When I decided to transition from corporate life to entrepreneurship, I wasn’t sure how to go about it, for the most part. For most, such a huge career transition is downright scary, if not close to impossible. Which is why it takes so many of us, myself included, so long to come to terms with it. Or even attempt it at all…
From my own trials and errors, and from learning from so many other mentors who have successfully done it before, here are 5 steps to follow for a successful corporate life to entrepreneurship transition:
This article was written by a college student contributor to TCS.
The concept of going off to college and living in complete freedom is the most exciting step of adulthood. However, with newfound freedom comes expenses—a lot of expenses. I’ve always been very frugal with my money. Every expense should be justified and only completely necessary.
I wasn’t necessarily raised this way, but I became extremely cautious with my money once I started working and had to pay for most of my expenses. Now, I spend my money on rent, gas, and food Although I could ask my parents when I need to, I make every effort not to.
As a frugal college student, here are some ways I recommend to try and cut unnecessary expenses and save money in college:
Always use coupons!
Whether it is going to a movie or eating out, I always try to find online coupons that can reduce the cost of my purchases. Some of these sites include Groupon, StudentRate.com, or MySavings.com.
Eat for free on campus!
On campus, there are so many opportunities for free food, and most of the time, I don’t hesitate to take advantage of them. Doing so reduces my need to go out and buy food since I have no meal plan. I also learned how to cook, and I’m not living on Ramen noodles every day. I actually make decent omelets in the mornings (if I wake up early enough). Apps like Epicurious can also help you plan your meals better.
Use discount sites!
I also live in a house off campus which requires furniture, so I go on Craigslist or various garage sales nearby to buy used but in good quality furniture. Other discount sites for college students include TUN, UConnection, Also, I’m aware of a lot of places which offer student discounts, especially around my area. Most of the restaurants, fast food, and clothing boutiques give student discounts. A great site to consult for locations around your campus which might offer student discounts is AroundCampus.com. Keep in mind to ask around and always check if any student discounts are available before making any purchase.
Do things on your own!
The best way to save money is doing things on your own. I used to get my nails done often, but I learned to just do them on my own. I end up saving $30 a month this way. I also wash my own car instead of taking it to a car wash.
Find cheaper textbooks!
Purchasing college textbooks is the worst. The best way to go about is going to the online websites finding cheaper versions of the textbooks or finding the free pdf file. This way you are getting the information and still spending as less as possible. Also, ask about and use college Facebook groups to inquire about cheaper options or students who may be selling theirs at lower costs. Sites like CampusBooks.com or Chegg can help you shop for cheaper books,
All in all, college can be a rewarding and fulfilling experience—but you don’t have to spend so much money. Being cautious of your money and spending it in the right places can relieve you from a lot of stress, and it’ll be the best four years of your life.
Ready to take your business international? Operating an international business may seem daunting. Yet, if you are already operating a successful domestic company, you are in a good position to launch internationally.
One fairly easy way to connect to foreign consumers is through online marketplaces like Alibaba, a Chinese e-commerce platform. Alibaba provides small businesses with access to international markets through internet technology and infrastructure. U.S.-based online marketplaces that can provide businesses with international market access include Amazon, eBay, and even Craigslist. Foreign and domestic platforms have pros and cons associated with them. For example, some producers and buyers have had issues with counterfeit goods sold via online marketplaces. You should determine the best platform for your business by considering factors like the platform’s reputation, performance, and cost in the same way that you would select any other service provider or business affiliate.
Work with a foreign distributor
Similar to online marketplaces, foreign distributors are intermediaries that introduce your business to foreign customers. A foreign distributor relationship can be even more advantageous than an online marketplace presence because the foreign distributor can also market and service your product. Think of the distributor as your company’s local representative. You can use a local branch of the U.S. Department of Commerce to help identify reputable distributors where you want to do business. Once your business has found a distributor, work with an attorney to negotiate an effective distribution agreement that at least addresses pricing, sales regions, quotas, and intellectual property rights.
Enter into a partnership
Last but certainly not least, a partnership may be the best way for your business to grow internationally. Many multinational corporations use partnerships to enter foreign markets. Not to worry, your business does not have to be a Fortune 50 to set up a foreign partnership. Partnerships can take different forms ranging from collaboration agreements to joint ventures. All you need to do is research the target foreign market, identify a suitable business partner in that market, and then agree on the terms of the partnership arrangement. International partnerships are well suited for businesses that need to leverage supply chain and manufacturing capabilities. Additionally, a partnership may be one of the only ways to penetrate a market that is closed to foreign businesses.
The above-mentioned points are just a few ways to grow your business internationally. Other means of growing internationally can be as simple as selling directly to foreign consumers or as complex as building a foreign division. Small and medium size companies should and can compete internationally if they want. There are government resources that provide helpful information on how to successfully enter the international market and skilled professionals who can facilitate international business transactions.
Dorcia Carrillo manages a business and corporate law firm, the Law Office of Dorcia Carrillo PLLC, where she guides clients from entrepreneurs to executives through the intersection between business deals and legal documentation. Dorcia likes helping growing businesses with practical legal advice and workable solutions. She is a New York Giants fan and ardent supporter of the Alzheimer’s Association.
Our guest contributor, attorney and entrepreneur Dorcia Carrillo, shares some advice on the legal and business aspects of side hustles.
In this new economy, workers no longer expect to retire from the company at which they started their careers. Instead, people are moving from employer to employer and often participating in the gig economy. The gig economy, as defined by Investopedia.com, is characterized by temporary flexible jobs performed by independent contractors, freelancers, or consultants (side hustles). Independent contractor, freelancer, and consultant differ slightly, but for the sake of ease, I will use consultant to collectively refer to these three variations of a side hustle. Side hustles are by no means new but they are becoming much more widespread and respected than they were a few decades ago. In the early 2000s, the only people I knew who survived as freelancers or consultants were writers and IT professionals. Now people with other creative and technical skills are building their side hustles into respected brands.
I recommend that entrepreneurs create and use a template consulting agreement for their professional service side hustles. A standard agreement can be a competitive advantage and is an important tool for expanding a side hustle into a valued business. Of course, not every entrepreneur needs to have a written agreement in place for every project. Furthermore, consulting agreements will vary across services and sectors. The purpose here is just to highlight some, not all, of the key provisions that a consultant should consider including in a template consulting agreement.
Define the Business Relationship
First, a consulting agreement should state the relationship between the parties. It may seem obvious that a consultant is just that, but it is absolutely worth noting. More clearly, a consultant is not an agent or employee of her client and a consultant typically acts under her own discretion. These points are important because they may affect how a consultant operates. For example, a consultant is not paid as an employee and, therefore, may be subject to self-employment tax. Moreover, if the consultant is operating as an incorporated entity, the corporation rather than the individual will be signing and acting under the agreement.
Define the Scope of Work
Second, any consulting agreement should clearly state the services the consultant will provide. It is critical to identify what services are included in the scope of work. For example, a web developer should identify what if any maintenance, technical support, or upgrade services will be provided. It is also a good idea to note what services will not be performed. A well written scope of work, or statement of work as it is sometimes called, is the best way to avoid or alleviate confusion about performance. As a drafting tip, I recommend that on-going or complex project work be detailed in a separate attachment referenced in the consulting agreement rather than detailed in the main document.
Set the Payment Terms
Third and equally as important as the scope of work, are the payment terms. I know that negotiating a price for services is often the most difficult aspect of reaching an agreement. For this reason, it is imperative to precisely document the agreed upon pricing terms. A template consulting agreement should have a provision to note payment amount, frequency, and schedule. Additionally, the consultant must ensure that invoices are consistent with the terms of the agreement. If the agreement provides for an hourly rate, related invoices should be billed by the hour. As with work scope, the actual payment terms may be a referenced attachment to the agreement if the terms have to be explained in more than a few sentences.
Protect Intellectual Property
Lastly, a provision for intellectual property is another clause that some entrepreneurs, namely those who create or develop copyrightable works or patentable technologies, need in their consulting agreements. Intellectual property is any product of the human intellect that the law protects from unauthorized use by others. Some examples include music, software, and tools. Importantly, a consulting agreement can identify whether the consultant or client has rights to relevant intellectual property and what those rights are. All sorts of arrangements can be made for consultants and their clients to use, share, buy, sell, license, and reproduce the relevant intellectual property.
A template consulting agreement does not have to be a long complicated document. As stated, it should at least address the consultant-client relationship, scope of work, payment terms, and intellectual property rights. Other clauses that may need to be included relate to warranty, indemnification, assignment and transferability, and governing law. I recommend speaking with a knowledgeable attorney about your specific legal needs. Alternatively, automated services like Rocket Lawyer are available to get started with a basic contract. At the very least, I encourage consultants to carefully review and negotiate the terms before signing any consulting agreement that a potential client presents.
Happy consulting!
Dorcia Carrillo manages a business and corporate law firm, the Law Office of Dorcia Carrillo PLLC, where she guides clients from entrepreneurs to executives through the intersection between business deals and legal documentation. Dorcia likes helping growing businesses with practical legal advice and workable solutions. She is a New York Giants fan and ardent supporter of the Alzheimer’s Association.
If you’re an entrepreneur or a remote worker, you may have visited or used a co-working space. Actually, it appears that people who use them do thrive more than people working in regular office spaces. From seeing their work as more meaningful to feeling part of a community and having more job control, people in co-working spaces just seem to derive more happiness and meaning from their work.
Here in Australia, where I live, which by the way is an amazing place to launch a business, co-working spaces are great places to build connections. It also helps that Aussies are warm, effusive, and highly dynamic. They work hard, take success seriously, and love to experiment with new ideas.These qualities make the country a very interesting place to network.
It is also the ideal environment for entrepreneurs who are keen to push the envelope and create something different. All you’ve got to do is step into the right workplace to find engaging debate, innovative strategies, and collaborative enterprise. In co-working spaces like Servcorp for instance in Sydney, for example, and you’ll be right at the heart of the corporate action.
This guide to making friends and securing big opportunities in your co-working space will give
you some advice on how to communicate.
Acknowledge the Space
While all the best coworking facilities contain a mixture of collaborative and more private
spaces, it’s important to maximise the value of shared endeavour. You don’t have to be
chatty and open to others all the time, but small businesses do stand to benefit greatly from
collective thinking, creating, and brainstorming. Even if you just have casual conversations
with fellow entrepreneurs, they’ll still teach you a lot about the market.
Respect the Space
On the other hand, it is just as important to respect privacy when it’s clearly warranted or
desired. This can be tricky at first, particularly if you’re not used to sharing an office, but it’s
just a matter of letting common sense guide you. Strike up conversations with new
acquaintances during slow moments like coffee breaks or when you’re both setting up your
equipment in the morning. Then, it’ll feel less intrusive if you drop in on them with a
suggestion, question, or recommendation later.
Suggest a Labour Exchange
This is one of the simplest ways to cement a new relationship in a coworking space. These
shared facilities welcome high-end clients from all kinds of industries and walks of life. It
straight talking, so be open to the idea of sharing not just the space but also your goals.
Why Coworking Spaces Are a Great Place to Learn
The idea that entrepreneurs should close themselves off to the rest of the market and only
view their rivals with a suspicious gaze is an old one. It doesn’t really apply to the modern
business world because so much of our technology is now based on collaboration.
Coworking spaces are wonderful learning environments, because they place young
entrepreneurs at the heart of the action, among other motivated, fast moving professionals.
Author Bio: Alexandra Richards is an Australian business consultant, located in Melbourne. She takes a keen interest in business structures and work culture. Recently she has taken a particular interest in the benefit of having virtual office solutions to attract clients in Asia.
Please note this post may contain affiliate links and I may be compensated if you click on the included links.
Gumdrop by Goodshop
I love to shop, that’s no secret (you can ask the hubby!). Yet, I’m also quite on the frugal side when it comes to stretching my dollar. While at the #BlogHer17 conference last week, I learnt of a wonderful way to make my dollar stretch even further, and for a good cause too! I’m excited to be able to share with you an amazing way to shop while saving and giving back right from your computer or smartphone!
Most of us love to give back to causes that are close to our hearts. Yet, life gets so much in the way sometimes that we’re not often reminded to do so. What if we integrated our everyday activities likes shopping for instance, with the higher purpose to contribute to a charitable cause of our choice? That’s what Gumdrop allows you to do, though a simple extension that takes about 30 seconds, if that, to install.
SHOPPING FOR A CAUSE IS EASY WITH GUMDROP BY GOODSHOP
What if you could automatically find the best coupons and deals every time you shop online? That’s exactly what Gumdrop allows you to do. This browser extension sifts through over 500,000 deals and coupons to help you save the most money. I know despite all my best efforts, I rarely have the time or energy to gather the coupons I need.
With Gumdrop, as soon as you’re shopping online, the best deals and coupons are displayed on the retailer’s page. In addition, if you buy anything using one of the deals or coupons from Gumdrop, Goodshop automatically makes a donation to your favorite cause. No headache, no need to navigate to a different page, and no need to pay anything! You can donate to the cause of your choice, and you can actually even create the cause you choose to donate to!
Here’s an example of two of the places I shop online and use Gumdrop on:
Shopping online with Gumdrop by Goodshop
Shopping online wit Gumdrop by Goodshop
For example, my charities of choice are UNICEF and the Susan G. Komen foundation for breast cancer.
This year, I attended my very first BlogHer conference in Orlando, after being encouraged to do so by my dear mentor Danyelle (check her out at The Cubicle Chick). The BlogHer conference is one of the biggest gatherings of content creators, social media influencers, and entrepreneurs in the US, garnering an attendance of over 2,000 women content creators every year who can connect in person and through apps like the Muses app. This incredible event also features female powerhouses in their own businesses, industries or sports. This year, I was honored to be in the same room as extraordinary women such as Serena Williams, Joy Ann Reid, Chelsea Clinton, Cecile Richards, Tai Beauchamp, Luvvie, and so many others…
As a newbie, experiencing a conference of this size in the presence of inspiring female role models, from the celebrity speakers to all the influential women in attendance, not to mention the supportive brands and sponsors, is almost surreal. Yet, it all comes down to one simple, very often overlooked fact: the power of being in the room!
There’s power about being in the same room as people who may have done the things you want to do, have the careers you want to emulate, or just speak to you in one way or another. Proximity brings in us a new level of renewed confidence and trust that if someone else could do it, so can we!
The conference started every morning with a short yet powerful meditation session filled with empowering quotes, led by amazing women such as CEO of the Still Going online meditation coaching service Starr Barbour. These meditation sessions were then followed by powerful keynotes, and various sessions with topics ranging from how to build a successful business, to SEO secrets and business tax tips.
Even more than the powerful tips shared during the conference, what impacted me, and I believe the majority of the attendees, was to be in the same room as successful career women and entrepreneurs. Here are 6 powerful lessons I learnt during three incredible days of #BlogHer17:
Do Not Fear Failure!
Serena Williams at the BlogHer17 conference
My most anticipated keynote was the one given by tennis champion Serena Williams, who walked on the stage as a proud mama-to-be, a living image of the strength and power of women everywhere! Her message, one of resilience, courage and championing other women, resonated with the entire audience! I mean, the woman won her 23rd grand slam while pregnant, and knows a thing or two about coming back from hardship to reach new heights!
“People have to make mistakes to become stronger” – Serena Williams
We need to fight for women’s health!
Chelsea Clinton at the BlogHer17 conference
Chelsea Clinton and Cecile Richards of Planned Parenthood’s keynote was a crucial reminder of how endangered women’s health is nowadays. Legislations are being passed that are putting maternal care in danger, and it’s our responsibility, not just as women, but as human beings, to ensure that we participate in the electoral process.
Both Chelsea and Cecile reminded us that not only do we have the power, but we also have the responsibility, to reach out to our state and local representatives to ask for the changes we need. It’s important that we play our role to advocate for ourselves, for our mothers, sister and friends.
“Women are the resistance in this country.” Cecile Richards
“Everyone has a mother. Maternal care is in danger.” Chelsea Clinton
You should buy your time instead of selling yours!
Luvvie Ajayi at the BlogHer17 Conference
This was a powerful quote and lesson from author and blogger extraordinaire Luvvie Ajayi, author of the New-York best-seller “I’m Judging You” (read my review of “I’m Judging You”). First of all, can I tell you about Luvvie being on stage! Hers was a hilarious keynote address that had the audience in stitches. Yet she was dropping all kinds of business and life truth bombs on us…
As a blogger who is now a successful author, Luvvie shared her story of becoming a full-time entrepreneur, writing a best-selling book, and running a thriving business. Out of it, she extracted impactful nuggets of wisdom for entrepreneurs and career women alike, such as the need to outsource our lives, and to buy time back so we can out more money in our pockets!
“You do not have the same 24 hours as Beyonce.” Luvvie Ajayi
Fill a void in the market!
Tai Beauchamp at the BlogHer17 Conference
Let me first preface this by saying I’m a huge fan of Tai Beauchamp! She’s a veteran journalist, entrepreneur and media personality, as well as the founder of TheTaiLife.com. She led the Passion to Profit panel on the first evening at BlogHer17, featuring social media influencer and ex-surfer and model Anastasia Ashley and style blogger turned swimwear designer Gabi Gregg.
The conversation was chock-full with tips to build and scale a business from scratch, basically! It was a powerful session for bloggers, influencers, and pretty much any entrepreneur looking to grow their business. My biggest take-away from it came from the talented Tai Beauchamp, and was around identifying a gap to fill in the market and positioning yourself accordingly.
“Ask yourself if there’s a void in the market!” – Tai Beauchamp
Use social media to disseminate the right information!
Joy Ann Reid, Ana Navarro and John Avlon at the BlogHer17 Conference
Another one of my sheroes also spoke at the conference. MSNBC’s own Joy Ann Reid shared the stage with political commentator Ana Navarro, and Editor-in-chief of the Daily Beast John Avlon, to discuss the current political scene.
My biggest take-away here came from Joy, as she emphasized the importance of the role of social media in politics, and how we can participate through this medium.
“I think social media has been great…to be able to disseminate information quickly.” Joy Ann Reid
Dare to Pitch Yourself!
Last but not least, one of the most powerful lessons I got from the BlogHer conference this year can be summarized in four words: “Dare to Pitch Yourself!”
There were many brands, from Olay to Best Buy and LG, that were in attendance, and were looking to connect with influencers like myself. Being there allowed me to really dare to introduce myself, share my message and pitch my brand. If you think about, those are three things we’re called to do constantly in our careers and businesses.
Checking out the LG vendor booth at BlogHer17 conference
It was also interesting to attend and vote in the Pitch Competition that took place later during the conference. How impactful to witness brilliant female entrepreneurs defend their business ideas and pitch them to the audience ! My personal favorites were Esosa Ighodaro’s money-making app CoSign, and Spotlight Girls Camps creator Lynn Johnson (Lynn Johnson ended up winning the Pitch competition).
Esosa Adeghboro, CoSIgn app creator presenting at the BlogHer17 Pitch Competition
Lynn Johnson on her video pitch for the BlogHer17 Pitch Competition
I also had the pleasure to be interviewed by ForbesBooks Radio, and share my message about working women on their podcast (I will share it in a couple of weeks when it comes).
My interview with ForbesBooks Radio
As a recap:
Do Not Fear Failure!
We need to fight for women’s health!
You should buy your time instead of selling yours!
Fill a void in the market!
Use social media to disseminate the right information!
Dare to Pitch Yourself!
Overall the BlogHer conference was an amazing experience, which taught me invaluable lessons to implement in my life and business. Can’t wait for next year!
When I decided to transition from corporate life to entrepreneurship, I wasn’t sure how to go about it, for the most part. For most, such a huge career transition is downright scary, if not close to impossible. Which is why it takes so many of us, myself included, so long to come to terms with it. Or even attempt it at all…
