So it just hits you one day…After years in Big Corporate, doing the 9-to-5 thing, you’re finally ready to make the big JUMP into full-time entrepreneurship. Maybe up until now, you’ve been doing the side hustle thing here and there to lay the groundwork. But now, the anticipation is killing you, literally, and all you can think about is that fateful day when you can walk out the doors of Big Corporate, take a breath of fresh freedom air, and go on about your business, literally…
If you’re smiling as you’re reading this, you may be one of the thousands of other corporate sisters planning to exit Cubicle World and strike out on your own….Except (screeching halt noise here), even if you decide to ditch plan B, you still need some form of a plan for your corporate exit. You know, something that lets you sleep at night and doesn’t have you hitting up your folks for yet another loan to make the mortgage this month…
I mean, if there’s anything that’s as scary and exciting as striking out on your own after years or decades of comfortable cubicle dwelling, it’s got to be related to fried ice cream rolled in sea salt caramel ice cream…You may need double layers of super-strong Dove anti-perspiring deodorant to make the move, but when it’s time, you know it’s time…
So if you’re just starting out on your Big Corporate Exit adventure, here are a few simple, straightforward steps you can start taking today to land on your entrepreneurial behind (and legs and elbows and side rolls) with as few bruises as possible:
You’ve got to know your “WHY” inside out!
You won’t know whether going full-time to build your business will work (or be the flop of the decade). And no one can really blame you for that, that’s why it’s called a risk…But the very first thing you want to know as you’re lining your personal ducks in a row is WHY you’re even doing all this…
Is it desire for freedom? Is it because of this strong sense of Purpose that’s been egging you on for years now? Is it because you want to offer your kids a better shot at life and opportunities? Or a big giant combo of all the above, plus the all-consuming urge to share your vision and message with the world?
Whatever it is, you’ve got to be crystal clear about it! Sit with yourself every day, and write down your WHY, as long and cumbersome as the process may first appear to be. The point is to build this conviction so strongly within you that it becomes virtually unbreakable….And gives you the strength and motivation to go for it, all in!
Is Your Idea/Business/Desire Viable/Sustainable/Going to Help You Make Rent?
As in, is the whole thing sustainable, i.e. does it have earning potential? In other words, can your business not only help you make rent, but actually turn a profit?
This is where you get out of Entrepreneurship Lalaland and actually look at reality right in the face. And start putting some numbers down on paper…
There are some important questions to ask yourself here:
- How will this make you money, i.e. what are you going to sell?
- Do you have a product/service and how much can you sell it for?
- Do you plan on creating products/services and how much revenue can they bring you?
- How much will you need to invest in your business periodically?
- What streams of income will you have?
- What will your strategy be?
- How will your organize your business?
- What does your market look like, i.e. who are your competitors, is there even demand for your products/services, etc?
- Etc….
All of these questions, and more, will help you put together a business plan, which is just another fancy term for your business GPS/roadmap for the next 3-5 years. The U.S. Small Business Administration has a great tool to guide you through creating your business plan.
What that will do for you is give you a clearer picture of where you’re dipping your pretty Louboutins in… Plus give you a serious reality check, so hold on to your open-toed Zanottis…
Got a Financial Plan?
No one likes to be broke, ok? Which also means as you’re planning your heroic escape from Office Land, you need to secure yourself some coins in the meantime. You know, just in case your business doesn’t break the million-dollar finish line the first year…
But more seriously, a BIG part of your Big Corporate Exit plan is to avoid starvation and plain financial distress. So if you haven’t started just yet, it may be time to push on the Savings pedal, and make sure you have 9 months to a year worth of business expenses saved up. Ambitious? Yes, and so are you…
Remember that going from the security of a periodic paycheck to your own revenues and profits is not an exact science. You may have some great months, and some not so great months…You may have to re-invest in your business, or face unexpected expenses…So you want a cushion that lets you skip out on stress acne and all kinds of other premature aging signs….
Round Up Your Support System
I don’t care how independent you are, you’re going to need some support. Let me repeat this again, more for myself than you: You’re going to need some support! Whether it’s emotional, spiritual, financial, or just someone to give you a hug and tell you you’re not actually making the biggest mistake of your life (which you’re not)…
Many entrepreneurs, especially women, forget this major part of building a business. It’s hard work, on top of everything you may already have on your plate. So rally your girlfriends, call your mama, hug your kids, whisper tender sweet words to your goldfish, rely on the support system you already have or start building it.
It doesn’t mean your bestie has to buy all your facial products, or subscribe to your daily podcast. But what it means is that when you’re hustling and doing your thing and going through Entrepreneur Jungle, you’re not all alone. And that counts…a lot….
Get Mentally Ready
Mental toughness is par for the course. As much as you may have detested your informal meeting sessions on the daily at work, facing the pressure of being in business for yourself is a challenge.
So get your mental nerves/weapons/armor in place early on. Whether it’s developing a daily meditation practice, or getting a mentor, or even making exercise an integral part of your routine, start planning for ways to stay on top of the head game.
You’re in this to win, and winning starts in your mind. So get started…
Make Education a Priority
Jumping in to your business means holding yourself accountable for what you know, and how you apply it in your organization. Which also means learning continuously, especially as you prepare to jump ship from Corporate.
Actually, there is no better time to learn about being an entrepreneur than while you’re still in Corporate. Use this time to learn more about management, leadership, as well as the tools you’ll need to strive on your own. If your business is related to your current job, now is the time to absorb as much training as possible. In any case, take every opportunity currently offered by your day job to educate yourself (within allowable and ethical limits, of course).
Put a Ring Date on It
There’s no better motivator for action than a deadline! When you know you’ve got to get it done by a certain date, something just shifts in and around you to make it happen! The same applies to your Big Corporate exit plan!
After careful planning and preparation, or actually while you’re still planning and preparing, set a date for your glorious exit! Don’t just set it, but commit to it whole-heartedly. Once you do this, organize your deliverables, to-do’s and action steps around it.
Are you Ready to Start Your Big Corporate Exit Plan?
To Your Success,
The Corporate Sis.
