I'm doing something risky in 2020

UnixGuyUnixGuy Are we having fun yet?Mod Posts: 4,102 Mod
I'm in the process of buying a business. I thought hard and long about it and did my research. The business isn't in IT, it's actually in the fitness industry.

yes I'm well aware that it's a saturated industry (so is literally everything else btw). The numbers add up on a spreadsheet, and I've been in the game for a long time so I've got experience.

I will keep my job for now and try and the business in parallel. If things go well I can see myself transitioning out of the IT industry completely but who knows. If things don't go well, then I'll just have a loan that I need to pay back and I've got my career that I can (hopefully) fall back on

Wish me luck. I'm so excited!
Goal: MBA, Jan 2021

Comments

  • Skyliinez92Skyliinez92 Level 99 Wizard Mod Posts: 866 Mod
    Good luck man! Hope it works out for you.
    2020 goals: Server 2016 MCSA/MCSE (70-740, 70-741, 70-742, 70-744), Powershell training
    2021 goals: RHCSA/RHCE, AWS, Python training

    Train people well enough so they can leave, treat them well enough so they don't want to. - Richard Branson
  • bigdogzbigdogz Member Posts: 827 ■■■■■■■□□□
    @UnixGuy
    Congratulations and good luck!!!
    Just make sure to exercise all of your options!.... LOL I just could not resist...it's the training.... better stop.
  • SteveLavoieSteveLavoie Member Posts: 731 ■■■■■■□□□□
    I wish you good things :)  At least, running an existing profitable business can be seen as just keep the rock rolling ;) Wait until a few month to make significant change so you dont screw up. 
  • november24november24 Member Posts: 75 ■■■■□□□□□□
    I wish you the best of luck.
  • LordQarlynLordQarlyn Member Posts: 631 ■■■■■□□□□□
    I wish you the best! I've read about and met people who left the tech field to pursue their other passions and many of them did quite well and almost all of them were very happy.
  • DZA_DZA_ Untitled. Member Posts: 413 ■■■■■□□□□□
    All the best UnixGuy. You're going to bring on a new meaning of the word bootcamp.  B)
  • chrisonechrisone Senior Member Member Posts: 1,935 ■■■■■■■■□□
    edited December 2019
    Great opportunity! I see my self in 3-4 years doing the same. I am looking into franchising a business or starting one, probably non IT related. So sick and tired of giving 60-70 hour work weeks and not seeing an extra penny for my efforts. 

    Remember this quote.
    "You can spend 10 years of your life building up your own business or you can spend 40 years working and building someone else's."
    2020 Goals:
    Courses: VHL (3 month pass)
    Certs: OSCP (in-progress), AZ-500 (in-progress), MS-500, Pentester Academy - CRTE
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    iBrokeIT said:
    That's quite an expensive homelab for your MBA  :D
    What really got the idea starting is through a guy I met in my last subject, he owns two businesses so he helped me a lot
    Goal: MBA, Jan 2021
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    chrisone said:
    Great opportunity! I see my self in 3-4 years doing the same. I am looking into franchising a business or starting one, probably non IT related. So sick and tired of giving 60-70 hour work weeks and not seeing an extra penny for my efforts. 

    Remember this quote.
    "You can spend 10 years of your life building up your own business or you can spend 40 years working and building someone else's."
    Be wary of franchises!  but yeah I understand. I will be working long hours (at least in the beginning) though

    Good luck to you too!
    Goal: MBA, Jan 2021
  • yoba222yoba222 Senior Member Member Posts: 1,091 ■■■■■■■■□□
    So what fitness certs are you planning on getting?   :D 
    2017: GCIH | LFCS
    2018: CySA+ | PenTest+ |CCNA CyberOps
    2019: VHL 20 boxes
    2020: OSCP 2020
  • chrisonechrisone Senior Member Member Posts: 1,935 ■■■■■■■■□□
    edited December 2019
    yoba222 said:
    So what fitness certs are you planning on getting?   :D 
    Funny thing is I have the books for a plyometrics "Jump Training" certification  :lol:  I still plan on getting it once I pass my IT "imposter syndrome" phase in my career :lol:


    2020 Goals:
    Courses: VHL (3 month pass)
    Certs: OSCP (in-progress), AZ-500 (in-progress), MS-500, Pentester Academy - CRTE
  • JoJoCal19JoJoCal19 California Kid Mod Posts: 2,808 Mod
    Congrats and best of luck on the new endeavor!!! Just make sure you have the books examined by a professional of your choosing to make sure financials are as they are being represented. 
    Have: CISSP, CISM, CISA, CRISC, eJPT, GCIA, GSEC, CCSP, CCSK, AWS CSAA, AWS CCP, CEHv8, CHFIv8, ITIL-F, MS Cyber Security - USF, BSBA - UF, MSISA - WGU
    Currently Working On: Python, OSCP Prep
    Next Up:​ OSCP
    Studying:​ Code Academy (Python), Bash Scripting, Virtual Hacking Lab Coursework
  • baghdaddy19baghdaddy19 Member Posts: 47 ■■■□□□□□□□
    That's great man!

    I know I guy that I went to high school with (not exactly a friend) and he was a complete moron. I don't say that to be mean, I mean he was very dense.
    Anyways he opened a gym about 10 years ago (a franchise gym) and now he owns and operates 3 of them in the same city. And he is doing very well for himself. So as long as you have decent business acumen you should be fine.
    2020 Certification Goals
    CompTIA: A+, Net+, Sec+, Cloud Essentials, and Project +
    LPI: Linux Essentials
    AXELOS: ITIL v3
    SANS GAIC: GSEC, GCIH, and GCED
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    love the jokes & puns, keep them coming :D

    I'm in the frustrating stage of sorting finances and getting people to get stuff done...everyone seems to be in a holiday mood.

    That's great man!

    I know I guy that I went to high school with (not exactly a friend) and he was a complete moron. I don't say that to be mean, I mean he was very dense.
    Anyways he opened a gym about 10 years ago (a franchise gym) and now he owns and operates 3 of them in the same city. And he is doing very well for himself. So as long as you have decent business acumen you should be fine.

    Awesome story.... the failure rate of GYMs is 96%  and they go out of business after 3 yrs on average - so your mate is doing something (or few things) right. Academic excellence is no indication of excellence in business or real life unfortunately (but I know what you mean)

    Goal: MBA, Jan 2021
  • baghdaddy19baghdaddy19 Member Posts: 47 ■■■□□□□□□□
    Wow that is an insanely high failure rate! Is that a statistic for independent gyms in the first year? or within three years?
    That failure rate seems higher than restaurants (correct me if i am wrong), which i always thought was the riskiest business to start.

    Oh I absolutely agree with you on the academic excellence thing. I think being a franchise gym owner helped him in getting memberships (one of those $10 a month places).   
    2020 Certification Goals
    CompTIA: A+, Net+, Sec+, Cloud Essentials, and Project +
    LPI: Linux Essentials
    AXELOS: ITIL v3
    SANS GAIC: GSEC, GCIH, and GCED
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    Wow that is an insanely high failure rate! Is that a statistic for independent gyms in the first year? or within three years? 
    I think it's on average and most don't remain in business after 3 yrs. Restaurants/cafes have a similar rate but i'm not sure what the exact number is. it's tough but so is everything else to be honest
    Goal: MBA, Jan 2021
  • baghdaddy19baghdaddy19 Member Posts: 47 ■■■□□□□□□□
    edited December 2019
    @UnixGuy
    Very true, i wish you the best of luck!
    If i may ask is this a independently owned gym or a franchise gym?
    2020 Certification Goals
    CompTIA: A+, Net+, Sec+, Cloud Essentials, and Project +
    LPI: Linux Essentials
    AXELOS: ITIL v3
    SANS GAIC: GSEC, GCIH, and GCED
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    @baghdaddy19 independently owned :)
    Goal: MBA, Jan 2021
  • the_Grinchthe_Grinch Member Posts: 4,164 ■■■■■■■■■■
    Good luck!  I always say only way I'm leaving my current job is if I start my own business.
    WIP:
    PHP
    Kotlin
    Intro to Discrete Math
    Programming Languages
    Work stuff
  • UnixGuyUnixGuy Are we having fun yet? Mod Posts: 4,102 Mod
    Just an update...I hit a major milestone and this is progressing nicely.

    I won't lie, this has been nerve wrecking and I decided to quit on more than one occasion (due to finance issues, bank drama, and just wanting to avoid the risk).

    So far, I learned a lot about financing a business. I'm enjoying applying my marketing skills but I have a long way to go.

    I still have my day job and It's actually going well too. I anticipate things will change dramatically in the next 6 months.

    I'm aware this is wayy off-topic for the forum so if you want to talk to me more about this you can just message me

    Goal: MBA, Jan 2021
  • VictorVictor5VictorVictor5 Member Member Posts: 59 ■■■□□□□□□□
    @UnixGuy Nah it's not way off topic. The future attorney is here!  :D

    B.S. Electrical Engineering, M.S. Electrical and Computer Engineering, PhD Electrical and Computer Engineering
    J.D. Candidate (2L)
    In the books: CompTIA Network+, Security+, CEH, Associate of (ISC)^2, GIAC: GSEC, GAWN, GCIH, GPEN
    Currently Working on: GCFA, NREMT-B, PE-Electrical and Electronics, Patent and State Bars, and Juris Doctor (law degree)
    Next: GCIA/GCWN and/or GCUX/PMP/GSE
    Next after next: Med school!!!!! Lol
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