leaving a job to go work for yourself-a good or bad decision in the current economic

smg2013

So I'm on maternity leave and due to go back to work in a few months time. But thinking of quitting my job and taking the brave step of going out on my own in the same area of work. Being self employed would give me the flexibility I need to manage looking after my little one while hopefully earning a decent wage and not having to fork out and ton of money on childcare between me and my husband. I could work hours which aren't an option at my current place of work. But the pressure would be on me bigtime to generate enough work each week to pay the mortgage etc. I was seriously underpayed and undervalued by my employers so I don't feel like I'm giving up a huge amount. I feel i could do so much more on my own. After years working for the company I should be much further up the ladder, but they made more paycuts than promotions over the last few years and though they recongnise that I should be in a more senior position, the opportunity just simply isn't there for more pay.
Does anyone think its crazy to give up a (badly paid!) Job in a recession or has anyone started their own business with success and could advise me of the best way to get started?
Any bit of help or general chat on the subject would be fantastic!

riveratom

smg2013 wrote: »

So I'm on maternity leave and due to go back to work in a few months time. But thinking of quitting my job and taking the brave step of going out on my own in the same area of work. Being self employed would give me the flexibility I need to manage looking after my little one while hopefully earning a decent wage and not having to fork out and ton of money on childcare between me and my husband. I could work hours which aren't an option at my current place of work. But the pressure would be on me bigtime to generate enough work each week to pay the mortgage etc. I was seriously underpayed and undervalued by my employers so I don't feel like I'm giving up a huge amount. I feel i could do so much more on my own. After years working for the company I should be much further up the ladder, but they made more paycuts than promotions over the last few years and though they recongnise that I should be in a more senior position, the opportunity just simply isn't there for more pay.
Does anyone think its crazy to give up a (badly paid!) Job in a recession or has anyone started their own business with success and could advise me of the best way to get started?
Any bit of help or general chat on the subject would be fantastic!

It depends on the area of work you are in, as some sectors are doing a lot better than others! Which area are you in?

Also, I would consider switching jobs to a better one if possible, and then look into going out on your own. That would mean you could be earning more money whilst still looking into doing your own thing.

smg2013

Thanks river atom

I'm a graphic designer. Any jobs I have come across have been the typical 9-5's which won't suit with having a little one. But I will keep my options open in that regard certainly.

mickdw

smg2013 wrote: »

Thanks river atom

I'm a graphic designer. Any jobs I have come across have been the typical 9-5's which won't suit with having a little one. But I will keep my options open in that regard certainly.

Very very dodgy i think if you are truely dependent on your income to pay the bills. If on the other hand, you would only need to make a couple of hundred a week to break even with current work - when allowing for saving in childcare and if you have savings of about 6 months wages, you could go for it.
Worth considering that you will be a second class citizen in terms of welfare entitlements after a spell as a self employed person too.

Gloomtastic!

If you have good web experience you should be fine. If most of your work is print-related then you may struggle. Print design is now a price-based commodity that everyone thinks they can do (you may have experienced this already).

The relentless struggle to bring in business, juggle what you have to keep all your clients happy and then to get paid for it may mean family life may suffer. Having said that I know several designers who have successfully gone out solo and raised families. They have strong web skills though or learnt them very quickly.

If you do decide to go solo, contact everyone you know - family, friends, ex-colleagues etcand let them know you are open for business.

Getting paid will be the most difficult part of your job. With all new clients insist on 50% up front before you do any work. The remaining 50% should be paid upon client approval. Clients will screw you over big-time when it comes to money so agree payment terms, in writing, before commencing any work.

Also think about copyright of your work. Who will own it? Once you've been paid for the job I suggest the copyright goes to the client but until you've received 100% of your money, copyright remains with you. Again, put it in writing before you commence work.

Good luck with your decision, do not under estimate how hard it will be to work for yourself, keep the kids happy, keep your other half happy and pay the mortgage. But if it works, you will love it!

Peterdalkey

You appear to be missing the vital ingredient to starting your own business, a unique selling proposition! Do you have a bunch of customers lined up? Or are you hoping to snare some of your employers existing ones? Who are you going to sell to and what?

To the positives, you can get the STEA see http://www.welfare.ie/EN/OperationalGuidelines/Pages/btw_stea.aspx. Which will give you jobseekers benefit for 9 months without any grief or signing on. But you may need to go back to work for a week to two first.

Read it up it might suit you very well

Cheevers

Peter

smg2013

Peterdalkey wrote: »

You appear to be missing the vital ingredient to starting your own business, a unique selling proposition! Do you have a bunch of customers lined up? Or are you hoping to snare some of your employers existing ones? Who are you going to sell to and what?

To the positives, you can get the STEA see http://www.welfare.ie/EN/OperationalGuidelines/Pages/btw_stea.aspx. Which will give you jobseekers benefit for 9 months without any grief or signing on. But you may need to go back to work for a week to two first.

Read it up it might suit you very well

Cheevers

Peter

Thanks very much for that link! It may come in handy!

I know the work is out there, its going to be tough I have no doubts at all! I hope to claw back some of the lost custom that my employer has let go in my absence, if they weren't willing to keep all my customers on-side, I think I have a right to have them. They would surely deal with me if they haven't already found someone as reliable and who knows the in's and out's of the many jobs I did for them (the customers that is).

Of course customer loyalty is rare these days! Im good at my my job and never let anyone down so here's hoping I can make a decent living.