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10 Things You Need to Know When Taking a Leap from Corporate into Running Your Own Business

Running your own business

10 Things You Need to Know When Transitioning from Corporate into Running Your Own Business

 

Every time I speak to women who have made the leap from working in a corporate career into running your own business, I find that they all had to make some pretty big changes in order to adjust into a new way of working. 

Right now more people than ever before are making that life-changing leap to running your own business. As the world is changing and the uncertainty of our jobs are looming, there is a sense of people wanting more freedom and opportunity to finally realise their own dreams and ambitions. 

This very feeling has fueled my career choice to run my own business when I was just 21 and it has ever since been the best thing I have ever done for my career.

Although there is a huge rise in women running their own businesses globally, in India only 14% of business owners are women who offer employment to over 13.4 million people.  Compared to the UK, at 32.3% and 40% in the USA.

So what do you need to know before you take that leap to free yourself from your corporate job and become a business owner or entrepreneur?

1. Self-awareness and mindset 

Since I have been an entrepreneur I have experienced a huge sense of personal growth, but that comes with the expense of facing your true self and digging beyond the surface. If you are embarking on building your own business in 2021, be prepared for immense personal growth and self-mastery.

 

Almost 100% of the people who I speak to in business always admit that mindset was the biggest switch they had to work on, in order to take their businesses to the next level of success or finally show up in a big way. So before you begin, check-in with yourself. Do you have the self-belief required in order to make that leap? 

 

Remember that you will have good days and bad days, so you have to be able to self manage your motivation levels in order to stay consistent in running your own business. 

 

2. Running your own business on your own 

Perhaps one of the biggest changes that you will experience is working on your own when you make that leap from corporate to running your own business. You will no doubt miss those team calls and those ‘water cooler’ chit chats. Up to now, you have probably been surrounded by a team and other people in the company. When you venture out on your own this is going to change and you may find yourself feeling alone. 

 

This is a normal part of the transition but although you may be running your own business on your own, you don’t have to do it all alone. This is the very reason I set up the Women in Business community, so we have a sense of belonging, a place to network, ask questions and feel supported. 

 

Also, you may want to consider hiring a coach or a mentor or simply finding an accountability buddy who will be there on the days that feel challenging and less than motivating. 

 

3. Being your own marketing department 

Now that you are thinking of ditching the corporate and running your own business, it is time to consider how you are going to raise awareness about your business. This may be one of the biggest adjustments you will have to make, become your own biggest cheerleader and marketing department of your own business. 

Like, Tilakam Sarees- where the fabrics has a soul and a story to tell!

Truth is, your business needs visibility and now you are in control of your own destiny, which means you need a solid marketing plan in order to attract your clients. The fastest way to building more awareness for your business is build up your personal brand and authority, so no matter what business you pursue now or in the future, you can your own personal brand and expert status to fall back on. 

I recently wrote an article on creating your Social Media Strategy here.

 

4. You need some systems in your life 

Transitioning from corporate into entrepreneurship requires some structure. You may have been used to things being done a certain way in your workplace, however, as you starting out from scratch it is up to you how you will plan and structure your days and your workload. 

 

I would suggest creating a system that works for you and lends itself for the future. Create a plan for what you will need and build a system that will support your goals in running your own business. This will help you stay organised and focused on the important things that only you should be doing in your business. The rest can be automated. 

Here is a quick blog on 5 Simple Steps that Result in Sales. 

 

5. Speed up your decisions 

You know in the corporate world you have to go through a whole lot of people and red tape in order to get something done or a new project approved. Well, guess what? When you are your own business owner, you no longer need to do that. 

 

You are in control of how fast things can move in your business. This may feel exhilarating at first, as you will have the power to implement ideas quickly and efficiently, however, don’t let your creative mind run away. 

 

Stay focused on which ideas are worth pursuing, and which ones are shiny objects that will suck up your time and not lead to any results. Sometimes in business, it is just as important to be able to say ‘NO’ to ideas or opportunities as it is to say ‘YES’. Every time you say yes, it is a lost opportunity on something else you could be doing. 

 

6. You are your own boss 

Yes, you are now your own boss, but this also means you have to pay your own salary. When you make the switch from corporate to running your own business you will have to get used to having to pay your own salary, taxes, insurance and any other benefits you may have had working for a company. 

 

This also means, planning your own taxes, doing your expenses, starting a payroll, taking care of your pension and planning for any eventualities. I would also recommend having 3-6 months salary saved up in your bank account as leeway for eventualities. Remember, you don’t have sick pay any more, so you have to be in control of your finances much more than ever before. 

 

It is not all doom and gloom, remember that your earning potential will also increase, so if you are a high performing individual, you have no limit on how much you can earn. 

 

7. Learning new skills 

When running your own business you will be in charge of much more than you think that means learning new skills. Are you prepared to take on new challenges ahead? What I found when running my own business that you will have to constantly evolve, learn and grow as an individual in order for your business to grow. That is why you have to be willing to take on new training, seek out for help and invest in yourself. Because your level of knowledge and expertise will shine through in your level of success. 

 

Inspired by this article? You may enjoy reading about Tiffanny Lewis who recently left her corporate job to start her own business, read more here.

 

Hearing stories from women like Tiffanny is what inspired me and led me to dedicate the last few years helping women learn new skills in empowering to start their own businesses. That is why I created the Women in Business Club and our library of resources so women can access the latest information, strategies and techniques to grow their businesses, no matter where in the world they are. Follow us on Instagram and Facebook to stay connected. 

Raimonda is a serial Entrepreneur, Mentor, Business Coach, and International Speaker. She is the founder of the Women In Business Club, international community and events to help women become visible go-to experts. Raimonda launched her 1st business at the age of 21 and has since pursued her entrepreneurial passion, by starting and launching more businesses as well as supporting others to do the same, creating a global women in business network. Raimonda launched women in business events and platform for women in May 2017 and has grown the community to over 200k followers on social media in just two years, placing her as one of the top leading female entrepreneurs and influencers in the online business space. Since, she has hosted number of successful international events and summits helping women grow and scale businesses online. She is a vocal supporter of women in business, and her focus is to champion more women in business and empower women in leadership. Raimonda helps female entrepreneurs and business owners get established, get noticed and visible online – so they can build a successful business online and become the go-to authority in their field – generating more leads and creating more income whilst making an impact.

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