This is the next big thing on my mind… When do you bite the bullet and tell your boss that you’re walking out the door?
I’ve got two conflicting ideas in my head at this point in time.
1. Tell the boss that I’m leaving now so I can spend all my time building my own business
2. Wait until I’m making good money through my own business so that I don’t need the other income any more
Both have pro’s and con’s.
If I stay at my job and put 50 hours a week into doing projects there, sure I’l get paid but I also won’t have either the time to build my own business or the drive to build it because money won’t be that important.
If I quit my job now before I’m making money through my own business, I’ll have the time and motivation to keep build the business fast but at the same time, I’ll be putting my family at risk.
I only have enough in savings right now to keep going for a month or two and I don’t know if the risk is worth it.
It’s a tough call…
If anyone reading this has been in this situation before, please comment on this. I’d love to hear your thoughts.
So this is where the fun stuff starts – how do you set up a home business?
When you’ve been an employee for such a long time, it’s kind of hard to break out of that mindset. You know, turning up at 9, dawdling through the morning, taking a 1 hour (and a bit if you can get away with it) lunch break and then wasting the afternoon in the hope that you’ll get out of their before peak hour hits.
Running your own business is SO much tougher!
I was chatting with my mate Scott who set up software development company in Sydney called Terem Technologies a few months ago and he’s been telling me all about it. Trying to manage your own time, being responsible only to yourself, working LONG days with not much return (at the start anyway…).
Part of me is thinking that I’ve made a mistake.
Maybe it would’ve been easier and safer to just stick out the 9-5 and work my way up the corporate ladder in the hope that I got promoted enough to be comfortable after a while…
And then all I have to do is think back to the funeral and that ‘lucky’ stiff lying in the ground and the motivation comes FLOODING back.
I don’t want to be that guy and if I’m going to avoid it, I’m going to have to bust my arse.
Right. It’s time to start the day. Just after I get my coffee…
When I decided to start my own software company, I had no idea the whole process was so… stressful you know. Like I knew it was gonna be hard work, but it’s been lots of sleepless nights, stressing about tiny little details and just generally being a downer around everyone I come in contact with. I’ve been overloading on coffee for the past couple of weeks. I shit you not.
You know, when you look at the shiny finished product of a new piece of software you bought, you don’t really ever think of the developers and how much hard work they put in. All you think about is how the software can benefit your life. And that’s great. But my perspective has changed completely. I have 100% respect for anyone who has ever developed any kind of software. Even if it’s as simple as a C coded database. Props to you bros.
One of my friends heard about my efforts, no doubt from disgruntled complaints from… pretty much anyone I’ve interacted with this week. I’ve been an ass. I acknowledge it. But cut me some slack, please? Anyway, one of my friends heard I was starting a software company and the first thing he asked me was, “What’s your exit strategy dude? “
My what? Are you kidding me right now? My exit strategy…. I’ve barely started! So I looked at him like he was crazy and he said, “Yeah I know what you’re thinking. But you’ve gotta determine your exit strategy. Everything that starts must end. And if you see signs of your company going down, or even if you just can’t stand it anymore, you need to plan how you’re gonna jump ship. You can make a shit load of money, some other genius can find a way to keep your company thriving even if you can’t (or don’t want to) before it’s too late. You won’t have to see all your work fizzle out like old firecrackers on the 5th of July.”
He completely opened my eyes. I had never thought of an exit strategy. And I think it’s time I try to figure one out, or at least get something on paper. One strategy I was toying with was actually using a website broker. Website brokers can sell your website (and the software that comes with it of course), to super eager buyers that are willing to shell out millions of dollars. If you wanna learn more about website brokers, check out this article.
Another idea I was toying with is maybe going public. I know, I’m thinking big, right? But getting investors on board who have a record of getting businesses public, is pretty much all I need. At the end of the day, I’ll probably own a small share in the company, but hey, if my passion fizzles out, then maybe that will be okay. I’ll still be able to go ahead and start other projects, or maybe go back to a 9-5 (yeah right!). You can read more about going public here.
Anyway, these are just random thoughts of mine, and I’m gonna consult a financial professional to properly plan a real exit strategy. Do any of you guys own a business, what’s your exit strategy?
Where do you get your inspiration from?
It is a difficult question. Someone asked me this recently when they found out that I was setting up my own software company.
I was thinking about many famous figures, fictional characters, and friends and family but when it really came down to it I realized that I personally get inspiration from people in my business field.
I recently talked to some of the people behind a well known iPhone 4 jailbreak company. Real dedicated programmers and experts in their field. Basically the type of people that I want to be when I get this company off the ground.
It wasn’t just their programming skill that amazed me (more on this later!) but it was their overall dedicated to what they did and how they did it.
I came across them through a friend, had a look over their site and decided to get in contact with them. I figured that they probably have a similar set up to me – only bigger! I was really impressed with the range of services that they offered and the way in which they managed to work but work smartly.
I must admit that I was really worried before I started my own business about how I would manage to work effectively. I was hardly renowned for ‘going the extra mile’ at my old job. I mean I did my work well but nothing prepares you for putting in double the hours for your own business with no guarantee of a reward at the end.
Anyway these guys started from a similar situation and worked their way up and now they are one of the most successful and well-known jailbreaking companies on the internet. Really inspiration stuff.
However it was more than this that got to me. They had skill too.
I loved the way that they talked about jailbreaking, how it is an art and something that should be admired. They really know how to jailbreak an iPhone 4 as well because I even got mine done by these guys.
All this inspiration has really pushed me on in the last few days. I reckon the past 4 days have been more productive than the previous 40 for me. I’ve really made some headway with getting this business on its feet, got a few potential clients to speak to this week as well and I have some great advice from people who know what they are talking about.
They told me that I will have days when I feel no motivation at all but that it is important to power through it. The best things in life take time and effort and nothing is achieved through a lack of desire!
Anyway if you want anything done to your iPhone 4 then I suggest you check those guys out because they helped me out WAY more than I could ever imagine and I can’t thank them enough for what they did.
Hopefully my next update will be about new clients, success and my software business really taking off.
It’s funny… when you’re sitting blissfully in your bubble of ignorance, just happily plodding along without giving life too much thought, everything seems pretty simple.
You do what you do, other people do what they do, and you just keep moving.
Yeah, there are problems every now and again, but you deal with them and move on.
It’s only once you start to dig and try and find solutions that everything becomes so much more complicated.
For example, today I decided that I was going to learn a little bit how to get my wife a bit more excited about ‘adult’ activities. Don’t get me wrong, there’s nothing wrong with our sex life, it’s just that it could always be better, you know what I mean?
So I started doing a bit of Googling to see what I could turn up.
I successfully managed to find the biggest group of weirdo’s I’d ever come across. They call themselves ‘Pick-up Artists’. What a bunch of wankers!
Apparently they like to parade around in platform shoes with black eye makeup and nail polish in fluffy hats trying to trick women into sleeping with them using these shitty magic tricks.
All sounds a bit bullshit to me.
So I kept Googling and I found this other site about attracting women called The Attraction Institute. And this is where my head started to get a bit messy…
First of all, I liked the fact that they thought the pick up artist stuff was as weird as I did, but as I started to read more, I got to see a little more of what was going on.
They’re pretty into the deep stuff – looking at why you’re doing what you’re doing and how it’s messing with your life.
I spent about an hour there and by the end of it, I felt like the worst person on earth. Not in a bad way though, it just got me thinking about how much of an arse I’d been to my wife and how badly I’d treated her, all because I wasn’t taking care of my own shit.
It was a pretty big slap in the face to be honest because they just lay it all out there for you to see.
Day 1, huh? This is going to be a tough ride.
I’ve got some thinking and then some apologising to do. I’ll let you know how it goes.