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Old 04-02-2008
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Default Giving up the day job?
I'm currently working/commuting full time and have a young son so this does not leave me much time during the day or on weekends for trying to get my VA business up and running.

I'm considering finding a part time job which would most likely be at a much lower rate of pay, but which would still provide me with some income as well as give me more time for getting my business going. It would also allow me the flexibility of still having an income come in while getting new clients. I can afford to have less income right now since my partner just got a raise and our expenses are pretty low...so that's one reason I'm considering it. It's just hard to think about giving up the security of the paycheck I already have, especially as we head into (are in?) a recession.

I have seen several of you mention that you are still working full time day jobs while also taking on part time client work...which is amazing...I am in awe of your ability to get that all done. However, I'm wondering what others have done as well with regards to this. Thanks!
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Old 04-02-2008
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Default Re: Giving up the day job?
I am one who is currently working full-time while trying to get my VA business going on the side, but the reason I've been able to juggle these is that I don't have any kids (yet - my first is due next week) to distract me. I'm sure it would be much harder with small children at home, which is why I'm really working to get my business going within the next few months so I don't have to return to my full-time job.

Maybe you could sit down with your partner and take a hard look at your monthly expenses to see if you can afford to work part-time while you build your business. You might even find that there are some luxuries that you can cut, like cable or maybe entertainment expenses, until you're bringing in more money from your business.

Best of luck to you!
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Old 04-02-2008
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Default Re: Giving up the day job?
I commend you on your decision to really sit and think this through! There are VAs that work outside of their businesses full time, part time, some of the time and of course no time, who run their businesses exclusively. If you planned your budget and can take the risk, of course I say go for it! However; I would never tell or advise anyone to quit their job, that is only a decision you can make.

I like to work with contingency plans. If you did quit your job and went part time, do you have resources available to you if that doesn't pan out, if no, then you can put a plan of action in place to procure those resources.

Some VAs sign enough clients to sustain part time income in addition to working part time and then slowly wean themselves on to their businesses solely. I waited until I had a few clients signed up and quit altogether. But I did this because my husband was able to make up for what we were losing when I left the corporate world. Had we not have been able to do that, my course of action would have been to scale back to part time and work my business part time until I got it to where it is now.

While we may be headed in to a recession, that only means that companies are tightening their belt straps. I look at that as a great opportunity for VAs because we can offer lots of great services at a fraction of the price. Companies or individuals who may think they have no options because of budgetary constraints could really benefit from working with a VA.
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Old 04-02-2008
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Re: Giving up the day job?
Hi Blue! (Since I don't know your name I gave you a nickname!)

I have a full-time job in Jobland. I'm an over-paid (please don't tell my boss ), under utilized, glorified copy girl and phone call screener...simply a status symbol for a Sr VP. That being said I can't utilitize the option I'd suggest to you. What if you went part-time at the job your in? Is your job something you really need to do full-time or could you achieve it part-time? OR redistribute some of your tasks to another person in your company and you do the things only YOU know how to do? See where I'm going here?

I'm pretty bad at using the search engine here but I know there is a string somewhere that a person asked almost the same question about leaving her full-time job. She got a lot of GREAT advice. Some of which might work for you. (Does anyone know which one I'm talking about and can help out? One key suggestion was to pitch her VA service as a alternative to her employment.)

Here is my plan for leaving Jobland...I'm building my VA business part-time. My kids are 10, 6 and 6...so pretty low maintenance (albiet all boys! ). I also have a supportive - ok, somewhat supportive - spouse (he talks the talk but doesn't really walk the walk). I'm working full-time until my VA business has a part-time schedule and I can save up about 6 months of Jobland salary then I'm out the Jobland door. Hello Soloville! I figure if I'm part time with 6 months of savings then I have about 12 months to get my VA business full-time. Not that I think it will take me that long but rather be safe than sorry! See?

I think you can do this! The resources here are fantastic and so is the support system! You CAN do this!!!

Make it a great day!
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Old 04-02-2008
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Default Re: Giving up the day job?
Thanks for the great feedback. I know it's something that I have to come up with (or come up with in agreement with my partner) but I just wanted to see what others out there were doing as well. It's also good to have such a supportive forum that's almost like your own personal cheering section. I think my partner, while supportive, just isn't informed enough to think that this is a really viable option. The good part is that he is being supportive as much as he can.

Going part time at my job probably really isn't an option...since it's a government job and well, you know how that goes with FTE and budgeting and all the politics, procedures, and union stuff that comes with it.

I'm probably going to pursue the part time route (I sent my resume to 3 places this week already) and then work on this in all the spare time that I have.

You all have been great! Thanks so much.
Kimberly
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Old 04-02-2008
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Default Re: Giving up the day job?
Hi Kimberly! Sounds like you have some great advice to help you through this. I would definitely be considering a pt role and using every available source to search for work for your new business. Think of all the business people you meet or speak to on a daily basis in your current role - anyone sound like they could use a hand with their admin work but can't afford a full timer on site, maybe starting their own new business and need a hand design a flyer and doing a mail out? Can't hurt to start spreading the word, once people know what you are planning, you may be surprised at the support. It may start small, but once people gert used to using a VA you find they will want you to do more for them. Good luck!

Cheers,
Marie
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Old 04-03-2008
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Default Re: Giving up the day job?
Have you considered that in leaving your fulltime job you might not have all the expenses you have now? Working part-time means less costs relating to childcare, hopefully travel and petrol, and possibly other things too such as not having to buy lunch or extra food. And if you're not travelling during peak time it could mean less time on the road or in public transport and so on.

I know that when I started working at home I realised that I didn't need to earn as much as I did in a fulltime job because being at home meant I had less expenses. This could be a bonus for you too!
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Old 04-03-2008
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Default Re: Giving up the day job?
Kathie made an excellent point.

With gas price soaring these days, it can be fairly expensive to drive back and forth to job outside of home. I've met several people who says their gas costs them about average 100 dollars a week = $400 a month - soley just to drive to work and back home. That's a lot.

Plus child care - that's fairly expensive.

So in many cases, staying home and work can actually reduce your expenses!
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Old 04-03-2008
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Default Re: Giving up the day job?
My neighbor is an at-home mom who will once in a while make a comment that she feels like she should contribute to the househld income. I looked her squarely in the face and told her that by her being home, with three kids, she is sving $1200.00 per month in day care for her elementary age school kids. At our school, it's $99 per child for before and after school care each week!

As Kathie and White Rose stated, being home will definitely save you money in the long run!
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Old 04-03-2008
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Default Re: Giving up the day job?
I have already been looking into the expense side of it as well. I figure that I may save $200 in gas alone monthly as well as $500 monthly in childcare expenses. That's almost half my income from my full-time job right there! The weird thing is you will need less oil changes for your car (b/c you aren't driving as much), tires less often, the vehicle maintenance alone can make it worth it. But, like you I still work my full-timer. I'm not ready to give it up yet, its a great company that I can transfer with all over the world, and before I leave to make it in 'soloville' (I loved that!) I'm going to make sure I have an established reputation with this place that I love! And... if it isn't feasible for much longer, then I will have to leave, and hopefully with a part-time or virtual assisting position, but definately with some networking in play.

Think things through, look at your budget, look at your savings, and decide what is best for you and yours. Good Luck!

Shannon
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