Get a loan to quit job

Soozehound

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Has anyone ever been tempted to get a loan or if able to save, save up and quit their job for a shot at creating their own business or working for themselves?

I just think it's because I'm rubbish at "work" some people can manage and I do, because I have to, but find I can't stick with jobs long before it takes a huge toll on my mental health and I'm crying, losing sleep and stressing about it 99% of the time. Then I look to move jobs, and the cycle starts again, fed up really.
Every day I have a new small business idea, but they never get far in-between my actual job and stressing!!! Lol
 
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Jon

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I would say a LOT of people with small business ideas get a loan at the start to help bankroll it - for those that don't maybe their PAYE jobs fund it at the start to help give them a buffer.

Some people do well at being an employee, some people do better at running a business and just being in charge of themselves. I would say though don't think that being self employed doesn't come with it's own stresses as well!
 
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Soozehound

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Thanks Jon,

It's frustrating as I am alright with dealing with stress, outside of work I seem to have a knack for dealing with crisis' and efficiency. At work as an employee at least it almost feels impossible and worse when management gets involved, I do think it'd be better for me. But I'm sure you know, the initial leap is a bit much. I might look for a part time PAYE.. then at least its not all or nothing.
 

Jon

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Thanks Jon,

It's frustrating as I am alright with dealing with stress, outside of work I seem to have a knack for dealing with crisis' and efficiency. At work as an employee at least it almost feels impossible and worse when management gets involved, I do think it'd be better for me. But I'm sure you know, the initial leap is a bit much. I might look for a part time PAYE.. then at least its not all or nothing.
When i made the leap out of employment i dropped down from 5 days a week to 4 for a year and THEN when i was comfortable everything was heading in the right direction i handed my notice in at work
 
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Soozehound

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When i made the leap out of employment i dropped down from 5 days a week to 4 for a year and THEN when i was comfortable everything was heading in the right direction i handed my notice in at work
I remember you posting on here that you'd taken the plunge, well done. Hope everything still going well for you!
 

Jon

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I remember you posting on here that you'd taken the plunge, well done. Hope everything still going well for you!
I would say if you are deeply unhappy being in employment then start making plans to get out of it BUT accept the risk as well

I always told myself at ABSOLUTE WORST CASE I can just go back into employment again if everything goes wrong!
 

katykicker

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I personally would say that getting a loan out for this, if it is in your own name rather than for a limited company for example, is risky. I would suggest that you look to start side hustling, saving from that, and perhaps look to work part time before you rely on self-employment. That is what most of us did.

If you have a partner to rely on to pay your share of bills then obviously that can be beneficial if things go wrong.

I've been in your position with regards to employment before, and went from full-time, to part-time, and then cut down from there. I also had an emergency fund before I went into sole self-employment. Not necessarily what you want to hear I know but most people have some hours to spare to work on side-hustles outside of a full-time job.
 

MikesBush

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Considering a loan to make a career change or start a business can be tempting. It's a bold move that could pay off big time if you're passionate about your business ideas.
But here's a thought: when I urgently needed cash to chase my own dreams, I explored personal loans for bad credit. They gave me the financial push I needed without the hassle of traditional lenders. I found a handy site, https://www.everyday-loans.co.uk/personal-loans/, that worked for me.
Just remember, starting a business is no walk in the park. It's a rollercoaster ride with its ups and downs.
 
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