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Update on the Job Saga!

Heather Dawn

By Heather Dawn
in Career, Money and Education

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Heather Dawn Proficient

Heather Dawn

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Hi everyone. I wanted to update those interested in the latest goings on with my job situation. ICYMI:

 

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So, after a couple of interviews with places (one I didn't get, and one I did but didn't really want), I started thinking about opening my own agency. At the same time, a contact I had at a very prestigious, old, and well-known company asked me to come in to interview for a place on his team and we set it up for the following week.

 

The same day I set up that interview, and after a long conversation with my SO, I decided that my health was suffering too much to continue at my current job - no matter how the upcoming interview might go - and the next day, I gave notice. It felt great, even though my bosses weren't happy with me and thereafter began treating me like furniture.

 

As we started the transition of moving all my accounts over to another account manager, my clients were all very vocal about how unhappy they were that I was leaving. One of them immediately severed ties with my employer saying he didn't believe that my replacement could fill my shoes, and two others started privately telling me that didn't think they'd stay with the agency once I left.

 

A fourth one, who is a bit of a mentor to me, texted me and said that he wanted me to do some freelance projects for him - and when I mentioned my thoughts about starting my own agency, he came back and said that he and the client who had already severed ties with my employer (with whom my mentor is good friends) were interested in possibly investing in my agency if I was serious about it. I was floored. He said that they'd see how I liked working for myself, and after six months to a year, if it had worked out for me and I was sticking with it, they'd want to discuss getting involved. We planned to talk more after Thanksgiving. I also went to the interview mentioned above and felt it went very, very well - which my contact confirmed to me later that day in a text. (I'd met with six different people, individually, because even though the man who would be my boss already wanted me on board, I still had to go through the full interview process.)

 

So that brings us to this week.

 

Yesterday, my contact at the company I interviewed at texted and asked me to send in my references - and they just want client references, which I have a ton of. Then, I met with my mentor who told me, "Forget doing a few projects for me - I want to cut ties with [my former employer] and be your first full-time client. And I think I can get [his friend/my former client] to do the same."

 

So basically, what it's coming down to is a decision - both the job at the major company and running my own agency would require my full-time attention, and I need to choose.

 

The full-time job would require one half-day in the office, and the rest of the week I'd be out visiting clients. My compensation would start with a base pay of what I was making at my former job, with most people in my role making six figures due to sales/renewal bonuses - plus benefits, of course, and various perks. It would be 70% consultative, 30% sales. The company name has major cache and it's been around forever; it's an icon in its field. Oh, and I'd be part of a guild.

 

Starting my own agency would allow me to work from home (or anywhere I wanted) except when I went to see clients. My compensation, at first, would be dramatically reduced; however, with just five clients signed on, I'd be making more than I was at my previous job, and with just seven, I'd be making six figures. And that's assuming all my clients were paying the lowest monthly fees. I'd have to pay for my own health insurance - at least until my SO and I get married, at which point I could go on his - but I'd have no other overhead, and I'd be my own boss. Plus, since I'm in school part-time, this option also means more flexibility for me. (And, in addition, I have another contact who has a company that does commercials for small businesses, and a lot of those clients want/need marketing help - so we're working on a package or referral plan that would essentially allow us to share clients.)

 

My SO is all-in with me doing this (my own agency), which is awesome. I'm a bit panicked at the hit I'll be taking financially - at least the first few months - but if it becomes profitable, it would literally be a dream come true. That said, if the other company offers me the job, it will be really counter-intuitive to turn down a sure thing for a risk...and that's what scares me. At the same time, one doesn't often find themselves in a position to start their own business with a built-in support system of clients and no overhead. And I know that, long term, working for myself will make me much happier.

 

Sooo, that's the latest turn of events.

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melancholy123 Grand Master

melancholy123

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Wow, very interesting and definitely requires a lot of thought. As someone who's had their own biz for just over 20 years I would recommend you start your own biz. The rewards can be wonderful, life is not about making massive amounts of money, tho of course it helps! The satisfaction of starting a business that becomes a success because of your own hard work is akin to nothing else. I do not see a lower income for a few months as that big of a drawback. I have no idea what you do for a living, but it sounds like it can be a great earner and offer many opportunities.

 

The tax advantages of owning your own biz and running it from your home are great. That's something you should learn about if you dont know already. We would never go back to working for someone else. The freedom is another thing we really like. We take an annual winter vacation to Mexico and we can choose when we go and for how long. No boss hanging over our heads is pretty wonderful too

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Ms Darcy Mentor

Ms Darcy

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Well that's all very exciting!

 

I think there are a couple of decision points to think about.

 

1. What are the major risks (say top 3-5 risks) for each option?

2. In three, five, 10 years, where do you see yourself professionally? Which one gets you closer to where you want to be?

3. Which one do you most WANT to do?

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alli Collaborator

alli

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That's so awesome! It looks like things will be going well for you either way!

 

I think Ms. Darcy makes some great points that should help you decide which route you want to pursue. It sounds like you are extremely knowledgeable about your job, but are you sure you are completely aware of everything that is required to run your own business? Do you know anyone else who has taken the same path that you are considering with running your own agency by yourself & could you ask them about the differences between doing your work for a company vs freelance?

 

I only say this because both of my parents run their own business. While it may seem that your schedule will be more flexible (and maybe it will be) that's not the case with either of my parents. My dad rarely takes time off work. Things go downhill fast when he isn't there to manage it (though he has employees to manage). My mom has a business but doesn't employ anyone else, and it is difficult for her to find someone trustworthy & knowledgeable to keep it going when she isn't there. So in both cases (running the business alone or having employees) it is difficult for each of them to ever take more than a day or two off work. What happens if you want to go on vacation for a week? Depending on the nature of the business, you might have to be constantly connected to work while you're trying to get away. And if things come up that you can't manage properly when you are away, there's no one else who can do it for you & you could just get stressed out when you are supposed to be relaxing. Same thing when it's time off for non-vacation reasons. Family emergency, family events, scheduled surgery. Anything that comes up in life that we take time off work to handle.

 

And even though it seems like you can control your own schedule, in some ways you can have even less control over it than when you work for a company. When you're on your own there is no one to turn to who can absorb some of the requirements when things get busy. Also consider if there are other tasks that are normally handled by other employees when you are working for a company that you would now be responsible and how much of your time those will take. And consider if there are additional things you have to do when running your own business. For example, my stepmom will work an entire weekend once a month to do "paperwork" for my dad's company.

 

Another thing to consider is the retirement benefits and if the employer you are considering makes 401K contributions. So not only the difference in income now between each income, but the difference between each option when it comes to retirement. Also, consider the type of health plan the potential employer is offering & if you will still be able to receive it after retiring. I've seen what people pay for some medications on medicare and it's not great. At the same time, it looks like you can very easily have an income that exceeds what you would make working for a company so perhaps from the financial aspect overall you are better off on your own. It would take some analysis of the details to know for sure either way.

 

I've heard that the majority of businesses that people start will ultimately fail so those odds aren't in your favor. Then again, it sounds like you are very good at what you do so you are probably more likely to succeed than the average person. I would also consider reasons that could cause your business to fail despite your capabilities. What situations could arise that could cause your potential clients to not need or want you anymore? For example, technology that could allow them to handle things themselves or a competitor entering the area who can do the same things you do, but cheaper.

 

Anyway you can probably tell that I'm not the entrepreneurial type and I would lean away from running my own business. But I'm not a risk taker. Plenty of people are and they see greater success with greater risk. Just some things to consider!

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catfeeder Grand Master

catfeeder

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Would it be possible to notify the company with whom you're mid-interview that you've accepted investors to go freelance and would like to invite their business in that capacity rather than as an employee?

 

Then you could have ALL the cake!

 

Thrilled for you, HD. I hope you'll keep us posted.

 

Cheers!

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WithLove Grand Master

WithLove

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Heather, I don't have anything I could add that will help you, because I have no expertise when it comes to owning a business. (Except, having an alcoholic parent that owns his own business too and chooses to deal with work stress by drinking out at bars instead of spending time at home, all I can press upon you is - don't do that, lol.) But I just wanted to say Congratulations on taking this next step in your career and I know you'll pick what's best for you. Personally, I think it'll be really difficult to come by another opportunity like this to start your own business, whereas you seem capable enough to always have options open for positions with other companies.

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Heather Dawn Proficient

Heather Dawn

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Thanks so much everyone!

 

1. What are the major risks (say top 3-5 risks) for each option?

2. In three, five, 10 years, where do you see yourself professionally? Which one gets you closer to where you want to be?

3. Which one do you most WANT to do?

 

Great questions, Ms. D!

 

1. Honestly, I'm not sure the job with the large company has any risks, per se. Starting my own agency has all the risks that come with going into business for one's self. It could be a huge success, or it could fail. And that's scary. But...at the time same...if I don't try, I'll automatically fail at it. And, on the upside, it's not like it will appear as a gap on my resume, so I'll be able to get a job working for someone else again if this doesn't work out. And at least I'll always know I tried. So, really, I guess there IS a risk with the other job - the risk of always feeling like I might've missed out on something amazing.

 

2. My end goal has always been to be my own boss and have my own marketing/consulting agency.

 

3. If all things were equal, and I stripped away any fears or doubts, then starting my own agency, for sure.

 

Catfeeder, great idea but the other job wouldn't necessarily fit as a client - though we could definitely refer clients to one another, as it's in the same vertical and the two services are complimentary but not competitive.

 

Alli, all are good points. My cousin has been running his own business for 25 years, and has given me the info for his financial guru who can help me figure out retirement funds and such because I've definitely considered that. As far as insurance, it's tricky - I'll either do Cobra at $700 a pop, or Obamacare (which started here in MA) and buy a plan - whichever ends up cheaper - until I can join my SO's insurance via his job.

 

As for flexibility, time off, etc. - again, all good points and ones I've considered. I have someone who can help when I'm away - she's a friend and graphic designer who will be doing contract work for me, and I know she'd jump in and handle any necessary items while I'm away. I plan to only take on 5-7 clients, also, because I want to keep it manageable for myself (and to stay boutique), unless I get to a point where I feel the need to start hiring people to help out.

 

The bottom line, for me, as terrified as I am to do this, is that this is a dream staring me in the face. I worked hard to get to this place and I just don't think I could look myself in the mirror if I don't at least try. And with my SO being so incredibly supportive (which is very important to me), I just think it's time. If it goes up in flames, at least I will have had the experience!

 

By the way, I just got my first signed contract. Client #1 is official!

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Heather Dawn Proficient

Heather Dawn

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Well, the company I interviewed with has extended an offer...and I'm turning it down. As my SO said, there will be other job offers in the future if I need them, but there may never be another right time to try and open my own agency. So, that's what I'm doing. I'm TERRIFIED, but it's the right thing to do.

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Heather Dawn Proficient

Heather Dawn

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This is crazy. The company whose offer I turned down emailed me and said that they totally understood, but would like to meet with me again to see if we can figure out a way to work together in some capacity even with my new business endeavor, because they really felt that their company and I would be a great fit. WHAT??

 

That this huge company is THAT excited about me that they want to figure something out in order to work with me some how is BEYOND flattering and exciting.

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catfeeder Grand Master

catfeeder

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This is crazy. The company whose offer I turned down emailed me and said that they totally understood, but would like to meet with me again to see if we can figure out a way to work together in some capacity even with my new business endeavor, because they really felt that their company and I would be a great fit. WHAT??

 

That this huge company is THAT excited about me that they want to figure something out in order to work with me some how is BEYOND flattering and exciting.

 

YES! You DO get to have all the cake!

 

Uhm....can I work for you?

 

Love,

Cat

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Heather Dawn Proficient

Heather Dawn

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Wow! Best wishes on a smooth pregnancy!

 

Thank you!! I am BEYOND excited - just trying to stay calm until my first u/s on Jan 4th.

 

wooo! bun in the oven!

 

Yup!

 

Congrats and best wishes!

 

Thank you!!

 

Hah! CongrAts, HD!

 

You switched from eating cake to baking buns.

 

Hahaha, sure did! Though I suspect there will be some cake-eating too! LOL Thank you!!

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