New Job vs Staying and Starting Your Own Thing

So I enjoy my current job. Provides excellent work/life balance, stable (should be able to stay if I want) and good for future stability (retirement). But the tradeoff is no raises (for the foreseeable future at least) and no promotions (for the foreseeable future). I have some ideas for side work that might turn into a full time thing. It would definitely take awhile to build it up, but time is something I have. I'll be able to juggle the two without issue, but if I go for another job the chances of doing my own thing goes out the window.

Any advice? Especially from anyone who has done it, but general advice is appreciated as well!

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Comments

dustervoice

If you have an idea, pursue it. There are very few things in life that one can really consider a "mistake". Your idea might be the next best thing! one requirement i have for any role that i'm in is that they must at least match inflation rate every year if not then its considered a salary cut in my mind. Good luck in whatever you do. keep us posted.

636-555-3226

change is good my man. if the side thing is doable, why not do it? dont discount the other job if the side thing turns out to be the real deal. you don't know if the side thing will turn out to be the real deal yet, so don't let that weigh in your decision. fwiw, i've been thinking of doing my own on-the-side security consulting thing for awhile but didn't think my current work enviro would support it. that environment is changing a bit and should be freeing up some, so i plan on doing it. sounds like we're kind of in the same boat.

besides - be like your namesame! the grinch took a chance on some new stuff and it worked out pretty well for him in the end. yeah he could have kept going on being the same grinch not knowing any better, but change was good

CCNTrainee

I would go with the starting your own thing as well. My most successful friends took the time to build up a nest egg or startup money before executing their plan and business. It may be a gamble but you will never know unless you try. If you are able to manage and juggle it all, why not take the chance.

Kreken

Can you do your side gig while you work your current 9to5?

renacido

If you're in a position that pays the bills and allows you to start something of your own on the side, I say go for it.

Whatever you do, just don't quit the day job until the side gig is paying the same or preferably more, and even then build up a 3-6 month cushion. I say this having learned myself from experience.

But doing it on the side and seeing where it can go is a great idea. If it doesn't pan out or becomes more of a grind than it's worth, you can always shut it down or even sell it and have the same option to find another job at that point.

kohr-ah

If you are happy where you are financially and if you can be a while without a promotion and it doesnt affect you in any way I'd say go for your dream. I'd much rather do that and retire happy than keep doing day to day until I retire.

NOC-Ninja

stay and see if your idea will work. You can always find another job if it doesnt workout.

UnixGuy

nothing to lose...just implement your idea and see how it goes...

philz1982

Kreken wrote: »

Can you do your side gig while you work your current 9to5?

I echo this statement, if you can consult in your off hours that is best. Build up a client and referral base so you can have cashflow immediately prior to quitting your day job. It is tough working 14+ hour days but it pays off.

joelsfood

If you can do it while keeping day job for financial stability, go for it. I started my own consulting company a few years ago, at wife's prompting, and while it's still sideline only, it makes up about 1/3 of our annual income, so definitely worthwhile. Plus it lets me get my hands on a lot more technologies and implementations, so it keeps work a lot more interesting.

the_Grinch

Thanks for all the info guys! Today I declined an interview I had lined up and am going to go about implementing my side job. Probably going to take a few months to get everything in place and we'll see what happens. If I could generate about a third of my income that would be awesome!