|
|  |
|
|
|
| |
| Sep 26, 2008 2:37 pm |
|
re: Making the leap. |
Suzette Flemming
| |
Hi, Tim -
Everyone has some great insights and advice. I took the "leap" 15 years ago and never looked back. I had the help of my husband and a baby on the way. What I want to share with you, however, is my husbands "leap."
Wade had worked for Boeing as an engineer for 17 years in the Seattle area. He liked the job but didn't enjoy the big city life. Our goal was to move back to Montana were we both grew up. We got that opportunity about 2 years ago. A Boeing supplier was looking for an upper level manager. Bingo. The job and my hubby seemed a perfect match. Within six months the job was a pain in his back side. He hated it. He hated the stress. The money was good especially for this small Montana town. But he Hated it.
We started talking about him coming to work with me and build my firm to the point that it could sustain our lifestyle. Whoa! Huge reversal of thinking for him. Basically being his own boss, doing what he wanted, when he wanted. Granted he would have to learn some new skills but it could be fun and profitable.
There were several obsticles for him: (1) fear . . . fear of not bringing in a regular paycheck (2) fear . . . not knowing enough about the business (3) fear . . . that we couldn't work together and (4) more fear.
We took a close look at our budget and decided how long we could survive on what the business was bringing in at the time without going into the red or using credit cards and going into debt. We figured we had nine months at the current level before we were in trouble.
He made the leap a little over a year ago. What we discovered was that our budget was off. Our gas/fuel bill went down drastically because Wade was no longer commuting. He also wasn't eating fast food for lunch five days a week. We had to purchase a new laptop for him to work on. Our electric, home heating/cooling and grocery bills increased.
It has all worked out well. The business has grown by leaps and bounds (marketing can be fun). He is enjoying his new found freedom. There are frustrations and things to learn but that is all part of the fun (or so he is learning).
So from an accountants perspective, write down your expenses as they are now and add 10% - 15%. Make sure you include the expenses for the business. Do you have enough to live on for 9 - 12 months in a savings account or through what the business is making? If so, take the leap. If not, work a while longer until you have those funds to draw on.
Do you have a network of advisors? These are people you can turn to for advice and guidance (not necessarily paid). It is also important to have people around you that support what you are doing and can give you a pep talk or guidance when things seem to slip.
SuzettePrivate Reply to Suzette Flemming (new win) |
|
| |
|
