Wish me luck...today I announce my resignation

[Helene]

I've been blessed to work with a great company and wonderful people for the last 10 years. I've decided to pursue my own venture and will be letting my staff know this morning.

Feeling a bit , but I do beleive it is best. I will experience a definite short-term cash flow problem, so I will be pouring through the board for advice and suggestions on living on less.

Wish me luck!!

 

[sdzimm]

Good Luck! it must be a beautiful feeling to pursue your dreams

 

[ancestry]

Good Luck! I wish you the best and hope that you find happiness and success in your new pursuits.

 

[FINFAN]

How exciting for you...and remember, many people have great ideas/creations, but it's the one's who have the GUTS to go after it that have the success!

 

[bjscheel]

Good luck! DH did that last December. For the most part it has gone great! We were able to survive on my income for the first couple months till his business account was built up. Don't know how, it just worked out.

My brother quit his corporate job 1.5 years ago to go full time on guitar repair and lessons from his basement. This year he got a storefront in a former school turned boutique shopping mall. So he's making it work too, though I know it's been tight at times.

You can do it!

 

[Helene]

Thanks for the words of encouragement. My biggest hurdle is finalizing healthcare coverage as I have always carried the healthcare benefits.

I am excited and hopeful. I did something similar 10 years ago and it worked out. As I've been saying, what fun is life if you don't shake things up once in awhile? Right??

 

[aprilfoolwed]

Hope it went well! Good luck in your new venture!

I did the same thing yesterday (although it was over email). I had been working as a teacher's aide in a school, but decided to resign and go back to school to persue my own teaching certificate.

I start school next week!

 

[vicki_c]

How exciting! Best of luck!

I took a new job and we moved 1200 miles in 2004 just for the same reason - after being in the same place/doing the same thing for over 15 years, we just wanted to shake things up. And while we're not in that same location any more and things haven't always been perfect, it was good for us to get out of our ruts.

 

[mikehn]

In this economy it takes huge balls to do that, so the best of luck to you

 

[GoofyGolferGirl]

Good Luck!!!! Hope it works better than you dreamed it would!!!

 

[Helene]

In this economy it takes huge balls to do that, so the best of luck to you

Either that, or I'm just crazy...

Leaving a well paying job with benefits does sound bizarre. I'm making the jump to spend more time with my kids. As stange as it sounds, I never had guilt about going to work when they were babies. However, as adolescence is now upon us, I worry alot about who they are with, what they are doing, etc. Plus, I'm only 6 years away from DD graduating HS and realize how fast time really passes.

Peace to all

 

[czycropper]

I think that's great what you're doing. I did a similar thing I worked full time until my eldest was in 4th grade and now just work 3 days a week part-time and I'm home when they get home. I'm one of those that firmly believes that the kids need me more at home when they are older-not only for homework and taking to activities but also to be here if any drama has happened at school - yep, can you tell I have girls

 

[Cheshire Figment]

I would also suggest going to www.irs.gov and order the following publications which will probably help a lot.

334 - Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ)
463 - Travel, Entertainment, Gift, and Car Expenses
535 - Business Expenses
551 - Basis of Assets
552 - Recordkeeping for Individuals
560 - Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans)
583 - Starting a Business and Keeping Records
587 - Business Use of Your Home
946 - How to Depreciate Property

And also, if the time can be spared and at and minimal cost take a first semester Principles of Accounting course at a local Community College. Not necessarily to keep the books, but to get an understanding of what the business is doing.

Note that most small business fail within the first few years not because the owner did not know his subject but because they did not understand the accounting.

Mike (CPA Retired)

 

[Helene]

I would also suggest going to www.irs.gov and order the following publications which will probably help a lot.

334 - Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ)
463 - Travel, Entertainment, Gift, and Car Expenses
535 - Business Expenses
551 - Basis of Assets
552 - Recordkeeping for Individuals
560 - Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans)
583 - Starting a Business and Keeping Records
587 - Business Use of Your Home
946 - How to Depreciate Property

And also, if the time can be spared and at and minimal cost take a first semester Principles of Accounting course at a local Community College. Not necessarily to keep the books, but to get an understanding of what the business is doing.

Note that most small business fail within the first few years not because the owner did not know his subject but because they did not understand the accounting.

Mike (CPA Retired)

Thanks for the insights. I'm in a fortuante position in that I've been doing my business as a "side" for the last 5 years and have most of the tax/expense issues managed. Also, DH is a sole proprietor of a pizzeria for the last 25 years and we've bonded well with our CPA

I have little overhead. I'm a LCSW and will be dedicating myself to FT Private Practice. I'm most concerned about cash flow because of the delay between claims and payment. Also, I need to make sure I'm disciplined enough to "pay myself first" in terms of retirement.