How to Transition from Employee to Entrepreneur
Several weeks ago, I discussed starting your business in a recession and also mentioned a few famous companies that launched during economic slumps. So if you’re thinking about starting a business, don’t give up just because the economy looks bleak. But, do make decisions now that will help you succeed.
- Find a quiet and dedicated office space away from any distractions (and yes, the television counts). Even if it’s just a desk in your bedroom or family room.
- Set aside specific days and times to work on starting your business. A few hours after work and on the weekend can go a long way. If not, you’re likely to get distracted by the daily hustle and bustle of life.
- Start networking. Create accounts on several key social networking sites such as ZoomInfo, LinkedIn and Facebook. This lets your friends and colleagues know that you’re open for business. Attend free events in your area where you can connect with potential clients and others in your industry. Above all, get a business card and give it out to everyone.
- Take advantage of your current income. Do some pro-bono work or create a few free product giveaways. I used this method and within a month I had more requests for paid work than I could handle. Remeber, during a recession, your best tools are quality and customer service.
- Start small, expand slowly. Live off the income from your day job and re-invest profits back into your business. Continue to take on small projects until the revenue from your business is not only stable, but also sustainable. Make sure you have a solid plan and talk to a mentor before finally leaving your day job. This will help create a solid foundation for success.
- Think outside of the box. During difficult times, it’s the innovative entrepreneurs that flourish. Find ways to us the current situation to your advantage. Above all, stay creative. I recently heard the story of a regular guy who happened to be handy. At the beginning of the recession last year, he started boarding up houses after fires and storms for a friend that owned an insurance company. Because no one else was offering this specialized service, he soon became the go-to man. Within a year, his accidental business had grossed over $1 million in revenue…and all this during a recession.
Read more about succeeding during a recession. I’d love to hear your stories of how you made the transition from employee to entrepreneur. Or, if you have specific questions about transitioning, please leave a comment below.
Upcoming Small Biz Contests
Intuit Biz Story Competition
Grand Prize: $25,000 grant and $2,500 in products
Deadline: March 23, 2009
Dell Small Biz Contest
Grand Prize: $50,000 in Dell products and services
Deadline: April 3, 2009
Women 2.0 Startup Competition
Grand Prize: Win a meeting w/ Michael Moritz (Sequoia Capital) and more
Deadline: April 10, 2009
-Jacalyn Barnes, SCORE
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