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I was in your position 2 years ago but without a family to support. With a family I would be cautious, have a run away of 12 months salary or have some working
by base 15y ago
I was in your position 2 years ago but without a family to support. With a family I would be cautious, have a run away of 12 months salary or have some working contracts ready to start before leaving the work.
Also, expecting a constant flow of 100-150$ freelance work can be difficult, and although you might think that you just need to work 2 days a week, when you have a company you have lots of other stuff to deal that take lots of time like meetings, emails, social security, taxes, accountability, project budgets etc.
- maybeindie 15y agoThank you for your input. I'd try to put some work/contracts in the pipeline before I was done with the old job (and I'd have three months to do it: I have three months notice of resignation/termination in my current job.)
- davidamcclain 15y agoI agree that some sort of cushion/runway is very important. But why do you suggest 12 months? Is the idea that you can spend 6-8 months making no money chasing around contracts and then you've got 6-4 months to find a job?
- base 15y agoAlthough you might start making money soon it can take more than one year to be able to consistently go above the $3k per month. Also, in the beginning you might need to put some money in the business like buying new computers, new cellphone, costs of creating a company... Last but not least you should have an emergency fund for unexpected events and to able to find a job again if in need. Of course this is not science, but I think most entrepreneurs (including me) are overoptimistic about the time it takes to reach certain goals.