When is the right time to leave main job and dedicate full time to side project?
Nacho Martinez
5 replies
Hi,
I need a Hunters advice.
Im working full time in the family business where I get a nice salary and I have a good relationship with my family.
Although, I started months ago a side project with a partner and in the last months is doing really well. Actually I'm making x10 the money Im doing working full time and what Im doing in my side project is my passion. It not as stable as the family business but has lot of future.
In near future I know that I would need to work full time on that side project if I want it to be continued but Its still really hard to leave the family and all the problems my leaving can make (e.g. Im the only one that know how to use a CNC machine).
When someone consider is the right time?
Thanks!
Replies
Bill Flitter@billflitter
First congrats! Leaving the security of a job can be a scary thing.
Hate to start off with "It depends" but if this were a case to say it, this is it. There are so many factors:
1. Are you supporting other people?
2. Do you have cash reserves. If so, enough that will last if your revenue tanks? Don’t quit until you can safely project an income that’s at least 2/3rds of what you make in your job or 6 months in reserve.
3. What is your side project? Is it one that has somewhat predictable revenue? Have you done any revenue forecasting
4. What's your risk tolerance?
5. Do you have health insurance figured out?
6. Are you ready?
7. Does your family (family business) know you have a side hustle and are they supportive?
Lots to think about.
-Bill
Fixmygrowth.com
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I think this is a risk reward decision, I would go with atleast working part time with your family, since family comes first (if it was a normal job, I would have said to go full time with your project)., however, given that you are already making 10x the money on your project, I think you need to give it more time and effort. Maybe you can start hiring a replacement and teaching them to use this CNC machine and then go full time with your project, but also always keep assisting your family (like as a consultant or something).
The right time is when you're no longer able to do both. Stability vs Perspective is a hard choice to make, but there's one more relevant factor to it - you'll gain experience regardless if your project succeeds or fails. You'll upgrade your skills and gain knowledge that will be 100% useful to your career. You'll gain regardless. So a smart choice would be to risk it.
It’s pretty cool when you can make money on the side doing something you’re passionate about and these days, many of us are doing just that:)
This can be a big risk, after which you will get a great activity for yourself - freedom and even good financial stability. Nowadays CNC is in great demand and can cover the detail needs of small businesses. Here is a good post on this topic https://machiningtoday.com/10-ca...