Contemplating career reset at 40
Discussion
Wondering whether I am out of my mind or thinking clearly…
Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same ‘value’.
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet…I can feel it coming….that feeling I always get every couple of years… when I get properly sick of it.
I’ve thought about it a lot and the root cause seems to be that I am incompatible with working for someone else. I really struggle with the constant scrutiny from someone who couldn’t do my job. The constant need to ‘update’ them on progress, the constant having to ‘shine a turd’ when you’ve been let down by underlings and so there is no progress to speak of. I am sick of it!
I feel like I need to have a good go at starting my own business- it’s like an incessant itch I need to scratch. But I have a family to support, bills to pay commensurate with current income (plus my wife’s), etc. Luckily my wife is very supportive of the idea in theory.
We just remortgaged for another 2 years. I realise this could be a problem in 2 years when I am probably still building a business- something to build into the planning and discuss with the wife transparently.
I have some decent ideas for multiple businesses to start. I would only pursue the one or two which would add up to that 150k income target I mentioned earlier. Need to do some deep research into every idea.
I realise too that as you head towards 100k, you need to start paying VAT which really harms your competitiveness.
So, may I ask if anyone else has been in a similar position before?
Did you take the plunge? Did it work out?
If you decided to stay a ‘company man’, what made you do that?
What am I not factoring in which could be a ‘rude awakening’ later?
Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same ‘value’.
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet…I can feel it coming….that feeling I always get every couple of years… when I get properly sick of it.
I’ve thought about it a lot and the root cause seems to be that I am incompatible with working for someone else. I really struggle with the constant scrutiny from someone who couldn’t do my job. The constant need to ‘update’ them on progress, the constant having to ‘shine a turd’ when you’ve been let down by underlings and so there is no progress to speak of. I am sick of it!
I feel like I need to have a good go at starting my own business- it’s like an incessant itch I need to scratch. But I have a family to support, bills to pay commensurate with current income (plus my wife’s), etc. Luckily my wife is very supportive of the idea in theory.
We just remortgaged for another 2 years. I realise this could be a problem in 2 years when I am probably still building a business- something to build into the planning and discuss with the wife transparently.
I have some decent ideas for multiple businesses to start. I would only pursue the one or two which would add up to that 150k income target I mentioned earlier. Need to do some deep research into every idea.
I realise too that as you head towards 100k, you need to start paying VAT which really harms your competitiveness.
So, may I ask if anyone else has been in a similar position before?
Did you take the plunge? Did it work out?
If you decided to stay a ‘company man’, what made you do that?
What am I not factoring in which could be a ‘rude awakening’ later?
Kind of a different perspective.
I was in a super good job with all the trimmings. I also was thinking is this it, can I do better etc?
Then I got sacked and it was all over in a day. I suddenly realised how much I really loved what I had, but I'd just become accustomed to it!
I hope that makes sense. It did to me as I wrote it
I was in a super good job with all the trimmings. I also was thinking is this it, can I do better etc?
Then I got sacked and it was all over in a day. I suddenly realised how much I really loved what I had, but I'd just become accustomed to it!
I hope that makes sense. It did to me as I wrote it

A mate in similar situation quit his job, took out a massive loan and started a company, his family were not happy. Now he employs hundreds and is silly rich, they’re not complaining any more.
I’ve quit well paid jobs and contracts for all sorts of reasons, boredom included. Most times I’ve been glad I made the change. However I’ve got savings and can get a new job fairly quickly so if I try something and it fails then not too screwed. I don’t know that I’d do it if the end result would be losing the family home.
Can you de-risk these ideas by testing the water, see if you can get some customers lined up first or do it part time? If you don’t try then you’ll never know, but there may be a way to do it with a fallback plan!
I’ve quit well paid jobs and contracts for all sorts of reasons, boredom included. Most times I’ve been glad I made the change. However I’ve got savings and can get a new job fairly quickly so if I try something and it fails then not too screwed. I don’t know that I’d do it if the end result would be losing the family home.
Can you de-risk these ideas by testing the water, see if you can get some customers lined up first or do it part time? If you don’t try then you’ll never know, but there may be a way to do it with a fallback plan!
m3cs said:
Wondering whether I am out of my mind or thinking clearly
Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same value .
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet I can feel it coming .that feeling I always get every couple of years when I get properly sick of it.
I ve thought about it a lot and the root cause seems to be that I am incompatible with working for someone else. I really struggle with the constant scrutiny from someone who couldn t do my job. The constant need to update them on progress, the constant having to shine a turd when you ve been let down by underlings and so there is no progress to speak of. I am sick of it!
I feel like I need to have a good go at starting my own business- it s like an incessant itch I need to scratch. But I have a family to support, bills to pay commensurate with current income (plus my wife s), etc. Luckily my wife is very supportive of the idea in theory.
We just remortgaged for another 2 years. I realise this could be a problem in 2 years when I am probably still building a business- something to build into the planning and discuss with the wife transparently.
I have some decent ideas for multiple businesses to start. I would only pursue the one or two which would add up to that 150k income target I mentioned earlier. Need to do some deep research into every idea.
I realise too that as you head towards 100k, you need to start paying VAT which really harms your competitiveness.
So, may I ask if anyone else has been in a similar position before?
Did you take the plunge? Did it work out?
If you decided to stay a company man , what made you do that?
What am I not factoring in which could be a rude awakening later?
I want a complete career reset too but only want to make 35k plus! Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same value .
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet I can feel it coming .that feeling I always get every couple of years when I get properly sick of it.
I ve thought about it a lot and the root cause seems to be that I am incompatible with working for someone else. I really struggle with the constant scrutiny from someone who couldn t do my job. The constant need to update them on progress, the constant having to shine a turd when you ve been let down by underlings and so there is no progress to speak of. I am sick of it!
I feel like I need to have a good go at starting my own business- it s like an incessant itch I need to scratch. But I have a family to support, bills to pay commensurate with current income (plus my wife s), etc. Luckily my wife is very supportive of the idea in theory.
We just remortgaged for another 2 years. I realise this could be a problem in 2 years when I am probably still building a business- something to build into the planning and discuss with the wife transparently.
I have some decent ideas for multiple businesses to start. I would only pursue the one or two which would add up to that 150k income target I mentioned earlier. Need to do some deep research into every idea.
I realise too that as you head towards 100k, you need to start paying VAT which really harms your competitiveness.
So, may I ask if anyone else has been in a similar position before?
Did you take the plunge? Did it work out?
If you decided to stay a company man , what made you do that?
What am I not factoring in which could be a rude awakening later?
I had to get out, so it wasn't really a case of whether I should or not, by 40 I'd spent probably 10 years trying to escape it.
A few years later, I've tried a few long shot ventures, nothing's taken off and it's only become more difficult.
I wouldn't go back, I stuffed money away as much as I could knowing the day was coming so I don't need the income, but if you do... I'd be cautious and do what you can to start getting the new business running before you quit.
My wife's also becoming less understanding about it because she's not getting the holidays and new cars she expected by now...
A few years later, I've tried a few long shot ventures, nothing's taken off and it's only become more difficult.
I wouldn't go back, I stuffed money away as much as I could knowing the day was coming so I don't need the income, but if you do... I'd be cautious and do what you can to start getting the new business running before you quit.
My wife's also becoming less understanding about it because she's not getting the holidays and new cars she expected by now...
you enjoy your job you say.
Doesn't sound too much like hard work you say.
Why not try volunteering in addition to your current role if job satisfaction is lacking?
Children's panel membership maybe? Or any type of volunteering where your skills could benefit others.
£100k is a huge salary to me but I guess that I'm in a minority on PH with that one.
Doesn't sound too much like hard work you say.
Why not try volunteering in addition to your current role if job satisfaction is lacking?
Children's panel membership maybe? Or any type of volunteering where your skills could benefit others.
£100k is a huge salary to me but I guess that I'm in a minority on PH with that one.
Edited by loskie on Wednesday 9th July 12:48
Life is too short. Your only issue is you’ve let lifestyle creep match your salary which has kept you handcuffed to a PAYE position.
I ran my own small business for a decade and then during Covid felt pressured into going back to work for a company. It was a truly horrendous few years and thankfully I’m now back working for myself vowing to never work for a company again.
Financially the PAYE position was well paid and good benefits but there is so much else in terms of riches in running your own business that extends beyond financial. That said, the sky is your limit in financials also (the downside being the floor is also the limit the other direction). I am so much happier and my life is so much richer in every way. I do miss private healthcare mind!
As I say, your biggest issue is the need to immediately be close to earning what is a chunky salary and 3 times the average. Could anything change or could you save to give yourself a safety net on that front? I’ve sold cars before to give myself a bit of capital.
I was reading the Jimmy Carr book the other day and he makes interesting points on jobs and money versus self employment. That it’s a sad indictment when we finish education we face this exchange of businesses making offers of how much it will take to buy a significant chunk of your week and therefore life. Is £50k enough to exchange those hours for? £100k? £200k? Simple point but it resonated with me.
Nah, I’ll do my own thing thanks.
I ran my own small business for a decade and then during Covid felt pressured into going back to work for a company. It was a truly horrendous few years and thankfully I’m now back working for myself vowing to never work for a company again.
Financially the PAYE position was well paid and good benefits but there is so much else in terms of riches in running your own business that extends beyond financial. That said, the sky is your limit in financials also (the downside being the floor is also the limit the other direction). I am so much happier and my life is so much richer in every way. I do miss private healthcare mind!
As I say, your biggest issue is the need to immediately be close to earning what is a chunky salary and 3 times the average. Could anything change or could you save to give yourself a safety net on that front? I’ve sold cars before to give myself a bit of capital.
I was reading the Jimmy Carr book the other day and he makes interesting points on jobs and money versus self employment. That it’s a sad indictment when we finish education we face this exchange of businesses making offers of how much it will take to buy a significant chunk of your week and therefore life. Is £50k enough to exchange those hours for? £100k? £200k? Simple point but it resonated with me.
Nah, I’ll do my own thing thanks.
First thing I will say is just because its your own business does not mean someone wont be asking for updates, chasing you on progress and you will still be "shining" other peoples cock ups.
For you to earn a living you will always have someone paying for your services, so don't jump because of those things they will never go away.
For you to earn a living you will always have someone paying for your services, so don't jump because of those things they will never go away.
The grass isn't always greener and I think it is pretty green where you are but many people get to this point, I think. I did.
There's a point where you think, 'I'm too old/experienced to be answering to someone less experienced and often younger'.
Working for yourself is a massive change. Day 1 - you earn nothing, Day 2, etc... And you'll have to sort out tax, company accounts, cashflow, suppliers, not to mention customers and good luck walking away for a few days off on holiday. And being paid while you're off. And you may well find income is all over the place (dependent on what you do). One month you're making thousands, the next ... a thousand, etc
I would absolutely try it on the side first and, from my own experience, do something that generates recurring revenue otherwise you're always in a loop of selling a product/service and then having to go search for the next customer.
There's a point where you think, 'I'm too old/experienced to be answering to someone less experienced and often younger'.
Working for yourself is a massive change. Day 1 - you earn nothing, Day 2, etc... And you'll have to sort out tax, company accounts, cashflow, suppliers, not to mention customers and good luck walking away for a few days off on holiday. And being paid while you're off. And you may well find income is all over the place (dependent on what you do). One month you're making thousands, the next ... a thousand, etc
I would absolutely try it on the side first and, from my own experience, do something that generates recurring revenue otherwise you're always in a loop of selling a product/service and then having to go search for the next customer.
Thanks for all the replies.
A common bit of good advice (here and from friends) seems to be to try something new alongside the current job. Many good reasons why that makes sense.
I suppose my worry with doing that is:
1. It would begin to affect main job performance. Much as I am sick of it, I do think that if they are paying me well, I should be putting in a proper shift for them (and be getting well rested in between).
2. I might not make a proper go of the new business, it then might not work due to that and I’d have missed an opportunity. I probably wouldn’t try again.
3. It’d lead to me becoming an absent husband and father, because every spare moment would be on the ‘2nd job’.
4. Many of my business ideas would require visiting customers in working hours. I’d soon be ‘found out’.
The devil on my shoulder is asking why I don’t make a move tomorrow. If I sold my car for something cheap, that plus savings would be a significant amount of cash to fall back on. Why not set a timeline like a year before deciding if it’s going to work out or if I need to go back to being a salary man?
A common bit of good advice (here and from friends) seems to be to try something new alongside the current job. Many good reasons why that makes sense.
I suppose my worry with doing that is:
1. It would begin to affect main job performance. Much as I am sick of it, I do think that if they are paying me well, I should be putting in a proper shift for them (and be getting well rested in between).
2. I might not make a proper go of the new business, it then might not work due to that and I’d have missed an opportunity. I probably wouldn’t try again.
3. It’d lead to me becoming an absent husband and father, because every spare moment would be on the ‘2nd job’.
4. Many of my business ideas would require visiting customers in working hours. I’d soon be ‘found out’.
The devil on my shoulder is asking why I don’t make a move tomorrow. If I sold my car for something cheap, that plus savings would be a significant amount of cash to fall back on. Why not set a timeline like a year before deciding if it’s going to work out or if I need to go back to being a salary man?
you don't need to give up 'every spare moment' at the start. You could spend a couple of hours a week. And incrementally ramp up once you are sure it's something you have a spark for.
It sounds to me more like you are searching for a way to blow up your job
In my experience entrenurial types are always on the make, or marinating ideas, even when working for others. They gravitate to those roles. If you were the type to enjoy running a business, you likely know it
It sounds to me more like you are searching for a way to blow up your job
In my experience entrenurial types are always on the make, or marinating ideas, even when working for others. They gravitate to those roles. If you were the type to enjoy running a business, you likely know it
m3cs said:
Wondering whether I am out of my mind or thinking clearly
Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same value .
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet I can feel it coming .that feeling I always get every couple of years when I get properly sick of it.
What sort of work/industry pays this well PAYE nowadays? Sales? Engineering and IT contracting can. It would probably take a long time (and a lot of effort, stress and risk) to build a conventional business to that sort of level quickly.Currently in a well paid job earning over 100k, plus bonus and with some nice benefits on top. Would probably need to earn 150k as an entrepreneur to have same value .
Current job is the best I have ever had. Little overtime, decent culture, nice people. And yet I can feel it coming .that feeling I always get every couple of years when I get properly sick of it.
Do bear in mind that there are many people who are sick of their work and earning minimum wage.
Edited by MC Bodge on Thursday 10th July 07:39
m3cs said:
Thanks for all the replies.
A common bit of good advice (here and from friends) seems to be to try something new alongside the current job. Many good reasons why that makes sense.
I suppose my worry with doing that is:
1. It would begin to affect main job performance. Much as I am sick of it, I do think that if they are paying me well, I should be putting in a proper shift for them (and be getting well rested in between).
2. I might not make a proper go of the new business, it then might not work due to that and I d have missed an opportunity. I probably wouldn t try again.
3. It d lead to me becoming an absent husband and father, because every spare moment would be on the 2nd job .
4. Many of my business ideas would require visiting customers in working hours. I d soon be found out .
The devil on my shoulder is asking why I don t make a move tomorrow. If I sold my car for something cheap, that plus savings would be a significant amount of cash to fall back on. Why not set a timeline like a year before deciding if it s going to work out or if I need to go back to being a salary man?
A few thoughts which might help.A common bit of good advice (here and from friends) seems to be to try something new alongside the current job. Many good reasons why that makes sense.
I suppose my worry with doing that is:
1. It would begin to affect main job performance. Much as I am sick of it, I do think that if they are paying me well, I should be putting in a proper shift for them (and be getting well rested in between).
2. I might not make a proper go of the new business, it then might not work due to that and I d have missed an opportunity. I probably wouldn t try again.
3. It d lead to me becoming an absent husband and father, because every spare moment would be on the 2nd job .
4. Many of my business ideas would require visiting customers in working hours. I d soon be found out .
The devil on my shoulder is asking why I don t make a move tomorrow. If I sold my car for something cheap, that plus savings would be a significant amount of cash to fall back on. Why not set a timeline like a year before deciding if it s going to work out or if I need to go back to being a salary man?
When starting a new business which you want to scale, the most difficult part is usually getting leads e.g. getting the phone to ring on a regular basis.
That will usually require marketing; that might be digital advertising, cold calling, affiliate networks, radio/TV, print advertising, trade shows, leaflet dropping or whatever.
The difficulty is that most people starting a business will often be an expert in their field, and they will be confident they could help solve customer problems. But they are often inexperienced with advertising, and so potential customers just don't get to hear what they could offer.
I used to think (naively) that what mattered was working hard and providing an excellent product, giving excellent service etc. If you did those things, I assumed you would be rewarded with organic growth via customer referrals etc. And whilst that is somewhat true, it's like trying to start a fire with two pieces of wood - it will take a very long time. Far better to learn how to use matches (e.g. advertising) if you are trying to build a big fire.
The other thought relates to your business idea - many people make the mistake of trying to find something original. That's a terrible approach imo. Far better to enter an established sector, with established competitors, where you can do a competitor analysis and confirm, before you spend any money, they are already making good profits on a reliable basis. Then you have something to aim at, as you can look to emulate what they do well in terms of their advertising, website etc.
And then you have the pipeline problem to consider.... in many sectors, there is a lead-time from when you first talk to a potential customer to them actually giving you money for the product or service. Building a solid pipeline of leads which will translate into sales at some point in the future is critical.
As to whether you would become an absent husband and father, it is possible, although not necessary. But you will likely find it will take every spare moment of your thoughts - when you wake up, before you go to sleep etc as you try and think about everything which needs to be done to manage risk and make it a success.
When I first started, I also found the difficulty was the need to have a strong understanding of so many new areas e.g. HR, tax, marketing, IT, branding, sales, customer service, PR etc. Yes, you can employ companies and people to help in those areas, but the more the know yourself, the better questions you can ask, the better performance you can get from them.
Going back to practical first steps, as others have said, I would try and do as much as possible whilst keeping your existing job. I would decide on your business idea, do your competitor research, build your website, do your branding, setup your IT/email/phones, start your advertising, get some leads etc all whilst still employed.
And you can do all of that without needing to visit any customers. But you will know how much it costs you to generate each lead, which is very important information.
Once you get that far, you will know if you have an appetite to take it further. At which point, you can ask your employer about taking a sabbatical, or going part-time etc. Most good companies will be flexible if they think the alternative is losing their good talent completely.
Good luck!
The first task would be to use your hefty salary to pay off any non mortgage debts you can and then consider over paying your mortgage so the monthly payments are less - this will make things less scary because you will need to make less money each month when you leave your job. Also save as much as you can for a rainy day.
Workout your minimum cost of living; mortgage, council tax, basic groceries, utilities etc. This tell you the baseline you would need to achieve to keep your head above water. I found knowing this made it less scary.
Start a business on the side, I did read your points; but quitting your job then starting from 0 is a hard start. You can keep it small and manageable, you could even hire a virtual assistant to handle some of the load.
This will let you find your feet so you can make mistakes whilst having the main job to pay the bills. You can also get the infrastructure you need in place i.e. invoicing, branding, IT etc.
Now see if you like it and if you can earn enough. All the best with it.
Workout your minimum cost of living; mortgage, council tax, basic groceries, utilities etc. This tell you the baseline you would need to achieve to keep your head above water. I found knowing this made it less scary.
Start a business on the side, I did read your points; but quitting your job then starting from 0 is a hard start. You can keep it small and manageable, you could even hire a virtual assistant to handle some of the load.
This will let you find your feet so you can make mistakes whilst having the main job to pay the bills. You can also get the infrastructure you need in place i.e. invoicing, branding, IT etc.
Now see if you like it and if you can earn enough. All the best with it.
happytobealive said:
A few thoughts which might help.
When starting a new business which you want to scale, the most difficult part is usually getting leads e.g. getting the phone to ring on a regular basis.
That will usually require marketing; that might be digital advertising, cold calling, affiliate networks, radio/TV, print advertising, trade shows, leaflet dropping or whatever.
The difficulty is that most people starting a business will often be an expert in their field, and they will be confident they could help solve customer problems. But they are often inexperienced with advertising, and so potential customers just don't get to hear what they could offer.
I used to think (naively) that what mattered was working hard and providing an excellent product, giving excellent service etc. If you did those things, I assumed you would be rewarded with organic growth via customer referrals etc. And whilst that is somewhat true, it's like trying to start a fire with two pieces of wood - it will take a very long time. Far better to learn how to use matches (e.g. advertising) if you are trying to build a big fire.
The other thought relates to your business idea - many people make the mistake of trying to find something original. That's a terrible approach imo. Far better to enter an established sector, with established competitors, where you can do a competitor analysis and confirm, before you spend any money, they are already making good profits on a reliable basis. Then you have something to aim at, as you can look to emulate what they do well in terms of their advertising, website etc.
And then you have the pipeline problem to consider.... in many sectors, there is a lead-time from when you first talk to a potential customer to them actually giving you money for the product or service. Building a solid pipeline of leads which will translate into sales at some point in the future is critical.
As to whether you would become an absent husband and father, it is possible, although not necessary. But you will likely find it will take every spare moment of your thoughts - when you wake up, before you go to sleep etc as you try and think about everything which needs to be done to manage risk and make it a success.
When I first started, I also found the difficulty was the need to have a strong understanding of so many new areas e.g. HR, tax, marketing, IT, branding, sales, customer service, PR etc. Yes, you can employ companies and people to help in those areas, but the more the know yourself, the better questions you can ask, the better performance you can get from them.
Going back to practical first steps, as others have said, I would try and do as much as possible whilst keeping your existing job. I would decide on your business idea, do your competitor research, build your website, do your branding, setup your IT/email/phones, start your advertising, get some leads etc all whilst still employed.
And you can do all of that without needing to visit any customers. But you will know how much it costs you to generate each lead, which is very important information.
Once you get that far, you will know if you have an appetite to take it further. At which point, you can ask your employer about taking a sabbatical, or going part-time etc. Most good companies will be flexible if they think the alternative is losing their good talent completely.
Good luck!
Amazing post. Thank you. Some great advice in hereWhen starting a new business which you want to scale, the most difficult part is usually getting leads e.g. getting the phone to ring on a regular basis.
That will usually require marketing; that might be digital advertising, cold calling, affiliate networks, radio/TV, print advertising, trade shows, leaflet dropping or whatever.
The difficulty is that most people starting a business will often be an expert in their field, and they will be confident they could help solve customer problems. But they are often inexperienced with advertising, and so potential customers just don't get to hear what they could offer.
I used to think (naively) that what mattered was working hard and providing an excellent product, giving excellent service etc. If you did those things, I assumed you would be rewarded with organic growth via customer referrals etc. And whilst that is somewhat true, it's like trying to start a fire with two pieces of wood - it will take a very long time. Far better to learn how to use matches (e.g. advertising) if you are trying to build a big fire.
The other thought relates to your business idea - many people make the mistake of trying to find something original. That's a terrible approach imo. Far better to enter an established sector, with established competitors, where you can do a competitor analysis and confirm, before you spend any money, they are already making good profits on a reliable basis. Then you have something to aim at, as you can look to emulate what they do well in terms of their advertising, website etc.
And then you have the pipeline problem to consider.... in many sectors, there is a lead-time from when you first talk to a potential customer to them actually giving you money for the product or service. Building a solid pipeline of leads which will translate into sales at some point in the future is critical.
As to whether you would become an absent husband and father, it is possible, although not necessary. But you will likely find it will take every spare moment of your thoughts - when you wake up, before you go to sleep etc as you try and think about everything which needs to be done to manage risk and make it a success.
When I first started, I also found the difficulty was the need to have a strong understanding of so many new areas e.g. HR, tax, marketing, IT, branding, sales, customer service, PR etc. Yes, you can employ companies and people to help in those areas, but the more the know yourself, the better questions you can ask, the better performance you can get from them.
Going back to practical first steps, as others have said, I would try and do as much as possible whilst keeping your existing job. I would decide on your business idea, do your competitor research, build your website, do your branding, setup your IT/email/phones, start your advertising, get some leads etc all whilst still employed.
And you can do all of that without needing to visit any customers. But you will know how much it costs you to generate each lead, which is very important information.
Once you get that far, you will know if you have an appetite to take it further. At which point, you can ask your employer about taking a sabbatical, or going part-time etc. Most good companies will be flexible if they think the alternative is losing their good talent completely.
Good luck!
Chainsaw Rebuild said:
The first task would be to use your hefty salary to pay off any non mortgage debts you can and then consider over paying your mortgage so the monthly payments are less - this will make things less scary because you will need to make less money each month when you leave your job. Also save as much as you can for a rainy day.
Workout your minimum cost of living; mortgage, council tax, basic groceries, utilities etc. This tell you the baseline you would need to achieve to keep your head above water. I found knowing this made it less scary.
Start a business on the side, I did read your points; but quitting your job then starting from 0 is a hard start. You can keep it small and manageable, you could even hire a virtual assistant to handle some of the load.
This will let you find your feet so you can make mistakes whilst having the main job to pay the bills. You can also get the infrastructure you need in place i.e. invoicing, branding, IT etc.
Now see if you like it and if you can earn enough. All the best with it.
We have no debt except the mortgage. Personally I would rather have the liquid cash to fall back on rather than plough it into the mortgage. But all good advice, thank you, I just prefer to have cashWorkout your minimum cost of living; mortgage, council tax, basic groceries, utilities etc. This tell you the baseline you would need to achieve to keep your head above water. I found knowing this made it less scary.
Start a business on the side, I did read your points; but quitting your job then starting from 0 is a hard start. You can keep it small and manageable, you could even hire a virtual assistant to handle some of the load.
This will let you find your feet so you can make mistakes whilst having the main job to pay the bills. You can also get the infrastructure you need in place i.e. invoicing, branding, IT etc.
Now see if you like it and if you can earn enough. All the best with it.
OP I have done this I was not 40 but still a late starter for a career change at 32/33 as I was. I wasn't on big money before but we were comfortable and had about 70k outstanding on our mortgage. If I had stayed in my old job the wages have increased massively in that industry so I would have been on about 70k now and would have no mortgage....that would have been sweet! However I hated it in the end. Working for someone like you have said it was never in my DNA and I was always destined to work for myself. I had a few other things I tried before the one that took traction but I had kind of always had a side hustle usually an extension of a hobby I had monetised. I built and sold two small businesses whilst I was still working full time so I had the drive although as I have got more experienced I know I'm not a natural business man actually.
I started out doing car parts part time then fell into selling cars. Built it up on the side for quite a long time actually it was about 3 years and then took a chance to go full time. We had very low outgoings back then no car finance/loans/credit cards just a small mortgage and we had a years money in the bank just in case I fell flat on my arse. It was still scary.
I often ask myself would I do the same today? I think it's much harder to get a business up and running today it feels like the opportunities are less and the environment for business especially around taxation does not make running a business an attractive idea. It doesn't seem like theres a lot of incentive unless you are looking for a lifestyle change which it sounds like you are. I would caution against chasing money I think with small business the pound notes are a by product and should never be the primary focus. If you pick something you have a passion for or have spotted a gap in the market test the water whilst you still have that lovely guaranteed money landing in the bank each month!
I started out doing car parts part time then fell into selling cars. Built it up on the side for quite a long time actually it was about 3 years and then took a chance to go full time. We had very low outgoings back then no car finance/loans/credit cards just a small mortgage and we had a years money in the bank just in case I fell flat on my arse. It was still scary.
I often ask myself would I do the same today? I think it's much harder to get a business up and running today it feels like the opportunities are less and the environment for business especially around taxation does not make running a business an attractive idea. It doesn't seem like theres a lot of incentive unless you are looking for a lifestyle change which it sounds like you are. I would caution against chasing money I think with small business the pound notes are a by product and should never be the primary focus. If you pick something you have a passion for or have spotted a gap in the market test the water whilst you still have that lovely guaranteed money landing in the bank each month!
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