Anyway, Mark and I were talking about this for the first time today, then I come here and see a couple of posts where people said the economy is really affecting their sales.
Here's the deal...I have all the free time in the world, but I need Mark in sooooo many aspects of our business. We're partners, and both of us bring different strengths to our business.
I reluctantly brought this subject up with him today, thinking that he would shoot it down right away, but he was actually thinking the same thing!
Mark has a full-time job. He's worked over 60 hours a week for the last couple of weeks. This leaves him tired and cranky, and leaves almost no time for our business.
I see what this cruddy job is doing to him, and I told him today that I believe it's time for him to think about quitting his day job and concentrating on our business full-time.
We only have one car, and he takes that to work. I'd take him to work and back everyday the way I used to, but with gas prices the way they are, that would be just too expensive.
So that limits what I can do to drum up more business. I can't go on sales calls, and I can't even go to the post office without having to call my parents or brother.
We're sort of in a catch 22 right now. If he stays working where he's working, we have VERY limited time and have a VERY limited ability to gain more clients. If he quits and works on our business, we lose that regular paycheck. It wouldn't take all that much to make up for the loss of his income, but there's no guarantee, especially in today's economy.
Is it time to take the plunge, or is the economy so bad right now that people aren't getting shirts, signs, and graphics work for their businesses?
It's a scary prospect in the best of times. Now is even worse. But we can't grow our business without him quitting his 40(+)-hour job.
Any advice for how we should prepare, or if we should even try right now? We'd be concentrating on business-to-business jobs until we can afford a retail space and shop.
Yes I agree with you that the economy is bad (it's actually the subject of current thread of mine) but I strongly believe that the clothing industry does well in recessions compared to other businesses. If you think about it, T-shirts (and clothing in general) is always in need. It is one of the basic needs we as humans have, food, clothing, shelter, water...you get the idea. Also, industries with items that have larger price tags like cars are taking the majority of the hit. A T-shirt is only $20 max and they are mostly impulse buys anyways. I think in the end you should focus on the business (I'm starting to justify my recent resignation and focus on MY business) because the risk is great, but so is the reward. If you really put in effort, your income in this industry is up to you, not true with the other job. Plus it sounds like that other job doesn't really challenge him, but more upset him. So that's what I think you should do.
Him quitting is job is a very bad idea. Business is very risky and very often fails. If you are missing certain strengths then you should work on improving your abilities in those areas, especially since you're the one with all the free time. It sounds to me like you are depending on him way too much and it is making you a lot less self reliant and capable than you should be. It almost sounds like you want him to do all the work in the business. I think you should get a job so he can reduce his hours and then you can both work on the business and he wouldn't be as aggravated. If you get a job you can buy your own car. A real entrepreneur is very self reliant and does whatever it takes to succeed and finds ways to overcome or go around any obstacle. A real entrepreneur is not extremely dependent on other people to do the work for them. A real entrepreneur doesn't make excuses like "I can't do this and that" and "I don't have these strengths." A real entrepreneur just gets busy and does whatever has to be done and works extremely hard. I think you're making excuses for not getting more done on the business and you want your guy to do most of it or all of it for you.
Last edited by Bougie : May 12th, 2008 at 04:33 AM.
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Re: Taking the Plunge
The ecominy being bad is a politcal threat. If it was so bad, where did people find $100 mil to go see Ironman? That's not including (expensive) gas money to drive there and back, and any other expense. Money is relative and so is poverty. I see this every day. People complaining about the economy while buying new cars, big screen TV's, etc.
That being said, one of the important questions you have to ask yourself is: do we have the drive? If so, then it may be worth it to take the plunge. If not, don't, it will only make a tough situation worse. Look at anything that bothers you now and amplify it by ten or even a hundred. Even if your business is good now, it can get worse later. You have to have the drive to plow through the crap and bad times to get to the better times. If you have a payment due and no jobs coming in, are you going to go make some money or are you going to go at each other's throats? Are you the kind of person that blames others for where you are, or says "I can get out of this mess"? Is his stressful 60 hour a week day job worse than a no money a day self employed gig? Personally, I would wait. See how things go. Try and find creative ways to get new jobs, without having to rely on another car. And then see how things are down the road.
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When I say that I have free time, I just mean that I don't have a "regular" job working for someone else. I'm working most of the time on jobs for our business. Okay, not eight hours a day five days a week, but we're bringing home enough right now with our current clients to sustain us. It's just that we've been putting the majority of what we get from our business back into our business. We totally have the ability to cut back on personal expenses, and we both believe we have the drive to make things work...and work well.
I know it sounds like I'm trying to pass too much off onto him. That's not the case. we work wonderfully as a team. We're a partnership (why do you think people form partnerships? To bring in each person's strengths to the business).
I'll be honest. Mark is the better designer. It's his design time that we're truly lacking right now. He's also our sign vinyl guy, and he's better at building things. But I'm great at approaching new potential clients and pressing shirts and working with our plotter. I'm also very good at taking others ideas and turning them into something, but I need something to work from in the beginning. Mark can take nothing and turn it into something awesome. It's all about experience here. Mark was a sign designer for 10 years and he knows what client are looking for. I can't make up for that in a few months, tho I am getting much better than I was.
We can survive on what we're making now with our business. Mark's money is pretty much just extra right now. And all we'd need to do is gain a couple of regular clients and we'd make up for that, too. My question was not if we should try to start a business from scratch right now with nothing, but about taking the chance to try to GROW our business.
I'm also not talking about him just up and quitting. We're going to save up some money to help us to begin with, and then once we feel we're ready, THEN he'd quit. It might be a month, it might be six months. We're not being rash here.
But take today. He'll be working anywhere from 12-16 hours today. How can he design on days like today?
Yes, we have the ambition. Yes, we have the drive. And yes, we have the ability. It's time that we're lacking to make this great.
somebody told me once that before quitting my day job...to put six months living expenses in a savings account - then if i could go another six months without touching it, then go! did i listen to that sage advice?? er........no but circumstances were what they were and it was something i had to do - thankfully it's worked out well for over 5 years now but i won't say there weren't some squeaky times in the beginning!
the other thing to think about are benefits - does his day job provide health insurance?? these days that's a biggie and very expensive to duplicate on your own.
good luck either way you decide to go - i think you guys will do great!
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Chani, although I can appreciate what everyone else is saying and why they are advising against you doing this. I see it from the other direction. If you guys are making enough money to survive without hardship and the money that Mark is making is extra for the both of you then why not? There is a gamble when you do anything in life there are simply no guarantees. I'm sure that if you found it was not working out for you that either one or both of you would attempt getting a job down the road. I don't believe in playing it safe, sometimes it's a good thing and sometimes not but it's never boring. I say be bold shoot why not? If it doesn't work out the way you like then just know down the road that one or both of you may have to seek employment to help out. I think it's a great idea if your able to sustain yourselves Good Luck!
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Taking the Plunge 
but circumstances were what they were and it was something i had to do - thankfully it's worked out well for over 5 years now but i won't say there weren't some squeaky times in the beginning!
