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Quit my 9-5 job, now what?!?

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  • Quit my 9-5 job, now what?!?

    Bye
    Last edited by primaltwins; 08-26-2013, 08:33 AM.

  • #2
    I assume you have already checked Meetup, the Chamber of Commerce, etc. for opportunities to mingle with other entrepreneurs.

    Frankly, if anyone can give you an idea here, it isn't a good idea. A good idea is one where you are so uniquely situated to provide value that you cannot be replaced. Penelope Trunk did a great Webnar week for entrepreneurs last year; maybe she will do it again some day soon.

    Anyway, have a great time with it! I quit my job about 14 months ago to start my company and it has been a fantastic trip. The most awesome thing about entrepreneurship in my opinion is being in a world of entrepreneurs and their creativity and energy. I can't say I would never go back bacause entrepreneurship has exhausted me and I don't see a job as the worst solution in the world, but I will always have this experience with me.
    “In God we trust; all others must bring data.” W. Edwards Deming
    Blogging at http://loafingcactus.com

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    • #3
      It's funny because there is this term of art "startup" and many, perhaps most, businesses are not "startups." So I think one thing to think about is how firm a grasp that model has on the imagination and how much that is good/bad, matches/doesn't match what you want to do. (I just wrote a small paper about that for MBA school, which I do part-time, so that issue is very much in my head.)

      I do small consulting projects in the field I have been in for 10+ years, pharma research. But I was actually asked at a party what my "exit plan" was, which I think shows how strongly the Startup model has taken over the idea of what it means to have a small business...

      This may just be my obsession and not interesting...

      As you probably hear, a lot of people say that losing 100k in a business venture is more educational than spending 100k on an MBA... I'm not getting a 100k MBA, but I can say that it is soooooo true. I have learned way more jumping off the cliff than I ever could in MBA school.

      The very best advice I have heard is to find someone who did something like what you are doing and study the choices they made. I heard that from a guy who did vertical integration in a sector where no one had ever done that- so he found the guy who had vertically integrated another sector and follow him. The bad thing about that advice is that it is like MBA school- the idea that you can learn from other people's success and mistakes instead of your own necessity, terror and errors... Those are the things that make the difference IMHO.
      “In God we trust; all others must bring data.” W. Edwards Deming
      Blogging at http://loafingcactus.com

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      • #4
        So there's this book called "Choose Yourself." It's a pretty easy read--talks about being an entrepreneur. I think at some point it's supposed to help you come up with ideas. I haven't gotten there yet. Anyway, it's worth the $5 on Amazon (if you have a Kindle), and you should check it out. Amazon.com: Choose Yourself! (9781490313375): James Altucher, Dick Costolo: Books

        My journal

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        • #5
          I also love being an entrepreneur. it is *the best*.

          One of the things that being an entrepreneur does -- once you jump in -- is you actually start to see opportunities all around you. I have about 4 other gigs that i would have loved to get rolling here, but just didn't have the time because the business that I am running needs my attention.

          FWIW, I find that having an exit strategy is actually a good idea -- even if you don't plan on exiting. In my case, creating the exit strategy *saved* us.

          So, what's my gig. We run a yoga and holistic health collective. I have been teaching yoga for 19 years (come Sept). I've worked in all kinds of environments and have basically had my own, full time yoga business in some shape or form since 2002. Prior to that, it was a part time gig and I was mostly getting training.

          I started out just as an independent contractor -- so it was more of a "job" with business attributes than a business per se. I grew it in various ways, ultimately becoming more and more independent (instead of being a contractor at other studios, I started renting my own spaces independently and teaching from those venues).

          Then, 4 years ago, we decided to move to NZ and start the business "full fledged." Best decision! It's been really great.

          What I learned during tis phase of my business is what is required to grow something both quickly and sustainably. I already had the skill of being able to teach well, but I needed to be able to attract and retain *a lot* of clients to get the business to grow. I also expanded into new (and untapped) markets. I also learned about the difference between a "business" and "job-business." A business can basically run itself without you (practically passive); where as a job-business needs you to work in it.

          So, when I was teaching classes and renting a space in PA, I had to show up in order for it to earn anything, right? And when I started working here, it was the same. I built the business and sustained the business and my family on my yoga classes. But then I decided to train some teachers and get other people to work for me. This way, I don't have to be there to teach to earn money or retain clients, etc.

          How it really saved me is that immigration has asserted that while our business is great and profitable, it doesn't meet the new standard for our visa. As such, we have to sell up and return to the US. We've decided to retain the brand (and license it to the new owner as part of the purchase price), and the new owner is one of the teachers whom I trained. The students get consistency, the business continues forward without us, and we are still involved closely with the community. Win-win-win!

          We also get a return on our investment, plus we are retaining the intellectual property of the brand, and developing the business in a new way with our move.

          Our original business plan included franchising, and we were just gearing up to launch a pop-up shop to test markets for our second location (i had four locations identified throughout NZ) when we got the news from immigration. But, what is interesting is that each of these markets had a party interested in our work. And, notably, I have several other parties in the US interested as well.

          So, our new business will take two forms: 1. licensing our intellectual property (branding, marketing) which will be backed up with monthly content, business coaching, etc; and 2. focusing on developing a new model that is mobile rather than brick-and-mortar.

          Both of them have job-business components as part of the building phase, but also have exit-strategies for the long term when we want to pull back to a better schedule.

          Also, there's nothing wrong with working 'in' a business.

          ----

          In terms of other business ideas that I have, I live in (but will be soon leaving) a vibrant little suburb that could use some various amenities. One that really intrigues me is a farmers market.

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          • #6
            Maybe you can find some inspiration or tips here: Welcome – The Great Office Escape
            I am browsing the site for the same reason (I plan to stop my job in s/w dev for a telecom company in 6 months ...).

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            • #7
              If you want to be/look like everyone else then do what they. You hit the nail on the head when you said "something we love". Only you really know what that something is. You really don't even have to ask anyone else because they will tell you what they love or what they think. You already have the answer. It will take courage and perseverance though. Doing what YOU really want to do is not always the easiest way to make a living. However, you are at an age where you have some luxuries, one them is time. I would say go for it and don't look back.

              Good luck,

              Paleodog

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              • #8
                I'd love to try and start a business sometime, just for fun, but I am afraid it would be a waste of money.

                M.

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