Posted by: Linky | 2007/08/22

Business and quiting job

When is the realistic time to quit a job and focus on a business that has already started? I have read too many books by succesful people and they all stress that we should not be attached to pay checks and the temporary security that it provides but living in SA with such a high unemployment rate I am worried that even if my business starts making money and can cover my monthly expenses I may not be too comfortable to quit yet I know that if I run it full time I have a better chance of doing other activities that may in turn grow my business but it is the fear that is affecting me and perhaps the opportunity cost when I forfeit my salary.

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Our expert says:
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I wish I was an expert in this field ( and if I was, I'd be really, really rich by now !). So I hope some other reader can give you a helpful response

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Our users say:
Posted by: same boat | 2007/08/23

I am in the same boat Linky. I think about resigning most of the time this year. I am very depressed trying to make such a decision - to or not to.

The fear of letting go is always there. Do i quit my job and what will be awaiting me next somewhere in some dark scary corner I am not familiar with etc? My friend once told me that "familiarity breed content". I suppose I am too comfortable.

I always have this story of the YDE guy (Paul Simon??) in my head, who had little or no knowledge when he made a decision to take the risk and follow his dream. And there are several other people who would quit their jobs and then thrive out there. I know a guy who was falsely accused at work and left his job which was paying him below R3000pm and I met him the other day and he was telling me that he rakes in about R5000 a day in a business he embarked on.

Yet I still do not see motivation from these stories. I am still trying to follow the "have enough money to sustain you for six months" crap. I know one thing for sure, I shall never have enough to last me for six months even if I can work for the next 60 months. That is how the system is for me. Tito raised interest rates last week, meaning that my bond and car instalments are going up, now where the hell is Six months coushin gonna come from?

I must emphasize that I see people who thrive even if employed or self-employed, they have very supportive spouses (even if their spouses do not work either).....

I say, take the plunge Links... or at least wait until you have cliched a good stable contract. All the best while you try to shed off the fear and gather the courage to take that risk.... why not? you are an entrepreneur, aren't you? Take that big risk

Reply to same boat
Posted by: jcat | 2007/08/22

- seem to remember reading somewhere that it's a good idea to have enough cash in the bank to cover your expenses (you, not the new business) for 6 months before you take the leap. That's supposed to give you peace of mind to concentrate completely on building your business without worrying about being thrown out of the house etc.

Depending on what the business is bringing in already, if it's covering it's expenses or not, you might want to make that a bit more. Oh yeah, and that's not supposed to include pension fund payouts - those should go straight into something like an RA.

Good luck and enjoy it,

Reply to jcat

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