Should I take a stable job or gamble on my business after redundancy?

[SamuraiPharma90]

Hey guys. Long time scroller, first time poster.

Basic run down: I’m 20, and I was—and still can be—young and dumb. I’m a qualified plumber and gas fitter. I have a 50k secured car loan, and then there’s a 35k unsecured loan from a flip that went wrong. I’ve got 14k in savings. I was made redundant last week. I am going to open my own business, though, and my partner’s income only just covers living expenses.

So I can either take a job any day of the week making 110k/yr, or take the gamble on myself now. Having eben here before or seen this before, how would you go about it? Any perspective is appreciated.

 

[ANT]

Do both! Your business won't earn much on day one. So, work part time for someone else for some security, while you start and build up your own business.

 

[EpicGecko47]

Hey mate, go for it! Take the job and build your business on the side. I’m a 24 year old plumber earning pretty much the same wage, and I’m building my own business after work and on weekends. You’ve got this!

 

[TebasakiNoreh]

I was in the same boat 7 months ago. I had $0 savings, a mortgage, and 2 kids. Pull the trigger, mate. Work hard. Get stuck in.

 

[dungeonmem69]

if you want todo it its ALOT of work and upfront cost

recommend sub contracting while finding work
itll basically be swapping 1 boss for multiple bosses and assuming all risk

would recommend working for someone for a bit
as you will still require alot of experience

 

[hahaimperial400brick]

Definitely start substitute teaching until you get your name out there and have a steady stream of work.