What to expect when leaving the corporate world to start up your own business

What should you expect when leaving the corporate world to start up your own business? It’s a question we get asked a lot.

When you initially leave the corporate world, no matter what role you were in within the company and how long you have been there, it can be very daunting. You have a whole new world to adjust to.

If you have just left a corporate company and are thinking about which path to go down next, why not consider starting your own business? Do what you love, work when you want, and earn the work/life balance that you deserve and have longed for.

Here are some pointers on what you can expect when leaving the corporate world to start your own business.

Progress isn’t always smooth

When you start your own business, it is important to not have any set expectations for your progress. Progress of any type is something to be celebrated but it’s not always a smooth process and you may experience many periods of no growth or even backward steps, especially in your first year of being a business owner. This is very common – don’t let it knock your confidence.

Time management is very important

When you first start your own business, you have a lot to juggle and often have many different roles to fulfil. You are no longer just responsible for doing the actual job, but also have a responsibility to make sure the business is running behind the scenes too. For example; marketing and advertising, liaising with clients or customers, sending and paying invoices and keeping your accounts in order. You have to be able to manage your time successfully in order to succeed – until you are in a position to be able to take on extra help.

It takes time to perfect a work/life balance

If you can’t master the work/life balance you’ve always dreamed of straight away, that is completely normal. It takes months, sometimes even years to perfect a way in working that makes sure you have plenty of time to spend outside of work. Try to set boundaries and stick to them as much as possible – for example, not working weekends if the nature of your business allows it.

Ask for help when you need it

You are not expected to know everything there is to know about running a business. If it is your first time being self-employed, there can be a lot to learn regarding finances, tax implications, insurance and all other aspects of the background tasks that are involved. Reach out to other experts for help when you need it. It will leave you with much more time to be able to concentrate on what you enjoy doing.

Your business may take a different path

Don’t be alarmed if your business takes a different path than what you initially planned out. It is important to be flexible and embrace all opportunities that are thrown your way. You never know what opportunity will lead to something greater and more fulfilling.

Are you over 50 and looking to start your own business? Maybe you’ve already started a business but want some help with reaching the next level.

Find out more about how the Silverpreneurs programme can help you, please email chrisgough@silverpreneurs-ltd.com or vernonhogg@silverpreneurs-ltd.com or you can call Chris on 07790490879.

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