Thinking about taking the big leap and transition from your corporate job into starting your own business? There are 3 essential things you need to master from the get-go.
1.STOP THINKING LIKE AN EMPLOYEE
The minute you become your own boss, you’re responsible for your own paycheck.
That means you no longer work 9-5, you work however long it takes to get done what needs to get done, so that money comes in every month.
When you determine the price for your service (let’s say you become a consultant and continue working in your old industry putting your skills to good use amid the network you’ve already created), keep in mind that you are now responsible for your own taxes, health insurance, business expenses and overall cost of living.
Your price points need to reflect that, so don’t charge by the hour.
Start thinking about retainer and tiered packages that offer value to your customers. And don’t get freaked out by the number. $10,000 might sound a lot to you because you’ve never asked for that much but for a corporation (your customer), it’s a drop in the bucket.
Let’s make that real for a moment:
A while back I was speaking with somebody who had been doing production work in the entertainment industry for years and was very aware of how agency fees for a trailer would regularly start at $20k which was considered normal.
When it came to price his own production services, the number he came up with was just about $3.5k and that was a stretch in his mind.
You are no longer the employee on the clock that tops out at a certain income level. Put on your business owner hat and charge the industry appropriate rates. If you don’t, the big corporate customers that you’re after won’t take you seriously. If it’s too cheap, it can’t be good. Sound familiar? Yup, that’s exactly what they’ll be thinking and that’s why they won’t buy.
Get comfortable using credit cards and accessing a business loan to cover your start-up costs and let go of any stories in your mind that tell you, you shouldn’t accumulate debt. As long as you can respond to it, meaning paying it back in a timely fashion, debt is a constructive tool in your toolbox. Invest in a good accountant and they’ll help write some of it off, especially in your first year in business.
2. LEARN HOW TO MARKET YOURSELF LIKE A PRO
Starting your business is like a big coming-out party. If you’re having trouble being seen, now is the time to let go of that. As a business owner, you need to be visible so that your customers and clients can become aware of you, and you have to come across as confident so that they buy from you and not from the other guy offering the same service.
Now is the time to dial up your personality and bring that into your marketing. There’s only one you and you do it best, so let that shine through. Yes, it might feel uncomfortable to tout your own horn at first and you got to get over that fast. It’s time to become comfortable being uncomfortable and put on the sparkles so that your people will flock to you.
And remember that you’re no longer an employee sending your resume, asking for contractor work, you are a business owner with a pitch deck that offers value to your prospective customer.
3.MASTER THE SALES PROCESS
Sales are the lifeblood of your business and this is the #1 skill you must master as a business owner. In sales it’s all about being of service to your customers, offer them solutions that meet their needs, continuously building relationships, expanding your network and ultimately being able to confidently ask for the money. And the more people you speak with the higher your chances for conversion. So, get good at picking up the phone and connecting with people.
All of this takes practice. That’s why it’s best to get started TODAY while you’re still having your ‘corporate investor’ funding your dream. Hone these 3 skills and your transition will be a lot smoother.
Simona Ksoll is a personal mentor to entrepreneurs & creatives helping them bring their big inner vision to life. Follow her on Facebook, LinkedIn and join her private Community for Entrepreneurs & Creatives.