Possibly Leaving Job - Any thoughts/advice?

[ecoaussie]

Hi,

I am seriously considering volunteering for the upcoming layoffs at the company I work at. There's no guarantee I would get it, but I think I could make it happen. I'd get about 6 mths pay in this case, possibly more if they sweeten the deal. I do have a house, a car loan and a baby with non working wife, so definitely need to be somewhat conservative/careful in my decisions here. However, I am realizing I am less and less effective trying to straddle the fence and not contributing as much as I could either at work or in my business/entrepreneurial plans. I am starting to realize that I really do need to just 'go for it'.

Any thoughts/advice much appreciated.

Thanks!!!
Brett

PS - Not sure if this changes anyone's response, but I have actually also raised some equity funds for my proposed business.

[Sonni]

Most people in IM suggest you have 6 months of consistent income from IMing before you decide to leave your job and depend on IM to support the current lifestyle you're living at this point. I have only read this several times in the past few months and haven't lived it and I'm not sure if this is what type of answer you were looking for but it's all I got.
Sonni

[Isha]

Brett, can we assume that your wife's opinion has already come first on this...

[ecoaussie]

Umm..yes, i guess i didn't say that, but certainly i will not be leaving until i can convice my wife of the reasons, plans, backups etc....I am reasonably sure I will be able to do that if i can convince myself!

[Mykl]

I would consider the following as a check list...
Note: This is only for the scardy cat hyper-conservative like myself.

1) No Debt.
Preferably not even the house. But if you owe on your car - get that done first. Car payments are the silent killer of the middle class on this planet. Why no debt? Because you can be much more nimble with regard to financial ups and downs when you don't have the chains of debt wrapped around you like a python.

2) 6-12 months of expenses stashed away.
This will be what you are eating from while you get started.

That's about it.

Now you could do a hybrid approach. Do both jobs for a limited time. Commit to being torn in two and worn out. The question you have to ask is are you up for that kind of challenge. If you aren't then going it alone might not be for you after all (this is the challenge I'm currently facing - do I have the stomach for it?).

So you work your day job and your IM job and you sock every dime of profit into steps 1) then 2) above. If you have the discipline to do that and not take that extra money to buy toys (e.g. an Ed Dale super special iPhone... ) then you just might have what it takes to pull this off.

My mom always told me, "Don't quit your job until your next job is all lined up." I've tried to live by that and it's worked for me so far.

This is probably not what you wanted to hear, but it's what I wanted to say. And which is more important, really.

[ccastell88]

Also my best advice, dont throw all your eggs in one basket. Have a variety of niches, affilaite programs, techniques. Maybe extend to google adsense, EPN, amazon program, etc

[samdeane]

As I will explain, I have been in your position, having walked away from my company 9 years ago. So I can give you some advice from my personal experience.

Here is a precise mathematical formula that I was given by Thomas Leonard, the father of Life Coaching -

In 100% of cases, do not leave your present job unless and until you are making at least the same amount from your sideline occupation as your current monthly take home.

I chose to ignore his advice, left my job to become a life coach myself and 5 years later ended up bankrupt having followed a business model that I latterly realised was never going to work.

In 'What Colour is Your Parachute' the author says something like - Just because you REALLY REALLY want to be James Bond does not mean that you are going to succeed in his profession.

Not to be negative and argumentative, I would advise the total exact opposite to ccastell88. If you do choose to go forward with your plan, be sure to start off getting a business plan that definitely will work. Stick to it religiously. Focus on one area and one area only. Stick religiously to that one specialty. (Most businesses fail when they take on other businesses that they are not skilled in. You dont see Gordon Ramsey doing DIY because he happens to be interested in it.)

If you can stick to that one business model for 6 to 15 years, then, you will have something of real value by the end of it. The real problem is getting through the first three years and thereafter the issue is maintaining interest. More than 50% go down in the first year alone.

I lasted 15 years until I walked away from a company I had started with myself and 2 others each putting £2500 in to set it up. By the time I walked it was turning over £750,000 per annum.

Anything is possible, but it requires integrity and planning.

Best wishes for the future. It will be exciting whatever you choose.

from Sam

[ecoaussie]

Hey - Thanks everyone for the thoughts. I appreciate it!!!
Brett