Dear Steemit Week 1 Summary: Go Back in the Workforce or Start a Business?
Many has offered to help Ms. EmployeR/D with her plight- go back in the workforce or start a business?
Firstly, a huge THANK YOU to all who graciously shared their insights in the hope of helping out Ms. EmployeR/D in deciding on the next steps to take in life.
It is overwhelming to see the great advise from everyone, each contributing their well-thought of counsel in the hope of helping out a fellow. True to the spirit of the Steemit community, I am excited to see Dear Steemit be a venue to positively discuss possible solutions to a given challenging situation. Steemit's very own advise column, where all of us take part in counselling!
Most of us may have found ourselves in a position where we have to make tough decisions, and we seek other's counsel to help us in our decision-making. Dear Steemit aims to be a venue for this- the scenarios may be real-life experiences, or theoretical, that most people may relate to. If you have a challenging situation to share and would wish for the steemit community's advise, feel free to message me via discord or steemit chat, username dreamiely.
For now, allow me to summarize the wisdom of our dear Steemians on this query of Ms. EmployeR/D.
Dear Steemit,
I've been in the customer-service industry for the past ten years and I seem to excel on what I do. From being a front-line, I now hold a managerial post, but am about to leave my current company. I am torn between finding a similar job, or starting a small business that I have always wanted to do, but never have tried. What do you think should I do?
Regards,
Ms. EmployeR/D
In general, the advises given are based on these considerations- risk tolerance, liquidity and sustainability, happiness and fulfillment.
We have community members who gladly shared their story when they were in a similar jiff. Here is what they had to say.
@jonsimmons
When I was working for someone else, I had a week vacation time come up. I took that week and went door-to-door, literally, in search of business. I made more money that week than I would have working for the boss. 16 years later I have all the work I can handle. I told a friend I would never work for anyone else again, even if I had to sleep under a bush in the park. Get yourself ready, get out of debt if you can, line up some clients, run, Run, RRRUUUNNNNN....
@outerground
Ok you're going to love this.. I was in a similar position years ago. I was really good at customer service, became a coach and then a sales manager. I eventually did set up my own business (And those skills came in mighty handy in the years to come).
But not before I went travelling for a bit, came home and went on to do some post grad study. when I finished my studies I got headhunted by an agency who wanted someone with my knowledge of (then) new media and my customer service / sales skills to recruit and manage a crack team of new media personnel.
I was good at it, almost too good (tripling sales in 12 months) I left after a year and worked freelance for a start up in the dot com bubble boom ..
when that went pop I co-founded a company which is still going 16 years later. http://www.shroomstudio.com
I SAY START UP THE COMPANY.. but not perhaps before you put a bit of distance between you and this current post. A word of warning !! if you do, you might find it difficult, almost impossible to work for anyone else ever again.
Once you've tasted freedom you won't want to go back into the box. It's really hard work but you will learn SO MUCH and you'll grow into a different creature. It will sometimes be hard, you'll wonder how you traded perks and benefits for doing it all for yourself but you will be responsible for your own DESTINY and you will never know where it will lead.
didn't know for example when I started the business I would
- A) produce the stage designs for some of the biggest pop concerts in the world. ( see website as above)
- B) make my own international award winning films and them be translated into 5 languages
- C) be invited to create installations at the V&A museum in London !
It's been an incredible journey. It's allowed me to learn new skills and have the time to do a zillion other things..
I ended up becoming a BUSINESS MENTOR and I now help young companies just starting out.. which I love doing.
and guess what ? your customer service skills will be invaluable as you deal with everyone at your client's offices from the very top to the very bottom.. they will appreciate how you seem to know just how to say the right thing at the right time and they'll thank your for your attentiveness to their treasured project.
DO IT, don't look back and spread your wings
@doctorcrypto
Regretting not trying is something that may haunt you. If you have a sound business plan for your new business, I say go for it! I found myself in a similar situation 3 years ago. I started a food truck after I was laid off. It wasn't hugely successful, but I can say I was a great learning experience and I wouldn't trade it for anything. You can always fall back on your retail experience if things don't work out with the new business. However, you will never learn the life lessons of starting a new business if you just go straight into another retail job.
Here are those who sent their encouragement to go start a business.
@jeanelleybee
You will never regret trying something new. Go explore and start your own business. Seldom do people get that chance to have time to start a business. You can do it! Or maybe fulltime steemit blogger will also suit you well. ;)
@luvabi
Hands down.go buid your own business based on your interests.
@mikej
I say follow your dreams. You excel at whatever you do so your new business will also excel.
- i would say "you have already been running a company for some time handling both the customer relationships and managing the business, there is a chance of failure but if you persist you already have the skill set and already kick ass doing it!, start your own business and go for it!"*
@bitcoinsky
Failing To Try Is A Lot Like Trying To Fail...But Worse. Please Allow Me To Explain: Failing Is An Integral Part Of Success. Keep Your Eye On The Prize! Keeping "Trying To Fail" Until You Succeed. Good Luck!
@dasczecher
Dear Ms EmployeR/D
Thanks for your letter regarding career advice.
I can understand how daunting a decision this is for you, not least considering that you've spent the last 10 years within the customer service sector!
However, I suspect that given the fact that you are questioning yourself and which path to take, you have reached a point in your life where some sort of change is needed.
Unfortunately, I'm not privy to your business idea, nor am I aware of your current financial circumstances. I am therefore going to assume that this is something that you have been thinking about for sometime now and so have set aside sufficient funds and have developed a business strategy to allow you to make the business a viable alternative.
Fear of the unknown is a common feeling but I honestly live by the rule of: 'Nothing ventured, nothing gained!'. My personal thoughts are that if you don't at least try make a go of your own business you will live to regret it for the rest of your life. Whether it turns out to be successful or not, at least you'll be able to hold your head up high and say I gave it my best shot!
Of course, if you are not quite there financially or have dependents, you may want to go with the 'dip your toe in the water first' approach. This is where you continue to work in the customer service sector, but on a part time basis, thereby ensuring a guaranteed monthly income. with your remaining time you could then concentrate on your own business. This will take off a lot of pressure and will mean you're not having to commit everything to the business straight away. Should it be successful, you can always part ways with customer service side of things.
*I hope you found that useful!
@dasczecher
A much wiser person once said to me:
"life is like a pair of pants....if you don't change it every so often, it may start to smell!" - this may be a little uncouth, but certainly rings true!!!
@amrgiol
The greatest piece of advice I've ever received was that behind every fear is a person you want to become. If you're afraid to start your own business it is because you want it so badly that you don't want to fail at your dream. Let me tell you that it is impossible for a person to fail at their dream. A job at another company will always be available but the chance to live out your dream fades every day you procrastinate it. Live YOUR dreams instead of someone else's.
@racryptospace
I would say do what u love and start the smb build up your smb in till u feel it's at a level where it puts u and it's brand where u planned and worked hard for secure you're self and family first input from others is great but only u know what's best for u to success may it all work out great thank u for this as well. this is great
@makitheneko
Go for starting a small business, if it is an idea you truly, deeply believe in, but always remember to have some sort of back-up plan in case it doesn't work out. And remember these words: "If I try my hardest and fail, well-- I tried my hardest." Don't be afraid to get out there and start doing what you love.
@blackamine
If the person can afford to start her own business and be able to sufficiently support themselves for at least 6 months without receiving capital from the start up then I'd say GO FOR IT! Worst comes to worst, you'll be a manger working UNDER someone else, and ultimately they will determine your fate. At the end of the day you will always have that lingering inner voice telling you that you should've took the risk & in my opinion that's the worse feeling one could have.
@improv
Dear Ms. EmployeR/D,
Congratulations on your excellence! It's hard to find work that supports you. What's missing from your post, though, is how you feel about the work that you're leaving. I can imagine that there's a sense of fulfillment that's been lacking. I can't tell you if your small business will succeed. I can't tell you that you have a solid financial situation, but I can tell you that you can test the waters. If you have a support system that will keep you from homelessness and scurvy no matter what, start the process! Starting a small business doesn't happen all at once. There's no point in the process when you can't re-evaluate, and if you find that you're miserable, have alienated the people you love, and are constantly worried about money, you CAN quit.
There's nothing that will entirely prepare you for taking the plunge and going all in on your dreams, but with a support system of friends and family saying "Yes, and!", you can move forward with confidence.
We're all making it up as we go along.
-Improv
@bearbear613
If it's a passion or a dream you should go for it. If it's a risk that leaves you vulnerable you should approach cautiously. Not following through with your passion or dream will turn into a what if the rest of your life. If you are cautious about something, then you probably aren't passionate enough to do it.
@vhinz88
Good day Ms employer/D,
One important thing to ask yourself in this decision making in life is...On that two oppurtunities that you are going to choose, which of them that give you more happiness?
Choose what gives you joy and happy while working. Even though you succeed in life Ms employer/D but you are not happy doing that job, you will still in the same level of struggle. Do not be blind by huge income, sure investment etc but follow your hearts decision and you will success.
Sometimes, getting the best of both worlds is what you need. But it does come with a price.
@troilo
I would: Find a New Job at half time, and work on a new personal project the other half. :)
@lexiconical
Wow, well done. I think you're doing better than most business start-ups in that category. 2 years is a nice buffer. Congrats.
Starting any business is risky. Is there anyway for you to combine some of the advantages of both options? Could you begin your business on nights and weekends, or scale back your hours at work, so you continue to have some income coming in for some time, guaranteed? That would extend the period you could go without profit. Even if you only got a few extra months of expenses out of it, it may be worthwhile. It's a high stress option, but starting most businesses is much higher stress (and hours) than having a delegated task and paycheck.
I advised a friend to do this who was starting a personal training gig. She wasn't going to have a full-time job's worth of clients to begin with, and she could work on some aspects of the marketing at night while taking initial clients during evenings and weekends. As a result, she still has the option to bail on either choice (keep job / quit to go solo) and is testing both for feasibility.
Another friend of mine stayed in med school until his company reached a certain pre-defined level of profitability, proving his concept, then he quit around the middle of year 2, if I recall correctly.
Ultimately, it all depends on what you'd be doing. If you were doing freelance web design, you could probably do that at night. You couldn't run a coffee shop from 7pm-1am though.
I would be hesitant to advise you in either a positive or negative direction without being able to research things like the rate of failure in the business you are going into (for example, restaurants are very risky); neither would I request any of this information as it's up to you how much you want to tell us.
Good luck with whatever you decide.
PS - I won't deny that sometimes, certain projects and opportunities demand throwing yourself at them 100%. This is a personal judgment call that should be based on a number of factors, like estimated profitability, etc. We may not all agree on what those factors should be. I'd want a lot of research, but some people just go for it. You hear a lot more about the successes than the failures though, and I think the former are far outnumbered by the latter.
@novaatebatman
Creating a small business can take a lot of time, especially with the website building and such. If you plan on outsourcing the website design, you'll need funds for it, and it's almost never as cheap as everyone always thinks it is.
I would suggest finding a similar position for the time being, and getting all the ground work for your business out of the way in your downtime. Also, if possible, try to set aside some money from your job to live off of once you leave to jump fully into your small business.
For appearance sake, in case your small business fails, I would suggest working the new job for a year or two while you get your business up off the ground and starting to grow. Then dive right in to your new business and enjoy the ride!
You should definitely chase your dreams. If you don't, you'll regret it for the rest of your life. But you have to also be smart about getting into it. You don't want to sabotage your future if your business fails. (And it failing might not even be your fault, some businesses just don't succeed.)
Whatever your decision, take pride in what you do, and do what you love.
I hope this helps even a little bit.
He even went ahead and offered his assistance further!
Well, you never know until you try, right? I'm not especially skilled in anything, but I am willing to try to help you out with getting the foundation work done if it's something I'm capable of doing. I want to get my own small business off the ground as well, so I understand the need to chase dreams. I'm also available if you ever need to rant or just talk about stuff regarding it in general. (Or really, if you ever need an ear for pretty much any reason. There are very few topics that I'll turn people away for.)
@yakuhi
I'd keep the job and either save till I can afford to support myself for 6 months to a year, business startups can be rough OR If you are able to run the business part time, like on a weekend, you may be able to better gauge the market and start developing a reputation, without having to risk going broke while making adjustments to your scheme. The downside is that this can be quite stressful since you will have virtually no free time to rest and relax.
@swelker101
Leaving a job without a plan is never a good idea, unless you have a strong savings that can withstand a period of time with no income. If you do not have that base, then my suggestion is to get a similar job and work on a business in your spare time until it reaches the point of being able to support you. Learn as much as you can, develop an exit plan, and execute!
Good luck!
@denthir
You can hedge your bets by not going all in on an idea at once. Starting small and seeing how it develops. Having a (part time) job to pay the bills while investing any spare time in her business idea, is a tried and true strategy. I realize this is more or less echoing @swelker101 's advice so I'll expand a bit.
Other ways that compliment this strategy is:
Create the smallest version of the business that you know will work.
Example: Suppose you want to make and sell furniture but you know the cost versus profit of most furniture isn't that good. However, chairs do really well as they are cheap to make. Your focus should then be chairs with a later expansion into other furniture items.
Side-note: This idea applies to all areas of the business. Eg. you might want a store for your business, but you can start by having the "store" be your garage.
Slash the budget.
Find the areas in your budget that are luxeries and cut them. If you're living on a part time job while starting a business on the side, taking a hard look at your budget is one of the more painful but ultimately good ideas.
The Pareto Principle, aka. the 80-20 Rule
I'm a little pressed for time so I'll link to the wikipedia article
https://en.wikipedia.org/wiki/Pareto_principle
And investopedia as to the business side specifics
http://www.investopedia.com/terms/1/80-20-rule.asp
Short version: You want to find and target your biggest customers. Of course, This is more advice for down the line when you've gained some customers.
Also worth reading (And unrelated to the points above):
http://kk.org/thetechnium/1000-true-fans/
And of course, a word of caution is always appreciated.
@snooway
I would say it depends on your personality. Do you like to take risks or do you prefer stability? I personally would like to find a similar role but that's because I am risk averse. If you haven't listened to the podcast series called StartUp from Gimlet media I would highly recommend it. It has great case studies about people who have started their own businesses.
@cryptodog
If you money that you can spare to lose, going for your small business would be ideal. Because money woes could turn any situation into a nightmare.
@renodakota
If they have the capital and have done some real research then I say go for it! Life is short. If they aren't sure because they know they will be financially devastated if the project fails, maybe taking a new position while saving would be the best choice. Go with your gut.
@sasha.shade
It all comes down to what specifically that person wants to do for their business and how feasible it really is. Without further information it's difficult to give sound advice.
@financialcritic
Since most new businesses fail. I would suggest buying an existing business from someone looking to retire. That way you can still follow your dream, with much less risk.
Again, multitude of thanks to all who has participated so far! The wealth of knowledge, experiences and expertise of each one is evident on the exemplary advises shared. I'm happy to share that the reward pool for next week has increased, watch out for the next issue of Dear Steemit.
If you find this worthwhile and would wish to support the project, please let me know, this is ALWAYS welcome!
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Steeming happily ever after,
