5 Fascinating Insights on Transitioning from Corporate to Your Own Business
When that voice gets real, the one that tells you "there is no good job for you in the corporate space" and wants you to get out of the system, it gets exciting to think about being on your own.
Been there, done that. I know how the the roller coaster ride feels like in this transition.
Your values, your passion, your purpose or how you want to work never feels aligned. You tried; you really did. You looked at different positions, you secretly looked at job ads at Linkedin every day as you continued working and even had a few interviews; yet there seems to be no good job for you out there.
You finally made the leap of faith; you are going to start your own business and make your money, in your own terms. It is wildly exciting: To be your own boss. To make your own decisions. To work on your time. To never ask for permission. To be flexible.
It is really wonderful as long as we know what to expect. As in everything we long for, it is never a linear smooth ride.
So here are five facts to embrace during this transition from corporate to your own business a success:
#1 You will work more, at least initially.
That is why it is so vital that you love and get excited about what you are about to launch. When it comes down to those extra hours you spend on your business, the energy needs to arise from deep within. You will be able to tap into a dormant energy source that you did not even know existed when you love what you are creating in the world with your own business.
#2 You will not be good at every facet of your business.
You recognize what you are good at as early as possible. Is it the financial aspect? The business development? Product development? Innovation? Ideation? Marketing? Technology? Find the help you need in the areas you will not excel. If you are especially not good in sales/biz dev/marketing find someone as soon as possible. It does not matter how wonderful your service or your product is. If no one knows about it, you cannot get clients. Hence no profit.
#3 Your business ’s success will feel like a direct reflection of you.
Do not identify your essence and success with your business.. If your business fails for one reason or not, it does not mean YOU failed. When you work professionally, it is easy to detach yourself from the business results yet when it is YOUR company it is not easy to do that. Our business becomes a reflection of our success. So make the distinction between your business and you. It should not define you and how successful you are. Think about founders who made it only on the 4th or 5th business they started.
#4 Every business, even the one with no inventory needs capital.
Save some money or borrow from relatives if you can. Even if you start a service business with no inventory, no products, no shipping cost there is always a cost to build a business. Even if the items do not look expensive at first, it adds up: your website, the hosting, emails, your marketing (if you do not get the word out there, there is no business, remember?), your taxes, your accounting software, etc. None of them cost too much yet if you cannot make money right away, those costs start to look bigger and bigger.
#5 Your money story will play a huge part.
Write down the stories you inherited. What did your parents say about money? What did you learn about money? Do you have an abundance or scarcity mindset? What comes to your mind when and if you make a lot of money from your business? All of these will come up when you have your business. It is good to be prepared, If you have a bad money story, get a coach before it influences your business results.
No matter what, building a business is super exciting. It is like giving birth. It is worth it yet it is not easy.
The more we know and set our expectations right, the more realistic we are as we chase our dreams!