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Started By
Message
Leaving 'the man' for your own gig?
Posted on 10/27/14 at 9:09 am
Posted on 10/27/14 at 9:09 am
Anybody have experience with going out on your own, consulting, etc?
I feel like at 37(engineer), I have gained enough experience and contacts throughout the industry I'm in to potentially throw away this rat race 9-5 M-F thing to make more and pick and choose my battles when and where I want them.
Obviously once your set up nice with a good salary, benefits, etc...it's hard to leave a good thing but statistically I will be doing this same rat race for another 30 years before retiring. That's sort of depressing to think about.
Which OTers have taken the risky plunge and how did it work out? Was it worth it in the end or did you make a few bucks and eventually fall back into a routine 9-5?
Should I just slap myself, chalk it up to a 'case of the Mondays', and get back to work?
I feel like at 37(engineer), I have gained enough experience and contacts throughout the industry I'm in to potentially throw away this rat race 9-5 M-F thing to make more and pick and choose my battles when and where I want them.
Obviously once your set up nice with a good salary, benefits, etc...it's hard to leave a good thing but statistically I will be doing this same rat race for another 30 years before retiring. That's sort of depressing to think about.
Which OTers have taken the risky plunge and how did it work out? Was it worth it in the end or did you make a few bucks and eventually fall back into a routine 9-5?
Should I just slap myself, chalk it up to a 'case of the Mondays', and get back to work?
This post was edited on 10/27/14 at 9:11 am
9
Posted on 10/27/14 at 9:14 am to BabyTac
quote:
slap myself
Posted on 10/27/14 at 9:15 am to BabyTac
quote:
get back to work
And you should probably stay late this evening to make up for the time you wasted on daydreaming of this drivel.
Posted on 10/27/14 at 9:15 am to BabyTac
Giving my notice today to do this. Feels great.
Posted on 10/27/14 at 9:25 am to BabyTac
I'm going to do this until age 45 then I'm likely going to hang out my shingle. I'm in the pencil business
Posted on 10/27/14 at 9:27 am to BabyTac
There is a book that I recommend you read, "The E-Myth". It deals with this subject exactly and describes what you are feeling right now and what you should do about it.
If you are going to do this break away, you need to be very organized and have systems in place so that your business can work without you being there. If you are not properly organized, you risk burn out and will wind up hating what you do.
Read the book first.
Good luck.
eta: One of the costs to be the boss is working much more than 9-5, be ready.
If you are going to do this break away, you need to be very organized and have systems in place so that your business can work without you being there. If you are not properly organized, you risk burn out and will wind up hating what you do.
Read the book first.
Good luck.
eta: One of the costs to be the boss is working much more than 9-5, be ready.
This post was edited on 10/27/14 at 9:29 am
Posted on 10/27/14 at 9:37 am to BabyTac
Are you a PE? You better have a serious network with an immediate access to backlog or it will be very difficult if you don't. Either that or have a very niche engineering skill set or certification. I started an LLC on the side years ago and have slowly built that up to a point where I can make the jump. It takes time to make a business successful and without a well thought out and funded plan they fail more often than not.
This post was edited on 10/27/14 at 9:38 am
Posted on 10/27/14 at 9:37 am to ruzil
quote:
eta: One of the costs to be the boss is working much more than 9-5, be ready.
This. Especially when you're starting out.
Posted on 10/27/14 at 9:40 am to BabyTac
I would think unless you've had a lot of interest from potential customers, the economy wouldn't be very nice to you going out on your own. Especially if you have the added stress of providing for a family.
A friend of mine has done something like this in Houston. He worked for a service co. for over a decade and got a really good reputation for knowing his shite, then broke out and started consulting on his own. Doing quite well.
A friend of mine has done something like this in Houston. He worked for a service co. for over a decade and got a really good reputation for knowing his shite, then broke out and started consulting on his own. Doing quite well.
Posted on 10/27/14 at 9:45 am to Scream4LSU
Another factor to consider is the poaching of your present employer's customer base. They might feel like this:
There can be economic or market vengeance. Depending on how badly they take your splitting from them, I've seen old firms take work for a loss to punish a newly spun-off former employee.
There can be economic or market vengeance. Depending on how badly they take your splitting from them, I've seen old firms take work for a loss to punish a newly spun-off former employee.
Posted on 10/27/14 at 9:56 am to BabyTac
I did it at 34 (18 years ago).
Single best career move I ever made.
Money was somewhat of a motivation, but I was making an excellent salary.
I just felt I could do it better than they did.
Single best career move I ever made.
Money was somewhat of a motivation, but I was making an excellent salary.
I just felt I could do it better than they did.
Posted on 10/27/14 at 9:57 am to Black n Gold
Best of luck. 
Posted on 10/27/14 at 10:21 am to VetteGuy
I would start the process now and see what kind of side work you can get. Then once your wide business has gained the potential to break out then leave.
Posted on 10/27/14 at 10:33 am to VetteGuy
what was your field if I may ask? did you do it all at once or build up as a side business first until critical mass?
Posted on 10/27/14 at 10:39 am to Tiger Ryno
Contracted IT services.
I gave my old employer 9 working days notice and then bailed. I didn't alert any of their current customers beforehand, but I did call on them after.
We had saved up seven months of living expenses. Turned a profit after six months.
quote:This.
all at once
I gave my old employer 9 working days notice and then bailed. I didn't alert any of their current customers beforehand, but I did call on them after.
We had saved up seven months of living expenses. Turned a profit after six months.
Posted on 10/27/14 at 12:13 pm to VetteGuy
Non competes and lawsuits are much more prevalent now to prevent poaching as you described. Even clients are very reluctant to work with a former employee of a vendor because in some instances it's considered breach of contract.
This post was edited on 10/27/14 at 12:14 pm
Posted on 10/27/14 at 4:39 pm to Scream4LSU
I had a non-compete. Clients that were under contract with my former company stayed under contract with them until the term was up.
Most of this work was via the RFQ process, clients weren't poached.
Obviously, if you have signed a non-compete you should seek legal counsel.
Most of this work was via the RFQ process, clients weren't poached.
Obviously, if you have signed a non-compete you should seek legal counsel.
Posted on 10/27/14 at 4:41 pm to BabyTac
It's something I will hopefully be able to consider in 15 or so years
Posted on 10/27/14 at 4:45 pm to ruzil
[quote]One of the costs to be the boss is working much more than 9-5, be ready.[/quote]
Posted on 10/27/14 at 4:48 pm to jimbeam
Mid-30s is the right age IMO.
Wait too long and then you may be making too much money or have too high of a nut. Start too early and you may not be establised enough in your given field.
If you are really considering this, prepare by living well below your means. Live on 80% of your salary for a few years before you take the plunge.
Wait too long and then you may be making too much money or have too high of a nut. Start too early and you may not be establised enough in your given field.
If you are really considering this, prepare by living well below your means. Live on 80% of your salary for a few years before you take the plunge.
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