I am 23, graduated college and started a full time job. I realized fairly quick I really prefer working for my side business than my full time job. I’m not a fan of being “controlled” and hate not having control of my life in that aspect.

Last year I mad 60k as a project coordinator in construction in NYC. I also made 40k pre tax on the side weekends and after work some days.

I think it’s in a position to replace my income with full time. Effort but want to make sure I’m doing it right with as little bumps as possible.

Any advice?

My business would be handyman/ landscape projects.

  • mattpga@alien.topBEnglish
    1·
    10 months ago

    What’s the worst case scenario if it doesn’t work out? Can you move back in with your parents or couchsurf if revenue goes to $0?

    And what is the likelihood of that? You’re 23 so your downside probably isn’t huge.

    My side business doubled in the 12 months after I quit my full-time job and then doubled again the next year.

    I was 26 when I quit and it was the best move I ever made.

    Could you go from 40k to 80k if you were able to focus all your efforts on your business?

    If so, go for it!

  • Browsinandsharin@alien.topBEnglish
    1·
    10 months ago

    Literally happening right now

    Have a plan for health care-- check your local aca market place

    Save for a few month , budget as though you have a fixed income

    All the things that take trial and error , do while you have a stable job

    Work out your taxes

    Line up a couple solid things to keep you afloat

    Have a plan if things go left like global pandemic etc

    Take the plunge, have fun! (Be serious too but have fun!)

  • Human_Ad_7045@alien.topBEnglish
    1·
    10 months ago

    Have one full year of living expenses. At some point, shit is gonna happen and you’ll have to ride out the shit storm. Since you don’t know how bad the storm is going to be, the standard 6 month emergency fund isn’t sufficient.

    I unexpectedly had to not pay myself. I went 11 months without a paycheck or expenses reimbursed, but we survived.

      • webbersdb8academy@alien.topBEnglish
        1·
        10 months ago

        Understand but make sure you have proof of concept. Sometimes people start a business and it’s just enough to keep their hopes up and keep going but not really profitable.

  • cassiuswright@alien.topBEnglish
    1·
    10 months ago

    Full business plan so you know all your expenses and profit margins and revenue streams. Step #1