Leaving the bittersweet comfort of the corporate world to start your own business can be thrilling yet terrifying. As someone who’s left corporate to start my own successful financial advisory firm, I can tell you it’s one of the scariest things I’ve done. I want to share 5 pieces of advice I wish someone had given me to gain clarity and confidence in how to do it…
1. Plan Your Expenses Strategically:
The scariest part of leaving corporate for me was giving up that fat paycheck that came every 15th and 30th. I made excellent money and was so scared I wouldn’t make as much or would starve my son as a single mom. What did I do to prepare? I wrote down exactly what I needed every month to pay my vital bills. Then I saved 1 year (yes, 1 full year!) of that amount in a savings account. My though process was: If I fail at entrepreneurship, I have 1 year to figure sh*t out. Having a safety net is ESSENTIAL because as you grow your business, you want to focus on business strategy rather than figuring out how you’ll pay the bills. If you’re nervous about paying the bills, you’ll have an energy of desperation and clients smell that a mile away!
2. Seek Wisdom from Successful Entrepreneurs:
Put your ego aside and ask for advice and help. Not from your tia Maria or uncle Oscar who knows nothing about successful businesses, but from someone that has done what you want to do and succeeded. One of the most valuable resources you can get is the wisdom of people who’ve already achieved success in the field you’re transitioning into. Connect with mentors or experts who can offer insights, guidance, and valuable advice based on their experiences.
3. Tap into the Power of Your Network:
I learned this one the hard way. When I was younger, my mentors would tell me “Learn to network” and I’d roll my eyes because I found networking slimy and manipulative but there’s a science to it!
Entrepreneurship can feel isolating at times, and having a network that supports and understands your journey can be essential. Connect with fellow entrepreneurs for shared experiences, or even someone to just share a drink with when the challenges feel overwhelming.
Your network holds untapped potential. You could easily discover future clients, invaluable mentors, or reliable referrals just by putting yourself out there.
4. Engage in Masterminding:
This was a game-changer for me. I created my own mastermind and it was ridiculously powerful. Obviously, I chose some badass people, which forced me to think bigger. Collaborations don’t just create new ideas, but they give you insight into where you might be lacking. Don’t feel the pressure to have all the answers; especially when you can surround yourself with a diverse group of individuals who bring unique perspectives to the table. Masterminding allows you to tap into a pool of ideas, solutions, and strategies that you may have never considered – after all, 5 minds think better than one.
5. Fall…Learn..Keep Going:
I’m not the sharpest tool in the shed. Ok, I lie, I’m pretty smart. My point is that I’m the smartest chick out there but I AM determined and reslient. Tell me I can’t do it, and I will prove to you I will. It’s my mindset. So my formula is simple: When I fall, I learn and adjust, and I keep going. Sometimes, the formula goes like this: I fall, I cry, I learn, I cry again, I get back up and I keep going. But it always ends with ‘I keep going’. So, Keep Going! You stop, you lose.
Remember, this journey is an adventure not a prison cell! With strategic planning, the support of a network, and a mindset of resilience, you will succeed AND enjoy the journey while you’re at it.
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* The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Investing includes risks, including fluctuating prices and loss of principal. No strategy assures success or protects against loss.
