Do I leave my current job to go it alone?

If you go about it the right way, everyone – including your old boss – will be happy

- ANTHONY O’BRIEN

There was a time when the great Australian dream involved owning a Californian bungalow on a quarter-acre block bounded by a white picket fence. Now more Australians dream about being a swashbuckling risk taker such as entrepreneurial favorites Mike Cannon-Brookes and Scott Farquhar or Rupert Murdoch.

But is leaving the safety of a paid job your best option for launching the next Atlassian or News Ltd? For many people, the answer might be a resounding “no” if you consider some of the facts.

The Bureau of Statistics reports that annual small business failure rates are running at 12.5%. In 2012, a report from Treasury found that more than 30% of nascent firms were terminated within three years of launching.

Given these sobering numbers, perhaps staying in a steady nine-to-five job and testing the small business waters after work or on weekends might be a safer alternative.

Minimise the risks

In 2015, Andy McLean, now principal of his own content marketing consultancy, had a day job with Chartered Accountants Australia and New Zealand (CA ANZ) as the publishing manager of the organization’s member publication Acuity.

“Five years ago, I decided I wanted to establish my own business,” he says. “But I wanted to mitigate the risk.”

Given his close working associations with accountants, the experienced editor and podcaster were familiar with start-up failure statistics.

He initially piloted his business outside work hours and on weekends. This helped him to assess whether there was a demand for his services. He gradually built an extensive network of clients, including several professional member bodies and blue-chip companies.

“After doing my research and some trials with potential clients for 12 months, I decided a content marketing business had legs,” he says.

Avoid a contract landmine