Entrepreneurs with ideas: prepare before you quit

The desire to be your own boss is generally the main driving force behind most people’s decision to set up their own business, and it’s a desire that we both shared. We wanted to pursue our dreams and hop on board the entrepreneurial roller-coaster. We were (to an extent) living that dream while hanging onto the comforts of permanent, secure and well-paid jobs.

We had set up The Cool Bean Company and worked on it part-time for 12 months. We had completed a feasibility study, developed the branding and design, secured (and lost) a manufacturer, and successfully traded at music festivals and events.

We had worked as hard as we could at it but, ultimately, the long hours required in our full-time jobs, life, wedding planning and the need for a day off once in a while caught up with us.

Isolde’s story

This time last year we were faced with a dilemma – the Cool Beans journey had stagnated a little as we struggled to keep up the momentum needed to get things off the ground. At the same time, my role within my day-job company was in transition and I was offered a new and challenging position which would mean longer hours and even less time for Cool Beans. We decided that it was sink or swim time.

I sat down with Sarah to review where we were at and what the next steps would be. We had, we decided, a viable business model, a robust strategy and a great product. Up until this point the funding requirement outweighed the human resource requirement, but there comes a stage in every business where it needs time, care and attention. And we knew to bring it to the next level (ie retail) that we needed a full-time resource behind it. We contemplated hiring someone and paying them to develop the business for us, but it didn't take long to scrap that idea – this was our baby, and we didn't want it in anyone else's hands.

We realised that one of us would have to take the risk – to leave the comfort of employment and head into the unknown of self-employment – while the other would have to take on the financial burden.

Sarah was the higher earner, so naturally it made sense for her to stay in her job and take on the financial burden by supporting me and the business – no easy feat. Pressure was on Sarah to keep the money coming in while juggling both the business and her full-time role; and the pressure was on me to make things happen quickly and cost-effectively.

The day I officially handed in my notice was both thrilling and terrifying in equal measures. I had to face the inevitable questions of “so what’s next?” and “what are you going to do with yourself now?” and, worst of all, comments like “well, it’s nice to have a bit of time off”. I went through phases of fear when I would contemplate begging for my job back. But all I had to do was ring Sarah for a gentle reminder of why we were doing this.

Six months later and the progress has been notable. We have been through the DCU Ryan Academy Female Propeller Programme and the Musgraves Food Academy programme. We have secured manufacturing and distribution partners. Cool Beans, our real-life product, is on the shelves in Supervalu (currently outlets across Dublin and Cork) and Deli 97 in Ranelagh.

Last week we were announced as one of the food academy companies to graduate to food academy advance. We will be expanding to new Supervalu stores across the country.

It might all sound a bit too easy summed up in a few lines like that, but caution to the reader: quitting your job is not for the faint-hearted, and you better have a very good financial and strategic plan in place before you take the plunge. Otherwise, in today’s age of social media, it’s not just your close circle who see the tough times but everyone.

Sarah’s story

It took me a while to pluck up the courage to leave my job. I love my role in the EY Entrepreneur of the Year programme and work with a fantastic team, but the time had come to take the plunge.

The thing I was most scared about was finances; I had been supporting Isolde and myself and really felt the financial pressure. Bills were mounting and I had significantly less disposable income. It was terrifying.

It was finally time to tell my boss, Frank O’Keeffe, that I was leaving the nest after six years. I was absolutely blown away by his response and the response of EY. They were so supportive and encouraging and offered me the opportunity to work part-time in EY and the rest of the time on Cool Beans.

This allows me to make a meaningful contribution to the EY programme while driving forward the future expansion of The Cool Bean Company. The money coming in takes the financial pressure off, and I’m there to help Isolde get things done and accelerate our growth.

Don’t get me wrong: working two jobs is tough; everything has to be noted in shared calendars, meticulous to-do lists must be kept, and I don’t have much time to myself at the moment. But that’s life. I’m lucky to have this opportunity and I have never been happier.

Some days I wake up and its business as usual in EY – team meetings, planning, budgets and the corporate world. The next day I am driving around delivering beans and planning social media campaigns. One day I have a marketing budget and a world-class team working with me. The next day it’s just me in my kitchen with zero budget and a dodgy wifi connection.

The entrepreneurial, start-up mindset has made me better at my role in EY and has allowed me to think differently about projects. The discipline and structure of the corporate world has helped me improve our processes and efficiency in The Cool Bean Company.

If you are considering leaving your job, don’t leave until you are 100 per cent ready. I was ready to leave and had planned financially and emotionally for the jump, but was offered an exciting new arrangement. If this is not an option, then you need to spend evenings, weekends and early mornings testing your business idea, testing feasibility and not giving up your stability and security without a viable business model, funding or support.

If you turn out to be the next Facebook, then you will be adored and applauded for leaving your 9-5.

If you’re caught up in the excitement and buzz of the start-up scene with a weak product or idea, you will find it hard to get back to reality once investors and support disappears.

Our advice: plan, stress test, create demand and find customers before you even think about that P45.