Really struggling with this dilemma so would appreciate some points of view. As a developer contracting away from home in the London financial sector I turn over a decent amount (see title). However, I've had a plan B in my mind for what seems like an eternity but I've never taken the time to deliver it, partly because of work/travel commitments, general laziness and the fact it's a sizeable development effort. What's changed is that a chap who has spent his entire life in the target industry is showing an interest in the idea having recently sold his own business (the second one I might add). The issue for me is that he will be available 100% to work on this whereas I'm still contracting. In order for me to be able to work on this full time I'd need to sell my house and move into my holiday home in Spain where I could survive several years without having to earn an income. It's a risk I'm struggling to take even though we don't have children. You read about these entrepreneurs who give up their day job in order to pursue their ideas but I bet not many of them give up a relatively easy £ 150k. But what about the regrets if I don't? This situation is unlikely to ever happen again. I believe in the idea and this guy is a proven serial entrepreneur, known and respected in the target industry. But what if it doesn't work?
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Last edited by oliverson; 21 February 2018, 08:19. -
You're not giving up a day job/career are you though? You're giving up a contract. That's a massive difference, there is no corporate ladder you will fall down.
Do it. -
He who dares rodders...Comment
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Do it. If it doesn't work you get another contractComment
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At 150k a year that shouldn't be a problemComment
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Could be as age isn't really on my side. 51 this year. Also, is it possible to pick back up on a contract dev career say at 53 after a couple of years off (in their eyes)?Originally posted by VillageContractor View PostComment
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Depends on the market, your network and how good you areComment
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Only you can decide. I will say that I gave up a lot more than £150K & it did not work out for me at all then when I decided to return to contracting as a fallback the job market had shifted drastically & I got stranded. So IME I would say do not risk the house (rent it to a property company for instance to get some monthly income & hope they pay up on time) at all unless your very certain the dev market your in will be similar in time to come as many of those are shifting away rapidly & rates are continually dropping as evermore people come to the UK via dodgy Tier 2 visa schemes.
Try to juggle the new venture with your current lifestyle as you have no security if this proven entrepreneur fails or walks away. I bet they have a healthy financial cushion to fall back on its one of several venture to them to you it sounds like your risking all or nothing which is a risky undertaking.Comment
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Big risks, big rewards mate. But, in your case, I'd argue the risk isn't that huge so long as you have a Plan C - i.e., to get back into contracting.
Obviously the world is littered with failed enterprises, but there are also serious successes too and even failure is "relative" - I know a guy who gave up his business (due to stress and struggling to grow it) and went back to work. Walked away with no debt and had earned £100k a year for 5 years so his world didn't exactly come crashing down.
Likewise, I know (tenuously) another business owner who risked the lot to start a new venture. Remortgaging houses - etc. A quick look at the accounts tells me he's turning over £20mil with decent profit margins.....
I think it's about balanced, mitigated and planned risk - and you seem to be on the right lines for that.
With all that said, it seems like you really want the answer to be "don't do it". If your heart isn't in it and you're happy enjoying your comfy lifestyle up to retirement then there's nothing wrong with that.Comment
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