Transitions

Creating Your Corporate Exit Strategy

Deborah A Bailey — Tue, 07 Sep 2010 03:24:46 +0000

For some people starting a business is a dream that they think will only come true once they leave their day job. For others, running a business and managing a corporate career is their everyday reality. Conventional wisdom says that you should start your business before you quit your job, however, doing both things at the same time can be a huge challenge.

Back when I was in corporate I worked in information technology. As a full-time employee it was next to impossible for me to start a business since I regularly had 10-hour workdays. My job often required night and weekend work, so there was barely time to have a real life, much less add a business into the mix.

Even if you have the ability to put in hours on the job and in your business, eventually you will have to make the transition into being a full-time entrepreneur if you want your business to grow. Otherwise your side business will remain just that, and you will never reach the potential that you dreamed of when you started it.

What you need is a plan to move into your position as CEO. Getting that regular paycheck can be very reassuring and provides a feeling of security that will be hard to give up. Having a timeline will keep you on track and give you the motivation you need to keep moving forward.

1. Decide when you would like to move into running your business full-time. Six months from now? Three months? One year? Set a date that feels comfortable for you.

2. Once you have your date, work backwards from there and determine what has to happen financially. For instance, do you need a certain amount of money for business expenses or to launch a new product? Once your salary is no longer coming in, how long will it take for your business income to fill that gap? Be honest about your expenses and how much money you need to cover them.

3. Start eliminating as much personal debt as possible. You may need to incur additional debt to put into your business, so get rid of as much as you can while you still have a regular salary.

4. Let your family know what your plans are for leaving your day job. Everyone has to be on the same page and know what is expected of them when the transition happens. It’s best to discuss any concerns now – don’t wait until you’ve left your job and then have to deal with issues around your decision.

5. Once you are responsible for creating and managing your own income, it is not the same as living with a paycheck coming in on a regular (and predictable) schedule. There will be fluctuations in your income (not to mention the different types of taxes and expenses involved). Take this time to do your research so that you’ll be prepared.

6. Depending on your business, being a full-time entrepreneur can mean spending much more time alone and as opposed to being in an office environment. Start networking and connecting with other entrepreneurs so that you can build a support system before you go out on your own.

7. Get clear about your vision for what you want to accomplish. Your business will be a reflection of you and your beliefs about yourself. Limiting beliefs will impact your business success. If you’re optimistic and stay open to opportunities, your potential will be unlimited. Need help as you make this transition? Consider getting a business coach to support you. All successful people have coaches and/or mentors and they are a critical part of an entrepreneur’s “power team.”

Starting a business takes courage and vision. By taking charge of your own destiny and becoming a business owner, you are stepping out of the mainstream and entering a life with limitless potential. Don’t be afraid to make your corporate exit, but plan it properly in order to insure your business success.

Three Steps to Getting Unstuck

Deborah A Bailey — Wed, 28 Jul 2010 01:15:39 +0000

Feeling stuck in a job you don’t like? Not sure what you want to do next in your life? Do you spend a lot of time planning and thinking, but never take action? Don’t give up! There are ways to move towards the life you really want.

Step 1: Identify the “tolerations” in your life

Are you still stepping over shoes you left in the middle of the floor? Is there a pile of junk mail on your kitchen table? Are there things that are on your “to do” list that never get done? What are you tolerating in your life? Make a list of the things that you want to clean, or change, or replace. Prioritize and do one thing on the list every day or each week. Having little things left undone is only a reflection of larger issues you may not be addressing.

Step 2: Stop expecting the past to be just like the future

If you’ve been disappointed in the past with a job change, for instance, you may believe that you’ll never find a job that is the right fit for you. If you’ve had abusive managers or worked in negative environments, you might think every workplace will be the same. Focusing on the past (and all of the disappointments) keeps you stuck. It’s hard to move forward if all you can see ahead of you is more of the same.

Set goals and take action without expectation of what will happen in the future. You have no idea what will happen until it actually does. Living in the moment means that you aren’t anticipating a result, instead you’re staying focused on what you’re experiencing right now. Staying focused will get you to where you want to be and keep you moving forward.

Step 3: Give up control

As long as you try to stay in control of every situation, you will limit the ways in which you can receive opportunities. If you have low expectations of what you’ll get from a job or a relationship, what you receive will match those expectations. Or, you may refuse to accept the good things that come to you because they don’t come to you in the way you’re expecting.

When you stay in control, you shut out the unexpected and the unpredictable. Getting unstuck means you have to take a bit of a risk to find the new job, relationship, or brand new life that you’ve been dreaming about. Be open and be willing to be vulnerable. Don’t feel that you have to protect yourself from hurt. By doing that you’ll also be closing out the good things as well.

“Think Like an Entrepreneur” Live Chat

Deborah A Bailey — Sun, 04 Jul 2010 01:38:33 +0000

Join me for a live author chat on Tuesday, July 6th. We’ll be discussing my new “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life.”

Think Like an Entrepreneur Live Author Chat
Where: i-Virtual Assist Blog
URL: http://www.i-virtualassistbooktours.blogspot.com/
Date: Tuesday, July 6, 2010
Time: 7:30 pm Eastern time

Think Like an Entrepreneur Virtual Book Tour

Deborah A Bailey — Tue, 22 Jun 2010 00:17:44 +0000

Join us for a virtual book tour stop at the “Your Focus Blog” on June 29th. You’ll get to ask questions about my new book, “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life” and have the chance to win a free copy of the book.

Think Like an Entrepreneur Virtual Book Tour
Where: Your Focus Blog
URL: http://yourfocus.wordpress.com/
Date: Tuesday, June 29, 2010
Time: 7:30 pm Eastern time

From Employee to “Intrepreneur”

Deborah A Bailey — Sat, 12 Jun 2010 00:42:54 +0000

As a direct result of all of the economic realities we’re faced with, more people are looking into starting their own business. For some people this will be a new and welcome direction. However, starting and running a business isn’t for everyone. When an employee wants to apply entrepreneurial traits to their career, they can do so as an “intrepreneur.”

What’s an intrepreneur? I’m sure there’s more than one definition, but one way to define it is when an employed professional acts like an entrepreneur while remaining in the corporate environment. Instead of being reactive and not having any control over your career, you can use entrepreneurial traits to be more proactive in your career.

No one wants to feel that their work has no purpose. It’s hard to get through a day or feel any excitement for what you’re doing if you can’t see why what you’re doing matters. One reason why people go into business for themselves is because they want more freedom over their lives. They’re tired of being in an environment where they spend the day reacting to the decisions of others.

This is where looking at yourself as an intrepreneur can change your entire outlook. If you’re ready to adopt entrepreneurial behaviors such as taking more risks and creating a vision for what you want to achieve, you’ll be less likely to get stuck in a career rut. It means taking responsibility for your decisions and for the results.

Here are tips to become an intrepreneur in your career right now:

1. Take an honest look at your job situation. How do things look in your company and in your industry? Are there growth opportunities?

2. Be open to learning and growing. If your skills have not been updated in years, find opportunities to upgrade them now.

3. What’s your vision for your future? Where do you see yourself in six months or in a year? Are you willing to take steps to reach your goal?

4. Become more of a risk taker. Is there a project that you’d like to work on or a new process you’d like to introduce to your department? Are you willing to share your ideas or make a request for what you want?

5. Learn to trust yourself. If you don’t have confidence in yourself or your ideas, it will be difficult for you to take charge of your career. You have to believe that you deserve to have a better experience and that you do have something to offer.

Whether you stay in your work environment or decide to move out into business ownership, you can transform your relationship with your work. Take charge of your career and go from employee to intrepreneur.

Are You Using These Traits of Successful Entrepreneurs?

Deborah A Bailey — Tue, 25 May 2010 00:09:03 +0000

There are a lot of people who are starting businesses these days, and often they’re coming from the corporate environment. It may seem much more desirable to be your own boss after experiencing a job loss, but it takes more than a business plan to have success. You also have to consider the transition you’re making from a regular paycheck to having an income that may have its ups and downs.

If you’re going into entrepreneurship and still holding on to the belief that it’s the same as being employed (except without benefits and job “security”) – you will find yourself in a very limiting position. Having your own business will force you to develop certain traits that will help you transition from employee to CEO. Once you master those, you will be in an excellent position to build a successful business.

Are you using any of these in your business?

Creating a Vision

What do you really want to do? What do you feel is your purpose?
Where is your passion?
Can you picture yourself in your ideal situation?

Connecting with your creativity

Think outside of the box – take risks
Don’t make future decisions based on past experiences
Be open to new approaches

Trusting your intuition

What do you feel is the right action to take?
Listen to your “inner voice” when making decisions
Trust that you know what’s best for you

Taking Action

Make a decision once you have the information that you need
Be proactive instead of being a victim of circumstances
Not making a decision is also a decision!

Writer, speaker and career expert Deborah A.Bailey is the author of the book, “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life.” Founder of DBC Communications, Deborah is the host of “Women Entrepreneurs – The Secrets of Success,” an Internet radio talk show. Visit her website www.dbaileycoach.com.

“Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life”

Deborah A Bailey — Sun, 04 Apr 2010 04:42:30 +0000

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“Being an Entrepreneur your journey is often YOU, alone, with many decisions and feelings. “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life” supports you and your next steps to live your dream”
- Susan Vernicek, Founder and Owner of Identity Magazine

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A blueprint for moving from employee to entrepreneur directly from someone who has experienced it

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Motivation to pick you up (and point you in the right direction) when you’re facing the emotional and mental challenges that come with making life changes

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25 Things You Must Do if You Want to Leave the Corporate World Behind Forever & Start Your Own Business

Deborah A Bailey — Sat, 06 Mar 2010 01:27:35 +0000

by Deborah A. Bailey

9. Find out how much money you’ll need to start your business. Are there start up costs or fees that you’ll need to pay before you begin?

13. Hire an accountant if you don’t have one. Make sure that they are well versed in accounting for small businesses.

17. Accept that making the transition from employee to entrepreneur will be a major life change. Don’t expect that you will go from one to the other without effort. Give yourself time to make the adjustment.

To find out the additional 22 things you must do to leave the corporate world behind and have your own business, visit www.dbaileycoach.com and sign up to receive this free special report. Get started now on your plan to move from employee to entrepreneur!

What to Do After You Lose Your Job

Deborah A Bailey — Mon, 15 Feb 2010 14:14:13 +0000

by Deborah A. Bailey

Once you’ve been let go from your position, there will be fear and anxiety about what to do next. Even if your company has some services for your transition, it still can be a bad time if you’re not sure what your next steps should be.

1. Take stock – Look at your current financial situation. What do you have in the bank, savings accounts, investments, etc? If necessary, create a spreadsheet or list of where you are now with your debts and what is in your savings. If you know where you stand you can eliminate some of the anxiety.

2. Talk to your family – If you have family/friends that you are financially responsible for, sit down and speak to them honestly. Everyone has to be on the same page. Don’t hide the realities in the hopes that everything will work out quickly, or because you don’t want to worry anyone. If everyone knows what is expected of them, then you can all work together.

3. Find out what your current options are – If you can apply for unemployment, then do so right away. If you will be receiving severance or some other package, look at the paperwork. Consult an accountant or attorney if necessary. Getting these issues squared away will help to stabilize things, so resist the urge to put it off.

4. Don’t beat yourself up – It is likely that after a lay off you will feel betrayed, depressed or angry. Those are legitimate feelings, and you have to let yourself feel them. Pretending that they aren’t there will just take you deeper into denial. Give yourself a couple of days to unwind and to get a “breather” before you have to get started again on the process finding another job. Practice as much positive “self talk” as you can. Being negative will drain your energy and may lead to paralysis because you will shut down and not be able to make any decisions.

5. Update your resume – If your resume is not updated, do so right away. Look on the job boards for the descriptions of the jobs you want to apply for. Use keywords that are included in the job requirements. You want to be sure that your resume is selected since there may be hundreds if not thousands of resumes submitted for each position. If you aren’t sure what to do in order to make your resume is the best it can be, the Secrets of a Great Resume Updated Edition eBook can give you step-by-step information to quickly make updates to your resume.

6. Join a networking group – Get back out there as soon as possible and start meeting people outside of your circle. Go to Chamber of Commerce events, local community events, events at your place of worship – meet people and get to know them. Don’t make your objective to go and immediately get a job lead, but work on building relationships. People will be willing to help those who they get to know and like, also known as the “know, like and trust factor.” You may find your next position through a contact you make a business or social event. In addition, don’t be afraid to help others as well. People will be more likely to assist you if you do the same for them.

7. Join social media groups – Online social media sites such as LinkedIn and Facebook could be extremely helpful in your job search. LinkedIn in particular is the main site for professionals, and you can find many industry leaders there. People on social media sites are there to connect and network, so don’t hold back from making connections. Building relationships online may take a little more time since you don’t have the benefit of face-to-face contact; however it is possible to create strong connections if you are willing to be consistent in your networking.

Losing a job can be devastating. Though people may tell you not to take it personally, it will feel personal! Allow yourself to grieve the loss of your position, and stay open to the changes to come. Make the choice to respond to this event with a plan, as opposed to reacting in anger and frustration.

Regular, consistent and determined effort will yield results. Your search for a new job may take longer than it has in the past, but if you continue on and build new support systems through your networking, it will support you to move forward.

25 Things You Must Do If You Want to Leave the Corporate World Behind Forever & Have Your Own Business

Deborah A Bailey — Sun, 31 Jan 2010 14:09:58 +0000

by Deborah A. Bailey

1. Look at your current financial situation. What do you have in the bank, savings accounts, investments, etc? Determine what you have to pay off before you leave your day job.

2. If you have family/friends that you are financially responsible for, let them know your plans. Everyone has to be on the same page.

3. Join a networking group and start meeting people outside of your circle. Go to Chamber of Commerce events, local community events, events at your place of worship – meet people and get to know them. Work on building relationships. People will be willing to help those who they get to know and like, also known as the “know, like and trust factor.” In addition, don’t be afraid to help others as well. People will be more likely to assist you if you do the same for them.

4. Join social media groups such as LinkedIn, Facebook and Twitter. LinkedIn in particular is the main site for professionals, and you can find many industry leaders there. People on social media sites are there to connect and network, so don’t hold back from making connections.

5. Research your business idea using internet searches to find out if similar products or services exist. You want to determine who your competitors are and how big your market will be.

To find out the next 20 things you must do to leave the corporate world behind and have your own business, visit www.dbaileycoach.com and sign up to receive this free special report. Get started now on your plan to move from employee to entrepreneur!