How many months would you need to figure out if you can make a profitable business that provides sufficient income? How many months do you think it would take you to find a job again if the maker approach doesn’t work out? Add those two numbers together, and multiply that by your monthly living costs. That’s how much savings you’d need to give a good try.
Work towards saving up that amount of money at a minimum. If you can lower your monthly living expenses you’ll get there quicker.
Going full-time on your own project sounds wonderful and it is. But just because you now got 40+ hours a week available to spend on your product doesn’t mean those will all be productive. Often the few hours a week people spend on the side of their main job are relatively much higher impact. So you might be disappointed by what change going full time might have. It could also be the opposite. Some people are so exhausted working their main job, they have little energy left for their side project. My main point is this: you don’t really know what it will be like to go full time on your own project. So plan accordingly.
Personally I wouldn’t leave a steady paycheck until I know my own project can cover all my living expenses with a decent margin. So I’d probably start searching for a different job where I have some free time for my own project + where I learn stuff I can apply to my own product. It sounds like your current job is not a good fit.
I never had a regular job. And I’m grateful for the other opportunities I got. But I do sometimes feel I missed out on learning from others. And learning how businesses work from the inside. So that’s a perspective that might be useful for you. If you can find the right (temporary) job that should help you grow as a person/maker.
@marc the 4th point is on point. I think my current job is very different. When I compare it to what I'm trying to do. I think I have to find something related to web development.
Also, you are right, The things which I learned from the security field are good. And I want to make some products for that field. I want to find one job, where I can do dev. So I can start learning in the day job and apply the same on to my side projects.
If I want to go again full-time for a job. It hardly talks 2-3 months I guess
How many months would you need to figure out if you can make a profitable business that provides sufficient income?
For this point, I really don't know what will work. I have to do a hit and try.
How many months would you need to figure out if you can make a profitable business that provides sufficient income?
It really depends on how fast you ship. For example maybe on average it takes about 20 tries to find a product idea that works for you. So if you can ship really fast and try a new product once a week, then it would take 20 weeks. If it takes you a month to try a new idea, then it will take 20 months, etc.
Personally I'd probably want about 6 months to try a bunch of different ideas, find something that works, and then grow it to a point where it covers my living expenses.
Haha. Living expenses in Thailand can vary greatly depending on what you want. Not sure what a minimum would be, but you shouldn't be too hard to figure out by checking Airbnb prices etc.
Keep in mind though depending on your passport you can only stay a limited time in Thailand.
Great question. I have a couple of thoughts:
How many months would you need to figure out if you can make a profitable business that provides sufficient income? How many months do you think it would take you to find a job again if the maker approach doesn’t work out? Add those two numbers together, and multiply that by your monthly living costs. That’s how much savings you’d need to give a good try.
Work towards saving up that amount of money at a minimum. If you can lower your monthly living expenses you’ll get there quicker.
Going full-time on your own project sounds wonderful and it is. But just because you now got 40+ hours a week available to spend on your product doesn’t mean those will all be productive. Often the few hours a week people spend on the side of their main job are relatively much higher impact. So you might be disappointed by what change going full time might have. It could also be the opposite. Some people are so exhausted working their main job, they have little energy left for their side project. My main point is this: you don’t really know what it will be like to go full time on your own project. So plan accordingly.
Personally I wouldn’t leave a steady paycheck until I know my own project can cover all my living expenses with a decent margin. So I’d probably start searching for a different job where I have some free time for my own project + where I learn stuff I can apply to my own product. It sounds like your current job is not a good fit.
I never had a regular job. And I’m grateful for the other opportunities I got. But I do sometimes feel I missed out on learning from others. And learning how businesses work from the inside. So that’s a perspective that might be useful for you. If you can find the right (temporary) job that should help you grow as a person/maker.
@marc the 4th point is on point. I think my current job is very different. When I compare it to what I'm trying to do. I think I have to find something related to web development.
Also, you are right, The things which I learned from the security field are good. And I want to make some products for that field. I want to find one job, where I can do dev. So I can start learning in the day job and apply the same on to my side projects.
If I want to go again full-time for a job. It hardly talks 2-3 months I guess
How many months would you need to figure out if you can make a profitable business that provides sufficient income?
For this point, I really don't know what will work. I have to do a hit and try.
Also, Thanks for your input.
It really depends on how fast you ship. For example maybe on average it takes about 20 tries to find a product idea that works for you. So if you can ship really fast and try a new product once a week, then it would take 20 weeks. If it takes you a month to try a new idea, then it will take 20 months, etc.
Personally I'd probably want about 6 months to try a bunch of different ideas, find something that works, and then grow it to a point where it covers my living expenses.
@marc Maybe I'll come to Thailand and start shipping. :D
@marc by the way how much money do I need if I want to survive for 6mnth in Thailand?
Haha. Living expenses in Thailand can vary greatly depending on what you want. Not sure what a minimum would be, but you shouldn't be too hard to figure out by checking Airbnb prices etc.
Keep in mind though depending on your passport you can only stay a limited time in Thailand.