Quit small business for new job?
I’ve had my own small business for a while. I love what I’m doing, but things aren’t going very well right now. On top of that, I’m committed to $14,000 in advertising over the next 12 months. Recently, I got a job offer from a company that would pay me twice what I’m making now. I’m not sure what to do.
Dear Dave,
I've had my own small business for a while. I love what I'm doing, but things aren't going very well right now. On top of that, I'm committed to $14,000 in advertising over the next 12 months. Recently, I got a job offer from a company that would pay me twice what I'm making now. I'm not sure what to do.
Rich
Dear Rich,
It's very important to keep your options open right now. If you completely close your business, you'll be giving up your customers. I'm not sure I'd do that, especially when you know so little about the new job you've been offered.
I'd suggest trying this new job, but keep a few of your customers and see if you can do the work on weekends. This would help cover some, if not all, of your business debt and keep some money rolling in if the new job doesn't work out.
If you find that you like this new job, then you've got a great income plus something you like doing on weekends that pays. And, if you keep your business open — even on a small scale — there's always a chance it will begin to grow and give you the opportunity to jump back into it full-time again!
-Dave
Dave Ramsey is America's trusted voice on money and business. He's authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money Smart Kids and is out now. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.