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When to quit your day job?


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My wife has the higher income in the family and carries the health insurance etc.

My income is pretty much used for vacations, car payments, nest egg etc. If I lost my job, we wouldn't lose anything, However I would have one ticked off wife and we would have to tighten our budget drastically.

Now that I am up to 10 bulk locations (1 triple in each location) and averaging roughly $250/month gross from the bulk route.

And wanting to expand my full line hobby, It got me thinking what it would take to go full time vending?

The way I was thinking about it is taking 50% of my net profit. ($ left over after cogs and taxes etc.) The other 50% would stay in the bank for repairs and expanding.

Once my 50% of net profit is steadily matching my day job income each month for 12 months straight, then drop the bomb. "Honey, I quit my day job today!" and pray she doesn't kill me. lol

I have mentioned this to her before and she was like "yeah, yeah... sure if you match the income of the day job" basically one of those, yeah, yeah now shut up and leave me alone type responses.

Is my plan a good one? or how should I approach planning on going into vending full time?

Would love to hear other vendors' thoughts and plans.

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Only you can determine what your monetary needs are. It is refreshing to see that you have calculated some money for repairs and expansion. I would think you would want a little buffer before making the leap as it is easy to lose a location and hard to find the replacement. So it is best to leave a little room in case this happens.

One thing I have seen through the years is that you will never build a truly successful business if you are only going to work it part time. You need to have not only the desire to succeed but also the need. It is to easy to become complacent with a part time endeavor.

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IMO, the most important thing is to have a plan, not just in your head, but in writing. How much will you have in reserves, how much set aside for future growth, how much for the unexpected, how will you get the new growth etc. etc. In other words a business plan. Even though your income from the day job may not be much, as Bill so wisely mentions, you need to be prepared to "step it up" so to speak or a year from now you will still be at the same level and thinking about giving it up to get a job.

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Lately my wife has been right on vending decisions she has made.I don't ask her what toy to put where but the last thing she advised me on, don't put a rack there because that restaurant will close she was right. had I not listen to her I would be trying to figure out how to get it out.so personaly I will include her with some decision making.believe it or not women are right occasionally

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IMO, the most important thing is to have a plan, not just in your head, but in writing. How much will you have in reserves, how much set aside for future growth, how much for the unexpected, how will you get the new growth etc. etc. In other words a business plan. Even though your income from the day job may not be much, as Bill so wisely mentions, you need to be prepared to "step it up" so to speak or a year from now you will still be at the same level and thinking about giving it up to get a job.

Very good points mission!

What my plan is, Is once my route is built up enough to where 50% of net matches my day job income continue to work for 12 months, Building up the funds in the vending account and reinvesting it/ growing the route.

By the time I am ready to quit the day job, Ideally I would like to have some form of warehouse space and a vending/route truck to where I can move the machines my own and have the necessary equipment paid for or payments low enough that it can be paid off by the end of summer.

Before I quit, I also would want $2500 not spoken for in the account for repairs etc and $1,000 to fall back on salary wise in case something drastic happens.

I might be getting ahead of myself here, but I am thinking that If I go into vending full time, I can concentrate on expanding the route more, and there are also seasonal contracts around here that bring in good money during the summer months. The contracts are for 12months, but I doubt people are going to be swimming, fishing, and hiking in the middle of winter. lol But with those type contracts, I cannot do them and work my full time day job also.

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There is nothing I do in my business that I do not discuss with my wife first. I put in a 2 week notice at work yesterday, and she is on board and excited about it. I will be working part time and vending part time untill I build up the vending enough to go full time.

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