How did you leave FTE?

[DB1234]

Hey All,

Simple Question, How Much did you have for rent, etc did you have stored away when you decided to go it alone and how did you phase leaving FTE?

To give some context, For the past year, I've been employed to run a professional services business day to day and look after the commercial side of things. This is after spending the previous 6 years working in corporate environments. We've grown our client base since I came on board and brought on another employee. I work from home and enjoy the freedom around my hours (start early, finish late with room for a long walk in between.

However, in the past 6 weeks or so I've become a bit disillusioned with everything and really don't enjoy professional services. I also hate being employed and feeling accountable for every action to somebody else (despite the freedom I do have here). The only solution I see here is to go alone so that I'm not picking up a salary anymore, but bringing my own money in. My background before this was in consumer goods and I've been working on a side project for a clothing line I'd like to push forward with. I have about £12k in savings, which gives me some cover but not much, so I think I will need to get at least a part time job to cover rent etc and work 3 days a week, with 3 days on my project, though may need a full time job at first that I can leave at the door at 5pm

How did you make the step?
How much security money did you have behind you?

Cheers,

 

[Mr D]

I was losing my ability to work in my profession due to a disability and my employer had drafted in another organisation to work with us with the intention of that organisation taking over - to me they had unrealistic expectations for the size of business. They didn't believe so.

So I resigned, leaving both the company and the profession. Couldn't afford to leave, no longer ability to stay.
So became just working full time (just 80 to 120 hour weeks) for our business we had set up a few years previous.

I wouldn't recommend jumping to being full time in a business before you can cover the wage from the business. Can be necessary.



You are working on a clothing line - an established brand or a new brand?
Marketing can be an expensive job, ideally yes work at least part time to cover your bills.
If you got a job during the week - could you sell your clothing on a market at weekend?

 

[Annoying Donkey]

It was a long time ago, in a land far far away...
I simply decided one day that I wanted to travel, so I sold up everything, and headed west. Quickly found I didn't have enough money to go far, so applied for a job. At the interview, the interviewer detected that I didn't intend to stay long, so it was he who set me on the path of self employment - and he offered me my first contract. I've never looked back...

IMHO half measures raise your chance of failure. If you are in the position where you have to succeed, or starve, you're more likely to succeed.
"He who dares, wins"

 

[Gordon - Commercial Finance]

I wouldn't recommend jumping to being full time in a business before you can cover the wage from the business.

I'm not sure I would necessarily agree with that @Mr D . I have tried both ways, firstly trying to get something off the ground in my spare time and get it to a stage where it pays enough to then go full time, and I found that this just didn't work for me, as I was unable to give the business any focus.

What worked much better for me was getting some money in the bank for just in case, and then dong a "clean break", working full time at my business and giving it all my focus.

Depends on a lot of factors, including the individual.

 

[Mr D]

I'm not sure I would necessarily agree with that @Mr D . I have tried both ways, firstly trying to get something off the ground in my spare time and get it to a stage where it pays enough to then go full time, and I found that this just didn't work for me, as I was unable to give the business any focus.

What worked much better for me was getting some money in the bank for just in case, and then dong a "clean break", working full time at my business and giving it all my focus.

Depends on a lot of factors, including the individual.

You are probably right.
I had to sink or swim, and in the end a few years later we were sunk. It may colour my thinking.

Next time I may well be forced to act the same way.

 

[DB1234]

Mr D - "
You are working on a clothing line - an established brand or a new brand?
Marketing can be an expensive job, ideally yes work at least part time to cover your bills.
If you got a job during the week - could you sell your clothing on a market at weekend?"

A New brand - luckily, Marketing, Sales and Ecommerce are my specialism so this should be the area I excel and hopefully on a budget.

What worked much better for me was getting some money in the bank for just in case, and then dong a "clean break", working full time at my business and giving it all my focus.

This maybe would be the best approach - continue what I'm doing now to get things off the ground (basics) for the next 5-6 months, hoard as much cash as possible then go hard from the beginning.

 

[Stas Lawicki]

How much money you will need will depend on your outgoings and circumstances. Some people will over estimate what the need to get started (by way of cash) because they base their models on the corp. environs they have just left. Most will burn through money because they don't kerb their spending or lifestyle when their income drops. Do what you can to build your business whilst you are still employed - this may not be a popular idea for some, and of course you need to be sure you don't fall foul of any contractual obligations with your current employer if you do set-up at the same time. It can however be a good way to fund your initial start-up. If you can't stomach a day more where you are, then find alternative, part-time employment and stop spending. Spend the money on the essentials and forget the fancy campaigns or costly websites to start with.

I've started numerous companies where some were done with plenty of capital and others with none. Of course, it depends on what you are planning to do (consulting can be low-cost, manufacturing is the other end of the scale which needs funding and resource). Having control of your day-to-day costs can make all the difference. I know plenty of businesses who have won work, boot-strapped their outgoings and business and within a year are flying.

Taking the leap is a daunting business but once you do it, the empowerment and motivation that you can gain from it is enormous. A shameless plug but take a look at Hascombes and news, start-up blog, alternatively PM me and I will happily offer whatever opinion/guidance I can... Good luck!

 

[Chris Ashdown]

Having been in the reg trade I may be able to advise. if you send a brief plan of your intentions

 

[JEREMY HAWKE]

Most of the people on here are so old their last employment was when they were serving in the Boer war
Then they were demobbed and started up

 

[Alan]

I was chairing the directors meeting, even though the CEO was there, he often wasn't but even when he was he asked me to chair. It was getting late and the CEO was getting agitated as we had a meeting after. I wrap up the directors meeting and said to the CEO we could meet tomorrow if he had something else to do.

He said, no lets step into my office - and I just have to call HR in NY, and that was it, no longer an FTE .... simple process really.

 

[Mr D]

Most of the people on here are so old their last employment was when they were serving in the Boer war
Then they were demobbed and started up

I'm very young.
For some reason my dog is coughing and the nearest cat has rolled onto her back with her paws waving in the air.
I'm on the wrong side of 20. Come to think of it, was on the wrong side all my life.

 

[Chris Ashdown]

I remember Nelson as a good hand, but Hardy was shall we say a strange person