Should I quit my job and start my own business?

Question

I have a reasonably well numerated job currently, but I'm sick of working for people who are just riding our departments coat tails for their own personal advancement. However I respect our team alot and feel like I would be effectively doing the same to them. My own business will be something that will take several months work by me to get the product to market, I should be able to get it running for under 10,000 gbp, incase you were wondering.

I've been working on it for the last 3 months but I'm getting to the point where I think I might need to concentrate on it full time. I do not have anything to sell until I've completed it hence my dilema. I spent the last 5-10 years saying I could do it now I'm actually trying to do it.

sp. *dilemma

Answer 1

Yes.

Answer 2

You seem clear about what you intend to do, and for what reasons. Make sure that you have a clear business plan, and know your way around the tax system, and the various legal issues.
Is there any way that you could start this business in your 'spare' time? That way, you'd have a fall back position in case it didn't pan out. You'd have a clearer idea in a couple of months about whether or not this idea is going to work.
Most small businesses fail early on for two main reasons; lack of finances (could be just a hiccup, someone doesn't pay you money they owe), and a marketing failure.
Marketing is key to the success of your product and probably matters more than whether its any good!
Good luck! Working for yourself is every bit as hard as working for someone else, but a lot more rewarding.

Answer 3

Do you already know what business you would be doing? Let me give you some advice. I started my own business and like many in my business, I am staying with my current job until I am making what I make at my current job, 3 months in a row. Then, I will fire my boss. Now there are some people who actually quit there job and jumped in feet first. They say it was not the smartest thing to do and do not reccommend it, but they did it and eventually, it did not matter. So, there is something to think about!

Answer 4

No! you are thinking about resigning your job for the wrong reason. When you set up a business for yourself in order to get rid of people using you in some way for their gain, you have to understand that in essence you will still be working for the persons who will be supporting your business. This means that if you are not satisfying their needs you will definately not have an income .

If it is at all possible, it is best to juggle your job with setting up your business until your 'self employment' takes flight. Remember when you work, you are offering a service to those that need it, so we are all in some way working for someone any way you look at it. So why not be paid while you are at it, until your business starts growing, making some money that you can live off?

Answer 5

I did that 2 years ago, and now I feel excellent. It was very hard for the first 6 months, but after that is like Nirvana, to start and stop working whenever you want, to report all the time only to yourself is an wonderful sensation !
Whish you a lot of success !

Answer 6

Since you are asking this here, I think you are just a dreamer thinking about it and in your dreams things become so easy, but as the saying goes easier said than done. If I were particularly you I would stick to what I am doing and enjoy it while you can as doing and running your own business is a tough thing and it takes more than just talks.

Answer 7

I'm in a similar sort of position, I think its just the initial starting point - all the when, how, and but ifs. I've set myself till the end of this year to do something about it, if i dont by then i dont think i ever will.
Set yourself a date and that should give you some time to think about it, and when the time comes - go for it, you only live once!

Answer 8

Reading this question and answers has been really helpful to me! I too am thinking about quitting my grueling regular job to start my own internet business. I definitely have the financial ability, but it's still a VERY scary feeling to quit a secure, well-paying job of 11 years for something unknown. Confidence is the key! Thanks for all the insights. I'll be reading!

Answer 9

listen man there is an arabian proverb "if you don't have a plan, you well be in someone's else plan".
i think you should collect some money and start your own business, and it well be growing by time and you start to put your extra money in that business, stop spending it in things not useful, it's may be hard at the beginning but at the end it well be grown up. exactly like child growing.
thats my point of view.

Answer 10

well,...i cant tell you yes and neither can i tell you no...its all your choice cuz its "ur" business and you'll be responsible for it.. so all i can tell you is that you should try and calculate the costs and benefits of starting and running your business and if benefits outweighs the costs, then you should go ahead and start your business but if the costs outweighs the benefits, then you should try as much as possible to make the costs as low as possible so that the benefits outweighs it and then start your business and be your own boss....its a good feeling....being your own boss.....but its also full of responsibility and you also have to be a good leader and if you're not a fan of responsibility and being a leader, you wont enjoy it....so all i can say is good luck and hope you make the right choice......

Answer 11

So: if you have the financial means to do it, why not. If you have a business plan set up already, if you have a number of clients lined up, in short, if all the pieces are in place, go. Otherwise the risk is quite great.