Corporate career to entrepreneur: How to prep for the big leap

New York - The allure of becoming your own boss seems strong - but do your homework first

After two decades in the workforce, Ohio businesswoman Deborah Wasylko found herself faced with the prospect of having to move to keep her job while dealing with challenges in her family life. Wasylko concluded that she had a choice: continue her corporate career or become an entrepreneur.
"I decided to start a corporate gift company, because that's what I love to do," says Wasylko, the founder and president of Baskets Galore, which creates gift baskets for corporate clients. She had long been enthusiastic about visual design and making people feel cared for, she says, and her new venture touched on both interests. "It was my opportunity to re-engineer my career and follow my passion."
The allure of becoming your own boss seems strong: As of 2014, there were more than 29 million small businesses in the US, up six per cent from 2010, according to the US Small Business Administration. But excelling in an office doesn't mean you're bound for entrepreneurial success. In addition to many logistical and financial challenges, the transition from employee to entrepreneur involves a distinct shift in mentality. Before you make the leap, take these steps to make sure you're ready beyond the numbers.
Talk with other entrepreneurs: The best way to prepare for the jump from a corporate job to calling the shots is to talk with those who have already made the transition. "You don't want to reinvent the wheel every single time," says Cathy Posner, a small-business coach in Ohio. "You don't have to do it alone." Ask other entrepreneurs how their roles in corporate America prepared - or failed to prepare - them to run a small business.
Identify your resources: A small-business mentor from SCORE is invaluable to entrepreneurs, Posner says. This free programme, which is supported by the SBA, connects seasoned professionals with small-business owners. A mentor can help you turn your understanding of corporate goals into a business strategy by clarifying your vision. They can also help you define your services, determine the fees you'll charge and give advice on daily business tasks you may not have handled before, such as marketing and managing employees, Posner says.
Prepare yourself for uncertainty: Being an entrepreneur involves higher highs and lower lows than working in an office, Posner says. "In many corporate environments, your responsibilities can be pretty segmented," she says. But when you're a small-business owner, "the buck stops 100 per cent at you."
Network, collaborate, repeat: In a corporate environment, you've likely already dipped your toes in the networking pool. Take advantage of those connections before you leave your 9-to-5. Contacts and resources may prove invaluable; plus, you never know who may become a client. Networking events are also a good place to meet other business owners with whom you can collaborate, Posner says. For example, wedding photographers and florists often cross-promote services.
And networking groups provide a partial replacement for one of the major benefits you'll lose after leaving your job: colleagues.
"When you go off and work by yourself, sometimes you need that energy," DiGeronimo says. "You need that soundboard."