|09-23-2008, 01:53 PM||#1 (permalink)|
Join Date: Apr 2008
Gonna have 6 months of living expenses - quit?
I am thinking about quitting my job in January to work on my business full time. I will have a little over 6 months of expenses at the end of January with 8 months left on my apartment lease. I am 26, no kids or wife.
My business is threefold - sports website, tutoring, personal training.
My sports website currently gets roughly 100 UVs per day, but I expect that to grow once the basketball season starts again. I am going mostly ad-free for now and am only selling $60 per month worth of ads while I build the traffic. It has PR3. It used to be a popular site about 6 years ago and got 2,000 UVs per day, but I didn't have time to maintain it so I'm trying to build it back up.
My tutoring business is local math tutoring which I also have a website I just build for it. I've been struggling to get clients this semester and only have 1 right now who I charge $50 per hour for 1 hour a week. Last semester I managed to find some reliable clients and was making about $200 per week. I'm starting to ramp up my advertising a bit and taking it more seriously now rather than just getting clients from craigslist. I'm going to post some flyers at universities this weekend and around town. I need to do a better job advertising though cause the potential for this market is huge.
My personal training business has not started yet as I am studying for my certification which I plan to pass on Nov. 2. After that I will begin training independently and can charge about $60 per hour. I will also work at a gym for the experience, though I don't expect to make much there. This business will be quite similar to the tutoring business although it has the advantage that it is not seasonal and clients are easier to retain (I won't have clients who just study for a test and drop me). I might have the same advertising problems though so I am getting a head start and am already getting the website set up and recognized by Google.
So that's my plan. It's a very expensive area I live so money can go fast. $16K would last me about 6 months. That's quite a lot of money to blow so quickly which is why I want to get my income established in the next 4 months before I quit. If you ask why wait til January, well, for one, I get to work on establishing my businesses and getting certifications and, secondly, that would give me a year at the company and I wouldn't have to pay back $800 I got from them.
Any advice would be appreciate as this is pretty nerve-wracking.
|09-23-2008, 05:41 PM||#2 (permalink)|
Join Date: Sep 2008
I was in the same shoe as you. Just quit my job, around the same age (with no attachments), but had only 3 months saved up. I was working on a side business at the time that didn't generate enough revenue.
Once I dedicated to the biz fulltime, it grew 10+ fold within a year. Reaching another year, it has grown another 3x. This was one of the best decision of my life, and I recommend the same for you.
You got three businesses, which is a better leverage over one. But, more importantly, two of your business are in their infant stage. Imagine the possibility once you dedicate fulltime to them. You can be teaching 5-10 students a week, create that stable income, and still have much more time to work on your other two businesses.
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