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Ask HN: Get a job or double down on my own business?

2 points by ethicalsmacker ↗ HN
Currently my business (6+ years running) makes good money, but the economy is clearly impacting it. To the point where I wonder if it's best to get a full time job to do along side my business, or focus and double down the business as I have been.

Anyone else in this situation? Is now a terrible time to get a job? Better off weathering the storm and coming out the other end better off?

8 comments

[ 2.9 ms ] story [ 34.3 ms ] thread
spotman
If you are open to sharing, what is your business?

Otherwise, "it depends"... If you get a job, you can also be laid off.

But if you are able to get a job, while also keeping your business going, this seems to be the best way to financially insulate yourself - as long as you don't let your business actually stagnate too badly, which will only make the economic environment likely impact it more.

the88doctor
It's impossible to give you any useful advice without knowing more about your situation. What type of business do you have? Does the "impact" of the economy on your business mean a 5% hit to profit or a 50% hit? How much of a hit could your annual profit take and for how many years before you wouldn't be able to keep paying for your lifestyle? What are your skills / what kind of job role would you potentially qualify for? The answer to each of those questions will have a significant impact on what your best course of future action is.
waboremo
Depends on impact and depends how easily you can get a full time job.

I hate to be the one to break it to you but a lot of places aren’t hiring like they used to.

So crunch the numbers, can you support yourself if it’s going to take 8+ months of hiring rounds? Can your business be put on maintenance and still produce income or is it full hands on? List goes on and only you know the numbers required to make a decision.

Good luck, tough times all around.

KomoD
Too little info, no info about what the business is, or how much "good money" is, etc.
majestic5762
Get a job, stay sharp. You already have some income. Start a new business while employed if necessary.
leros
If your business is making good money, I would assume you have an idea that X amount of work could yield Y amount of growth. For example, if you've been able to grow a business to $100k, surely you can keep growing to $200k or $500k with the right strategy/team.

Is that position you're in? Or are you bleeding money and barely scraping by?

JaDogg
Why not put your wife/husband/partner to a full time job? and get stability through them.
quickthrower2
Not enough information. Maybe write yourself a full report on both options, pros and cons. Look at your expenses, how much you need to live, different scenarios of income.

It may not be easy to just get a job if you are out of practice in the art of cvs, interviews etc. So you could apply to some jobs to test the market.