So it’s 2018, and it seems that everyone is starting their own business, which is awesome! As a corporate escapee myself, I can say I don’t regret going out on my own at all. However, there are a few things that I wish I had known before I told my boss where to go and stormed out determined to do my own thing.
It’s much easier to have a foundation in order to avoid the challenges I went through. Through my time coaching other corporate escapees on how to become profitable with their solo venture I’ve learned a lot about how to get this foundation built. Here are my five top things to know before deciding to make that bold move.
1.Understand what you’re in for
As easy as we all hoped entrepreneurship to be, it’s anything but. If it was, every Andrew, Lynn and Vanessa would be a business owner. The first thing to do is to ensure you completely understand what you are getting into and have the funds to do it. It’s always better to stay in your full-paying job whilst building a business than to leave completely and start from scratch. This way, you still have the finances for a rainy day and don’t jump in faster than you could handle. A lot of attempted-escapees go back to the corporate world after not having the funds and never really escape! Stay strong, get educated and know what you’re in for.
2. Make the connections/network before leaving corporate
Your network is always going to be more important than your resume. Attend networking events, hang out with like-minded people and surround yourself with those who want to be in the same place as you. Do all of this before making any sort of moves. Who knows, your connections could one day become your business partners! Referrals are the biggest way to gain more clients because the trust is built from the get-go. Use your connections as your foundations and you’ll be on your way.
3. Have a great team behind you
Changing the world is nearly impossible on your own. We like to think we can do it all (at least I like to think so), but really, we can’t. It takes skills, resources and time, which if you can’t find in yourself; you can find in others. This is where your network can also come in handy. However, you don’t want to hire/work with just about anybody. Don’t allow anyone who doesn’t believe in your dream anywhere near it, you want people who can show you reality but are on the same wavelength. If this happens, your passion business may just become another “job” and that again may lead to failure. So keep motivated using your team to build it from ground up!
4. Learn from your failures
As Michael Jordan once said “... I’ve failed over and over and over again in my life. And that is why I succeed.” This quote should be the mantra of every entrepreneur. Running a business means failing repeatedly until you learn how to succeed. This is also where the corporate world experience comes from, it teaches people what to do and what not to do. Have a boss who you absolutely love and admire as a leader? Great, find the best traits from that boss and incorporate it into your team. Have a boss who just delegates tasks and you can’t stand? Well, don’t take those traits on board in your own team. Learn what works and what doesn’t. Fail and succeed. Wash, rinse and repeat. Again and again and again.
5. Create a very thorough plan
This isn’t some ordinary plan. Your business will be your baby, your world, your life (okay maybe that was an exaggeration, but that’s how I feel!). You need to incorporate every aspect of your current life plan into this. Want more time spent with the family after leaving corporate? Make sure that’s part of the plan. Want to put every ounce of your being into it? Awesome! But not everyone does. Is education important to you? Make sure that’s part of your plan. This needs to be a holistic plan, it needs to contain every bit of information that will help you succeed and be a success.
The truth is, starting a business is tough. A friend of mine recently said that having your own business is the best personal development program there is as it makes you face your deepest fears and overcome so many challenges. I agree and that’s the point. If it was so easy to do, it wouldn't be worthwhile. Plus, when you are successful, the money and time experience is out of this world!
I’m on a mission to help support corporate escapees on the journey and developing a full service tool kit to help you build your own business and I’m for your feedback!
What do you most need to help you be successful? Click here to answer a 5 minute survey so we can help people like you. As a reward, I will give you a 45min business plan review (valued at $250) for free.
Life’s too short to do what you’re told. Take control of your time and build your own business before it’s too late!
