So I’m in a fairly high paying job, in the top business in the world (£25bn TO) for my area of expertise.
I have the option to start my own business, with a guaranteed first year TO of a minimum £150,000. (A 12 month contract with a long term client of mine, very likely to then extend)
I grew up in an entrepreneurial household, my Dad has started several successful businesses, snd some not so successful but the general advice is go for it, but then I’m also giving up a lot to risk for it.
Here are my concerns
I am part of a huge company in a fairly powerful position, i have support of 50 in house lawyers, key support staff, secretary, researcher, prime real estate location, bottomless expenses account and the reputation that goes with the name.
Although I am in this position, I only have 3 years experience (and I’m in my mid 20s) in my area of work. I have achieved more than most people in those 3 years and feel I’m capable but still.. 3 years.
£150,000, even if I was taking home 100% of that is a pay decrease personally. There would be other work involved, and realistically I’d probably be turning over £300,000-£450,000 in year 1.
The running of the business would vary greatly depending on staff hired. I’d say no more than £100,000 a year initially if I brought on others.
I would need to grow fairly quickly though to even be competitive, I can have a potential partner who has all the capital but that’s another question all together.
Basically when do you know you’re ready to do something like this? Do I wait and miss this chance, or do I do it and hope to god I don’t regret it?
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