the same amount, and that is WITH the risk.

    Please dont get me wrong, I am not saying anyone who starts their own company is stupid as I am planning to start one myself, but I am holding back a little...

    Looking for expert suggestions and advice here. Appreciated.
    Thanks in advance.

    Dude.. !!! If you have enough money, In Your ACc. And if your account is secured. And if you believe in Yourself. And Just give a Damn Shot man ... .. Its totally upto you.. But as far i know starting a new company requires great skills. You cannot start it so easily. Gather data, Gain Knowledge and than Start moving forward
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  • Profile picture of the author Bruce NewMedia
    Originally Posted by Noobcorp View Post

    Let say you make around 60k per year right now, full time at a relaxing environment, no stress, fun etc. - but no advancement opportunity, probably staying like that forever.

    Would you give up your 60k full-time job and start your own company?
    I did.

    In 1990, and it's the best thing I ever did.

    BTW, there is no such thing as a "relaxing environment, no stress, fun etc."

    ....unless you are talking about a Disney vacation, and not a job.

    If a 'job' can be described that way, it typically ends with a "THUD", the moment business trails off.

    Self-employment is certainly not for everyone, but if you value INDEPENDENCE over anything, then it's the only route to go.
    ______
    Bruce
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    • Profile picture of the author Neodism
      Originally Posted by Noobcorp View Post

      Let say you make around 60k per year right now, full time at a relaxing environment, no stress, fun etc. - but no advancement opportunity, probably staying like that forever.

      Would you give up your 60k full-time job and start your own company?

      Considering 60k is around $5000 per month with benefits and bonus - thats not too bad from where I live. Realistically, this is not going make me RICH, thats for sure, but I read other warriors posting their successful stories and case studies blah blah blah.. and most ends up around the same amount, and that is WITH the risk.

      Please dont get me wrong, I am not saying anyone who starts their own company is stupid as I am planning to start one myself, but I am holding back a little...

      Looking for expert suggestions and advice here. Appreciated.
      Thanks in advance.
      I wouldn't, personally. Considering that my lifetime income goal is 36k a year after taxes, I wouldn't give up 60k as well as benefits and bonuses for anything. It's like double-or-nothing. Take a risk and you can make more, but if you are comfortable and happy with what you're doing why would you risk it? Greed kills strong men.
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  • Profile picture of the author TopKat22
    I did it many, many years ago and have never looked back.

    Knowing what I know now, I wish I had done it sooner.

    I wanted to bet on myself and sink or swim on my own merits.

    However, I do believe that it takes a certain type of person to do this and I don't know if everyone is cut out to be a business owner.
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  • Profile picture of the author andreaskam
    Everyone here has posted some really fantastic advice and it's good to see such well balanced discussion.

    I'd mirror what most people have said. Personally, I was working for £1400 ($2114) in my first job. I worked that for 12 months doing market research (on the management side). I pretty much hated it - repetitive, didn't challenge me in any way and I couldn't see my future there.

    I never went back to it and set up my own site. Within 6 months I was making double that and learning a hell of a lot more and going on incredible holidays thanks to the freedom of being location independent.

    It depends on how you feel about your existing job and what you want to get out of life.
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    • Profile picture of the author jmevern
      I had no choice.

      I was laid off as an IT person a couple of years ago.

      My hobby was videography for 10 years. I decided to make it my business.

      The business is making a little money as in all start ups. I would not have it any other way. I love helping people become successful.
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      • Profile picture of the author midasman09
        Banned
        I went to college to become an "electrical engineer". My first job was with General Electric in Chgo.

        About 2 wks after I started I heard from a co-worker that I had replace a guy who was 2 yrs from retiring. They "let him out to pasture" after promising him "goodies" when he retired. Instead, he was "forced" to find a way to earn money IN HIS 60'S!

        I also had a cousin and an uncle who were fired because "the economy was down".

        So....I told my young wifee I was going to pursue....WRITING MY OWN CHECKS!....and NOT rely on someone else.

        So...I spent months hunting for something I'd LIKE to do....something I ENJOYED doing and something that didn't take lots of start-up cash.

        I saw an ad in the WallStreetJournal for a new kind of Home Burglar Alarm. I went to see the mfgr and bought a Demo Kit for $495. Opened a bank account under my new business name (Security Associates, a Sole Prop) and proceeded to try and sell my Home Burglar Alarm to local home owners in the affluent North Shore of Chgo.

        Well....I made some appointments by phone...gave some demos and struck out. I took a Dale Carnegie Course on Selling and that gave me LOTS of confidence in "face-To-Face" sales. I then made some appts and WHALA, gave a demo to a dentist who said, Let's Do It!"

        Whala! Only problemo was....I did NOT have a clue as to HOW to install the Alarm. (Note: My philosophy then and has been all my life is: See if I can SELL it first! If I can, THEN I'd worry about following up. If I can't sell it, DROP IT and try something else. Nothing Happens until something is SOLD!)

        So....I went on a "Hunt" to find an Installer. Found one at another Alarm Co. (Offered him X per job) Then...as we were installing the alarm on Sat, 2 neighbors came over and asked if I'd give them an estimate. I did and they BOTH bought! Bingo, Bango, Bongo! I went into my office on Mon morn and gave my 2 wk notice....and never looked back)

        8 yrs later I had 17 employees and was "given an offer I couldn't refuse" and moved to Ski Country USA (Aspen, CO) Found that there were 3 alarm cos in town and, in a restaurant, happened to hear some guys talking about setting up a new Radio Station. I remembered a Radio Promotion in my previous home area....put together a Program (on plain sheets of paper with Red and Black Magic Markers)

        Walked into their office the next morn and WHALA....they "Bought" the program. So....my "Advertising" career was started.

        So....my advice to you is, "WHO writes your PayCheck? Whomever does, can choose to STOP at any time!" and....it's best to start a biz on the side...until you see whether it will SELL. If you feel YOU can SELL it, then my friend....LOWER YOUR HEAD AND GO FOR IT!'

        America is STILL a "Land of Opportunity"...slowly becoming a "Dependent Land" where citizens are DEPENDENT upon Da Gummit! If YOU want to "Depend" on Da Gummit....I got news for ya, Da Gummit money is drying up so...the "Da Gummit Dependents" might be forced to live on "Pennies a day"!

        You're young...smart...energetic! Take a "chance"! If you can "SELL IT", everything else will fall into place!

        Don Alm....looking back on a lifetime of Entroopeneership and NOT regretting ANY of it!
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        • Profile picture of the author DriveTheGoods
          I have made the exact leap you are discussing. While it is scary and I am just getting going, I can already tell that I in the end I will be a more satisfied confident person.

          Nothing like controlling your own destiny.

          Jon
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  • Profile picture of the author lawyer2warrior2
    I left a job that paid way less than that in order to follow my dreams and do what was important. The first year was the HARDEST but it also taught me a lot about being creative with less income & about doing in my heart what I knew was best. Hope you have some peace about your decision.
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  • Profile picture of the author terip
    In my opinion, I think that's OK. Call me old-fashioned, but I'd rather have something to bank on "if" the 60k/year job were to go away. A business of your own may start shaky at first but these are the trials that we should undertake. I think it's safe to say that most businesses around the globe have had a rough start. Many of which have kept striving on to achieve their business' level we see now.

    A business of your own is also a good way to secure the finances of your family, just saying.
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