Should I drop my profitable, very low maintenance, but unfulfilling online business, in order to get a full time job?
March 25, 2012 6:52 PM   Subscribe

Should I drop my profitable, very low maintenance, but unfulfilling online business, in order to get a full time job?

I run an online business which provides me with a largely passive income, requiring around 7 hours a week. The business was fun to build, but perfectly dull to run. I’m unhappy, and after spending 18 months pursuing fulfilment through personal projects and volunteering, I am now considering a career change.

But i’m torn - it’s really great to have the freedom to pursue personal projects. But I am not good at motivating myself and end to fall into rather unhealthy habits and routines. I am a big introvert and when left to my own devices I will often hole up and read in the bath, unless there is outside intervention. My entire online business was designed from the ground up to not require me to interact with people. And I fear self employment might be aggravating my social anxiety and isolation issues.

On the other hand self employment suits me. I find work environments very challenging and I am vulnerable to emotional meltdowns in the workplace. I find it very comforting to be able to withdraw from the world at will. But perhaps a job is the more healthy option. Also I am 32 with no substantial work experience, so I feel like tine is running out and I need to move quickly or I will become unemployable.

My business is risky and I feel pressure to find a career with secure long term prospects. My business is vulnerable to disruption in the near future. It’s difficult to predict. It could survive 10 years, but a sharp drop in sales within 5 years is more likely. My best guess is that sales will remain steady for 2 -3 years, and then drop off 50% per year. So long term I will have to find another income. It currently nets me around £45k a year.

It’s a tricky to business to sell. I could probably get one years profits. It hardly seems worth selling for that. Also there are rare but unpredictable spikes in workload, meaning hiring a manager is problematic. So there is an obstacle to me getting another job.

I have looked at a few jobs I feel qualified for, mainly in search. Setting up the business I enjoyed research, SEM, strategy, web development, hacking together a custom project management system, developing and refining workflows, pricing, split testing, web analytics. I secretly enjoy it when something breaks as it means i get to use my brain. So I registered with some digital recruitment agencies last year and they would only put me forward for entry level positions as I don’t have x years experience in specific roles. I went for one job interview, and they were unconvinced of my commitment. I didn’t have a good answer to my motivation for working in digital. I don’t have a passion for it. I just want to be challenged. And also it was clear my knowledge is amateur and largely out of doubt, and concerns were raised that my small business experience would scale up to a larger company.


I have thought a masters degree. I loved university, and would do a post grad, but it feels like just delaying the problem. My ideal job would be an academic, but i got average grades at uni (literature), and don’t think this is a realistic goal. I loved uni but suspect I just miss the comfort of an academic environment and it is not a long term fix to the problem.


So I am at a loss for what to do. Any and all random thoughts, specific or general, would be greatly appreciated .
posted by choppyes to Work & Money (19 answers total) 3 users marked this as a favorite
 
I think you need to do what you're passionate about. The only thing you sound even interested in is academia -- so what's wrong with that? Go get your masters while you're still making money from the business -- a 7 hour/week time commitment while in school is entirely do-able.

Also I don't think undergrad grades factor in very heavily once you have a masters. So don't feel hopeless because of the transcript that you have now.
posted by DoubleLune at 6:58 PM on March 25, 2012 [2 favorites]


Why give up the business? If it only takes 7 hours, you have plenty of time for another job. A lot of people do better with structure in their lives. No reason to give up something that earns money, but you could add in a part-time, 3/4-time or full-time job and really not lose anything.
posted by Miko at 6:58 PM on March 25, 2012 [32 favorites]


£45K for 7 hours a week? That's great, and IMO you shouldn't throw that away.

If you are going to get a job with another company, then get a part time one that will allow you to maintain your current business. You'll be financially better off for it, unless you score a job that pays over £225K/year.

But it seems like a dream set up for further study. You can study full time and have a decent income? You're basically one in a million. Take advantage of it and study something you love.
posted by His thoughts were red thoughts at 7:04 PM on March 25, 2012 [9 favorites]


Whatever you decide to do, you should realize that the odds of getting a job as an academic in humanities are very, very low no matter where you do your post-graduate work or how good you are.

I think you might be served with creating a better narrative about your business to sell to potential employers. You have tons of experience running this, even it does not take that much of your time. And, er, you don't have to be totally honest about the time it takes when creating this narrative. Perhaps think through what if any of the work you currently do that you might want to still do or focus more upon.
posted by lesbiassparrow at 7:43 PM on March 25, 2012


Start another business. If you're thinking that a steady job will force you to adjust or give up antisocial and undersirable habits, you could be right, although you might end up being miserable.

On the other hand, if you're an entrepreneur, and if you excel at building products, services and processes, there is work for you. But breaking into this kind of work requires personal relationships. At the very least, improve your social circle by attending Toastmasters. Toastmasters will also give you some valuable and marketable social skills. Building self-confidence is a great shortcut to avoid the usual "seek therapy!" advice.
posted by KokuRyu at 7:56 PM on March 25, 2012 [1 favorite]


FWIW, £45K for 7hrs/wk = almost £125/hr
posted by rhizome at 8:00 PM on March 25, 2012


There are lots of things that need doing but that nobody has the money to pay someone to do. There are also things that might need doing, but nobody has the money to see if paying someone to do them is worth it. You are in the unique and enviable position of having the financial security to be a kind of employment beta-tester.

Pitch this idea to your friends/colleagues (or ask them to pitch similar things to you): You'll work for their project/business/etc for X months doing something cool as a pilot project and they'll pay you a small honorarium of Y moneys per month, but you get all the access and perks of full employment along with an impressive-sounding title to put on your résumé. If, at the end of X months, the thing seems like it's working and will wind up being worth a normal person salary, then your salary increases to n*Y moneys per month, where n is a non-trivial number.

Your situation would also be very attractive to start-ups, who are looking for talent that will settle for a peanuts-level starting salary in exchange for a large chunk of equity (stock options).
posted by Jon_Evil at 8:01 PM on March 25, 2012 [1 favorite]


(in the above example, if after X months it doesn't work out, you part ways amicably and you have a substantial line on your resume and they have to promise not to refer to you as an "intern" or a "volunteer" or whatever if they provide a reference)
posted by Jon_Evil at 8:04 PM on March 25, 2012


While I completely understand the downside of your current situation, I think you are in a uniquely wonderful situation. It sounds like you may need some structure so that the time that isn't allocated to this job is actually well spent. I think you could benefit from career counseling. There are professionals who can help you figure out emotionally fulfilling and financially rewarding career options. Once you determine your true passion and have a job/educational path that correlates, you can let this current business go, but until that is sorted out, I would maintain this.
posted by katemcd at 8:04 PM on March 25, 2012


I wouldn't recommend ending your business, and would suggest instead perhaps expanding your business or starting a second business.
posted by oceanjesse at 8:48 PM on March 25, 2012 [2 favorites]


Something to think about is reframing your business as your "day job" that funds your creative life. To be honest, pretty much every artist/musician/writer/dancer/theater director/beginning filmmaker/&c. I know would be over the moon with joy at having a well-paying "day job" with such short working hours.

I know I would. Do what you want, but I wouldn't give up something like that when you can do both.
posted by Sidhedevil at 9:13 PM on March 25, 2012 [1 favorite]


My ideal job would be an academic, but i got average grades at uni (literature), and don’t think this is a realistic goal.

FWIW, i've been studying a postgrad in engineering for 2.5 years now. My undergrad is completely unrelated and I was a total failure of maths/physics/chemistry in my highschool final exams (48%/33%/30% respectively). It took alot of determination to get into the postgrad and I've averaged HD now with no score less than 85% since I started. I work full-time and study part-time and its hard & stressful - i wish i had your income with that many hours input especially while studying, I imagine quality of life would be much greater under those circumstances.

Anyhow, just wanted to let you know that the seemingly impossible is always possible if you put some time and effort in. Dont let your past school marks stop you from doing what you want.
posted by Under the Sea at 9:38 PM on March 25, 2012


It's really not "always possible" to find a teaching job in the humanities now, no matter how much time and effort you put in.

Which doesn't mean that it's not worth doing a postgraduate degree! But teaching jobs just aren't there. So again, keeping your business going would give you the financial security to teach part-time (adjunct faculty jobs abound, but it's hard to get enough of them to pay a living wage).
posted by Sidhedevil at 9:53 PM on March 25, 2012


That's fair enough and a good call. I guess in my country the situation is quite different to that. Still, postgrad study can open many doors esp for a stagnant mind.
posted by Under the Sea at 10:13 PM on March 25, 2012


I find work environments very challenging and I am vulnerable to emotional meltdowns in the workplace.

Start another business and use the proceeds to go to grad school.
posted by salvia at 11:25 PM on March 25, 2012


Have you thought about consulting (on how to set up/run an online business)?
posted by trig at 3:16 AM on March 26, 2012 [1 favorite]


I am vulnerable to emotional meltdowns in the workplace.

Academia would very likely be a disastrously bad match for you, then. The level of politics and self-dramatization is so high!
posted by Sidhedevil at 8:17 AM on March 26, 2012 [1 favorite]


I would be glad to take a look at your resume and see if it could stand a revision to reflect your strengths better. You should be offered more than entry-level work as an entrepreneur and business owner.

Please check your MeFiMail.
posted by xenophile at 12:58 PM on March 26, 2012


The business was fun to build
I’m unhappy
it’s really great to have the freedom to pursue personal projects.
I am not good at motivating myself
tend to fall into rather unhealthy habits and routines.
I am a big introvert
self employment suits me.
I find work environments very challenging
I am vulnerable to emotional meltdowns in the workplace.
My business is risky
I feel pressure to find a career with secure long term prospects.
My business is vulnerable to disruption in the near future.
I find it very comforting to be able to withdraw from the world at will.

I enjoyed research, SEM, strategy, web development, hacking together a custom project management system, developing and refining workflows, pricing, split testing, web analytics. I secretly enjoy it when something breaks as it means i get to use my brain.

I just want to be challenged.
I loved university, and would do a post grad,
My ideal job would be an academic


You enjoyed starting your business, and it's very successful.
You don't find 9-5/corporate work appealing.
You like academia.

Go to school; get a degree of your choice. You can afford it, both in time and money. School will provide the schedule structure you need. When you have a new degree, if the business makes less money, you'll have new skills and new energy, and the economy is likely to be better.

Keep starting businesses. I bought a business, whipped it into shape and sold it profitably. Recruiters and hiring managers had no interest in me because I didn't fit into a tidy slot. I ended up getting hired by a smart Director who understood that self-employed people have a lot of skills, but it took ages(this was in a previous recession). You're Good at it. It might not make you gobs of money on a low time commitment, but that's okay; you seem to like working. Consider Computer Science or Computer Security, Process Engineering, Web Engineering; I think you'd like the challenge.

You're young; try not to spend too lavishly, set aside savings, but you don't have to seek security yet. You're likely to continue achieving, which will make you secure.
posted by theora55 at 7:56 PM on March 26, 2012 [1 favorite]


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