I am at that point where I face a dilemma that I know many here in SK may have been in at some point in their lives.

I hold a managerial position in a corporate. Over the last 1 year or so,I have been doing some groundwork on my side hustle. Now,matters have come to a head because the income and rate of return on the side hustle is not bad and is stable. I rake at least half of my monthly pre-tax salary by working weekends alone. I surpass my monthly gross if I work evenings or nights as well.

I can comfortably project continuous business for the next 3-5 years minimum. There is potential to increase this significantly if I focus on this full time.

As usual,I know this post might attract the persons simonkabz refers to as bonokos. But I know there are mature people here who may have taken this leap and seen the good side and bad side. Would be happy to benefit from your experience and wisdom.

Asante

@ Sight

I was at that point 4 years ago,and believe me it was scary for me. I was working for a Singh when i discovered that if i could lease a few machines similar to what he had i would do even better than him.

I bolted with half the clients and set up a similar business to what he was doing. Nowadays he calls me to give him business and similar contracts. My collegues who used to work there are now under my payroll !

What i know is that the formative years are tough,but you can weather the storm,i used to work 18 HOURS including weekends but it didnt break me.

Plan well,set aside an ammount of money to cover your overheads for atleast 6 months,then dive in,and like i always say swim with the sharks !


The Hedonist

Started a side husstle 3.5yrs ago which my wife went into. For 2 years i was paying the staff and rent from my pocket. As time went along in noted that 1st half the business would meet its own finances but the second half I had to be called in.

As time went on the business is now making much more than I make in most months.

Now,I smile as I can cleverly expense most of my personal costs (fuel,entertainment etc) to the business. My key issue now is managing cashflows and thats why I keep my job. Hopefully the cashflows will stop fluctuating wildly and I can take the jump off.


Want to be a millionaire.... plant a million cabbages and sell them at a bob...

Been there. Look at the worst case scenario if u lose your jobbo today,would you go looking for another job or would you dig in to yr bizna headstrong? There lies the truth. [no pun intended]

Its hard serving 2 masters... but if u can.... stick to having tha sidedish until she can truly qualify to be a mistress.... and then.... a second wife ?

If u got Passsion,persistence,and nerves of steel - Go business.. It pays in reaps and bounds. in any case ushaonja asali,mzinga utachonga rahisi.... best offf luck

For i am the master and the captain of my fate !

Taking the plunge is always a risky affair and the risk is magnified if you have a family to take care of. That said,business can be one of the most fulfilling experience and als very rewarding. If you get it right,you can do in one year what would have taken you 5 years to do.
So,sit down with your wife (she has to be in the picture coz when you start putting in 20 hour days,she's the one who will bear the brunt of an absentee husband!) and work the figures and also the inevitable change in lifestyle.
Strap in and Brace yourself coz biz is not for the faint hearted. I have seen guys starting biashara then at the earliest encounter with a challenge dust up their CVs and start applying for jobs!
One more thing,LUCK. You'll discover that even the best laid plans require an element of luck to succeed.

That depends on a number of things.


Do you like what you are currently doing? Is the managerial a job that simply brings home the bacon or a career that you enjoy,and has good professional growth prospects? If the latter,I'd say stay on. Particularly if your employer has no beef with your side biz. You would not be the first to do such a thing and if it is as you say,it appears the side biz is doing pretty well and has got great growth potential. If you can advance in your current career,professionally as well as financially,and have the side biz not suffer as a result,well,you should stay on

You mentioned that there is great growth potential for the side biz. Could that be limited by the fact that you are not fully hands on or is it a matter of time. If it requires your full time attention,well then you may want to consider leaving your current job.

Is the side biz the kind of thing that simply makes you money or you like doing what you do? I've a friend who began a side biz in the tents and chairs biz. And it is doing pretty pretty good. But for all intents and purposes,its not the kind of thing he lives for. Plus,he has been able to find some decent fella,pay them well and they provide the daily hands on experience. He has a professional job and he also spends some afternoons improving on his handicap.


My two cents worth,you do not have to quit your job to establish successful businesses. But you will have to pay the price for the options you will take. It may take longer than you hope or your employer may pass you over if he feels your attention is equivocal.

Unfortunately,the intelligent think that everyone else is.Tragically,the obtuse believe they are intelligent.

@ sight
while you have asked for advice from mature people...i think i could put in my 2 very young cents.
I am in business and its amazing,well the first few months or year things r THICK. You say that if you worked on it evenings and nights you make more than your gross. There is your answer.
I have seen really tough times in business but now my problem is looking for quality staff and am even opening my second biashara. It is sweet. The sweetest thing about business is the process and seeing your work paying you directly. Quit end of August and see after afew years if you were wrong,i doubt you will be.


IF YOU EVER LOSE,MAKE SURE YOU NEVER LOSE THE LESSON!!

@ sight

I would encourage you all the way. key to your decision should be your motivation factor. I for one had always wanted to do it,had registered a firm but was too scared to take the plunge despite not wanting to turn up to work for someone. I would bring in all the new ideas and my former employer would keep the profits and build their profile.

Finally after a fall out with mgt - due to the slice i would get depsite bringing the pizza to the table,with a six month old baby,other expenses and trying to stay afloat i decided to go it alone and ignore offers that were even better. That has been the best decision of my career thus far. It has not been easy,I have had my fair share of challenges and its been 3.5 years since.

Remember that it is something that you should be in for the long haul,not a 'get rich quick' situation,be dedicated,and prepared to sacrifice quite a bit.

Success should,no WILL follow there after.

Ok,I could not resist the urge to contribute but here is my 2 cents. Having flipped through the turns & twists and experienced the near death sensation of losing a well paying job to learning to stand on my own two feet,I must say this. You will have to de-school yourself! All that mumbo jumbo your parents paid through their noses in the name of education is a load of crap and will probably be your biggest impediment to your success. Learn new tactics e.g identifying problems as opposed to solving problems. Shed your old skin and grow a croc's hide,you will look ugly but you will need it. And mainly,you will realise that it's never being about the money but a lot of other factors play their role. Then like a child,take pleasure in learning and playing in the mud. I could go on and on,but the key is to see yourself in this new light that's when you will attract the blessings that are abundantly around us. Good luck.

As a man thinketh so is he

Are you serious? You can project 3-5yrs guaranteed business! You should,without a doubt go out into business. If you are guaranteed equivalent of your gross in business in less than a month then you'll have more days to increase your client base and income. Go for it.
Btw what's your profession? I'm quite curious.

ili iwe funzo...