it would be a risk to leave my job in case it fails.
If there's no risk, there's no reward. All good things come with risk - investing, relationships, career, everything. You've been at this job with your Dad for a year and you're still miserable. Nothing positive has happened. You know where the risk is? It's a risk to stay in your job in case NOTHING EVER CHANGES!
Your question isn't really about paying off debt or investing in new equipment. It's about how to find the courage to invest in yourself. If you've been thinking about this for a year and haven't done anything, you need a solid plan to work toward. Follow these steps and keep us updated on your progress. You can do this!
1.
Write a business plan. You can find a template and examples at
www.score.org. This plan will help you fully articulate your thoughts around your business and where it is going. In my business plan, for example, I wrote up all the services and target rates I would charge, where I would find customers, how I would go after business, and my growth plan (# of clients, # of billable staff, etc.). This lays out your goals for the business. Make it achievable and reasonable but be aggressive in your goal setting.
2.
Cut your expenses to the bone and start saving up every dime you can. Your goal is to have at least six months of living expenses. If the worst possible case happens, and you make $0 in your business, you need to have enough in the bank to cover your expenses for six months before you give up.
3.
Set the date. Figure out when you will get to that six-month figure, that's your quit date. In the meantime, expand your business without the extra equipment you want, and work on building a pipeline of clients. You can speed up your quit date by spending less or earning more- same as FIRE.
4.
Pull the trigger. Turn in your resignation and spend the next six months making your business fly! I'm so excited for you to be working toward this goal. You'll work 10x harder for yourself than you will for someone else, and you'll enjoy the sweet success of the fruit of your labors.
5.
Fly or die. Write down your exit strategy in case things don't work out. If you burn through your six months of expenses before you achieve x clients, or get to $x per month in earnings (set a goal for yourself to achieve), then you need to give up the dream, lick your wounds and find a full time job while you plan your next move. This step was the key to my success: at one point I was down to one month of expenses, and I knew if I didn't sign another deal that the dream was dead. You have no idea how hard you can work and how creatively you can solve problems when your back is against the wall. Write it down and commit to it, and you'll have that goal in your head to keep you oriented.
Good luck P938!