should i quit my job and commit full time to doing business?

Question

i am 37 years this year. I have a wife and a 10 year old. I've worked with the same organzation for 12 years now. Currently i'm earning close to $5k as Head of HR (but i'm also close to $200k in personal loan debts). I've set up a HR company that currently focus on recruitment. My wife quit her airline job to run this business. It's been running for 2 years now, its doing ok, but only barely breaking even. I have other business ideas that I want to explore and possibly do, but will probably need more of my time than I'm currently giving it.

If you are in my situation, would you stay and be an employee earning enough income or quit and be a succesful entrepreneur or possibly a bangkrupt :)

Its $5k/month. Per annum is between $60k to 70K depending on bonus payment. I read somewhere, that to be really sucessful in business, you shud risk quiting your full time job. But, a lot of people, me included, are too scared to do it.

Answer 1

Stay with the day job and keep the stability and hospitalization. Work with the side job as much as you can

Good luck

Really, price hospitalization.

Answer 2

I assume $5k is either $50k or $5k/month.

I don't think that you should quit just yet. Hard as that may be. I would look really closely at it.

The main question is .. can the HR biz support all of you??? as it is??? no growth!!! and living on less money is tough, can be done, can be really annoying. my favorite author and a prof both lost their wives over drastic drops in income.

And it sounds like there are NO savings. and serious debt floating around. I don't know if any of that can be refianced or spun into a home loan.

I don't have a wife or kid .. but I spent 5 years floundering around .. and now am back at a job making less money than 6 years ago.
I made $65k/year as a programmer/project lead.

We had an excellent shot at doing geodemographics. I got way over extended .. and the lead geographer flubbed it and helped his wife graduate in her degree instead. Thus went the first year
.
I then did computer consulting.. making $45k the first year, then the economy tanked .. made $15k second year .. The third year looked really promicing, but then a large customer payed very,very late .. so made $14k third year. AND I got out. .. I found another job that gave me $23k to round out the rest of the year at a small isp -- and they were over extended .and their big customer did not sign the big contract so burned up my savings again and found another job in a bigger town.
Now I make $42k .. in a larger town so my earning power is not what it was due to inflation. and I am not back up to $65k+

good luck.

Answer 3

Well if your wife quit her airline position and is working the business then I don't see the advantage of you leaving what you are doing. At least you are supplying an anchor to a ship that may take off at any moment and if it flops you will be the saving grace. It the business becomes lucrative enough to warrant your undivided attention then leave your current position to pursue the venture and at the same time start up your other business ideas. Remember they are just ideas!

Answer 4

I'd say be honest - that after devoting eight years of your life to your job, you eventually realised that it was a toxic environment and that you became concerned about the effect it was having on your physical and mental health so you made a sensible decision to leave, take some time to clear your head and find a position that met your professional needs while allowing reasonable work-life balance. Any employer who thinks less of you for leaving a job that drove people to suicide is probably not someone you want to work for anyway.

Answer 5

I hate to be in your shoes but I wouldn't quit yet. I'd probably learn internet marketing cause its the best way to earn money as we speak. Besides, you can get ideas on promoting your business. I recomend you check the best marketer around. He made 6 million last year and he's in his 20's. That'd challenge you. Here is his site http://tinyurl.com/l9owy

Answer 6

you need to keep your income that you have right now and to keep stable to handle personal bills...try to assist your wife in building the business she is running...once that business can replace your income, then it is the time to leave the job and try other ventures along with the business your wife is running.