What should I quit my job and go back to school for or start my own business????

AlwayzRight · Jan 9, 2009

Long story short, 29 years with a bachelors degree in Sport Management(I know I should have majored in some else) but have worked in the transportation industry for 6 years now. I absolutely HATE it and need to do something different now or I am going to lose my FUCKING mind. I have applied for a ton of jobs but can't even get an interview. Anyways I have been thinking about quiting my job and going back to school or starting my own business doing something. I am hesitant because im already 29 and still have 44K in student loans. What majors out there are you guaranteed to make some decent money (50K+) right out of school with plenty of jobs available????? I have also have been thinking hard about starting my own business instead of going back to school.

Any opinions or suggestions? Anybody have any experience with a situation like this?

bigtendominator · Jan 9, 2009

AlwayzRight said:
Long story short, 29 years with a bachelors degree in Sport Management(I know I should have majored in some else) but have worked in the transportation industry for 6 years now. I absolutely HATE it and need to do something different now or I am going to lose my FUCKING mind. I have applied for a ton of jobs but can't even get an interview. Anyways I have been thinking about quiting my job and going back to school or starting my own business doing something. I am hesitant because im already 29 and still have 44K in student loans. What majors out there are you guaranteed to make some decent money (50K+) right out of school with plenty of jobs available????? I have also have been thinking hard about starting my own business instead of going back to school.

Any opinions or suggestions? Anybody have any experience with a situation like this?

I would really look strongly at what you are planning on going back to school for. I am 33 and considered going to Law or MBA school, but have recently decided against both after speaking with numerous grads who have said, they don't necessarily think it is worth the ROI.

I was laid off in October and barely can get an interview. i would recommend staying your job until you can find another. It is really frustrating right now.

barman · Jan 9, 2009

As someone who left full time employment at age 24 to open my own lawn & garden service I heartily endorse self-employment.

I further recommend service oriented businesses because if you're willing to learn how to do things others don't want to (or cannot) do for themselves, you'll always be able to find work.

I do believe that such a move only be done in a population center of at least 250,000. That large a population is needed to help ensure that you'll always find work if you're sufficiently enterprising, honest and dependable.

After just a couple years learning how to do your service job in dependable fashion, you'll be able to gradually increase your per hour charge. Additionally, if you have decent organizational and management skills, you'll be able to recruit people to help you do the jobs and you can further increase your income through the difference in what you pay them and what you charge for their man-hours.

In short, I'll submit that within four years you can become pretty much an expert on at least one, and likely several areas of personal service and if you demonstrate sufficient enterprise and dependability, you'll enjoy an income equal or superior to most any other profession for which you might invest a similar four years in via obtaining a university degree.

Best of all, you'll be the boss and as you move into your fifth year and beyond, you will have the option of expanding your operation wider if so desired.

Finally, if you're not fully confident to start a service oriented business on your own, I suggest finding someone else who is doing the type of work and offer to go to work for them in an apprentice fashion. This may mean working for a lesser wage ($10-15 an hour range), but if they have a decent operation, the education you'll receive in how to do the job(s), deal with the customers and how to obtain new business will more than compensate for the lower wage.

AlwayzRight · Jan 9, 2009

Thanks for the advice barman. A service oriented business is exactly what I have been thinking of starting.

barman · Jan 9, 2009

I can't help but reemphasize the urgency of relocating to a larger population center if you happen to currently be living somewhere with anything less than 250,000 people (a half million is even better).

The further south the better as well in the event you want to operate any business that might involve either outside work or above average driving miles.

If you have a good work ethic, are willing to honestly deliver a good service, even if it's rudimentary work in the first couple years, it's pretty damn hard not to be working full time if you have a population of 250,000+ from which to attract work.

I believe that a major obstacle for many well-intentioned people who want to be self-employed is that they either stubbornly or unwittingly refuse to relocate from a place with under 250,000 people.

(Note that I would define a "population center" as having the core population - in this case 250K or more - within a 50 mile diameter)

Places with less people in that tight a range cause you to face increased competition from other enterprising business owners. It's not that a business cannot thrive in smaller population bases. I submit it's simply much more difficult for a NEW business to thrive.

barman · Jan 9, 2009

ARIGHT, didn't realize you were keeping the candle burning this late.

I'll close for the moment within the emphasis of relocating to a more populous area by acknowledging that such a relocation is not itself without challenges. But it's so important that if neccesary, it should take first place on your To Do list of changes. Even if one makes the move to a more populated area and takes a full time job as an employee (and maybe not for the greatest money) for first six to twelve months, it's the way to go. And as you learn about your new home area, you'll be even better able to open your business venture.

barman · Jan 9, 2009

Oh and returning more to the nuts and bolts of Why self employment in a service oriented business....

People of all stripes are willing to pay the most amazing amounts of money to someone who is good at the job, who is honest in their delivery and who has a good attitude about the work.

While the first few years may call for one to offer their services at lower rates or discounted charges, that soon changes.

As you gain confidence in your abilities, you can easily and honestly ask for and get $20, 25, 30 and more per hour. $25 per hour is equal to $50,000 for a 40 hour week.

And of course as you gain confidence in doing the job, you'll also become more confident about selling bigger jobs, hiring a couple people to help you, honestly charging $25 per hour for all three of you and paying the helpers each $10-15 range with you keeping the margin.

aiggght...that's my 20 minute rant on Why Self Employment Beats a Life of Employeeism

I'm happy to discuss further via PM/email for anyone sincerely seeking practical ideas.

AlwayzRight · Jan 9, 2009

I am currently in Des Moines, Iowa. It is a 500,000 to almost 600, 0000 population area. Barman any opinion on what are some of the BEST and quickest service oriented businesses to start? You said that you are in the landscaping and gardening business but as soon as winter hits that industry dies here. It seems that there is also ALOT of competition around here for something like this also. Also do you have any opinion on what the average startup cost would be for some of these businesses?

homedawg · Jan 9, 2009

be ready to have a nice chunk of coin set aside if starting your own business. this whole land of opportunity thing is a bunch of bullshit. unless you have a nice stash put away you can pretty much forget about it. you will get taxed, juiced, and screwed in any and everything when starting up. every step you take will cost you some good money. before you know it your paying for things you never would have thought of before. everything has a cost from the attorney you have file your llc or whatever you chose, to the sales tax on the equipment. i purchased a business from an older woman 2 years ago and couldn't be happier. it was a well established business so it was pretty much just hand over the key and the place was running smoothly, but the cost of finally getting the key was almost double of what i thought going in. all i am saying is be prepared to spend a lot of money you don't necessarily think you will have to. also have to consider the times. my business is down about 7 - 8 % from previous years. make sure you have something that is recession proof, even though that is harder than it sounds.

GL

bigbet1234 · Jan 9, 2009

I always chuckle when someone says they are going to quit their job and start their own business.

If it were me, I would not do either, school or start your own business. The economy is not right for a start up.

If insist on doing a start up, make it something you know inside and out and be ready for LONG hours and like homedawg said, best have a nice stack of benji's laying around, that if lost, you can continue on

Start up are tough and most fail.

IMO, college is a waste of time, I went that route and it did nothing for me but cost me money

GL

VIEJODINOSAUR · Jan 9, 2009

You are still young enought to do anything you want...follow what your heart says and don't be afraid to fail...good luck

Proman · Jan 9, 2009

Pursue a nursing career. Despite the recession, there is a nursing shortage. You can make decent money immediately after completing school with little or no experience.

kingbill · Jan 9, 2009

First figure out what you would do for free and then figure out how to make money from it.

bigbet1234 · Jan 9, 2009

Great advice.

Following your heart, gut, whatever will get you on a road to know where

kingbill said:
First figure out what you would do for free and then figure out how to make money from it.

cdsmoney · Jan 9, 2009

Proman said:
Pursue a nursing career. Despite the recession, there is a nursing shortage. You can make decent money immediately after completing school with little or no experience.

If you really are giving thought to leaving a current job (bad idea in this environment, IMO), I would also endorse this. Given your background in Sports Management you might even consider specializing in physical therapy. As this population continues to age and live longer, healthcare is almost immune to any downturn and is currently in a severe shortage (projected to become even more severe).

The downside - while getting your LPN (shouldn't take much more than a year to year and a half depending on how much time you can devote to it (18-21 credit hours per semester and can typically be done at any decent community college), you'll likely be performing more general labor (with a healthcare twist). But, upon getting your RN, even this will shift. Long-term (if you don't mind a bit of extra schooling and after a few years in cardiac) consider becoming a Nurse Aenesthestist.

RazorBurn · Jan 9, 2009

I would suggest starting your own business if you find something your passionate about. There is nothing better than being your own boss. Thats what I keep hearing.
I'm in your same position just a little further along in my quest. I just turned 30 and I am about to launch my company full time in February. Pretty much in the same industry as Barman. My company is a Turf Care company doing fertilizer and pesticide programs and consulting for residential, commercial, and athletic fields.
I'm enjoying having the control over an entity such as this rather than working for the man. And I am actually enjoying the process and steps of starting my own business. Now shelling out all the money to get it started is not fun, but I am lucky to have networked enough early in my career to have some good help around me.
Good luck in your venture!

homedawg · Jan 9, 2009

HokieSkins said:
I would suggest starting your own business if you find something your passionate about. There is nothing better than being your own boss. Thats what I keep hearing.
I'm in your same position just a little further along in my quest. I just turned 30 and I am about to launch my company full time in February. Pretty much in the same industry as Barman. My company is a Turf Care company doing fertilizer and pesticide programs and consulting for residential, commercial, and athletic fields.
I'm enjoying having the control over an entity such as this rather than working for the man. And I am actually enjoying the process and steps of starting my own business. Now shelling out all the money to get it started is not fun, but I am lucky to have networked enough early in my career to have some good help around me.
Good luck in your venture!

oh don't get me wrong once you reach the point where the process is complete and you are ready to roll there is nothing better. i remember thinking back 5 years ago dreading having to wake up and go to work everyday in my business suit. it was such a depressing time. i really didn't enjoy life. Now things are completely different. My nights are far less depressing and I don't mind one bit going in and putting hours in at my shop. i have one of the easiest jobs in the world where the business pretty much runs itself. i look at hot girls everyday, and cap games when the money rolls in. all my friends are envious of what I do, and I would be too if I were in their position. All I was saying is getting to that point is a little bit harder than people may think. It is extremely costly and unless you have some free money to spend it could be crippling from a financial sense. Just make sure you finances are straight and make sure it is an area where you will have a steady cash flow and GL

In2Win · Jan 9, 2009

I also have a bachelors in sports management, unfortunately it seems like jobs are far from plenty in the field. Makes me wish I would have choose a different career path but at least I got that degree.

I currently have a sales job that I really enjoy so I just wanted to let you know that there are jobs out there, you just have to strive to find the right one. I will assure you that it is not fun at all especially finding one during times like this, but keep at it and you will find what your looking for.

Good Luck

SSI · Jan 9, 2009

i own a convenience store...

been my own boss for 13yrs, havent regretted it yet...

SSI · Jan 9, 2009

nothing new..

sales are off about 30% overall for me.... probably the norm for most things..

What should I quit my job and go back to school for or start my own business????

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