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

S

SamuraiPharma90

New Member
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.
 
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.
 
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!
 
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
 
Take the job today.
Do your own business evenings and weekends.
Once you have enough regular self employed work to sustain you, consider going it alone.
Or at least use the part time self employed money to clear the 35k now.
Then get ahead on the 50k loan.
Note: assume interest on the 50k loan is for work car so tax deductible.
 
Your best chance at having a successful business is starting with a strong foundation, which you don’t quite have yet.

For the sake of your own stress and mental health, and also your relationship, go on wages and build the business up on the side.

It’s going to take some time to drum up any business, let alone a consistent revenue stream.

Just remember: you’ll only get out of it what you’re willing to put into it.

Take the wages and work as much as you can on the side towards building up new clientele.

Good luck, mate.
 
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