Are you a corporate refugee looking for the next best professional path?

Based on many of the challenges and uncertainty within the corporate world, many corporate refugees are taking matters into their own hands. They are deciding to control their destiny and professional success by creating their own businesses. Many employment-retraining organizations say that the average person experiencing an “inconvenient corporate experience” is between the ages of 45 and 55. These are well-educated professionals who have a great deal of experience and a wealth of knowledge.

In 2009, according to the Kaufman Index of Entrepreneurial Activity, 558,000 new businesses were started per month by new and repeat entrepreneurs, representing the highest year on record including 1999 and 2000. It is a bit too early to know what the numbers will be for 2011, but assumptions lead us to believe that the numbers will be consistent. According to the SBA, small firms represent 99.7% of all employee firms, they employ over one half of the private sector, and they have generated 64% of new jobs over the past 15 years. Sustainable small businesses are a significant economic driver in the prosperity of the U.S. economy. This is an exciting time to have the desire to establish your own business.

Do you have what it takes to move from a highly paid employee to a successful and sustainable entrepreneur? The transition is not necessarily difficult if thought through and managed, but it is a transition nonetheless. What can you do to ensure your entrepreneurial success?

• Create a plan. Decide what kind of business you want to pursue, do the research, and then create a plan. Having a plan will allow you to make good decisions because you have a clear vision. Will this plan be an all-encompassing strategic plan? No. It will be a starting guideline to which you can research and make sound initial decisions.
• Know what investments are involved and what cash flow is needed. When partnering with an existing organization like a franchise or business opportunity they will be able to answer your questions. However, it is important you ask the questions.
• How comfortable are you in promoting yourself? The first thing most entrepreneurs have to promote is themselves and their ideas. In the beginning you really are your business. This is where you need to have unwavering confidence in yourself and your business. That unwavering confidence will get noticed and will lead to business.
• Next step is to create a marketing plan. Although you are the primary face of your business, you need to create a marketing plan so you know what activities you need to do to make your business known. Is it best to market your products or services through networking, advertising, speaking, retail, etc? In the beginning you cannot invest your time, efforts, and money into all things marketing. You need to be selective. In order to be selective you need a defined plan and you need to know how your buyers prefer to find you and then use those marketing avenues with purpose.
• Find a solid support team. Align with people who you trust and believe will provide positive as well as constructive feedback. Having an honest, outside perspective is critical. No one said that being an entrepreneur had to be a lonely business.

These five steps are just the beginning. However, it has been our experience in helping and supporting many new businesses in the training and development industry that these five steps provide a strong foundation. Look for more ideas in future blogs.

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses and individuals achieve high levels of excellence and success. Learn how by visiting our website or contact RAC directly at 800.799.6227.