Need Help/Advice From Other Entrepreneurs

[TannerGreenwood]

Hello everyone, as you probably guessed from the title I’m looking for some help/advice. I’m a 20 yo male who’s looking to start a business in the custom Carbon Fibre car parts market. For those unfamiliar it’s basically lightweight parts for performance vehicles such as spoilers, splitters, and diffusers. Obviously given the current situation around the world the initial startup of all this will be greatly delayed. However, I’m hopeful sometime after this pandemic is over I’ll get my shot.

Recently though, I was searching around on indeed (job search website) taking a look at what jobs are out there and came across a position at a company that’s official description was “Composites Technician”. This peaked my interest because working with composites is something I do regularly when making CF parts and sure enough after reading into it more, one of many interesting tasks was in fact making CF parts. So I applied! and to my surprised they actually emailed me back and scheduled an interview. (online of course) That was last Friday and they basically said the job was mine if I wanted it. I told them I would let them know by this Friday.

However one major factor to all of this is I currently live in Winnipeg and this job is in Toronto. So relocating for this particular job would completely consume my initial startup funds, as living in Toronto is expensive and this job would be a bit of a pay cut for me (about $5/hour). I fell although I have some experience with making CF parts I’m still pretty rough around a few edges and that taking this job would be a huge learning experience for me and I’d be able to become an expert in all sections of the process.

The Question: Do I

A: Spend the majority of my startup funds. Move to Toronto and take the job for a chance to learn more about the industry and things around it?

Or

B: Take my chances with what I currently know from personal projects and learn as I go?

Thanks in advance all help is welcome

 

[djbaxter]

That's a tough one and of course ultimately only you can make that decision.

Based on that fact that starting a business in that niche is likely to be a project where it could well take some time to get set up and to start deriving an income, honestly I would say take the job, learn more, get some more experience and credibility, and get some more contacts in the industry, all of which will be invaluable when you do go out on your own. In the meantime, as expensive as it is to live in Toronto. you can still try to put as much money as you can aside toward starting your own business.

Of course, it might be even better if there were a similar position in Winnipeg but you might have better access to useful contacts in Toronto.

Others, including you, may well have a different opinion, of course.

 

[Julia Sta Romana]

I agree with djbaxter . There are pros and cons to both. But whatever you decide, what ultimately matters whether it's a decision you can live with.

I have a question though.

If you take that job in Toronto, would you still be able to take personal projects? Maybe start your business from there but at a smaller scale or as a side hustle?

 

[SkyWriting]

Yes. Lean startup is a very well established method. The huge overwhelming reason is that you don't seem to have identified a particular problem or a particular solution. Both of these spell disaster for a startup.

The stronger you understand your customer's misery, the easier it is to fund the solution. People who have a solid solution can even crowdsource millions if needed. So get your hands dirty in the industry especially if you feel you need to learn more. I've known employees that have set up shop across the street from their former employer just because they saw a need in the business. So while at your new job....be sure not to burn any bridges.

Always do good for everybody.