Decision has to be made

[technobubble]

Hey guys and gals, I bet there were numerous posts about this but I would like to get a fresh 3rd party feedback.
I need to make a decision.
I have an idea, I know how to execute it, I really don't need to invest much apart time.

Currently I work in another city and I’m struggling between 2 which is very time/money consuming.
I earn quite much but as we know, it doesn’t matter, it’s still a job with a boss, risk of firing etc.
I also have a small side income and by now I have saved about 20k + 10k car which I would sell and buy something cheaper (if I were to leave my job).

What I’m struggling with is that I can’t do both – work and at the same time develop my project. I am too tired in the evenings and weekends are spent with my family because I don’t see them from Monday to Friday.
If I leave my job, I won’t have an income, but I would have all the time to work with my business.
I know it's been told that you need to leave your job only when you developed your business enough to support you financially.
Now the question is, can I leave my job and work towards my business, when let’s say there’s no income but only a bit of savings?
What did you do when you were in a similar position?
I usually don’t spend much, I know how to save, I have a place to live.
By my estimation profit from my business would be visible only in 10 to 12+ months’ time.

Btw, I’m 29 now, I feel quite experienced from my previous workplaces and I know I need to move already with my own thing and not side hustles (though I had really profitable ones).
Thank you for reading and for your thoughts!

Edit: I QUIT MY JOB.
This decision was quite tough for me for a lot of things, if the business won't work it may be hard to get back to an office job, no steady income for maybe even a year etc.
Bottom line: IF I DON'T TRY, I WILL NEVER KNOW!

 

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[Mikkel]

If you think you can live off of your side business with the current money you have up until the point you start makong money, then it is possible. However, you are going to be strapped for cash by the time you may make money which can influence how you proceed with your business.

I don't know what you currently do for work, but could you find part time work in the city where your side business is? Work 20-30 hours and give yourself enough free time work more on your side business?

 

[Matt Lee]

Now the question is, can I leave my job and work towards my business, when let’s say there’s no income but only a bit of savings?

How much do you believe in yourself at the moment? If you believe you can pull it off, do it. If there's even a hint of hesitation don't do it. You have a good chunk of change, you can probably build something on the side if you're serious and meticulous with your time.

The saddest scenario is you pulling the trigger to drop everything whilst not being committed enough and losing all your money with nothing to fall back on. IDK what your risk tolerance is. It's up to you to decide what you are willing to do.

Some options I think of off the top of my head are

1) free up 1 job since you have 2, and use the free time to build your business. This way you will have a steady income+the income on the side+the savings. You'll be uncomfortable but not to the extent of panicking.

2) if your risk tolerance is high, I'd fully send it. This is ONLY if you trust you can pull something off or that you don't mind bootstrapping and hustling if shit goes south.