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When should I quit my job to focus on my side business?

When should I quit my job to focus on my side business? Topic: Home building business plan
June 16, 2019 / By Star
Question: Backgroud: I'm 26, no actual education. I have about $4200 in medical debt, and I have paid off my home and my bills come out to about $450/mo I have an 8 year old stepson and a wife. I live in an economically bad part of Iowa where good jobs are very hard to find. I work as a "temp" but promised permanent work as the company had trouble with union workers 5 years ago and fired them all and brought in temps with a plan to run the plant with temp workers indefinitely. I make about $17 an hour, no benefits. Everyone else I know has trouble finding jobs for $11/hour or more in this area. I started a home based side business that allows me to make what I see as good income, and it's generally easy to find a good profit in what I do. I've been doing it for about 8 months, and the more I work at it, the more I've saved and built up which allows me to make more money but does require a good amount of travel. When I averaged it up, I make about $80/hour doing this and if I really grind at it then I could make anywhere between $1200 and $2000 a week, and I think that if I hire someone to do part of the work for me then I could make more. A less mature version of myself at a younger age probably would have quit his day job and focused on the side business and tried to make it grow but now I'm kind of hesitant because of the stability of my actual job. There is a possibility that if I stay with my current job then I could become hired on full time and make $70,000+ a year - I have a good work ethic and I'm never late and I'm known to "get things done" - which most of my coworkers aren't and are usually either fired within a year or two or quit because of the demanding 60 or 70+ hour a week schedule and physical demand for the job. I'm also pretty good friends with my current boss who is leaving my department and getting hired on full time (becoming an actual company employee) - so there is a chance at making a stable income with this company in the future but its rare. Sometimes my job is great, but sometimes I come home and I can't move and I'm sore and I feel like working 14 or 16 hour days has made me grouchy and bitter especially towards my family when I come home and I'd like to actually see my kid more. When Im off of work, I only sleep and work on the side business. I can't say that I hate my job, but Im probably unhappy and dont want to admit it because I make a decent income from it. Or I could focus on being a business owner and grow my side business. I feel that without the time constraints from my real job, then I could make $90,000/year or more but right now I only have a couple hours a week to spend after minimal amount of sleep and spending time with family. If I did leave my actual job, then I could spend a LOT more time with my family. BUT with running any business, there is the possibility that things aren't going to work out and I'll lose everything and be back at the beginning with nothing to show for it - but to counter that, I've been doing well for 8 months and there has been consistent growth. Should I quit and focus on building my business, or should I just stick with the stability of my job?
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Best Answers: When should I quit my job to focus on my side business?

Prue Prue | 8 days ago
stick to what your doing best , the risk in an uncertain industry is not worth 5 bucks extra --- good luck
👍 104 | 👎 8
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Prue Originally Answered: When should I quit my job to focus on my side business?
stick to what your doing best , the risk in an uncertain industry is not worth 5 bucks extra --- good luck
Prue Originally Answered: When should I quit my job to focus on my side business?
First of all, you like the home business, and you're good at it--and you've seen steady growth over the past 8 months. The other job is a temp job, no benefits, and you're unhappy there, despite the stability. What does you GUT tell you? You don't make it in this world without taking risks. The risk of losing everything and having to start over with your home business isn't greater or worse than the risk that you won't be hired permanently at your temp job. So this question comes down to what makes you happier--since both jobs have equal advantages and disadvantages. Since you still have some debt--why not pay that off FIRST--then quit the temp job? You say you have no other debts--home paid off, no other pressing debts, expenses relatively low--so why not take the risk of quitting the temp job and go for the one that will allow you more personal happiness and satisfaction? You must be a very good manager to be in your situation--and that's a really GOOD thing--and by all your details, you have some very real concerns---have you talked this over with your wife? What is her take on this situtation? Will she be supportive if you do quit th temp job for the side business? Will she understand that you have to maybe watch things carefully for a while until you are sure the side business will indeed be the one that supports you? You have some very good concerns and you seem like you're being very thoughtful and careful about them. But you can't move forward without taking SOME step into the unknown. Everything is a risk these days--you don't have the surety that you will ever be hired permanently, and you don't have the surety that your home business will indeed support you forever--but that being said, you also don't even know for certain if you'll be HERE tomorrow--and if you're doing that well with the home business, maybe it's time to take that risk that it's the better prospect, and go for it. It's better to risk and fail and LEARN from that failure than to never have tried at all and regret it. As the silent film star Mary Pickford once said: "You can have a fresh start any time you choose, for this thing we call failure is not the FALLING down, it's the STAYING down." From your description, you're not the kind of person that would stay down--so you aren't going to "fail." You'll land on your feet. Go for it. And best wishes to you and your family.

Mayra Mayra
First of all, you like the home business, and you're good at it--and you've seen steady growth over the past 8 months. The other job is a temp job, no benefits, and you're unhappy there, despite the stability. What does you GUT tell you? You don't make it in this world without taking risks. The risk of losing everything and having to start over with your home business isn't greater or worse than the risk that you won't be hired permanently at your temp job. So this question comes down to what makes you happier--since both jobs have equal advantages and disadvantages. Since you still have some debt--why not pay that off FIRST--then quit the temp job? You say you have no other debts--home paid off, no other pressing debts, expenses relatively low--so why not take the risk of quitting the temp job and go for the one that will allow you more personal happiness and satisfaction? You must be a very good manager to be in your situation--and that's a really GOOD thing--and by all your details, you have some very real concerns---have you talked this over with your wife? What is her take on this situtation? Will she be supportive if you do quit th temp job for the side business? Will she understand that you have to maybe watch things carefully for a while until you are sure the side business will indeed be the one that supports you? You have some very good concerns and you seem like you're being very thoughtful and careful about them. But you can't move forward without taking SOME step into the unknown. Everything is a risk these days--you don't have the surety that you will ever be hired permanently, and you don't have the surety that your home business will indeed support you forever--but that being said, you also don't even know for certain if you'll be HERE tomorrow--and if you're doing that well with the home business, maybe it's time to take that risk that it's the better prospect, and go for it. It's better to risk and fail and LEARN from that failure than to never have tried at all and regret it. As the silent film star Mary Pickford once said: "You can have a fresh start any time you choose, for this thing we call failure is not the FALLING down, it's the STAYING down." From your description, you're not the kind of person that would stay down--so you aren't going to "fail." You'll land on your feet. Go for it. And best wishes to you and your family.
👍 30 | 👎 6

Mayra Originally Answered: Should/How I Quit Karate?
Hi Ethan, I've gone through a similar situation. I was in Shito-Ryu Karate for 7 years-technically 8- but I ditched the last year. I enjoyed it at the beginning but then I dreaded going to class, and my parents were forcing me to attend. I don't think you'll have a problem convincing your parents. You made a bargain with your mom; you fulfilled your part of the deal now she has to respect your decision. If she tries to pressure you to continue with karate you can tell her what she's taught you: promises don't need to be kept as long as you get what you want. My situation was different. My mom had been sexually assaulted when she was younger and she wanted her children to be able to defend themselves if they had to. You can probably convince your parents with rationality, where as that wasn't a option for me. From what you've written it seems like you're more worried about ruining the relationship you have with your Sensei (him being disappointing in you). He probably will be disappointing when you quit, it would be like loosing a friend since Karate is the only thing that connects you & your Sensei. You could minimize hurting him by telling him in person, rather than just never coming to class ever again. He would probably worry about where his prized student went. The only issue about telling him in person is that he may try to convince you to stay. Don't negotiate. Tell him you've made your decision and that's that. You can suggest having coffee together if you still want to talk to him occasionally. On a side note, I also really hated sparing with most people, mainly because I was a mouse fighting giants. It was terrifying. I found that after I quit Karate, grew 2 more inches and entered into University, I was more comfortable with sparring. I've never gone back to Karate, but I did kick boxing for 2 years and now I want to try Aikido. Sometimes you just need to give yourself a break. I quit when I was a brown belt; I have no regrets not getting my red belt ( I wasn't old enough to get my black belt). Sure, you'll have bragging rights if you get your black belt, but for me, my heart wasn't in it anymore and it showed through in everything I did. If you're so stressed that you're not sleeping at night then just quit. Don't sacrifice your mental health for your physical health. Hope this has helped.Good luck.
Mayra Originally Answered: Should/How I Quit Karate?
there are a lot of variables here. I think since free sparring is the part you are worried about maybe you would be better off communicating that with your sensei instead. As your sensei knows there is a lot more than free sparring to martial arts, I've seen good dojo where they only do one step sparring-and that rarely gets done. That being said it also sounds like someone like you (uncomfortable with violence) can benefit a great deal from free sparring. You're a young guy, why not consider continueing on, as you've probably realized the benefits of karate go way past martial action-and if you haven't seen any other benefit then maybe that's whats right for you. Quiting, i'd do it in person or at least over the phone since you seem very close to your sensei.

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