Most corporate people living pay-cheque to pay-cheque are only 2-3 months away from going broke without their corporate income. Yet so many people jump straight into a business with little to no experience. They go all out, quitting their job and announcing it to the world, only to come back not long after, desperately seeking their old jobs again, because it’s harder than they ever imagined.
Face it, business requires a range of skills that need to be developed over time. Studies have shown that there are 8 things you need to practice as you start your new business if you are to survive the post corporate world:
Do Your Due Diligence – Don’t Bark Up the Wrong Tree
It’s easy to get caught up in the moment when you are excited. Do your research, ask questions and take your time to consider and re-consider the options.
Is this business going to give you everything you want? i.e. is it the right vehicle to help you achieve some of your life goals? Is it sustainable? What are the risks involved and how easily could you walk away from it if you had to?
Seek Help and Advice – You Don’t Know What You Don’t Know
Leave your corporate ego at the door when you begin building your business. Start forming a team around you that will help you navigate through the unknown seas in business land.
There are always people smarter than you in various areas you may not be proficient in. Seek their help and advice and consolidate their wisdom and experience with yours to move forward faster.
The Grass Is Not Always Greener – Avoid Bright Shiny Objects Early On
I ran into this very early on where every opportunity thrown at me looked like something I could do on the side and at one stage, I had my hands in 4 different opportunities. It was hard for me to turn down a good deal.
You’re better off doing one thing really well than a few things average. There will always be bright shiny objects to distract you. Just get good at saying ‘NO’ more often!
Constant Learning – Your Business Will Only Grow as Fast as You
The world is moving so quickly that information is becoming obsolete at a faster rate than ever. Along with keeping your professional skills current, you’ll find you need to work harder on your personal development.
It will prove the best investment of all, because when you grow your mindset, you develop a greater understanding of the world and your place in it, you learn the life skills necessary to succeed despite the odds.
Be Really Good at Your Numbers – Manage Your Cashflow
When I left the corporate world, I foolishly spent money on things that were not critical at the time, i.e. fancy business cards, business lunches, marketing, stock, etc. Basically, I did not manage my cashflow and was living off savings and credit. This hurt.
Make sure you quickly adjust your lifestyle and habits during your transition, don’t leave it too late. Start planning a budget ahead of time.
Have The Right Mindset – Plan for The Future and Focus On the Present
Your business is a direct reflection of you. Have a plan for your future, but be consistent, dedicated and focused on the daily tasks.
You will start to build a strong foundation which will give you the option to leave the corporate world and thrive!
Be Passionate – Always Challenge Your WHY
Building a business is a massive undertaking! So why do you want to take on such a challenge?
There has to be a greater purpose that drives you each and every day. You constantly need to challenge your WHY. It has to be a burning ambition that will make you do whatever it takes to get the job done.
Don’t Do It Alone – Leverage Yourself with Good People
It makes sense to get help and advice from the right people. Know what your time is worth and do the work that will grow your business as much as possible. Outsource everything else, within reason. Having this mentality early on, will save you a mountain of time and help you to achieve your goals faster.
By following the 8 steps above, you have a strong chance of not just surviving, but thriving outside the corporate world, as you build a business and life that will continue to inspire you.