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2014-10-20 4:35 PM

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Subject: Anyone quit a good corporate job to start their own business?
I've been with my company for 21 years. Managing a large retail operation, 160 employees and doing 30+million in annual sales. Good pay, great retirement but also a ton of stress, hours and headache. Not really enjoying it like I ounce did, Just can't picture doing another 15-20 years. I know starting my own business wouldn't be a cake walk. Just wondering if any of y'all decided to give up a good thing to start your own business and how did you decide to make the jump?


2014-10-20 6:40 PM
in reply to: skipg

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Master
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Subject: RE: Anyone quit a good corporate job to start their own business?
I did and it was fun for a couple of years but now I'm back at a "regular" job and very happy. I'm in the IT field and unfortunately the city I was living in at the time was not a very high tech place. I started losing my marketable skills and was had to code in whatever technology would pay the bills. I did a pretty good job of keeping work and personal life separate but it got to the point where I felt like all I was doing was working even though I wasn't working a ton of hours. If I could change anything it would be renting office space instead of working from home. Realizing that I've yet to answer your question, I was on the verge of quitting when the business I worked for cut back and let me go. The good thing was I got a nice severance package and if they had waited literally 2 weeks I was going to give my noticed. Once that happened I figured why not give it a go. Good luck!
2014-10-21 1:40 PM
in reply to: csharp1171


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Subject: RE: Anyone quit a good corporate job to start their own business?
I would bet anyone that quit their job and successfully started their own business is now to busy to be on BT, so I would say, if you are ready to work hard, get to it and don't wait for someone to pop up on BT and say, yes I did, go for it. They are saying exactly that with their silence
2014-10-21 2:06 PM
in reply to: Raansnel

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Subject: RE: Anyone quit a good corporate job to start their own business?

My SO did. He didn't start from scratch though. He's a mechanic with a business degree and quit a corporate job where he worked from home for a major car company to start his own garage. The garage existed previously, so he just bought into the partnership and they made some major changes. He's way happier now and it took a few years, but now he's making more money too.

2014-10-21 2:07 PM
in reply to: jeng

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Subject: RE: Anyone quit a good corporate job to start their own business?

The corporate job was less challenging for my SO which is why he decided to take the leap. We were in our early thirties and he didn't want to feel like he was just on the path to retirement just quite yet.

2014-10-24 11:13 AM
in reply to: skipg

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Subject: RE: Anyone quit a good corporate job to start their own business?

I did, and so did my husband, and it's one of the best decisions we ever made.

I quit my job as a chemical engineer to become an artist, right around the time that I had my first kid. I realize that my situation is a bit extreme since it was a complete switch in careers, but it worked. I sold my art for about a year while still working the engineering job to make sure that I had the business built up a bit and some income coming in before I quit. That gave me the confidence to make the leap. I definitely don't make as much money as I did in my corporate job and I probably work harder, but I love what I do, it's extremely flexible and gives me more time with my kids, and I love my job. I still have irritating, demanding clients, galleries who don't want to pay on time, and other work-related headaches, but I wouldn't go back for anything.

My husband quit a good job in technical sales (he's also an engineer by education) to start a homebuilding company, also when we had our first kid (I know - let's have a kid and quit our jobs!!!). He did it the same way as me - built a couple of spec homes on the side while still working, to get an idea that it would work out, then made the leap when it became clear that he couldn't juggle both. He has grown his company quite a bit - now has an office, building a model home, has a bunch of employees, etc, and I'll be honest that there have been definite growing pains. When you're in charge of your own business, there are a lot of legal issues that crop up that take up a lot of time, and I don't think he expected that. He also works, ALL THE TIME. We went on vacation this weekend and had a great time, but he was on the phone the whole drive home putting out fires that came up while he was gone. Being self-employed can be a lot of work. That being said, although there are stressful times, I think he is also thankful that he quit the corporate gig. He likes being in charge of his company's direction and vision. He likes the flexibility it gives him. And you get out what you put in.

We both like that we're in charge of our own success or failure. We both started our businesses right before the economy crapped out in 2008 (great time to start a homebuilding business!!), and when things got tough we watched a lot of smart friends get let go when their companies couldn't stay afloat. While things definitely got tougher for us during that time, we were able to simply get more creative with both of our businesses, and do what it took to create more income. We liked that there wasn't a company hovering over us that could pull the cord at any minute. Even this year, he had a few months without cash flow so it was all on me and my art business, and I just had to be creative and work harder - I took a lot of side jobs that I might normally say no to (prints, commissions, etc), and it worked out in the end. I like that.



2014-10-25 10:09 PM
in reply to: 0

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Subject: RE: Anyone quit a good corporate job to start their own business?
I did not start my own business but I left a job from a very large corporate engineering firm after 2.5 years (my first job out of college). Straight out of school i was earning a salary higher than I ever imagined and had an Extremly promising retirement future. I was offered to be a stock holder in an employee owned business, I quit instead.

I now work for a local company of of 50 employees (recently expanded in size from 20)

I make less money. My future is not quite as certain. But...I go home happy. I leave work feeling accomplished. I have significantly less stress. I am 100 times happier. I wish you the same in the rest of your career.

P.S. I am of course very young and lacking many of the life experience and knowledge you probably have, none the less the downsize was the perfect move for me.

Edited by Brian W 2014-10-25 10:10 PM
2014-10-26 8:39 PM
in reply to: #5061539

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Subject: RE: Anyone quit a good corporate job to start their own business?
I did 5 years ago. In the first year I still did triathlons. By the second year, I stopped working out.
I typically work 60-70 hours per week.
I have seen other business owners not need to work so hard.
If you need employees in yor endeavor, hire slow and fire fast. That has been my biggest struggle.
Make sure you have enough savings to go at least a year without any income.
2014-10-26 8:47 PM
in reply to: #5063081

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Subject: RE: Anyone quit a good corporate job to start their own business?
I did not answer your question of how I decided to make the jump.
i was not happy with my employer at the time.
I chose to start a related, but non-competitive to my employer business. I knew the market and there was not much competition for the business I started.
The less sexy the budiness, the less competition you should have.
it freaks people out when I tell them I put very little effort into sales. I knew the market and I knew how to quickly reach my customers.
the point is research and get very familiar with the business you choose before you jump in.
2014-10-27 6:07 PM
in reply to: Hugh in TX

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Subject: RE: Anyone quit a good corporate job to start their own business?

Originally posted by Hugh in TXIf you need employees in your endeavor, hire slow and fire fast.

I think hiring the right people (and firing the bad ones) has been the hardest thing for my husband to figure out in his business. Finding good people is tough.

2014-10-28 4:31 PM
in reply to: Stacers

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Subject: RE: Anyone quit a good corporate job to start their own business?

I had always wanted to start my own business, but I never had enough in savings to make the jump and was making a really good salary in my corporate position.

So, as luck (or misfortune) would have it I was let go from my job in early 2009 at the height of the doom and gloom of the economic collapse.  I couldn't get a job anywhere and basically got to the point where I had no other option but to start my own business.

Now five and a half years later I'm at the helm of a very successful company with 10 full time employees and we're starting to make that turn towards being a much bigger company.

What have I learned over the years. 

1. I thought I knew how to run a business, but I had no fricken clue when I started.
2. You can have the greatest product/service on earth, but getting out in front of people and convincing them to buy it is a lot harder than you may think.

3. Swallow your pride.  I almost drove the company out of business in 2012 because I lost a major customer but just "knew" i could make it up with new sales.  After hemorrhaging $50k per month for 3 months I finally decided to cut staff and reduce costs.  Had I swallowed my pride and made the decisions sooner I would have been $150k richer and three months further ahead along in our growth.

4. Make sure you have enough reserves to cover your bacon for at least 6 months.  I unfortunately didn't have enough reserves so I almost lost my house and everything else, but per my reason for getting into business it wasn't entirely by design. 

5. Follow your gut when hiring people.  Almost every bad hire I have made was somebody who didn't quite sit right with me in the interview.  However ,3 or 6 months later and $20k+ poorer I end up letting them go and hiring somebody else.

6. Don't run in the red.  If you lose money outside of the first few months getting started you need to cut costs or increase sales fast.  I had two or three 6 month stretches early on where I was losing $10k-$20k per month and would convince myself that it was OK because I was a start-up business.  yeah, no.  I was a failing company dependent on borrowed money to stay afloat and it took me years to dig out of that hole.

7. Most important advice is to have fun.  It's a great opportunity to have influence on the community as well as the lives of your employees. 

Even with all the hard work and stress I couldn't imagine doing anything else.  When you're "the man" it's a great feeling to know you have a big proposal going out that could pay your kids car off, or better yet that you can buy new iPads for everyone in the office.  There's no cooler feeling than when you bring in some awesome present or write out a bonus check and one of your favorite employees breaks down crying.  I love my job. 



2014-10-29 9:07 AM
in reply to: #5063082

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Subject: RE: Anyone quit a good corporate job to start their own business?
I started my working life sweeping auto mechainc shops in my teens, got into auto body, learned a lot & moved up. Left that for temp work in the IT white collar industry in NYC. Loved it & the pay till the tech bubble burst while I was still on the bottom of the totem pole.

Opened a handyman business (Dad was a contractor, so I learned a lot there) & got hooked on the flexibility, responsibility I take with my work. Its not easy, lots of bumps & sometimes hard lessons. I'm working with either my hands, the computer or the phone from sunrise to sunset. And if I'm not working I'm thinking of the business in general.
It's a completely different feeling from being an employee. There's a ton of pride I get when a customer smiles with joy at the end result, I get recomended, repeat customers call me back for more work and when I overcome any challenges, small & large.
The pay wasn't good at the beginning but it picked up speed quickly.
I started the business 3 years ago. Most of my new business is from word of mouth now.

I think everyone shoulld try self employment at least once in their lives. Its a real eye opener.
2014-10-29 9:49 AM
in reply to: skipg

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Subject: RE: Anyone quit a good corporate job to start their own business?

Does getting fired count?

I was already being headhunted by other firms so the question was really whether to continue, or strike out on my own.

I went solo and while I've done freelancing and part-time for others, I've never looked back.

And as the self employed say, you do get to choose WHICH 80 hours a week you'll work now!

I was really getting into the triathlon lifestyle at the time and, while the temporary financial setback (which you can avoid if it's a planned quit) made getting gear and into races a bit of hassle, I got to do what I loved every day, both professionally and personally.

I started a full-service dog business--training, boarding, grooming, etc. I went to the dogs!

2014-10-29 5:11 PM
in reply to: 0

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Subject: RE: Anyone quit a good corporate job to start their own business?

I worked 10 years, after 4 in the USAF, for a large company.  Had 3 weeks vacation and loads of sick time, nice 401k, co. stock, good healthcare...  I got an offer with a friend to help expand his test lab business. My son was 4 weeks old and we sold the house and moved to FL (a big part of it was moving to FL).  I worked 70-90/wk in the beginning and 15 years later we're still kicking!  I work 30-60 hours per week depending on the workload and take as much time off as I want.  Best move in hindsight as my previous company shutdown US operations 8 years after I left.



Edited by Donto 2014-10-29 5:12 PM
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