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22 Comments

Gave up a large salary to bootstrap my own business

Firstly, I'd like to say that I am very grateful to even have the ability to contemplate leaving a big fancy titled job and salary. This is a very good problem to have as there are many more problems people face than being unhappy with their job. I am grateful for my opportunities and for the life I've lived so far.

That aside, I found myself miserable every day, and cranky, hating the work I was doing. I had zero motivation to get out of bed each morning and go into the office (back when we were doing such things). But I managed to force myself up each day and go to work. One day, I was acting in a manner that I find unacceptable: cranky, short-tempered, and not treating others the way I wanted to be treating others. It made me stop to think, why am I acting this way? What is wrong with how I'm feeling that I am not behaving in a manner consistent with my core values?

I started to think about where I've been, and what I was currently doing. I went from helping to build and grow a small company to being thrust into a large, multinational corporation after an acquisition. When I was first hired on to that small company it was a blast helping to lead it through the challenges of startup life, survival mode, long working hours, and doing everything from product development to customer support, to business development, and even HR. After the acquisition, I now had no control of my destiny and I was trying to determine which levers I could pull to make something (anything!) happen.

I went from productive and empowered, to basically someone who updates excel spreadsheets, communicates status, and talks in meetings all day long; essentially getting no real work done. I spent more brainpower understanding politics and internal matrix organizational dynamics than solving customer problems or using my engineering skills. I felt like a robot on autopilot and like I was accomplishing nothing. I couldn't believe this is what "executive" level work was. I was no longer building anything. I was no longer working with customers to solve problems. I was no longer building an awesome team to do awesome things. I was a cog in the corporate machine. This could have just been the corporate culture in the organization I was acquired into, but as I looked around at other big companies, I felt that we weren't all that dissimilar.

I do want to be clear here, though. The company I was working for was great, doing great things. I have nothing against the organization I worked for and I don’t want to come across like it was the organization’s issue. I worked with some amazing people, got to travel the world, and had some great experiences. I just found that the environment I was in was not the right environment for me. I am sure that there are a lot of individuals that would have loved my job, and loved to have done what I was doing. I was just not happy doing it.

After much deliberation, and getting over the fear of stepping away from a nice comfortable salary, with benefits, into the unknown, along with the mental adjustment of "this is what I was supposed to be doing" and the rest of the world would think I'm crazy for leaving; I left. It took about 6 months to finally pull the trigger. After all, I had bonded with the people I had worked with at the small company and who were still my team through the acquisition.

I took a quick break as I was burnt out, but then quickly started working with some friends around me who were running their own small businesses and I saw areas where I knew I could help. Sure it was a completely different world than the one I was in (I was in Nuclear Energy and shifted to data analytics focused on small businesses), but I was having fun again solving problems and working with people to build something.

I will say that financially, I set myself up for such a move. I have never subscribed to competing with the neighbors and buying the biggest fanciest house or car, or always having to have the hottest gadgets. Living beneath my means, which was quite comfortable, enabled me to save and invest in a manner such that I could afford to take up to 3 years off with no salary as I bootstrapped my company. I'm still in that process, and there is a bit of stress in the background in that I need to be making money soon, but that stress does not outweigh how happy I've been over the last few years.

When I think about what I may be thinking towards the end of my existence, I know I will not regret leaving that fancy job, nor will I regret not buying whatever that fancy salary could have afforded me. But I would regret not taking the chance. If it doesn't work out I know I will be fine, I can find a job or shift to something else.

I hope my perspective was helpful.

Good luck to anyone thinking about doing the same.

posted to Icon for group Bootstrapped
Bootstrapped
on March 3, 2022
  1. 5

    Hey Rob, this is very close to my own journey. I quit my fancy tech job back in August 2021, and started working for myself.

    My reasons were similar to yours, the job didn't have any meaning anymore. I didn't need more money, I needed freedom to work on interesting things.

    And I have planned my finances so that I have about 2-3 years of runway. Now I'm trying out small experiments and building businesses that suit my energy and skills, and I'm loving it.

    Thanks for sharing your journey, it resonated deeply with me 🙌

    1. 3

      @ayushchat and @robshpiel1, thanks so much for your stories and contributions! this is a pretty personal question, but i'd love to know how exactly you were able to budget for 2 to 3 YEARS off. I can't seem to budget for two to three weeks off w/ no pay. 😅 like, i'd love to see an IH post about how people spend their money so I can either do that...or finally realize like, ohhhh, it's because these people were making insane amounts of money 😂

      1. 2

        Hey @sam_well In my case it was a long and arduous journey.

        I was a corporate slave for 11 years before I could quit and go solo.

        I followed the conventional financial advice that gets shared around -

        • Lower expenses
        • Save and invest from the beginning

        Good thing was that I didn't have any student debt.

        Plus I didn't take on any personal debt. (Credit Card etc.)

        I did buy a house very early on and I'm still paying the mortgage on it. But over the years it has become manageable. (That's my biggest expense these days)
        I at least save money on rent.

        Fewer night outs than friends, fewer exotic holidays, fewer material possessions.

        Investing in low-cost mutual funds over a long period of time.

        There are plenty of websites that preach these concepts. The FIRE movement is obsessed with these ideas.

        Just that in my case I wasn't looking to retire, I was looking to get a couple of years of runway while I figure out what I want to do.

        I'm 33 today, so if you're young, not having 2 weeks of savings is alright, I was in your shoes once. You will build up a corpus with time if you save and invest prudently.

        Hope this helps.

        Cheers,
        Ayush

      2. 2

        @sam_well for me I always saved, even when I didn't have much to save. As was typical for all recent college grads when I graduated, I had credit card debt and student loans. I was fortunate to have gone through school when prices weren't insane, so my student loans weren't outrageous.

        Early on, each paycheck I'd put money in savings, and focus on paying down debt. I did buy a new car about 2 years into working, which I wouldn't buy new again, but it helped me build some credit.

        It's not easy, especially when all your friends are spending money on fancy nights out at the bar, fancy trips, big weddings, big houses, and new fancy cars. I focused on paying off debt, then buying a house. I bought a house that was far below my means and fixed it up. I didn't spend a fortune on a big fancy house just because the bank said I could afford it.

        I pay for something in cash (i.e. I won't spend 2k for a couch and finance it) and if I can't afford it I wait to buy it and save until I can.

        I was also lucky that my field, over time, pays competitively. I was single so that helped me have fewer expenses with no kids. I was able to save more and more each month and year.

        I did get to a point where I was making decent money. But it came at a cost. I worked long hours and had to travel extensively. I'd say the pay was decent, more than I needed, and above the median (by quite a bit), but not making insane amounts of money.

        As I started to make more money, I probably did start to spend more than I would have liked, so I'm not perfect.

        Do you have a budget now? Do you watch where your money goes and then try to cut things out to figure out how to put some in savings?

        I'm not a financial advisor, but that's what worked for me.

    2. 3

      Thanks, Ayush. I hope your experiments are going well!

      1. 1

        Hey Rob, indeed they are going quite well :)

  2. 2

    Best of luck, Rob!

    Your story is very close to my own. Today is in fact my last day at my day job.

    I was also comfortable and paid well, but really was not enjoying the work anymore. I looked back on projects I did when I first joined the company and noticed how much more energy and joy I had in it. That's all gone now, so, like you, I decided to leave.

    I was smart with my savings as well, so I'm set up well to take on the unknown.

    The first thing I'm going to work on is cultivating a lot of that energy and creativity I once had in the work I did for other people, but for a mission I believe in.

    It's definitely a scary prospect to embrace the uncomfortable, but I think it will be a great growth opportunity, so again, best of luck to you!

    1. 2

      Congrats and good luck on your new adventure!

      I did have to take a small period to get my energy back, as I hadn't realized how burnt out I actually was until I didn't have to get up each morning and go into work.

      And I agree, it's scary but no matter what it will be a good learning opportunity.

  3. 2

    Through ups and downs and over time, you may find yourself longing for the simplicity of a regular job and salary again, just for a brief moment here and there. I haven’t been able to shake this off completely, even a decade in now. I see my friends do an easy week at work, generously paid due to seniority, and then I look at my own account only to realise that I happened to make nothing that week, because I didn’t have any billed hours on client projects or the new SaaS isn’t bringing in enough just yet and the old one maybe paid a few bucks here and there but nothing meaningful.

    This is part of it and I think most of us will go through phases and variations of it. A true spirit will be able to find a way through, of course.

    I still think one has to know that having saved money on the side is technically a great thing, but every dollar you have to take from that pile is going to hurt a lot more than having had to sit through the time at your old job to make it.

    It can be tough, and I think it helps to be realistic about it all to make sure people don’t doubt themselves too much on their early performance, unaware of many many others struggling through it too.

    1. 1

      Very true. I set out on this journey with no higher expectations than to sustain a family of 3. Everything else would be an upside but I'm fine if I need to pick up a part-time unsexy job to fill in any income.

  4. 2

    I feel ya - just made the same switch myself. Congrats and good luck!

    1. 1

      Thanks, same to you.

  5. 1

    You took a pretty good step by giving up a high salary and going to a higher level where you decided to open your own business. This is a big step, and I want to congratulate you on it. I wish you luck. I understand perfectly what you are saying. No matter how high the salary, you get bored doing the same thing every day. Yes, it's interesting at first until you get experience, then it gets very boring. So did I. I opened my own business after 20 years of working as an accountant. And I am very satisfied with this step. Now everything is much more interesting. I like to take into account all the details of the company, especially the financial part. And by the way, I analyzed the pay stub I made on https://www.thepaystubs.com/, and my income increased considerably with the company's opening. This makes me very happy.

  6. 1

    Good luck Rob. We are on a similar path, a 3-year runaway to make it stick. Let's do this!

    1. 1

      Thanks, same to you!

  7. 1

    Thanks for sharing and congrats on making the move! It's easy to talk about but not an easy thing to actually do it. Best of luck!

  8. 1

    Thanks for sharing and congrats for the courageous move. I have done the same 8 months ago and I feel really blessed for even having the possibility to have no paycheck for such a long time. Surprisingly the biggest challenge so far has been to keep a positive mindset along the way. Surrounding myself with other bootstrappers in the WBE Space really helped me.

  9. 1

    Yours is a common story we hear at Bootstrapper Breakfasts-except perhaps for the "big salary job' part. If you want to compare notes with other serious entrepreneurs you are welcome to join us at any of our March events. See https://www.indiehackers.com/post/roundup-of-events-for-bootstrappers-in-march-2022-e89db6444e for a list

    1. 1

      Thanks, I'll take a look

  10. 1

    Good job!

    I found leaving my job to be exceptionally difficult decisions not only due all the nice things, but the potential to leverage it. I had a good run until it became absolutely miserable because I failed to find alignment with new shiny ideas I wanted to push forward versus maintaining the status quo.

    1. 2

      Thanks! Hopefully, you're having fun with your new shiny ideas.

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