Thinking of quitting my job

[michael everson]

I am thinking of quitting my job and building cars full time. I have had a steady flow of cars for about 8 years now. Its tough working a full time job and building cars on the weekends. I end up missing the whole summer, family events work around the house etc.
Would like to hear from others that have ventured out on there own. My Wife carries the medical. I can work from home so there is no additional expense for a shop. My current job pays pretty well, but have not had a pay increase in over 6 years. No real future or hope of moving up. It will also mean a better quality of life for me.
Comments?

[STiPWRD]

I would love to do this when I'm older and no longer have a mortgage (I'm 29 now). If you like building cars more than your current job and are financially secure in terms of retirement income, I say why not build cars all day. Quality of life and more time with family is key.

[Buzz Skyline]

I would be totally jealous of you.

Personally, I think you have to take risks sometimes. I did something similar in an entirely different field. I went from being an engineer to a freelance journalist so I could spend more time with my young son (I was a single parent at the time). It was tough and extremely risky, and the best career decision I ever made. I'm not a journalist any more, but because of the switch I ended up in a job I love much more than I would have if I hadn't switched.

My advice would be to make a plan for what you'll do if things don't work out. I put aside some cash and decided if I ever got down to 3 months living expenses left in the bank, I would drop everything and go back to looking for a job in my old field. I got pretty close, but managed to pull through and start actually adding to the nest egg after about a year.

It sounds like you're starting out from a better place than I did - you have a steady flow of cars, while I had never sold an article before I quit my job.

Go for it, and make me jealous.

[Jeff Kleiner]

No comments to offer Mike but I'm interested to see what kind of replies you get because I may be doing the same for a while. I'm a self employed designer/builder and have a project in the works that I'm doing the design work on at this time which will commence construction in the spring. I'm finishing up a long term (4 year) build that has pretty much wound down and have been on hold since summer on another while the owner works out his funding. Earlier this week I told him if he doesn't get his financing in order so that I can begin by November 1 his window of opportunity is going to close and it's going to have to wait until next year. If that happens I'll just go into the garage full time for the winter; I've got at least 3 in line and can turn them out a heck of a lot quicker working on 'em all day every day rather than just weekends and a couple of evenings through the week. Honestly, I'm kind of hoping it goes that way because I'm ready for a change of pace.

If you go to full time I wish you great success!

Jeff

[maczter]

If financially it makes sense, and you can maintain your quality of life, you would be living the dream. I can say, however, many years ago I wanted to be a commercial artist, I loved drawing, airbrushing, etc., and was good at it After I went to school for it and became an artist, and HAD to do it for living, it was no longer fun. Keep that in mind, and if it is still fun, go for it!

[David Hodgkins]

Michael,

Here are a few thoughts:

For the pessimist (realist)
Balance out what you make at work with what it would take to replace it with car building. Or more realistically, imagine life without the total of your main income, at least to start. Can you get by until you add more projects?
Are you turning down work now? If so, how about hiring an employee to pick up additional capacity? Just 1 GOOD employee could more than double your current capacity.
Our hobby is heavily impacted by the economic climate. You say you've had steady work for 8 years. Was it still consistent in 2007 through 2009? What if we enter another deep recession?

On the plus side
You have a solid reputation as a builder. I thought you built cars full time already! :)
I'm sure if you were working full time at it you could boost sales easier than someone new to building for profit.
Working for yourself is something that some folks thrive on. Are you one of those people?

But here's the bottom line my friend. One of the paths before you will bring you a lot more happiness than the other. Do you know which it is? Are you ready to take those first steps?

Lastly, is NOW the time? Or, are there (mostly financial) circumstances where a simple delay in striking out on your own full time is wise due to pension or other "retirement" benefits?

:)

[wallace18]

All I can add is make sure you are covered well with insurance. Health issues can break the bank. Also are you in a good retirement plan. I am lucky I have both now that allows me to build cars in my retirement. What ever you decide I wish the best to you. TW

[michael everson]

My retirement plan 401K, is fully funded by me. No company contribution at all. They took everything away several years ago and none of it has returned. Financially we would be fine on just my Wifes salary. Really not too much risk. I can get another job anywhere making what I am making in my field. The one big down side would be no more access to my machine shop when I need it. I tried hiring help. That really back fired. I hired a good friend and an excellent worker. Found out she was stealing from me. Caught her on video breaking into my home safe. Stole nearly $6000.00 I will never hire someone to work for me again unless my business moves from my home.
Mike

[skullandbones]

Hi Mike,

Like you, I could have gotten another job by quitting and trying the business thing if it didn't work out but I never did. I ran a sail loft home shop 24' x 36' for 20 years while doing the main job. I liked the security and stability of having a 9 to 5 job. However, I was very dedicated to it when I was doing it. I guess I just worked it into the routine so it didn't seem to be a burden. The main reason I didn't take the plunge was the seasonal nature and how the business was tied to the economy. One of the first things people would quit buying was things for their boats. One the plus side though, it's hard to measure the perks and opportunities that happen when you get into a business. My liquidity seemed to be much better and I was able to buy wholesale for my favorite sport. I got to meet racers and people in sailing, I would have never done as a club sailor like sailing in the SORC (Southern Ocean Racing Circuit). You had to own a boat or be invited to sail on a boat. So all in all, doing a business is a positive thing. I'm sure you have experienced some of the intangibles that I mentioned.

If you can go back to your present status with out any trouble if things aren't to your liking, I would say go for it. I believe people would buy your product based on what I have seen. I'm sure your reputation for quality and attention to detail would differentiate you enough to bring you lots of business. I got some very good advice from a fellow sail maker who went all in on his business and took it to a higher financial level only to find that his profitability was not worth the extra effort. He said, " Do it as long as you are having fun." He stopped having fun when the business got too big and demanding (no time to enjoy sailing). It's a balancing act that can get away from you if you aren't careful.

Whatever your decision: continue having fun. I'm sure you will do what makes you happy.

WEK.

[fact5racer]

But Mike, Will the Chippendale's be able to find a replacement if you leave?

[Avalanche325]

But Mike, Will the Chippendale's be able to find a replacement if you leave?

I did some push-ups last night. I think I am ready to take over.

[Avalanche325]

It sounds like you have the finances and health insurance covered. That is the reality portion of "do what you love" taken care of.

You also mentioned that if you quit, you could easily get back into what you are doing now. Is that true if you had a 3 year gap? In some fields, if you are out for a while, it is hard getting back in. If not, you have a perfect fall-back.

The other, as mentioned, is if your hobby becomes your job will you still love it? Or at least like it better than your 9-5?

[RM1SepEx]

Mike, I've been disabled and haven't "worked" since 1992. Happiness comes down to planning, expectations, and security.

I have no mortgage and zero loans, funded retirement on my own and Insurance due to resultant from the disability.

You need to really determine if puttering out in the shop on your own works for you. As far as machine shop help you need to develop a network locally to gain access to tools used less often :-)

I just dropped off some parts from my new FFR 818 aluminum shifter. It's too wide for the tunnel and the cable stop/clamp area extends 3/8 inch too far and would whack the passenger in the knee. I have a retired friend with a lathe and milling machine. (actually 3 friends with machine shop capabilities)

One group of friends is borrowing my quickjack to bring to a Lemons race next weekend...

It's all up to you if you can make it work. I have developed a very nice lifestyle on less income, more time to enjoy the journey!

[xatudor]

I have friends who work with elderly people living in care facilities and the one thing they have noticed is when people get to that point in their life they don't regret the things they did when they were younger, but they regret the things they didn't do but could have done or done differently and didn't. So another thing you may like to ask yourself, what would you regret more not trying or trying and having it not work out and you end up doing the same job as you're doing now.

I only see positives for you, You'll be happier, you will get your weekends back which means more family time, you will have more time to work on the cars which you clearly enjoy, the turnover of cars will be higher which should mean more money coming in, then currently.

Good luck it is a hard decision that only you and your wife can make.

[Kalstar]

You are a outstanding builder, I can attest to that. I think you will be more then fine. My vote is to do it.

[oldguy668]

Mike, I think this might be an ideal situation for you. If you can replace your current job at even 80 percent of your current salary, then I'd say you should do what you want to do. You're getting no benefits where you are, so it should be pretty easy to cut the cord. You know that in addition to building complete cars, there's a market out there for you to make "house calls" to do body fit and installation, just as you did for me.

[Pearldrummer7]

My father did something similar about 10 years ago. Quit his day job to follow his passion. While the money hasn't been quite as good or quite as consistent, we always got by and he's a million times happier. He says his only regret is not doing it sooner.

I think if you save up a bit and make sure you have some support (specifically from the spouse if you have one), you will be fine.

Congrats on considering something many of us stuck in a day job want to do!

[Plebeian]

Sounds like you have your bases covered. I would do it.

[FFinisher]

If you can make a living at it go for it.

I would in a minute, but my situation is different, Company benefits, 401K match etc. With 28 years in I am staying where I am.

Good luck!

[MisterAdam]

two and a half years ago i was 49 putting three kids thru college in 8 years without loans. commuted 90 miles each way to a very stressful job. had a heart attack....AT49...quit work found a job in a small family run business, bought a FFR AND HAVENT LOOKED BACK. life is way too short. if your spouse supports you and you can financially make the decision then there should be nothing to hold you back. good luck

[Barrel]

[QUOTE=michael everson;174046]I am thinking of quitting my job and building cars full time. I have had a steady flow of cars for about 8 years now. Its tough working a full time job and building cars on the weekends. I end up missing the whole summer, family events work around the house etc

Mike. I still reckon that you'll be working seven days a week if you do this. All the body shops that I know work Saturdays because that's when their clients can get there. And you'll be working from home! "Build it and they will come".

[vnmsss]

Go for it Mike! While I loved my 26-year career in education, I found the more I dealt with unions, a legislature that underfunded education, and parents that refused to support the schools, the more I looked forward to those rare "days off".......In 2012, I decided to take early retirement (age 57) and haven't looked back once. I will have to pay my own insurance until age 65 and will then take a supplemental plan to cover the gap. I meet people every day that ask me how I did it, and it comes down to planning and then the discipline to follow "the plan." I wish I'd retired when I was 50, and in retrospect, here are three tips to an early retirement:
1. Eliminate all debt
2. Find a home in an "affordable" area, and pay it off at the earliest date.....Moving around, refinancing an existing mortgage to buy toys or to pay for college, etc. is one sure way to stay in debt forever...Even if it's finding a smaller vacation home that you and the family can move into after retirement would be better than trying to pay for the big house.
3. Stop buying "stuff!" When you look around your house, do you have volumes of things stuffed in closets? Can you actually park two cars in your two car garage? Don't go to Walmart, K-Mart, Target, etc, etc. unless you have to, and if you do, only buy the thing(s) you went into the store to buy.....How many times have you stopped by Walmart to pick up what should have been $20 worth of stuff and ended up with a $98 or $125 bill??....People can go broke saving money!

Plan well, and with discipline, execute your plan.....You will be VERY happy you did!!!

Good luck!! Believe in yourself and say good-bye to the rat race!!! I know you'll LOVE it!!!

Karen

[mrmustang]

I am thinking of quitting my job and building cars full time. I have had a steady flow of cars for about 8 years now. Its tough working a full time job and building cars on the weekends. I end up missing the whole summer, family events work around the house etc.
Would like to hear from others that have ventured out on there own. My Wife carries the medical. I can work from home so there is no additional expense for a shop. My current job pays pretty well, but have not had a pay increase in over 6 years. No real future or hope of moving up. It will also mean a better quality of life for me.
Comments?

Mike,

Get a legal pad and split it down the middle, one side write WANTS, the other side NEEDS, now take a few days and start writing a list in each column. After that, sit down with your wife and discuss what you wrote down. Talk with her and see how she really feels about the idea, as it will affect your relationship. When she is on board 100%, I say go for it. Just keep in mind of the added expenses, such as business insurance (since it is no longer a hobby, but your sole source of income), an accountant (or a Quickbooks), and such. With the loss of your old revenue stream comes risk,and a bit of a belt tightening, whether your wife's income can cover expenses or not, so think about this as well before you leave your current position. While we are on that subject, perhaps leaving your current employer for another might be a better idea, a change of pace, and change of scenery. You never know, if you are a valued employee at your current company, even the simple idea of giving notice that you are out looking for something else might be just the leg up within that you need in order to stay (or you have a bad owner/supervisor who shows you to the door as soon as you say it). You just never know till you try, one way or the other, things always work out.

Sincerely,

Bill S.

[thall818]

Years ago I wanted to do the same. I started bringing car work in and doing weekend work. The work was good and finding work was not a problem. For me, I found myself in the work. What I mean is that by doing that I realized that I don't like working on other people's cars. You see, the shoemaker's kids run barefoot. For me, I couldn't work on my cars until I finished the jobs, so I never got any work done on mine. Today, I have a business that is not car related, and I work on my cars in my free time. My only point is, know thy self.

Next, make sure you have a strong plan. Businesses live and die based more on financial management than anything else. Ever seen a bad body shop that never goes out of business while a good one closes?

So here's a few pointers:

1) Keep uncle Sam happy. If you bill a $1000, don't think you made $1000. Take out Sams money immediately.

2) Don't overpay yourself. If anything, underpay. Even if you are the only employee, keep the business and yourself as separate entities.

3) Do you have the space?? A lot of guys can pay to have their car worked on for 8-10 hours a week. Fewer can pay to have someone working 40 hours a week on their car. So you need multiple cars going a the same time to keep revenue flowing. Do you have the space?

Just a little food for thought. Good luck with whatever you choose.

[riptide motorsport]

I've been doing it for years now, all I can say is I hope you don't mind being alone and sort of left out. I go out to lunch most everyday and run to the parts store for human interaction. My friends tell me how I have it made and are jealous...I however feel sort of lonely, unrewarded and "out of the game". That feeling doesn't last long but it does happen. I'm not married so it'll be easier on you. Grass is always greener.....on the other side of the coin I have great freedoms and am incredibly relaxed. Can go on vacation anytime I want and miss no functions ever.