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I would have never quit because you can milk your current employer as much as possible as you dump all your excess income into the business until it lifts off and can sustain you on its own.
Scalability is one of my biggest concerns. That being said, I am not trying to build a $100M company. Our production capacity is 350 units/day with 1 worker. It is a very hands on process but as long as I make sure I have enough inventory of my raw materials on hand production hasn’t been a bottle neck (so far).
I also quit too early like you and realize that money was running out. Financial stress is a killer. I went back and got a job. I work on my biz when I’m not working my 9-5. It’s a lot but it gives me a sense of stability to be productive in my biz. I’d take it if I were you but be mindful of how much time you’re putting in your job and biz. I think you’ve done great in your biz!
From Adam Grant’s famous book, The Originals, I remember reading how the best entrepreneurs (majority of the time) mitigated their risk. They had a fall back plan and a cushion which let them be more creative and not as bootstrapped. When I started my own company and had similar revenue as yours with very little overheard cost, I got excited. Fast forward many life events (including engagement/marriage), and now I am looking for learning design positions (part time), along with grad school and side biz (company). I didnt want to be dependent on my parents or anyone else. Looking back, it may have been wiser to secure this cushion earlier for potentially faster biz growth instead
Your branding is amazing!!! I looked at your Instagram page and fell in ❤️. What company do you use for branding?
I need help with branding for my business.
Their insta is @nudebeverages
Should have never quit, get the consistent income for employer and then quit when you’re online income is 2-3x higher than your job
Props to you for having the stones to go all in though, I feel like the key is to find a job in which you can just coast and collect consistent income while you build / scale your biz
I wouldn’t give up on the business if you can go both great but if not maybe take on a partner to help with the business?
Start networking, go to meet ups, find tradeshows and events in your industry, join Facebook or slack communities for startups and founders.
Lots of resources on Reddit and communities to help you with structuring your partnership agreement so I wouldn’t worry about that so much yet and that totally depends on the person you’re trying to work with too.
Mentor
What’s the key ratio (GM/Overhead) and growth? Are you over 50% with a path to profitability? If yes, can you take out a PIPE? Or can you get an Angel investor to stake you the cash to get to break even (e.g.for this business, give up 20% on a 500K-1M value in this market and call it day). If not, supplement with other income.
Mentor
Fwiw even a 22% margin business is a good lifestyle business if it can scale to justifiable volumes. If you think you can get there, do a friends and family round, fill the rest with Angel list and go.
Do 1M in rev and you’re printing 220K a year, give 25% to investors and you’re doing just fine
This is great. I'd take the offer just to ensure my finances are covered. Do what's required but not go overboard. Hire someone to help with production even of it's part time.
Congrats! You're doing great 👍🏾
Don’t stop! Continue your business. You’ve gone thru the hardest part already which is getting started. 80k?? I wouldn’t go back for 200k.
The plan was never to stop my business, but to supplement my income with a 2nd job as I continue to grow it.
No need to “stop” all together. I would accept the offer to help sustain the business, and carry on pushing growth, until you really can quit your job.
Another option would be part time, if your business really requires hands-on, timely commitment.
This is what I ended up doing.
Hey friend, you might want to take the job. Reasons why: the business won’t see explosive growth overnight. Instead, it will see growth overtime. In your case, since it’s early, it’s going to be exponential if you plan and execute properly.
You’re still going to want some income. As far as working capital, if you’re selling online through shopify, PayPal, etc. they offer working capital money with some pretty decent terms. If you have the expansion plans you can pair their capital with it and grow the business faster.
If you do take that job, I have a good feeling you’re going to quit it again within 1-2 years as your business takes off and can fully support itself and you.
Don’t quit, the business looks great and still
Has a lot of potential!!… maybe look toward investment to give you that extra kick? £80k a year is a lot of money but passion and working for yourself is so much more of an achievement!
I’d happily invest in your brand and bring it to the UK or at least invest in a franchise of your brand to give you extra capital.
Thanks.
Just consider time. If your willing to put time into the job knowing you’ll have to work “overtime” everyday on your business then go for the job. You won’t get where you want as fast but at least your needs will be taken care of while your building the business. Hope this helps! I’m currently doing the same thing. It’s a lot but doable knowing that this is just temporary.
Yes unless you see significant growth potential
I see the potential for sure. I would have to generate another 300-400K in revenue to pay myself 80K. While I do see our revenue growing to this stage in the next 1-3 years depending on market trends, I’d like to keep lining my pockets in the meantime.
Ask yourself which position or company you have a passion to learn, build and grow with bringing greater happiness in your life and enabling you to fulfill your life purpose.
Mentor
I vote no.
What is your net?
You have momentum, it’s early, and getting a day job for “only” 80k will be a distraction. $100 k in year 1 is an accomplishment! Great job!
Set a goal to 500k revenue and 100k for you in 2 years. You’ll be better off and happier.
Push those goals to double and double again. Don’t let your friends’ fancy cars and meals in restaurants make you think you’re any less. They envy your life. Scooter, rice and beans, just a couple more years. Then see if going back to industry is worth it.
I appreciate the feedback. My net is at 15% right now but I am sitting on ample inventory so will be closer to 30% by year end. My goal in the next two years is still 500K+ in revenue and believe I can continue building momentum while taking on this second job. When all is said and done the business will always be my priority.
Main question to ask - can you take the job and have enough time to run the company?
What’s your potential of the company?
I can probably give better advice after I know more details. I didn’t quit my job until my company was doing 8 figures in revenue and 7 figures in profits. But I was able to outsource a lot of my work in the office since I ran the project and was the subject matter expert so I could do what would take someone 40+ hours in 15 hours without thinking. If you go back and it consumes you, you have to factor that in.
Coach
Can you raise at all?
I hope you took it😜😂😂 that’s amazing, use that money as seed money so when you catch back up, you’ll be ready for the next steps
You may earn more with your business, limitless revenue if you can scale right
I’ve built and been running my own Ecom business(es) over the last 6 years. As I’m sure you know, there are a lot of sacrifices you’re going to take when running your own business. Pay is usually the biggest in the beginning. The answer to your question depends on where you are in life. From my experience, I’d say it’s easier to have the job and continue you’re career, while working on your company, vs only working on your startup and one day realizing you’re out of money and having to quit your startup and take whatever job will pay you the fastest.