From the Corporate World to Self-Employed: Tips for Starting a Business

Did you know that approximately 15 million Americans are self-employed?

If you’re currently working in the corporate world but hope to join the ranks of the self-employed in the near future, it’s important to implement a plan that will allow for an efficient transition.

Starting a business can be one of the most exciting things you ever do. Conversely, it can also bring quite a bit of stress into your life.

Are you ready to deal with the highs and lows that are often associated with this career move?

If the answer is yes, here are five tips for becoming self-employed by starting your very own business:

1. Leave Your Past in the Past

At some point, you need to close your eyes and take the leap. This means putting in your two weeks notice, launching your business, and doing whatever you can to replace your income as quickly as possible.

You can’t necessarily look to others for information on how to quit your job. Some people have a great relationship with their employer, so it’s a bit challenging to make this move. Others, however, don’t have any problem walking into their supervisor’s office and laying it all on the line. Your personal situation will dictate the steps you take.

Once you leave your past in the past, you can then turn your attention to the future.

2. Have a Business Plan

Do you know how to create a business plan? Regardless of your answer, now’s the time to take this very important step.

You want to give yourself the best possible chance of success, and this means creating a business plan that will help with everything from sales to marketing to surrounding yourself with the right team.

Tip: your business plan should change over time as to match your current needs.

3. Get Help

Working as a self-employed professional may sound like a great idea, until you realize that you are all alone and responsible for making a variety of high level decisions.

This is why it’s so important to find a mentor you can lean on at all times. This person can help in many ways:

•    Answer all your questions
•    Provide direction regarding what you should and shouldn’t be doing
•    Help you avoid costly mistakes
•    Act as a sounding board for new ideas

Don’t overthink this step. There are people in your life right now who can act as your mentor. You simply need to find them, reach out, and then decide which relationship(s) makes the most sense.

4. Hit the Ground Running

The idea of being self-employed is exciting. Here’s the problem with this: some people don’t know how to translate this excitement into results.

You must be ready to hit the ground running. The clock is ticking, and you don’t have any time to waste.

You need to get all the necessary details in order before your first day of self-employment arrives. By taking this approach, you’ll be ready to hit the ground running.

If you let too many days pass you by, you may soon realize that you’re playing catch-up.
5. Don’t Look Back

The comfort and security of the corporate world is what keeps so many people in the same position for years on end.

Yes, it can be a challenge to take the first step, but you should never look back once you decide to start a business.

You made this decision for a reason, and now it’s time to see things through. You’re 100 percent prepared to succeed, so make sure you give it your all. And never, ever look back!

Answer these Questions

Now that we’ve discussed some of the most important details to review as you transition into self-employment, here are five questions that you’ll want to answer as soon as possible:

•    What industry will you join and in what manner?
•    How much money will you need to get your business up and running?
•    Where will you work? At home? In a local office?
•    What are the biggest challenges you expect to face along the way?
•    Have you taken the time to set both short and long term goals?

These are important questions to answer before you ever take the first step toward self-employment. The answers can help you formulate a plan that will put you on the right track and allow you to keep your eyes on the prize.

Conclusion

So, there you have it. If you want to move from the corporate world to self-employed, there are several things you can do to improve your chance of success.

Have you made this move in the past? Are you thinking about doing so in the future? Share your thoughts and personal experience in the comment section below.