Anyone given up their career and started their own business?

[AllChangeAllChange]

I've NC for this.

Don't mean to drip feed, but also don't want to give too many details to out myself!

I work for the NHS in a niche role, currently on a permanent contract for 15 hours per week and for a year I have an extra day a week. Currently earning approx £22k pa.

I have a qualification in an allied subject, but I can't get paid work in the NHS in this role. I could, however, set up privately and do that work (it's a sort of counselling role).

I have 2 children who are still at primary school. I am divorced and the kids spend half of their time with me, and half with their Dad. I don't have many outgoings - no rent/mortgage etc. I do have a partner, but he works away a bit and isn't expected to be responsible for any childcare. The children are likely (hopefully!) to go to a private secondary, so I will need to make some money to contribute to this (families are paying for part, myself and exH are paying for part).

I guess I'm wondering how feasible it is to set up my own business at the moment, given current situation and age of children. Eldest is going into Year 6 in September.

So, calling those who have given up paid employment and set up by themselves...how did you do it? Any regrets? Any advice? How long did it take to properly set up and actually make some money?!

I feel like I need to take a leap of faith and just do it, but the fact I'm earning decent money and have a permanent and reliable source of income makes me reluctant to jack it all in and start up by myself. I'm a cautious person in general, so taking risks is not really in my nature at all!

Anyone?

I started up part time while working salaried three days a week. I did both for 3-4 months then went entirely self employed.
Can you not do the same?

It depends entirely on the business and current market. I have a career I love (working for someone else), but my dh gave up work in a IT field to start his own business (totally unrelated but in sort of a creative field). He did it when I was on mat leave and our eldest was 4 months old, so quite a precarious time to be giving up an income but he had a solid business plan.

It’s been great. He makes in the £50-60k range now compared to the £18K he was on 7 years ago. It allows for a lot more flexibility but it does mean you have less divide between work and home life. He initially took on some part time evening and weekend work for about 2-3 months before he left his job to go full time. It was having those months and building up clients and costing of things, etc that helped make it a relatively smooth transition. He was making a profit the first year and earning more than his previous salary, which I think it probably quite unusual for most new businesses.

I would try starting in your 1 day a week, work out how it would work, create a business plan, figure out your overheads, build some clients, etc and see how you feel.

I have a good career as well but it’s certainly been massively beneficial and given us a lot of flexibility we wouldn’t have otherwise had.

So you currently work 3 days/week, and in a year it will be down to 2? That is a fantastic position to be in because you can start your business without quitting your job, then build it up a bit more next year, and transition to full time in your new business when it's well established. Hard work, but as risk free as running your own business could ever be - go for it.

But don't quit your job until you're well established. (but why would you?)

@mindutopia that's really helpful, thanks. I've never written a business plan so will have a think about how to do that and get myself started.

@Nordicwannabe yes at the moment I work 3 days a week and next year that will go down to 2. The 2 days I have off at the moment I have the children, so during term time would have max 6 hours to be able to work on those days. The work is a sort of counselling role, and as I'd be meeting clients weekly/fortnightly, a lot of the work would be evenings, although I am sure there would be some scope for working during the day. So yes, potentially, I could start working the 2 days I am currently not working. That would allow me to at least get started, although I might start at a loss as I would need to find a room to hire, and initially I doubt I would have enough clients to fill a day, but that's something I can look into.

Also, I've realised how I like to create barriers for myself. I need to work on that too!