I have been operating as a self-sustaining media professional for over ten years—initially as a freelance journalist focusing on business and finance, followed by establishing my own media enterprise. Throughout this time, I’ve cultivated an extensive network of solopreneurs and devoted numerous hours (both business and personal) to dissecting the elements that contribute to entrepreneurial success and those that hinder it. A recurring strategy for achieving success is transforming corporate experience into an independent initiative.
Below are some recommendations for launching your ideal business by leveraging your corporate experience to your advantage:
- Outline your ideal business. What products or services will you offer? Who is your target audience? What are your financial goals, and what pricing strategy will you implement to achieve them? How will your offerings stand out from your competitors (including your current employer)?
- List every skill that can contribute to your firm’s success. Additionally, note two other categories: 1. Skills you lack. Determine whether these are skills you aim to learn or if you shall delegate (note: one major hurdle for many intelligent entrepreneurs is their struggle with effective delegation). 2. Skills you possess but are overqualified for. While you’re capable of answering phone calls and managing your social media, your expertise likely warrants a higher level of responsibility. If you’re keen on expanding your business, consider hiring support—possibly part-time freelancers to begin with.
- Develop a business plan. This document should be assessed, modified, and refined at least monthly during the initial phase. In essence: there will always be unknown variables.
- Consult individuals who have made analogous career transitions. Everyone’s schedule is hectic, and some might react negatively to a request to “pick your brain.” Instead, ask for a brief 15-minute call, or suggest compensating them for an hour on Skype. Think of it as a modest investment in your startup research.
- Begin on a small scale while maintaining your job. If feasible, initiate your new venture as a side project. The hours may be demanding, but you’ll appreciate the financial stability from your paycheck while experimenting with your business concept.
- Capitalize on your corporate background when marketing your new business. Flaunt the reputable brands you have worked with and showcase the success stories from your prior job as effective ways to elevate your profile.
- Exercise caution regarding your existing employment agreement. Take a close look at (or have a lawyer examine) any non-compete provisions in your recent job contract.
A reliable formula for success lies in translating corporate experience into a self-sustained endeavor.
My entire career involved working for corporate restaurant chains in managerial, supervisory, and training positions. At 53, I was let go from a senior operational role in a struggling restaurant chain. Having interviewed numerous middle-aged applicants over the years, I realized it was the right moment to embrace self-employment. I obtained funds from friends and family, identified a struggling café locale, rebranded the café with a new name, menu, recipes, and ambiance, and took the plunge. My wife creatively designed everything on a budget. Seventeen years later, I remain incredibly thankful for the layoff that propelled me to launch what has evolved into a prosperous café, all thanks to the skills I acquired in corporate food-service management. I proudly employ eight outstanding full-time staff members—many of whom have been with me long-term.
For many years, I was part of the American Express Centurion team, organizing travel experiences and lifestyle management for the top 10 percent of affluent cardholders. I transitioned from a fulfilling role at American Express to establish a retail travel agency, recognizing the demand for such services on the island of Palm Beach. In the early stages, strategic planning and demographic analysis—principles ingrained in me during my time at AmEx—were pivotal for my agency’s success. While employed, I worked diligently to establish trust with clients, suppliers, and the business ecosystem. Moreover, my success at American Express instilled the confidence required to embark on an entrepreneurial journey.
After dedicating a decade as a stay-at-home mom, I secured various staff positions within marketing agencies in New York City, climbing the ranks to management. In these capacities, I acquired a comprehensive understanding of the industry: mastering pitches, crafting proposals, closing deals, and managing client relationships. Regardless of whether you operate as a solopreneur or as part of a corporation, the fundamental processes remain largely the same. Upon deciding to forge my own path, my primary focus was finding clients. I discovered that many people are eager to assist others in growing their business. I methodically reached out to friends and professional contacts and shared the exhilarating news of launching my new enterprise on social media. Within less than a month of leaving my job, I secured my first client. Although the initial projects were not with well-known brands or at my desired pay rate, I treated them with utmost significance. These projects, combined with the continuous nurturing of my network, eventually led to larger and more rewarding opportunities. Now, I maintain a robust pipeline of clients, and the work is far more stimulating than what I encountered at my previous job. Additionally, I currently earn approximately three times my last salary, enjoying a markedly improved quality of life.
“`
