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Leaving The Corporate World To Start A New Business

So how do you decide to leave corporate world and start a business?

Because the journey and experience is unique to each individual, the first thing to consider is that you must have a strong motivating factor - you need to understand the absolute reason why you are wanting to start a business.  

When you are thinking about leaving your corporate job to start an online business that reason why has got to be big enough to motivate you and keep you interested long term - through good times and bad. 

 

Starting up whilst in full time work?

Many people now start an online business whilst still in full time work. This is a good way of de-risking what is usually a high risk start up business approach.  For one thing, you will have a constant flow of income to dip into if your business needs it.

This is a new stage in your career and the timing of when you leave is important.  It may be worthwhile you taking a sabbatical break from your career if you can. 

If there is an opportunity to take some time out without fully quitting,  you can test and research your potential customers and work in your business before you finally make the decision to break away permanently – this is always a popular way to do it. 

 

The rise of the side hustle

Today many people do what’s called a side hustle – so they are starting a new business and working on it evenings and weekends... and then keeping their full time day job. 

That is not an easy balance to keep and it does require a lot of dedication. You have got to be careful that you don’t have any detrimental impact on your performance in work.

It will quickly become apparent to your boss and your colleagues if your brain is suddenly switched on / turned on by something else where. They won’t thank you for refocusing your energies on your new venture and “coasting” in work during the day.

 

Prioritise and check for conflicts of interest

You will need to be clear on what your priorities are…so when you are in work,  be in work and when you are not in work, work on your side hustle. When its your own time, you can justify it… just don’t take advantage of your existing employer otherwise things will end on a bad note pretty quickly for you.  

However, if there are no serious conflicts of interest (i.e. you are not trying to do / sell what your employer does), then why not share what you are doing with your line manager - ask them if it is ok to work on your project at the weekends?  It gets it all out in the open and you won't feel like a constant traitor that way!   

If what you’re working on then starts to get some serious traction, you will be pleased you let the right people know. Many people are far more secretive then they actually need to be about their side project... times are changing....far better to be open and have a straight discussion with the people who matter. 

 

Be realistic – how will you survive?

Your decision to quit a safe, paying full time job is one that needs to be taken seriously. You must make sure you are earning enough from your new venture to help you survive – everyone has got to pay their bills somehow. 

It is time to get realistic – Ask yourself,  how much do you need to pay your rent / mortgage?, how much will you need to buy your food etc.  Talk this through with a business coach as part of your business planning process - understand this in detail before you launch. 

 

Don't compromise on your ideal customer

Whichever approach you take - whether its a side hustle or clean break, just make sure you avoid accepting early customers who are not your ideal customer, just because you want the money. 

Starting a new venture and taking customers you don’t really want to serve just because you need money is the worse position to be in.  You will quickly realise you are building a business you don’t actually want. You will be building the wrong business. So make sure you are building the right business by giving your self enough time space and energy to do this properly.

 

Appreciate your existing network

When you make that leap away from the corporate world – don’t loose those corporate contacts and don’t forget that you have actually got a vast number of potential customers for your new product right infront of you.

Clearly people don’t want to be spammed or sold to as ex-colleagues but certainly the importance of continuing the network and reminding yourself of the relationship that you have with them is really important. You will never know when you need to reach back out to this network.   

 

The cross over from corporate to entrepreneur land is a gamble – it can be very rewarding and for many people whilst the financial wages rewards can be less, the fulfilment element is often a lot more.  You get more flexibility and get to be in control of your own time. Many people are possibly happier in their life journey too.

Good luck if you are thinking of making the switch and if you need help from a professional business coach to support you -  here at Alchemy Academy we can help you make the leap and taking this journey.

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