Author Topic: Making the Leap!  (Read 3935 times)

Westoftown

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Making the Leap!
« on: April 18, 2014, 10:25:16 AM »
I am currently mid 40's and looking to move out of the rat race of corporate America and into my own business.  Of course I've saved for this day, but can't seem to make the leap.

Interested in some stories from Mustachians who have made the leap from a job/career you didnt like into an awesome new one.  What were the steps you took?  Did you make the leap gradually or all at once?  Was your business simiilar to your corporate job, or totally different?

Thanks!

spoonman

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Re: Making the Leap!
« Reply #1 on: April 18, 2014, 01:57:05 PM »
I don't have a direct reference to someone in these forums, but I think you might be able to find what you're looking for by looking at Kraig's blog over at http://www.createmyindependence.com/ .  He saved over $100K and is now pursuing his entreprenurial dreams.

I'm curious to hear what others suggest.  I am a very risk averse person, so entreprenourship is something I haven't seriously considered because I haven't fallen in love with a great business idea.

Thegoblinchief

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Re: Making the Leap!
« Reply #2 on: April 18, 2014, 03:40:44 PM »
I have a VERY small side business as a property manager. (Read: one customer, and it's across the street from me.)

I will eventually scale this up, as I enjoy the work, but my limiting factor right now is time that's not occupied with family stuff. I will probably wait until I am closer to FI and can quite my PT job on the weekends, THEN scale it up.

Kraig

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Re: Making the Leap!
« Reply #3 on: April 19, 2014, 12:09:28 PM »
Kraig here, who Spoonman referenced above. I made the jump last year from full time employment to self employment. I had prepared for the day also with 5 years of living expenses set aside and available to use for living and building my business.

I share a lot about my story on my blog and podcast. I also have found much inspiration from others out there, like these people:
- Dan Andrews from the Tropical MBA Podcast (this episode in particular): http://www.tropicalmba.com/21-century-financial-script/
- Sean Ogle - http://www.seanogle.com
- Ashley Ambirge - http://themiddlefingerproject.org/
- Farnoosh Brock - http://www.prolificliving.com
- Steve Pavlina - http://www.stevepavlina.com
- Pat Flynn - http://www.smartpassiveincome.com
- Cliff Ravenscraft - http://podcastanswerman.com
- The guys at Fizzle.co - http://fizzle.co

If you want to talk personally, I'd be happy to. Just shoot me an email.

Kraig

Weedy Acres

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Re: Making the Leap!
« Reply #4 on: April 20, 2014, 08:20:27 PM »
I worked for BigCo and enjoyed the industry and work but not the corporate environment.  I was contemplating buying a small business where I could run the show without all the bureaucracy.  It's tough to cut the golden handcuffs, so I dithered.  I was blessed by a job loss that was the exact kick in the butt I needed to launch in the direction I wanted. 

Barring that, I guess the main ducks you need to have lined up are:
1.  Decide what your biz is. 
2.  Make sure you've got the funds to do it.

On #1, it doesn't sound like you've decided what your encore career is, you're just itching to get out.  You should do some soul-searching and figure that out.  Do you love what you do, just not the environment (like me?).  Or do you hate what you do and want to launch into something fulfilling (like MMM)? 

On #2, you say you've saved up, but what does that mean?  Are you at the FI tipping point?  Or do you just have a couple years of living expenses saved up to cover the potential risk?

The more money you have, the earlier you can jump without having everything figured out.  One approach is to start doing the new thing on the side and when you're to the point where you're making half of what you need on a PT basis, you ditch the FT gig and make the side job FT.  That can work whether it's in the same line of business or something completely new.

NewStachian

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Re: Making the Leap!
« Reply #5 on: April 21, 2014, 05:29:07 AM »
Most of the people I know have fallen into one of the following categories:

1) Started a small business while still employed, then realized they could make it with their side business
2) Got fired and did a startup

What you're trying to do is probably the most difficult, mentally. Taking a huge risk when you're still doing well at a job that's probably paying you well.

If it was me, I'd try to line up customers ahead of time and get some of the infrastructure in place before making the leap. Much of it depends on what you're trying to do.

Westoftown

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Re: Making the Leap!
« Reply #6 on: April 30, 2014, 04:28:17 PM »
Everyone - thanks for the great advice.  Seems like the forum was a bit under construction during the site relaunch, so I appologize for just getting back.

I do have a good idea of what I want to do(consult in the field I'm currently in).   Its a balance between the greatest potential of success and something that would have a certain level of satisfaction.   The issue is that it would be pretty difficult to do in my full time job for a couple of reasons.   First, my current hours would be similar to my potential clients.  Next, it would be hard to solicit customers as the community is pretty small - word could get back to my employer.

But, enough excuses.  Just have to find a way to get it started!