Should I consider dropping out to pursue my business?
Impressive business, I wish you the best with this.
However, I must inform you that these type of businesses whilst in the short term are imbuing you incredible profit margins at the start, may not continue in the long term. These type of businesses are quite volatile and can be brutal. I wouldn't leave school altogether so that you have a back up if your business starts to recline.
Business would be a sensible thing to do if you aim to go into other sorts of commerce in the future considering your income. However, if you aim to reside in the business of video editing, then maybe take a course more tailored to that to improve your skills. You also have the option to do a part time degree which would be less strain on your work/live balance - in-comparison to a full time. Only predicament is that the course is longer and it may cost higher than your standard full-time degree.
My suggestion is to continue both your studies and work until you finish A-Levels. Because your predicted ABD - these are pretty good A-Levels to adventure into any degree you want within your scope of business, computing, and mathematics (maybe improve on that D grade to a C grade). You have 5 months remaining until this is all over - I wouldn't make an ultimate judgement until you finish since you have made it so far.
If all goes well, I would choose a part time degree that is related to what you are doing - or do some sort of business degree.
I must say - you should also seek advice for a more qualified professional considering the income you are producing at this rate.
Just a couple questions on top of that:
1) If I was to leave, how may not having the qualifications negatively affect me? I haven’t currently got any intentions of going into higher education, such as a degree, as it isn’t a requirement to any of the opportunities been interested in.
2) What role are you referring to as a “qualified professional” for advice? I’m happy to speak to someone in person and weigh up my options, but not sure where to find this.
I’m currently evaluating which path is most beneficial for me - however either way, if I was to leave, one of my first priorities is to make sure I have savings put aside for if I ever wanted/needed to return to education and get these qualifications.
Just a couple questions on top of that:
1) If I was to leave, how may not having the qualifications negatively affect me? I haven’t currently got any intentions of going into higher education, such as a degree, as it isn’t a requirement to any of the opportunities been interested in.
2) What role are you referring to as a “qualified professional” for advice? I’m happy to speak to someone in person and weigh up my options, but not sure where to find this.
I’m currently evaluating which path is most beneficial for me - however either way, if I was to leave, one of my first priorities is to make sure I have savings put aside for if I ever wanted/needed to return to education and get these qualifications.
1) If you were to finish off your A-Levels now, you would have that option of getting a degree if you wanted to - not exactly for the purpose of direct employment, but more so for improving your skills in a certain area. I am in no means of saying you should go and get yourself a degree, but I would strongly urge yourself to finish off your A-Levels as it would not limit you into do whatever you plan to do in the future. Considering you have got 5 months until this all ends, I wouldn't give up now.
2) By qualified professional I mean people who are experienced in financial advice considering the amount of revenue your producing at your current rate.
Also - surround yourself around people who are in the business in which your operating in. Seek advice from them also.
Also, it would make more sense to get a degree first.
Can you see with hindsight now that it was a terrible decision on your part to turn down that contract? Unless someone else was offering you £60k per year.
A key question to ask yourself over and over in life is "What else?" What else could you be doing apart from what you're doing now? If it's something better; do that!
It's very clear that running your own video editing business where you will be earning over £50,000 per year is better than studying A levels in 6th form.
None of your clients will care what A levels you have. None of them will care if you have a degree. They will care if you can edit their videos well.
By far the best route for you in 2024 will be to:
•
Actively search for juicy video editing contracts for yourself.
•
To fit in A levels around your marketing activities and then around your video editing. To the extent that A levels get dropped when you're working 35 hours per week.
•
Feel extremely proud of yourself that you at the age of 18 will be earning more money than your teachers at your 6th form AND that you will almost certainly enjoy the process of earning that money more than they enjoy their jobs. So that your teachers could learn more of use from you than you from them.
•
The first £10k net that you earn; put aside a large chunk of it for the finest equipment for yourself. Anything and everything that will speed up your work or help in the quality of your work or help to make your work more enjoyable or less strain on your eyes / back / wrist etc.
•
Do an audit of weaknesses / gaps in skill / knowledge. And plough a chunk of time / money into specific training for yourself. Areas that will help you in your business: financial / budgeting / investment evaluation / book-keeping skills. Project planning; Gannt charts and all that. Sales and marketing skills. Public speaking skills. Staff recruitment and management skills.
•
Get some training in social skills, including man to woman or woman to man (or whatever) social skills. To help you have a great social life and a better romantic life as well as you getting better interpersonal skills for your work.
•
Get your driving licence, if you haven't already. And then get yourself a cheapo car (probably one with a tiny engine for insurance costs).
•
Put aside time to enjoy life. With you earning more than enough to pay your bills, your time is now. The time of your life when your life is at its' best. Go on loads of days out to places within 2 hours of where you live. Travel the world (working part time remotely if that's a good option after asking the What Else question).
•
Move out from the parental home as soon as. Either renting like a student or via a mortgage.
Getting a degree would be a huge waste of time and money for you.
Just imagine, with your business path in life, in 3 years time you earning over £100k per year full time or £50k per year part time. With you having no student debt. And you having had the right amount of training and experience that even if the bottom fell out of the video editing market you'd be far better placed to carry on earning a good living for yourself than some graduate fresh out of uni.
Can you see with hindsight now that it was a terrible decision on your part to turn down that contract? Unless someone else was offering you £60k per year.
A key question to ask yourself over and over in life is "What else?" What else could you be doing apart from what you're doing now? If it's something better; do that!
It's very clear that running your own video editing business where you will be earning over £50,000 per year is better than studying A levels in 6th form.
None of your clients will care what A levels you have. None of them will care if you have a degree. They will care if you can edit their videos well.
By far the best route for you in 2024 will be to:
•
Actively search for juicy video editing contracts for yourself.
•
To fit in A levels around your marketing activities and then around your video editing. To the extent that A levels get dropped when you're working 35 hours per week.
•
Feel extremely proud of yourself that you at the age of 18 will be earning more money than your teachers at your 6th form AND that you will almost certainly enjoy the process of earning that money more than they enjoy their jobs. So that your teachers could learn more of use from you than you from them.
•
The first £10k net that you earn; put aside a large chunk of it for the finest equipment for yourself. Anything and everything that will speed up your work or help in the quality of your work or help to make your work more enjoyable or less strain on your eyes / back / wrist etc.
•
Do an audit of weaknesses / gaps in skill / knowledge. And plough a chunk of time / money into specific training for yourself. Areas that will help you in your business: financial / budgeting / investment evaluation / book-keeping skills. Project planning; Gannt charts and all that. Sales and marketing skills. Public speaking skills. Staff recruitment and management skills.
•
Get some training in social skills, including man to woman or woman to man (or whatever) social skills. To help you have a great social life and a better romantic life as well as you getting better interpersonal skills for your work.
•
Get your driving licence, if you haven't already. And then get yourself a cheapo car (probably one with a tiny engine for insurance costs).
•
Put aside time to enjoy life. With you earning more than enough to pay your bills, your time is now. The time of your life when your life is at its' best. Go on loads of days out to places within 2 hours of where you live. Travel the world (working part time remotely if that's a good option after asking the What Else question).
•
Move out from the parental home as soon as. Either renting like a student or via a mortgage.
Getting a degree would be a huge waste of time and money for you.
Just imagine, with your business path in life, in 3 years time you earning over £100k per year full time or £50k per year part time. With you having no student debt. And you having had the right amount of training and experience that even if the bottom fell out of the video editing market you'd be far better placed to carry on earning a good living for yourself than some graduate fresh out of uni.
PRSOM
The answer to that is very simple.
Either just quietly stop turning up for lessons.
Or declare that you are being home taught (which would be true, with the home teaching via running a business being far superior to anything that would be learnt at 6th form or university)
Or declare the time you're spending on the video editing business as you doing a traineeship or apprenticeship.
Or move outside the UK and work remotely for any UK based clients.
No reasonable person would punish lewisbedwell for not attending 6th form when he or she is working on fulfilling a video editing contract that will net £50,000 in 12 months.
Just think of the newspaper headlines if a 17 year old were to receive a fine for starting and running an ethical, profitable, high tech business!
In fact thinking about it, it would be fantastic if lewisbedwell were to receive a fine in these circumstances, because it would be great publicity for growing the business.
Either just quietly stop turning up for lessons.
Or declare that you are being home taught (which would be true, with the home teaching via running a business being far superior to anything that would be learnt at 6th form or university)
Or declare the time you're spending on the video editing business as you doing a traineeship or apprenticeship.
Or move outside the UK and work remotely for any UK based clients.
No reasonable person would punish lewisbedwell for not attending 6th form when he or she is working on fulfilling a video editing contract that will net £50,000 in 12 months.
Just think of the newspaper headlines if a 17 year old were to receive a fine for starting and running an ethical, profitable, high tech business!
In fact thinking about it, it would be fantastic if lewisbedwell were to receive a fine in these circumstances, because it would be great publicity for growing the business.
Hi Dunnig,
I really appreciate the messages.
unfortunately, I never saw these at the time. - but they are all factors I had considered.
I ended up remaining in college, since I turned 18 in February (legal age to leave) and by then, I was only a couple months away from finishing. Super excited to get college over with and move onto some cool projects.
It’s a huge shame to have not taken action on that opportunity, but one will pop up again soon. I’m currently working on the contract for straight after finishing, which will fill 3 day a week, and I can build the business back up from then.
Unfortunately, since I hadn’t taken action immediately my brand is no longer as well known, but with time it’ll surpass that no doubt.
I’ve already paid off all the equipment I’ve needed through previous earnings - but I am investing in a website and branding to hopefully attract clients sooner, as well as some other marketing strategies. Nothing too expensive though.
It’s definitely tough going into my exams now, as while everyone else is panicking, it hasn’t concerned me much at all (which will no doubt be reflected in my grades). But there’s only a few weeks now until I get to start diving deeper into this opportunity.
I did inform all potential customers who approached me that I would be available in summer 2024, and will be chasing that up. With some luck they’ll have some openings.
Apart from that, I have done almost all of your bullet pointed suggestions where possible. I study business, and that’s been really helpful - especially with understanding financial aspects. I’ve also got an accountancy firm helping me out this year, that way I can learn alongside them and keep costs low in the future.
First priority is set straight onto getting a mortgage. I haven’t looked in a good while, but I believe around the ~300k was in question, which is more than enough for me. There’s little expenditure needed for my role, and so with a big down payment and the first buyers scheme, it’s definitely within reason.
Until then, I have a good relationship with my parents and they are more than happy for me to stay at home for the time being.
Your message is really appreciated! If you do have any advice, I’m always grateful to hear it. 👊
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