Smooth Transition From Career To Entrepreneur

With the freedom of creating your own schedule comes the burden of creating your own schedule. Without the imposed routine and expectations of a group of co-workers or a boss, it can be easy to waste time on busy-ness and not spend enough on business. Develop - as early as possible in your transition - systems and structures that support your style of managing time, energy and priorities.

Even if you haven't sold anything since Girl Scout cookies, every conversation you have as an entrepreneur is a potential sales lead. When I went out on my own, I went in with eyes wide open that my job now encompasses doing my job AND finding people who are willing to pay me to do my job. Am I great at selling? No way. Truly good sales people have it in their DNA. I don't, for sure, but with each conversation I get better.

As an entrepreneur we often feel lonely, believing that no one else understands what we are doing or shares a similar vision or passion for building a business. Unfortunately, this feeling deepens with time & starts to devour our enthusiasm & most importantly our self confidence. So, be prepared to handle the situation:
1. Always remember & stay in touch with your non-business friends.
2. Join networking sites, attend events & build new relationships.
3. Utilize technology to stay in touch.

Going from employee to entrepreneur is like leaving home for the first time. Even if you are well prepared for and excited about the journey, lack of familiarity can make you uncertain about your ability to succeed, afraid of the untold obstacles you'll face or even “work-sick".

Switching gears, i.e., focusing on set goals and physically changing your lifestyle, network, and daily method of operation will help you to keep moving forward.

The faster you let go, the farther you will grow.

It doesn’t have to be in the same industry you’re currently working. Many go into an entirely different field when they start their own business. Those who have worked in office settings may have dreamed of owning a restaurant, barber shop, beauty shop, or clothing store. Don’t feel limited to staying in an industry simply because that’s what you’re accustomed to. The reward is in making a living doing something you enjoy.

The #1 tip I would suggest to all people transitioning from a full-time career to a self-made entrepreneur. is to save save and build a nest egg. When you are a entrepreneur you never know when you will run into a sag in your business, something may break or you may have to buy a huge ticket item for your business, so having a year or more worth of savings would be the best investment especially if your business is in the red for a number of months or years.

Lay the foundation for your next venture before you leave your current one. In the last six months of my job, I wrote a business plan, chose a business name, opened a bank account, got a business license, created promotional materials and printed letterhead and business cards. This helped ensure that when I took the leap to life as an entrepreneur, there was a safe and solid net of preparation and purpose to catch me and propel me forward.

For they shall not get bent out of shape!

Be open & flexible. The entrepreneurial world is entirely different from having a job. Depending on your funding, you may be responsible for everything from sales to administration to... Being flexible helps you adjust quickly to the new realizations that are sure to come up.

Find like-minded professionals for brainstorming. Their perspectives will help you find the solutions you need. No more walking down the hall and asking a co-worker (or boss)!

When I made the transition from a full-time marketing manager at a large law firm to starting my own media company, the most important strategy for me was to be flexible with strategic planning because rarely do things work out the way we plan them initially. My top tip - It's all right to get overwhelmed and deviate, but always make sure that you never lose sight of your business' core mission and vision. Persistence and patience are the keys to success.

Make sure there is an actual market for your service or product before you give up the day job. Identify your target market with specificity, then do some market research (simple is okay here) to insure that your targets understand their own needs or wants -- and are interested in paying someone to meet those needs. From there, build a good business plan.

Stop listening to that voice in your head telling you not to do it - that you're not good enough, that no one wants your services, etc. Get out of your own way! If money is a big issue, work part-time during the transition.

As a former corporate CEO my advice is to learn the importance of having a laser-like focus when it comes to goals, time and decisions.

In the corporate world one big 'hit' can negate a slew of mistakes. But that luxury doesn’t exist for most entrepreneurs who wear many hats and whose decisions carry more weight.

Be clear and concise with your objectives, set your path in the most effective manner possible and don't waver from the quickest, most productive way to reach your goal.

Spend a fair amount of time speaking with people who are already doing what you want to do before quitting your job. Find out what they like and don't like about the business they are running, how they got into it, what problems they encountered, how they dealt with the financial ups and downs of being an entrepreneur, where they got the best advice/support, etc. That will help you anticipate a lot of the challenges that come up and prepare for them in advance, while maintaining a steady income.

Make clarity your mantra. Being an Entrepreneur is not your father's 9-5 job. It is an opportunity to finally make your dreams come true and in order to do so you must know what it is you want to accomplish and why. Write your what and why down and keep it in sight. It will be a life line when the going gets tough and is a great way to keep track of how your journey is unfolding.

Immerse yourself into your new vision as soon as possible. Attend trade shows and workshops and read blogs and articles on being an entrepreneur. Talk to other entrepreneurs in your chosen field even before you leave your job. Create a Business Vision Board focusing on owning your business to help you picture your future. Feel it & Live it!

You must, must, must find what you're passionate about as the first step. Talking about it is easy but actually getting to that point is not. Put in the work now to find out what that truly is, not what you think it is, or what your wife or friends feel it should be.

This is the hardest and most important step. Skipping it or not taking enough time to dare to get real with yourself only means a year from now you'll be miserable and stuck again. Pay now or pay later as they say!

To get his or her business off the ground, it's crucial for an entrepreneur to get the name of the business in front of potential clients through marketing. Brush up on business etiquette, then start networking: Reach out to former business contacts, friends and media and let them know what makes your business unique. Give media newsworthy story ideas tied to recent events. Join local chamber(s) of commerce and business associations. Advertising can help, but know your target market.

When you’re working your business part time, it’s important to set what I call a “trigger income” milestone. This is the average monthly income that, when reached consistently, will tell you that you’re ready to make the leap. Say you’re working the business part time and need to gross $10,000/mo. In that case, maybe $6,000/mo is the number that, when you start earning it consistently on a part-time basis, should translate into your full-time income need.

If at all possible, keep your present job and work on your new business on evenings and weekends. You can keep whatever income you make in your new business to build up your working capital. Don't quit your job until you are so incredibly busy that you can't possibly do both jobs. You will build a strong foundation and not be struggling to pay your bills while building your new business.

I encourage my small business clients to make a list of their top 10 competitors and then take the time to check them out. Walk into their place of business, experience what a customer would experience. Make a phone call to a competitor. What do you hear? I give my clients a list of questions to answer after their check up of the competition. What did they learn? This is useful market research and information that is built on facts and experience not assumptions and hear-say.