Been thinking about leaving that position you've held for a long time? Wondering what your first moves should be?
I spoke with
Susan Rylance
on the Serve Strong Finish Strong podcast about her experience in making such a shift in her life. You can listen to the conversation here:
So, what are some key considerations when thinking about leaving your corporate position to do something on your own?
- Financial Stability: Evaluate your financial situation. Do you have enough savings to support you during the initial phase of your new venture when you may not have a steady income? How long can you sustain without a regular paycheck?
- Business Plan: You should have a solid business plan. This should include a clear understanding of the market, the problem you're solving, your target audience, and a revenue model.
- Risk Tolerance: Starting a business is a risk. Are you prepared for failure and do you have a backup plan?
- Skill Set: Make sure you have the necessary skills to run a business. This could be anything from technical skills to managerial or leadership skills. It might be worthwhile to acquire new skills or even find a co-founder that complements your skill set.
- Market Research: Thoroughly research your target market. Understanding the needs and wants of your potential customers is crucial to the success of your business.
- Work-Life Balance: Starting a business can be time-consuming. Are you ready for the long hours and the impact this could have on your personal life?
- Legal and Regulatory Considerations: Understand the legal aspects of starting a business, including taxes, registrations, and any industry-specific regulations.
- Support System: Do you have a network of mentors, peers, or family who can provide emotional support, guidance, and potentially business connections?
- Passion and Motivation: Starting a business should be something you are passionate about. This will help you stay motivated during the challenging times.
- Healthcare: Leaving a corporate position often means losing your health insurance benefits. Make sure to have a plan for how you will handle healthcare.
Remember, each person's situation is unique, so these considerations may vary in importance depending on your particular circumstances.
Want to talk more about your "next adventure"?
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Executive Coach | Author #1 Worldwide Bestseller The 4 Disciplines of Execution | Strategy and Execution Consultant | ???????????????? ?????? ?????????????????? ???????????????? ??????????
1 年Wow, Scott! You just keep adding value and wisdom in everything you do! What a profound impact you’re having on so many!! ????
Helping Executives Minimize Taxes & Create A Plan For What's Next. Financial Advisor @ Savant Wealth.
1 年Very helpful list Scott! Pivoting out of corporate and into another venture has some incredible benefits, but you need to do your homework.