Need to reinvent myself, professionally, and am pretty clueless about what to do
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Poast new message in this thread
Date: June 30th, 2022 7:14 PM Author: Thirsty nursing home
Currently self-employed and work in strategy consulting.
Married to SAHM + kids + dogs.
About to close on our house in the next month.
Taking home ~$550k+/year self-employed, 60-70 hour weeks, pretty high level of stress.
Would like to pay off mortgage completely in the next 2 years and put away ~2-3 years of expenses.
Simultaneously, I'd like to allocate 25% of my time to learning/education/credentialing a new career I can launch (upon paying off mortgage) where I have a pathway to making $500k+ in a relatively short period of time.
Here is what I am looking for:
- no professional services; don't want to sell my time or if I do, I'd like to be able to focus on selling and leveraging a workforce to execute/deliver
- something outdoors. Hate sitting in front of a screen for 12+ hours a day on Zoom marathons, e-mails, etc.,
- something I can feel good about. The type of consulting I do is...useful in a corporate context but I am not especially proud of what I do in a broader social context. It's nothing bad, per se, but it's also boring, lame and just corporate bullshit.
Naturally, it seems like a trade is the way to go. Start a solar panel business? Geothermal energy biz? I should be in a position to finance $100-150k in start-up costs with my own money.
It's important for me to secure my family by outright owning our home, cars, having several hundred K put aside in investments, but I don't want to wait longer than I have to - so I'd like to begin seriously researching/talking to people/positioning myself to make this dramatic pivot.
Any guidance is sincerely appreciated. TYIA
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44774982)
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Date: June 30th, 2022 11:13 PM Author: exciting sooty giraffe
Don't underestimate how hard it will be to replicate your success in another field. Solar panel installation or whatever else you choose is a completely different ballgame, and you won't fully understand all the ways in which it's different until you spend time doing it.
If possible, I think the way to do it would be to start your new business while keeping your old business going, and gradually shift your efforts from one to the other. Also do lots of research before you jump into anything. Stuff like spending some time riding around with a solar panel installation crew or whatever.
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44776403) |
Date: June 30th, 2022 11:22 PM Author: Embarrassed to the bone doobsian kitty cat
It is very, very hard to walk away from $500k per year and take your career in an entirely new direction when you have kids, a wife, and a lifestyle.
1. Can you hire some people under you who can handle lots of the calls and meetings and grunt work? Some junior consultants? You'll then be selling their time rather than just yours. Psychologically, that may help.
2. If you can do that, you'll have some more time to get a step back and add new services to your firm that are complimentary and may be more interesting to you. You mentioned solar. Maybe you can offer energy consulting to business clients.
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44776468) |
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Date: July 1st, 2022 10:30 AM Author: Thirsty nursing home
Thank you for this.
1. Not really. Anyone good enough to take a meaningful load off of my plate is still not going to be autonomous and be very expensive.
2. Taking a step back is a good idea and I plan to do that by just taking on less clients/engagements over the coming months so I can give myself some space to learn/apprentice/research
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44778090) |
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Date: July 1st, 2022 4:04 PM Author: Thirsty nursing home
Conspiracy theories
Going for runs on really sunny, hot days in affluent residential areas with stunning estates
Going out on dates with my wife
Spending time with my family (parents, young kids)
That's about it.
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44779984) |
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Date: July 1st, 2022 4:10 PM Author: Thirsty nursing home
I don't like consulting. You have no ownership over anything. The particular area I consult in affords me no opportunity to have an impact on any business - not that I would even care so much - but FWIW it's akin to advising an advisor. I'm truly a cog.
I can't bail now and that was never my plan. I need this $$$. Maybe it is burnout but I can't stomach it anymore and can barely muster the enthusiasm I need to drum up on these client calls. Crazy thing is business is stronger than ever. If I gave this 100% (i.e. worked 80-90+ hour weeks, worked 7 days a week) I could make $1mm this year.
(http://www.autoadmit.com/thread.php?thread_id=5143800&forum_id=2#44780026)
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