Post: #1

I am looking to open up this big business. There is a strong demand here and i only have one strong competition and i believe i could easily kill it or at the very least do better than what he is doing. I am still in the process of finding out how to make my business legal, fees i have to pay to run this business, etc. I am positive that soon as i open this, i can make good money.

My work allows me to work 6 months per year (28 days on and 28 days off), if i continue on working i wont be able to run this business, i dont have anybody here who i trust that could run this business and i also dont see anybody who could replace me to run this business.

In 6 months time, i believe that i should be ready to make a move on this business but i am wondering..should i give up my job to try work on this business? This job opportunity is like a golden opportunity, one of those infallible careers that will make me successful. On the other side this business could make me richer a lot quicker but as all businesses, there is the possibility of failing and if it fails, i dont think my company will take me back if i leave them.

So i am thinking of making a secure move, this is, getting two years work experience from this company (but i will still run other small hustles/businesses that will generate me money meanwhile) and after getting these 2 years of experience, i can leave them and go try to run my big business. Having 2 years of experience (and 2 diplomas in that field by then through a course im doing online) will make it easier for me to be recruited by any company anywhere in the world (in case i decide to work again if my business dont succeed). However a side of me is telling me that i could try go for the big business the upcoming year, i am confused.

Anybody to give me some advice?

p.s. I am 25 by the way if it makes any difference

Post: #2

Its all about planning and execution.

If you do all the proper planning and your calculations look good and you are confident Id go for it.

Post: #3

Pitt - I would suggest that you work your regular 9-5 and do your business after hours until the business is strong enough and generates enough income that surpasses your regular employment.
Once that occurs, then of course, you can leave your regular 9-5 to work full time on the business.

It will be hard to focus on two things at once but it gives you peace of mind that at least regular income is coming in in the meanwhile.

Doing both things require some careful time management but it's the safest bet.
I would advise against leaving your job to start up a new business on a logical front.

They say it takes most businesses two years to really get going so in that time frame you should expect to lose more than you put in. However, it is an investment.

Post: #4

Yeah, do both at the same time.

Bust your *ss.

Nothing good in life is easy.

When the time is right to leave your job, it will reveal itself to you.

Life is funny like that.

Post: #5

When im working i stay in one city and locked in the camp and i want to run my business in another city here. If that wasnt the case i would take care of my business after 5pm without a problem.

Post: #6

(10-20-2011 11:28 AM)pitt Wrote:  When im working i stay in one city and locked in the camp and i want to run my business in another city here. If that wasnt the case i would take care of my business after 5pm without a problem.

Isn't it something that can be managed via technology i.e phone calls, web conferences etc? Do you have to be present PHYSICALLY at all times to manage it?

Post: #7

Yeah i have to be physically there at all times.

Post: #8

Pitt - It's a tough call. I thought you could do both. If you cannot, research this business throughly, put some rainy day money aside and then go for it.

Sounds like it's something you want to do. You're young so you can bounce back if you take a flop.

Post: #9

To the OP, if I can offer some advice.

You say you can't trust anyone to operate it, or replace you.

A MUCH overlooked facet of business is succession planning, and it can lead to problems. Whether you are injured or invalided, or want to bail and off load it for its full value including goodwill, this must be a consideration.

A good way to get good people is to meet people still in university, or a college, depending on the nature of the business. Typically last year, and will often work for you just to pad out some experience on their CV before they enter the 'real work force', i.e. chasing the dream of being a cog in a multi-national.

You can make this work as your 28 day on, 28 off roster can offer small windows of intense work, then looser requirements.

You can frequent turnover, but on the other hand, you can train them to your specifications.

With the right incentives, especially if they are happy to settle for a wage, they will stay there and you take a margin off the top, then start the same thing again in another city. Eventually you build up franchises this way, taking margins off each.

Post: #10

I recommend a book called The E Myth Revisited. It will get you thinking about your business in a scalable, sustainable way. You don't have much of a business if you always have to be there and if you can't create processes that allow other people to run it.

Post: #11

Test out your business with a Minimum Viable Product. If it catches on, then quit and do it full time:

http://en.wikipedia.org/wiki/Minimum_viable_product

As for incorporating and so on, that's paperwork BS that you want to get out of way quickly. If you have the savings, get a lawyer & accountant to set that all up for you. Even if your venture fails, you can keep the corporation around for your next venture.

Post: #12

I've recently turned down an offer to go launch my own business. I gotta say, it feels amazing - but that's only because we have the right team in place and the opportunity is great.