Also returned from a long time away....what Ive been up to.

[livinitup0]

I havent posted on 2p2 for a few months so I thought Id give MMB a shout. First off thank you to every one here that was around and giving me ideas and support on my startup a few months ago.....

Background: 2 months ago I started on a venture to open my own company from home to do whats called "skiptracing" or locating people remotely for creditors and other interested parties.

Since then I have sucessfully landed an opportunity with a large company for an open ended contract where I have been getting far more buisness than I can keep up with.
I am 5 days away from giving a 30 day notice to my day job.

Im pretty confident I will do quite well on my own, but as a compromise with my wife I have decided to also take on a part time job for 3-4 hours a day away from the house( Job suggestions welcome [img]/images/graemlins/smile.gif[/img] ) ...and honestly this will make my transition from quitting my day job much easier.

Anyways thanks to everyone in MMB for kicking my in the behind to get started. The next year is looking bright indeed.

(All questons or comments welcomed)

Thanks,
Richard

[spex x]

Congrats on your success! IMO, the hardest thing in starting your own business is just getting started. Its so scary, especially for spouses. Good for you.

[livinitup0]

[ QUOTE ]
Congrats on your success! IMO, the hardest thing in starting your own business is just getting started. Its so scary, especially for spouses. Good for you.

[/ QUOTE ]

Scary?....Im absolutely petrified. So is my wife.
I went to work after posting this and had "the talk" with my boss....nothing is final yet and I didnt put anything in writing. It was a pretty bad and emotional meeting....in the collections industry 6 years makes you a seasoned veteran and its unheard of for someone to leave the industry after that long. Ive been with them since I was 19 and my office is really all I know...I was broke and living in moms basement before I found this place. They basically helped and made me grow up.

Making this choice now to leave has literally been the hardest decision Ive ever had to make in my life.

I was also told that if the higher ups heard about the buisness then Id be fired via "conflict of interest". He then made his case for me to stay and supposedly there are talks now with administrators about offering me an incentive to stay and to drop the buisness all together.

A few days ago I was 100% sure as to where I would be in a few months. Ive had my eye on the prize and focused on the buisness startup 100% for 2 months...My buisness is 90% finalized and is already ready to start making money, but now Im second guessing everything Im doing as to if it is right or not. I need to make the decision now as to whether to take the plunge....like today... imediately. I was actually sent home from work about an hour ago and told that when I return tomorrow to have a black and white answer for them.

MMB this is a cry for help!! Please... anyone thats made the leap please give me some insight that may make this decision more clear today.

Thank you

[BradleyT]

Being your own boss > working for "the man" by a factor of 100. The goal beyond that is to get people to do what you do but pay them 1/5th of what you make for that service.

It does require focus though. Some days I kind of forget to do much work and then on Friday I say to myself, "Man I didn't get any [censored] done this week" and obviously my income for the week reflects that.


About your part-time job - I'd probably skip that completely if it's some low paying scrub job. The $40 you make in a day for 4 hours of work could probably be better spent building aspects of your business.

[livinitup0]

[ QUOTE ]
Being your own boss > working for "the man" by a factor of 100. The goal beyond that is to get people to do what you do but pay them 1/5th of what you make for that service.

It does require focus though. Some days I kind of forget to do much work and then on Friday I say to myself, "Man I didn't get any [censored] done this week" and obviously my income for the week reflects that.


About your part-time job - I'd probably skip that completely if it's some low paying scrub job. The $40 you make in a day for 4 hours of work could probably be better spent building aspects of your business.

[/ QUOTE ]

I was along those same thoughts before I had the meeting today....my boss is just a very good manipulator I guess.

Can you describe your plunge into self-employment? Was it as scary for you as it is for me right now?

[BradleyT]

[ QUOTE ]
Can you describe your plunge into self-employment? Was it as scary for you as it is for me right now?

[/ QUOTE ]

Getting let go from my last job was the major deciding factor for me. Reading Rich Dad/Poor Dad was a real motivator to me (there's a long thread in Finance & Investing with opposing sides on the book). But 85% of what I do now is what I was doing for "the man" (which is making websites). Except now I'm my own client. There's just an initial period of lower income which comes with any brand new websites or almost any brand new business. To overcome that I have money saved up as well as business credit.

[Misfire]

[ QUOTE ]
About your part-time job - I'd probably skip that completely if it's some low paying scrub job. The $40 you make in a day for 4 hours of work could probably be better spent building aspects of your business.

[/ QUOTE ]

I disagree. If it makes your wife deal with the transition better, you should do it for her. As the business grows, she'll find that your financial security comes from you and your abilities and not an employer. Until then, I'd humor her. It's only temporary.

BTW, you can do a lot better than $10 an hour for parttime work. Look into stuff like tutoring or pt things that requre a little skill.

[spex x]

[ QUOTE ]


Scary?....Im absolutely petrified. So is my wife.

[/ QUOTE ]

It is completely normal. What is the biggest downside of this decision? If you can live with that, then you are golden. Fear is what keeps people in the same place for their whole lives, never realizing their true potential. Embrace it.

[ QUOTE ]

MMB this is a cry for help!! Please... anyone thats made the leap please give me some insight that may make this decision more clear today.

Thank you

[/ QUOTE ]

The reason that your boss can offer you special incentives is that he can afford to and still make money off your labor. The fact is that for every $10 you generate in revenue, your boss gets to put $4 or so in his pocket. You go into business for yourself in order to keep the whole $10, plus you get to charge other people 40% for the privilege of working for you. Thats a good deal and its a smart move. Its a hard decision. But you know what you are doing, you have years of experience, and you are already on the road to success in a growth industry. Don't let the fear stop you from getting where you want to go!

Who dares wins.

[livinitup0]

[ QUOTE ]
[ QUOTE ]


Scary?....Im absolutely petrified. So is my wife.

[/ QUOTE ]

It is completely normal. What is the biggest downside of this decision? If you can live with that, then you are golden. Fear is what keeps people in the same place for their whole lives, never realizing their true potential. Embrace it.

[ QUOTE ]

MMB this is a cry for help!! Please... anyone thats made the leap please give me some insight that may make this decision more clear today.

Thank you

[/ QUOTE ]

The reason that your boss can offer you special incentives is that he can afford to and still make money off your labor. The fact is that for every $10 you generate in revenue, your boss gets to put $4 or so in his pocket. You go into business for yourself in order to keep the whole $10, plus you get to charge other people 40% for the privilege of working for you. Thats a good deal and its a smart move. Its a hard decision. But you know what you are doing, you have years of experience, and you are already on the road to success in a growth industry. Don't let the fear stop you from getting where you want to go!

Who dares wins.

[/ QUOTE ]

Thanks for the kick in the butt. Im pretty clear now on what I want to do. Now the tricky part is how to explain what I want to do with my bosses so that I dont get fired in this next 30 days and lose a powerful job reference. This is my only real fear now.

I think I just need to accept the fact that Im not going to be 100% ready to make this leap in 30 days....and Im sure Ill have some more mini-breakdowns before April is over. I just need to keep focused and not let emotion take the better of me.

Thanks for all the advice and Id love to see some more responses here as I update the thread.

Richard

[Tien]

Livingitup0

Say goodbye to the rat race.

Welcome to financial freedom.

I'm glad you've made the transition.