Changing careers in this economy

[Voice of Doom]

Problem: Got a reasonable salaried IT job, the company is terrible to work for, no room for advancement, no bonus since 2008, possible second pay cut in 12 months...but it's guaranteed money, know the network and know how to work the system OR new opportunity doing free lance IT, been offered a couple of projects, would have to go as a sole proprietorship, carry my own health and liability insurance.

One is the same old day to day drudge but money that can be counted on.
One is more exciting, probably more money, better quality of life but could be up and down at the beginning.

This is bodybuilding related because I currently have to work out at 5:30pm and am usually exhausted and have shitty workouts.  This new opportunity means I could schedule my workouts in the morning.

Thoughts?

[Saxon]

The greater the risk, the greater the reward...but also the greater the fall.

[240 is Back]

i was a salaried tenured teacher who had a guaranteed job for 30 years.  I decided I would be happier wearing my pajamas and working from home on something computer-related.

My plan was to go back to school and move slowly, so I moved from teaching to positions within the school district where I could work with computers.  First computer teacher, then adult instructor, then network admin for an entire school.  I got the school district to pay for my computer certs (MSCE and comptias).  I stocked up on office supplies to last me 5+ years.  And then I worked at a university who paid for my MBA - working for the man still, but planning all along to be on my own eventually.  I just didn't quit one day - I saved up contacts, supplies, ideas, etc for a few years first.  Every time I installed an OS as a netadmin, I copied a disk for myself.  Everytime I had to design something complex for the univ website, I kept a copy so I'd have that trick in my web design book down the road.  Transition took 3 years total - MBA and an AS in computer networking included while learning new jobs.

So I guess in response to your situation is that I knew I could very well fail if I worked from home, so I tried to set things up so that I could come back, and my resume would be stronger for the change.  99 out of 100 people aren't right for being self-employed.  If you are that 1%, and you can deal with that constant stress of "I gotta find work or I'm so screwed", then you'll definitely end up making more money than you would for a boss.  And you'll be able to train at 10 Am daily if you want

I'd say plan it out, get every possible advantage, copy every piece of software etc from your current job as possible, then give it a shot while you're young!

[El Diablo Blanco]

have a plan. simple as that.  Plan for disasters because 99% of plans that fail are the ones that don't take deviations into account. Once you figure that you will be fine.

[Tapeworm]

Don't do it!  You'll spend all day on Getbig!!

[Voice of Doom]

Don't do it!  You'll spend all day on Getbig!!

I had that listed as one of the pluses  

On a serious note, I have owned my own business before but it was retail and my wife and I closed it when we moved to the west coast.  Those were the best days for bodybuilding!  Also, I wouldn't be starting off cold.  I would be hired as a subcontractor for another company that wants to expand but doesn't have the manpower.  They would be able to drop 5-10 accounts on me right away.  It's also possible that my current job could continue as one of my new accounts.  I'm thinking of selling it to them that way.  I know the system and could maintain it for 5-10 hours weekly.  It saves them money because they wouldn't have to carry the costs of a full time employee and I can price myself under the competition...and I've got good work history with them.
  I'm thinking that I can transition this slowly to see which way the wind blows...but it would be a lot more hours and I already carry a ton (Im on-call 24-7).

hmm...thanks for the feed back guys!

[just_a_pilgrim]

I left my job and started myself 2.5 years ago. It's taken time and i am still working on getting the product better so i haven't really made much money and anything i've made i've spent on things for the business to (hopefully) make sure i succeed in the future.

But i've learnt so much more working for myself. Even if i go nowhere it was worth it because i know i could do anything now.

In this time i've also had shiftwork jobs working around 30 hours a week so i've always had another source of money. It's a lot of work but worth it, i've pretty much worked every day for the last 2.5 years but at least i'm not bored.

I would definately take the contracted work you can, and build your business around that, even if it takes away from the business slightly. The economy in the USA is obviously shit so it may take some time to build up but as long as you arn't going backwards it's much better than sitting in something shit.

[Voice of Doom]

I left my job and started myself 2.5 years ago. It's taken time and i am still working on getting the product better so i haven't really made much money and anything i've made i've spent on things for the business to (hopefully) make sure i succeed in the future.

But i've learnt so much more working for myself. Even if i go nowhere it was worth it because i know i could do anything now.

In this time i've also had shiftwork jobs working around 30 hours a week so i've always had another source of money. It's a lot of work but worth it, i've pretty much worked every day for the last 2.5 years but at least i'm not bored.

I would definately take the contracted work you can, and build your business around that, even if it takes away from the business slightly. The economy in the USA is obviously shit so it may take some time to build up but as long as you arn't going backwards it's much better than sitting in something shit.

Agreed.  Owning my own business was great and I miss some of the freedoms that come with it.  The reailty is that where Im working is going nowhere.  I won't see any more money for awhile (it's a businesss heavily dependant on travelers dollars) and I could potentially eanr and learn a lot more going with this other team/solo.  These guys are doing high end telephony networking and always have jprojects going  with tthe state, county, etc. 

Thanks for the info guys.

[Tapeworm]

Agreed.  Owning my own business was great and I miss some of the freedoms that come with it.  The reailty is that where Im working is going nowhere.  I won't see any more money for awhile (it's a businesss heavily dependant on travelers dollars) and I could potentially eanr and learn a lot more going with this other team/solo.  These guys are doing high end telephony networking and always have jprojects going  with tthe state, county, etc. 

Thanks for the info guys.

My mom contracts as a writer to a company with a lot of travel industry work.  The outlook is grim, as she tells it.  A lot of people squeezed out with the belt/noose tightening.  She's still there though, so maybe that means it's a good time for piece workers to replace salaried people, but she thinks there's a chance the company will pack it in altogether.

About 8 years ago, I would have had to give up on working for myself if I had kids to support.  If you don't have a cushion, maybe think about how to transition into freelancing.  Moonlighting, part timing, etc, before quitting and selling the contracting idea to them. 

Also think about tax implications, liability/indemnity, and marketability of a sole proprietorship vs a LLC.  I don't know US corp structures so I might be misunderstanding the nature of a sole proprietorship, but consider talking to an accountant if you haven't already.

[uberman09]

i was a salaried tenured teacher who had a guaranteed job for 30 years.  I decided I would be happier wearing my pajamas and working from home on something computer-related.

My plan was to go back to school and move slowly, so I moved from teaching to positions within the school district where I could work with computers.  First computer teacher, then adult instructor, then network admin for an entire school.  I got the school district to pay for my computer certs (MSCE and comptias).  I stocked up on office supplies to last me 5+ years.  And then I worked at a university who paid for my MBA - working for the man still, but planning all along to be on my own eventually.  I just didn't quit one day - I saved up contacts, supplies, ideas, etc for a few years first.  Every time I installed an OS as a netadmin, I copied a disk for myself.  Everytime I had to design something complex for the univ website, I kept a copy so I'd have that trick in my web design book down the road.  Transition took 3 years total - MBA and an AS in computer networking included while learning new jobs.

So I guess in response to your situation is that I knew I could very well fail if I worked from home, so I tried to set things up so that I could come back, and my resume would be stronger for the change.  99 out of 100 people aren't right for being self-employed.  If you are that 1%, and you can deal with that constant stress of "I gotta find work or I'm so screwed", then you'll definitely end up making more money than you would for a boss.  And you'll be able to train at 10 Am daily if you want

I'd say plan it out, get every possible advantage, copy every piece of software etc from your current job as possible, then give it a shot while you're young!

and now you re unemployed and pretending to be a soccer dad when in fact you just spend your life on the internet.

[hossie59]

My mom contracts as a writer to a company with a lot of travel industry work.  The outlook is grim, as she tells it.  A lot of people squeezed out with the belt/noose tightening.  She's still there though, so maybe that means it's a good time for piece workers to replace salaried people, but she thinks there's a chance the company will pack it in altogether.

About 8 years ago, I would have had to give up on working for myself if I had kids to support.  If you don't have a cushion, maybe think about how to transition into freelancing.  Moonlighting, part timing, etc, before quitting and selling the contracting idea to them. 

Also think about tax implications, liability/indemnity, and marketability of a sole proprietorship vs a LLC.  I don't know US corp structures so I might be misunderstanding the nature of a sole proprietorship, but consider talking to an accountant if you haven't already.

I have worked in aerospace for 10 years and have been laid off 3 times and i have always worked for 1 of the 4 biggest airlines (used to be 5 but Northwest and Delta are now married). Layoffs are always possible in this industry since airlines have the uncanny ability to never make money, despite what people think.

[Tapeworm]

I have worked in aerospace for 10 years and have been laid off 3 times and i have always worked for 1 of the 4 biggest airlines (used to be 5 but Northwest and Delta are now married). Layoffs are always possible in this industry since airlines have the uncanny ability to never make money, despite what people think.

Ya I always wondered about how rich guys who are supposedly great businessmen buy airlines and then lose money on them but continue to stay in the game.  It's as if the whole thing is a cash funnel to divert pretax funds elsewhere or something?  Clearly, I know nothing about how these guys operate.

As far as old Mom goes, she writes more for tourism, resorts and such, but I guess it's all connected.  So what gives?  Are airlines clueless about required staff?  Or is it some union deal, like getting you out the door before you log enough time to get benefits and the airline doesn't want to have to honor the agreement?  Or do they keep catching you getting stoned behind the baggage carts?  

[BayGBM]

Problem: Got a reasonable salaried IT job, the company is terrible to work for, no room for advancement, no bonus since 2008, possible second pay cut in 12 months...but it's guaranteed money, know the network and know how to work the system OR new opportunity doing free lance IT, been offered a couple of projects, would have to go as a sole proprietorship, carry my own health and liability insurance.

One is the same old day to day drudge but money that can be counted on.
One is more exciting, probably more money, better quality of life but could be up and down at the beginning.

This is bodybuilding related because I currently have to work out at 5:30pm and am usually exhausted and have shitty workouts.  This new opportunity means I could schedule my workouts in the morning.

Thoughts?

Unless you have a suitcase full of money, wealthy parents, or a rich spouse being out of work can become painful very quickly with long lasting consequences.  You better stay put and bide your time.

[Devon97]

I say absolutely follow your freelance option.

Have a clear plan of action and follow it.

I started a home based (online) biz this year and by July was bringing home over 5k per month and it grew each month until the hollidays. I expect Jan to be another big month as well.

When you are writing your own paycheck it is human nature to have a bit more motivation.

Go for it!

[YngiweRhoads]

I still have my day job, but have been freelancing for the last year or so. I'm waiting until I have a good solid portfolio and client base before I drop the day job fully. This coming year I expect to double my income by doing both simultaneously. Hoping to drop the day job in the next year or two.

[Voice of Doom]

Good advice.  If I go through April I will have enough in the bank to spend at least a year moving all my energy to the free lance option.  Of course Im also thinking of bailing on this country all together.  My wife's family live and have money in Central America.  This time next year I could walk down there and live like a king for 3-4 years...maybe let the whole economic thing here ride itself out.

Does that make me a quitter?

Think of all the time I could have lifting coconuts to build the guns!

[gordiano]

I say absolutely follow your freelance option.

Have a clear plan of action and follow it.

I started a home based (online) biz this year and by July was bringing home over 5k per month and it grew each month until the hollidays. I expect Jan to be another big month as well.

When you are writing your own paycheck it is human nature to have a bit more motivation.

Go for it!

What do you do, if you don't mind me asking?