Do I leave my job for my small business?! Help!!

[pancakebanana]

Not sure where to leave this question but I just wanted some external guidance.

Long story:

• I work part time (3 days a week) in a job that I dread going to. I don't hate it as such, it's easy and I do get on with my colleagues but I feel so unsatisfied mentally and with zero job satisfaction/ brain stimulation. There are no higher prospects or opportunities with this job either.

• I also have a small business which I set up a year ago with the intention of leaving my current job to focus on this full time. My small business is seemingly very successful and im not able to give it 100% because of my part time job. I do make significantly more money in my business than my job. But what if this fails and drops off?

I really want to hear what others thoughts are regarding my leaving my part time job to become self employed.

1. I'm a wimp. I'm terrified of failure and having to get a new job - getting this part time job in the first place was extremely difficult for me mentally.

1. Is this really a stupid time to leave with the economic crisis?

1. I am such a non risk taker and I feel like im never ever going to have the courage to leave and pursue my business full time. I so desperately want to but im so unbelievably scared of it failing.

1. The likelihood of me requiring ivf in the very near future to conceive is high. I would not want to pursue ivf whilst working in my part time job as my job is too physical so I would leave for ivf. But then I'm worried about the financial side of ivf too!! Every pro has its con and vice Versa!

Can somebody please give me any advice? I appreciate this is vague but I just seem to be stuck in such an unhappy rut with my job but I'm too scared to do anything about it.

@Blev2022

Good luck to you!!

Hoping for the outcome to be the best thing you ever did! Xx

The 'what ifs' can be positive if they are making you look hard at whether it's financially viable, rather than going in blindly. Can you make an appointment to see an accountant or a Business Gateway to chat things through in more detail?

@SirChenjins

Luckily my dad is actually an accountant - he says to go for it but understands my fears...

I'd say go for it.
Try to have a bit of a nest egg in savings if possible.

Based on what you've said, I would absolutely give up the part time job and focus on your business.

The economic uncertainty is, of course, a legitimate concern. So I would be careful about ensuring that you are putting away a significant chunk of your income from the business to act as a buffer should things go less well later. Assuming that by having an additional 3 days a week to focus on the business you can increase your earnings there - I would not spend any of the additional income for as long as possible, ideally getting to the point that you have a buffer that would last you for 6-12 months if necessary. As you are in the lucky situation of having a DH who is also earning a decent wage, you also have that additional back up.

It not out of your margin, you add the 20% onto your retail price, but you can also claim back the vat on all business purchases, so as long as your product can stand the addition of VAT and still sell, it could be beneficial to be VAT registered. If you sell outside the UK, you don't charge the tax on exports but still claim the vat on purchases.

Are you turning over £4K or taking home £4K after tax?

It depends whether the business is likely to be impacted by economic circumstances. If you’re selling non essentials then when people feel the squeeze on their bills they will stop buying your goods. Lots of small businesses will go under. Personally I’d stick with the job unless your business is fairly recession proof.

In that case, this is a no-brainer. There are loads of minimum wage jobs out there, which you can apply for if your small business doesn't work out. Plus you'll be okay anyway, because of your DH.

I wouldn’t leave your part time job until you’ve got 6 months worth of living expenses saved up. DH and I work full time and also run a business outside of work. Our turnover this year was £25k and our aim is eventually to run the business full time but we’re way off it just yet.

That's great - you'll save a good amount by having an accountant in the family! If he's looked at the figures and thinks it's sustainable then go for it - but if there's any doubt then could you give yourself 12 months to build up a really good reserve and launch yourself fully next summer?

I wouldn't rely on your DH's salary - it makes more sense to keep 2 given we're in for a rocky time, and that way you can focus on getting a good wodge of money put by to act as a buffer.

But by continuing to work in a very low paid job you've said yourself that you're losing money - you'd be making more focusing on your business. So go for it now while there's money to be made and build up some savings that way. If things slow down in the future, you can get a minimum wage job then. I'd only not go for it if you think that your little business is likely to do badly in the short to medium term.

Leave your job immediately. Anyone who’s ever made any money has taken a risk and it already sounds successful, if it fails you can return to the workplace.

You need to work on your business. You are killing it - did I read right that it’s £2k per
month profit, whilst working part time on it? Imagine if you had more time!

I took a risk with a business and left my job going back 10 years now. Best thing I ever did. Yes it was scary but I was so much happier. I always thought I could temp if I needed to (and I never have had to).

very excited for you.

@BunnyChowLover

Thank you so so much - after an awful day at work this is exactly what I want to hear!!

I just worry about the state of the economy backfiring and my business failing!

@Storminamu

Thank you.

I do find that the three days I'm at work take so much of my time up that my business ends up suffering and I have to make up the missing time and just can't seem to catch up! I absolutely adore my business, I want to put 100% in and at the moment I'm not even putting 50% in!

At 4k a month I'd quit. Stash the money away that you don't need for the business and outgoings. I think January to April are going to be tough post Xmas. For £10 an hour you will find another job you don't enjoy if needs must

@justasking111

Thank you for your advice.
This January - April were my busiest months. Drops off a bit in summer then picking up again now. But I've only just gone past 12 months of the business x

I wouldn't leave a job if i was planning to have a baby if i was going to get maternity pay.

@LearnedAxolotl

Unfortunately it's not a simple case for me if I'm going to have a baby or not :(
I want a baby but I think it's going to be a long road to get there. I too want the maternity pay but I don't think it will be that simple x

Ok I think I am going to leave my part time job... things are just getting worse and worse there work environment wise and the majority of comments on this thread are leaning towards me leaving to focus on my business.. ❤️

Good luck OP. I hope you can gradually relax and become less risk averse.

@pancakebanana I wish you the best of luck and remember.....

@justasking111

Thank you. I will try to be less flat squirrel ❤️