Today I am sharing the five mistakes I made when making the leap from employee to entrepreneur…and how you can avoid them. My goal has always been to help others by sharing the lessons learned from when I made the transition, and the nearly 100 people I have helped since, so it will be easier for you. My journey is not the recommended path as I jumped out of the airplane without a parachute. It has worked out very well for me, but the mistakes I made were:
- Not engaging with a support group (coach, guide, accountability partner) – to be successful, you cannot go it alone. You will need to engage a support group that will be providing you with advice and guidance and cheering you on to success. In addition, you will need the professionals that will help you run your business (accountant, bookkeeper, insurance broker)
- Not having a clearly defined business plan – it is important to have a plan with the specific action items for the growth of your business. This plan will enable you to start fast and finish strong.
- Not having a list of clients that agreed to work with me (or at least a list of strong potential prospects or niche market that I knew would need my services).
- Not immediately hiring my first employee – an administrative support person.
- Not arranging for access to the funding needed to get me through the ramp-up period. Having access to the funds, if needed, will reduce one stress point of starting your own business.
In addition to sharing my mistakes, I want you to know that I appreciate and understand what you are considering due to the recent challenges we all faced in the hospitality industry. It is important for each of us to come out of this ‘pause’ and create the next chapter of our careers…by learning from the past, growing, and taking charge of our own careers.
Imagine if you knew you could succeed in building your own business to ensure the life you want going forward. You can. There is an impressive list of successful businesses that started during a challenging time: Microsoft, Airbnb, Trader Joe’s Netflix, General Electric and Warby Parker just to name a few. I challenge you to take a few minutes right now to visualize what it looks like and feels like to be running your own business.
My experience of leading individuals and teams for over 25 years, mentoring these individuals through multiple challenges and helping people make career decisions, provides me with the expertise to help you. Since 2007, I have helped many people successfully develop and implement the plan that ensures success.
I can help you turn the ‘imagine’ into reality on how you can accomplish your dream. Let’s have a 15-minute conversation to talk about:
- How to evaluate the opportunity
- How to plan for your transition from employee to entrepreneur
- How to build a successful business (by not repeating the mistakes that I made)
- How to ensure the business is built to last
- How to ensure it creates long-term wealth
As we come out of this challenging time together, I want to pay it forward and help others achieve the success they deserve. Call me…there are no strings attached for a 15-minute conversation. Let’s talk!
Doug Baarman
doug.baarman@conferencedirect.com
301-605-7011
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