Taz786

Hi,

I am stuck between continuing with employment or starting my own business. I'm currently mid management but progressing well considering my age.

My dilemma is I am saving an amount of money at the moment and don't have the stress which comes along with your own business. But than again, it's just me and the wife (no kids yet) and not sure what monthly saving threshold would make it a stupid idea to leave a comfortable job and take the risk of your own business. What would be the minimum monthly saving you would like to generate before you may consider doing your own thing?

Hope the above makes sense. Would like to know others opinion. Thanks

Miss Ann Thrope

I think if you look at it from a security versus risk perspective then the steady job will always win out However, people are probably not that good at really estimating the genuine "security" of their current job.

If you have a good idea and something you are passionate about and access to adequate funding (and understand the critical importance of cashflow and that you will need much more cash than you think) then you will always regret not trying your own business. It's not that cheap or easy to set up in this region anyway, even in Dubai.

Millhouse

that's the key bit. If you have that you won't care about the rest and you'll make a success of it. If you don't have it, you'll fail.

Taz786

Great points. I am considering continuing employment for now as its good money and low risk. Plus it gives me a chance to save even more money (as you stated, it will cost more than planned).

And than I can launch my own business if its the right time in my life.

With regards to being passionate, I like my idea but don't know how to measure how passionate you are to it

Bahtatboy

This is an excellent read. Even in you're not going the consultancy route it's still valuable.

https://www.amazon.co.uk/d/Books/Sta...me+consultancy

Miss Ann Thrope

Did it help you decide, one way or the other? Or did it reinforce what you had already suspected about your underlying preference?

jam25mack

For me the most important thing is that if you are going to start up on your own then you should have all your ducks lined up when you do quit, and if possible a Client or two so that there isn't drop in income.

I've seen a few people here quit their jobs to start a business only for us to then to discover they haven't even done a business plan, haven't scoped the market etc etc

Bahtatboy

I'd already made the decision, and it helped with things as I transitioned. But I'm back now as an employee, for a variety of reasons.

Bahtatboy

Those are two of the central themes of the book.

Irishbeekeeper

Ive been my own boss for almost 20 years now
and out of that 6 years here
I dont think I can ever work for anyone, I actually tried working before that for different people but was told that I try and control things too much for an office environment
It didnt make any sense then but now it does
So my vote would be to always work for yourself, life is easier that way, but having said that, right now, in this current atmosphere, it is a bad idea to invest in anything here in this country / region. Now is the time to consolidate. Those already here with businesses are ok I guess (also barely) but definitely not the time to invest further.

Taz786

@Jam25Mack - You're right about being organised with starting your own business.

@ Irishbeekeeper - Thanks for your advice. I have decided to put my business idea on hold for the short term as I need to work on my own personal life. I don't want too many big changes occurring in my life at the same time. Plus would like my personal life to be steady as starting a new business will be like riding a tidal wave.

IKnowNothing

I'm now in the process of setting up my second business in the UAE, i sold my share in the first one, it taught me a lot of lessons, it's a lot easier doing business in the West, at least you have some legal protection, whereas here, if the customer (especially government) don't pay you can't do a thing about it, don't think your contract means anything - they'll hammer you to keep to your side of it, and then totally ignore their side of the agreement.

My second is more b to c and relatively small cost (1,000s not 1,000,000s of dirhams per transaction), so hopefully it will be better.

You do need to be passionate, you do need to offer something that isn't a "me too", but an "I need that" (not want, need).

And be prepared to be broke at first.

Mark callaway

Working for your own business is always the best and you will earn a lot of profits if your goal is to satisfy people's needs not the profits (that is how continuous successful business still working like that like Microsoft, Samsung, IBM, Facebook, Google, etc).

At the beginning, you will not earn a lot, you may think you lose, but after a while of working hard and smart, it will pay off, the only challenge will be how to manage the stress of being afraid of not earning anything, but once you overcome this, you will be very rich in a short time if your business spread quickly.

sicklyman

Bahrain has recently allowed expats to sponsor themselves as self-employed, i believe. Don't know much about it as it's not something I'm considering but it does involve leaving a considerable "deposit" in a Bahraini bank for the duration of the business.

Fewer local opportunities maybe in Bahrain than in, say, the UAE but amazingly easy to network and a more economical base to set up perhaps, particularly for a business that might cover the entire Gulf.

But, what do I know!?

Taz786

@IKnowNothing - A similar business owner told me the same thing yesterday. That there is alot of small costs which you need to consider and it's not as easy anymore. He suggested, if it was 2005, he would have suggested to start your own business as there was money to be made. Not anymore.

@ Mark Callaway - Valid point and I am not sure if I am strong enough to lose money initially.

Overall, my views haven't changed since my previous post and don't think my own business is right for me at the moment. Plus the point above on trying to provide a need than a want is something I need to consider carefully.

Thanks all for your feedback. Much appreciated.