Yesterday I was reading through one of my old journals from 3 years ago when I faced exactly this decision.
In the journal I found my list of Pros and Cons that I had written to help me decide.
Maybe they could help you to?
PROS
- I’m ready. I’ve had my 3 years of experience. I’m learning more in my own time than at work
[for a few months I had been getting up at 6am and reading business books at a rate of 1.5 per week]
- I’ll learn more, I’ll be more productive, I’ll get things done in shorter time frames because I’ll be working for myself & my clients rather than half heartedly working for someone else for about $20/hour
- I’ll accelerate my growth and learning whether I succeed or fail just by trying
- This recession could mean that what I’m selling [website design and marketing advice] is more valuable, and businesses may want to outsource more
- If I survive the recession, when the boom comes I’ll have it made
- With zero income we could still survive for 10 months by drawing on our revolving home loan overdraft
- I’ll have the freedom to take time off for myself or for my family any time I choose
- I don’t have to spend another cent to get started. I have my computer and my brain.
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CONS
- It is scarey giving up steady $46k/annum income
[It turned out I earned that in my first year anyway, and doubled in the year after]
- The risk of failure. If it doesn’t work, my self esteem will be crushed
- I’ve always thought of working alone at home would be lonely but now I know it won’t be because communication and interaction will be a big part of what I do every day
- Risk of less income (or no income) for my little family
[my wife was 6 months pregnant with our first child at the time]
- It would scare the hell out of my wife
- Spending too much time with my wife might be hard on our marriage
- I’ll be putting enormous pressure and stress on myself, marriage and my wife
- The recession could mean hard times for me, harder to sell what I’m offering
- We are in a recession, I should be greatfull that I have a job at all… Shall I wait 2 or 3 more years and then give it a go? Hell no!
- I might have to work longer & harder hours, not less (especially at the start)
[It turned out that working on my own projects was actually fun and didn’t feel like work]
- Very stressful for my Dad because he’ll have to pay the mortgage if I fail
- No paid sick days. No paid holidays.
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I went for it, and it’s been great!
What’s Your Favourite?
My favourite is Pro #8. 🙂
What’s your favourite?
Are you facing this decision now? Or do you think you might in the future? Tell your story.
