Take a leap

[Tech bud]

If you had 30k saved and still working a job on the side. Would you take the leap quit your job and pursue the business full time?

I have been really thinking about it lately, if I had more time I could do better.

 

[mmerry]

If you have the clients, I would take the leap. You have a good cushion there.

 

[Porthos]

To even give an opinion, I would need to know the business you have. What is your client base (home/business) (Break/fix or MSP)?

 

[Tech bud]

To even give an opinion, I would need to know the business you have. What is your client base (home/business) (Break/fix or MSP)?

Currently break/Fix, 143 client both residential and business but leaning towards residential more. I do plan to start Managed Services, got a book on it and that's my next move.

I do a lot of resale too.

 

[ThatPlace928]

Currently break/Fix, 143 client both residential and business but leaning towards residential more. I do plan to start Managed Services, got a book on it and that's my next move.

I do a lot of resale too.

It sounds like you have enough to keep you busy full-time already. If it were me, I'd give up the side job.

 

[Porthos]

leaning towards residential more. I do plan to start Managed Services

For a good majority, Home users and MSP is an oxymoron. Out of the 500 clients I "polled" only 2 were receptive to reoccurring charges. Just another subscription. We have subscription overload now. Entertainment, software, etc.

Think longer term. 5 to 10 years where are computers in the average home apart from the older crowd that do not use their cell phones for everything?

I do a lot of resale too.

Not much margin for resale to home users. Hard to compete with Big Box and Amazon.

Of course, the area you serve is key and can completely nullify my points.

Does your side job provide benefits like health insurance? 30k is instantly zapped in case of any hospital stay.

Do you currently have a home mortgage?

So many things to consider.

 

[Tech bud]

For a good majority, Home users and MSP is an oxymoron. Out of the 500 clients I "polled" only 2 were receptive to reoccurring charges. Just another subscription. We have subscription overload now. Entertainment, software, etc.

Think longer term. 5 to 10 years where are computers in the average home apart from the older crowd that do not use their cell phones for everything?


Not much margin for resale to home users. Hard to compete with Big Box and Amazon.

Of course, the area you serve is key and can completely nullify my points.

Does your side job provide benefits like health insurance? 30k is instantly zapped in case of any hospital stay.

Do you currently have a home mortgage?

So many things to consider.

Are you talking about only being able to convert 3 residential clients out of 500. Or 500 business and residential?

 

[Porthos]

Are you talking about only being able to convert 3 residential clients out of 500.

2 home users. Not worth the cost I would have to pay for the MSP software.
I did not actually do business per se, A few clients work from home but their employers managed those computers especially when covid began.

 

[Tech bud]

2 home users. Not worth the cost I would have to pay for the MSP software.
I did not actually do business per se, A few clients work from home but their employers managed those computers especially when covid began.

What's the success rate of business customers, I'm assuming better?

 

[Porthos]

Also, keep in mind, that any computer not officially capable of Win 11 should be replaced not fixed.

 

[Porthos]

What's the success rate of business customers, I'm assuming better?

I cant offer insight on that. As of now, I am remote support only since I am stuck in a wheelchair now.

 

[Diggs]

Middleton/Madison is pretty well covered by brick and mortar shops already. Is a walk-in shop or on-site service your goal? Tough to do both as a one man show.

 

[Tech bud]

Middleton/Madison is pretty well covered by brick and mortar shops already. Is a walk-in shop or on-site service your goal? Tough to do both as a one man show.

No I plan to continue working out of my place until I can justify a brick and mortar.

Plus I haven't updated my information in awhile, I'm in Oshkosh WI now. And new business name Sinnard Technologies

 

[Markverhyden]

I'll say this again as I've said many times in the past. People don't plan to fail. They fail to plan. So make that an important part of your decision making process. @Your PCMD put together a template.

Don't need to go nuts. Just the stuff you think is relevant. Also check out SCORE sponsored by the SBA.

 

[Tech bud]

I'll say this again as I've said many times in the past. People don't plan to fail. They fail to plan. So make that an important part of your decision making process. @Your PCMD put together a template.

Don't need to go nuts. Just the stuff you think is relevant. Also check out SCORE sponsored by the SBA.

I think I will work through that template, got ads running plus cold emailing businesses like crazy.
Think I will hunker down and save money, I could get another 15 to 20k in 6 months or so. By then I can assess again

 

[YeOldeStonecat]

Hard to say....based on the current income of your startup biz....how long can you float on it with your living/lifestyle expenses each month? And...how long will taking sips from your ~$30 let things go. Basically gotta chart out...expenses, income from biz, how much/how frequently you have to dip into the $30k.....that time period, can you build the biz up?

...advice...check out Karl Paluchuks "Managed Services in a Month"...and some other books of his, and some Nigel Moore books and his TechTribe stuff. I'm a big believer in supporting business clients. I really avoid residential (but we do a wee bit...important people from our biz clients, or high high end residential on the big $ scale...like I just quoted a project to "campus area network connect" 4x summer mansions on an island so they can share a Starlink internet connection... for an old old $ family that I think everyone here would recognize the last name of).

But my big focus is...small business....and lately...moving them away from on prem servers, into Microsoft 365 Business Premium. Little work needed...yet nice monthly income.

 

[Tech bud]

Hard to say....based on the current income of your startup biz....how long can you float on it with your living/lifestyle expenses each month? And...how long will taking sips from your ~$30 let things go. Basically gotta chart out...expenses, income from biz, how much/how frequently you have to dip into the $30k.....that time period, can you build the biz up?

...advice...check out Karl Paluchuks "Managed Services in a Month"...and some other books of his, and some Nigel Moore books and his TechTribe stuff. I'm a big believer in supporting business clients. I really avoid residential (but we do a wee bit...important people from our biz clients, or high high end residential on the big $ scale...like I just quoted a project to "campus area network connect" 4x summer mansions on an island so they can share a Starlink internet connection... for an old old $ family that I think everyone here would recognize the last name of).

But my big focus is...small business....and lately...moving them away from on prem servers, into Microsoft 365 Business Premium. Little work needed...yet nice monthly income.

That's the book I have. I always get more nervous on business clients, but my confidence was boosted the more I took them on. I once got a call for repairing a computer in a machine shop. Fixed it, the he told me to get the cnc machine working again, never touched one before but got it working in an hour and a half haha

 

[callthatgirl]

I started my business on no money saved, just got fired, so I had an unemployment cushion. Took me 6 months to get a enough clients to get off unemployment. During those 6 months, my life was the business. I spent all day learning, going to events, marketing, pay attention.

You can most likely do it as remote has very little overhead. Here is what I figure, do the math on your average monthly income now. Can you live off that and spend some on the business and not touch the savings? If yes, go for it. If not, save a bit more and expand your business marketing now until you're comfortable.

 

[Tech bud]

I started my business on no money saved, just got fired, so I had an unemployment cushion. Took me 6 months to get a enough clients to get off unemployment. During those 6 months, my life was the business. I spent all day learning, going to events, marketing, pay attention.

You can most likely do it as remote has very little overhead. Here is what I figure, do the math on your average monthly income now. Can you live off that and spend some on the business and not touch the savings? If yes, go for it. If not, save a bit more and expand your business marketing now until you're comfortable.

So get fired, buys me 6 more months haha

 

[Rosco]

You're a lot better off than I was. I had no money and two young kids. It was hard. I luckily had family that helped out a lot. Now, 15 years later, my wife has come on board, and we are living the dream. I love working for myself. I could make more in a corporate job, but it would not allow me to live my life how I want.