Considering a career change

[expos]

Man, I haven't posted on this site in ages. Good to be back. Let's start off by saying that I got married around two years ago. Wife is fantastic and we just had our first baby. Things are pretty good....except....

I'll be hitting age 38 in a few days and I'm feeling the itch to do something different with my life but I'm not exactly sure what that is. For nearly 20 years, I've sat at a desk and cranked out code and design. I'm currently reporting to a boss I really like, but I feel that my career is sort of at a dead end in terms of promotions and I'm not exactly enthusiastic about the content I'm working with. In addition, my commute is a hour each day and I might be on the chopping block next as our company has made some big cuts in the past two years.

As a Senior Art Director at a Fortune 300 company, my current salary is $104K per year with bonuses around $4-5K annually. I live well, but not exactly a baller lifestyle because we live in a really snobby town full of hedge fund drones, doctors, CEO's, and the homes are overpriced.

My wife, age 41, is in a good financial place at $102K per year with 15K bonus. She is dissatisfied with her job (dislikes her boss, lots of downsizing as well) and is looking to move to a different part of her company which would require relocation....thus I would have to quit my current job going from $108K per year to possibly nothing which is really depressing.

I've thought about going rogue and starting my own company dealing with Data Visualization, Data Art, and Infographics. I feel like my design skills are good enough to draw clients and I'm a fast learner when it comes to code, trends, etc. Part of it is ego thing too. I'm tired of working with people who disrespect me and think I could do a better job if I called the shots instead taking orders from a ***** 10 years younger than me on collaborative projects.

So, has anyone here really, truly done a Startup? I just don't know where to start....let's open the discussion.

 

[stovepipe]

Seems like you and the wifey are doing very well for yourselves. You also sounds like an entrepreneur, a perfect candidate to start a new venture. One must have the right mindset and you my friend seem to have it. I started an eCommerce biz many years ago. Had a good run, then competition started to flood the market which eventually crushed me. Now I'm your age with no career and no idea what my I want to do. Never went to college, always hustled my whole life, buying and selling things to stay a float till I can figure things out. Sometimes you gotta take chances in life. If you think you're able to get clients, I'd say that's the hardest part. Go for it!

 

[playa99]

I set up a consulting business in 2010 with my Dad. We did this with literally zero funds & whilst it hasn't been a huge success, I earn a decent living out of it & have learnt many invaluable lessons. I am currently in the process of setting up a 2nd & 3rd company taking into account these lessons learnt, which I will detail below:

1: If you are moving to a new area, network as much as possible.
2: Always be willing to walk away from a client.
3: In your game, get 50% of fees upfront, no exceptions.
4: Make the business about the service you offer, not you.
5: What makes you different from every other coder out there?
6: Really think about your pricing, how long will it take you to get an end product? How much do you need to charge factoring in ALL costs? Break it down & don't leave anything out.
7: Factor in how much time it will take you to solicit new business.

I could divulge more, but those are the basic principles I would work off given your situation. I am no expert when it comes to the legal structure of setting a company in the US, so I can't advise you there.

If you want more info, shoot me a PM!

 

[speed dawg]

Man, I haven't posted on this site in ages. Good to be back. Let's start off by saying that I got married around two years ago. Wife is fantastic and we just had our first baby. Things are pretty good....except....

I'll be hitting age 38 in a few days and I'm feeling the itch to do something different with my life but I'm not exactly sure what that is. For nearly 20 years, I've sat at a desk and cranked out code and design. I'm currently reporting to a boss I really like, but I feel that my career is sort of at a dead end in terms of promotions and I'm not exactly enthusiastic about the content I'm working with. In addition, my commute is a hour each day and I might be on the chopping block next as our company has made some big cuts in the past two years.

As a Senior Art Director at a Fortune 300 company, my current salary is $104K per year with bonuses around $4-5K annually. I live well, but not exactly a baller lifestyle because we live in a really snobby town full of hedge fund drones, doctors, CEO's, and the homes are overpriced.

My wife, age 41, is in a good financial place at $102K per year with 15K bonus. She is dissatisfied with her job (dislikes her boss, lots of downsizing as well) and is looking to move to a different part of her company which would require relocation....thus I would have to quit my current job going from $108K per year to possibly nothing which is really depressing.

I've thought about going rogue and starting my own company dealing with Data Visualization, Data Art, and Infographics. I feel like my design skills are good enough to draw clients and I'm a fast learner when it comes to code, trends, etc. Part of it is ego thing too. I'm tired of working with people who disrespect me and think I could do a better job if I called the shots instead taking orders from a ***** 10 years younger than me on collaborative projects.

So, has anyone here really, truly done a Startup? I just don't know where to start....let's open the discussion.

What's your financial situation? Do you have assets? Do you have any money saved? If I'm you, and both of you guys are making 6 figures, I'd just stash as much money away as possible and become free for the time being. Stop worrying about being a baller.

As far as being on the chopping block, I'd wait until that happens before I worry about it. If it does, use that desperation to form your business idea.