Stop Making These 3 Mistakes When Trying To Choose An Exit Strategy
Once you’ve made the decision to leave your corporate job, have found a mentor and coach to guide you in your endeavors, and have settled into an exit strategy plan, you may feel as though since you have everything mapped out, there’s little else you need to do. Just follow the exit strategy plan and everything will fall into place, right? Well, not so fast. Many of us have a tendency to overthink, under plan, or doubt ourselves and often it’s those issues that can lead to self-sabotage.
If you’re ready to move on and think you’ve got things under control, be aware that you may be working against yourself before you’ve even had a chance to move forward. Here are some tips so you can follow through with your exit strategy and begin living and working for yourself if you just stop making these 3 mistakes when trying to choose an exit strategy for yourself.
1. You don’t trust in your skills or abilities
As you choose the exit strategy that will bring you closer to being your own boss and launching your business, it’s important to remember that you truly can do this. Trusting in your skills – everything you’ve learned in your career that has led you to this point – is key when striking out on your own. While a positive attitude about what you can accomplish can’t guarantee success, it can provide the mindset necessary to pursue your goals.
The fact that you’ve gotten this far; wanting to build and grow your own business, means that you do have what it takes to succeed. Most people only dream of quitting their 9 to 5 and pursuing their passion project, but you’ve put in the work, come up with a plan, found a mentor and coach, and are really doing this!
Trust that you wouldn’t have gotten that far if you didn’t have it in you. You can truly excel and surpass your goals. You’ve done what so many others only dream of, the only thing to do now is to believe that you have the skills to get it done, put those skills to work, and lay the foundation for your exit strategy.
2. You haven’t networked or made business connections
Whether your new business is related to your current industry or not, networking will be an important factor in your success. As you choose your exit strategy, it’s important to try to stay on good terms and not burn bridges with colleagues, clients, and vendors. While of course there are Non-disclosure Agreements to adhere to at times, networking is key. If you’re in a similar industry, having connections that keep you abreast of what is going on in the business is important.
If your new business is completely unrelated to what you’re doing in your corporate job, it’s still important to have these connections. Everyone knows someone who may need your product or service, so staying in touch with former co-workers is always a good idea. Networking in an organic and friendly way is easy, especially with the internet. A simple catch-up email or a ‘hey, I thought you’d find this article interesting is a good way to keep in touch without so when you do need to ask for that referral, it’s a bit less awkward.
3. You haven’t saved up enough money
Time for a dose of reality; you’re going to need funds to fall back on as you build your business. There’s no way around it. Once you have a few exit strategy options laid out for yourself and your new venture, it’s time to get serious about putting your plan into motion.
This means that you will have to anticipate that there may be a span of time between when you leave your corporate job and when you launch your business that you’re not bringing in enough income. Saving money while you are working your day job is the best way to ensure you’re off to a great start when you do finally launch. Similarly, if you’re able to do a mini-launch while working your 9-5 so you’re bringing in money from both sources, that may be an even better option. This way, once things start to pick up in your own business, you can slowly, or abruptly. How you do so is your call, quit your corporate job and go all-in with your passion project.
This is an especially important point when you’ve got responsibilities; and even more so if your employer provides health insurance for you and your family. Be sure you have your ducks in a row because not saving money ahead of time or obtaining health insurance on your own, is a key factor in your success, and not doing so is one of the biggest mistakes when trying to choose an exit strategy. Figure out how much you need to live on for 6 months at the bare minimum.
Choose that exit strategy and keep it moving
Once you’re ready to choose the exit strategy that works for you and your future business, you’ll want to ensure that you have everything ready to go. The above-mentioned issues are significant mistakes when trying to choose your exit strategy that could have a serious impact on how successful your launch is. So, all-in-all, be confident in your abilities, stay connected to people you’ve worked within the past and be sure you have enough of a financial cushion so that you’re comfortable and can focus on launching and building your business rather than worrying about how you’ll pay your bills.
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