Leaping Into Entrepreneurship

Dear Coach,

All of my life I’ve worked for others. My dream, however, is to be an entrepreneur. I finally have the education and experience to realize my vision but I’m missing the courage. It feels frightening to step away from the security of a regular paycheck and benefits, say nothing of going out and finding clients.

Have you ever started a business? If so, how did you begin? What advice can you give me that will help me realize this dream?

Signed,

Stuck

P.S. My husband is encouraging me to do this and is more than willing to live off of one income for a while. 

Dear Stuck,

Let’s start with a couple of helpful quotes. The first is by journalist and health coach Jill Patton who says, “If your grandest aspirations are lying dormant or barely creeping along it’s time to leap ahead.” 

Tara Mohr, author of “Playing Big: Practical Wisdom for Women Who Want to Speak Up, Create, and Lead,” defines leaping as, “Giving yourself permission to step into your vision now, but without overhauling your life in doing so.” It sounds like it’s time for you to leap forward.

Before I write about leaping, I’ll answer your two questions. Yes, I’ve started two businesses. The first was a marketing/communications business, the second was a life coaching practice. Most of my coaching clients were women just like you who wanted to transition from corporate careers to entrepreneurship. I was well trained and certified to start this business.

On the other hand, I had zero preparation or experience for the marketing/communication business. Here are the steps I took to start that business.

Step one: I enrolled in a multi-week career development class to determine what I was good at and interested in. Since you already know what you want to do, you can move on to step two.

Step two: I interviewed people who owned the type of business I was interested in starting. I asked them questions like, “What factors helped you succeed? What pitfalls did you encounter? What’s your biggest challenge today?”

Step three: I had pink business cards printed (this was in the ‘80s when most business women were emulating men in every way) and began handing them out and telling anyone who would listen about my business. I wouldn’t necessarily recommend pink cards but I challenge you to do something that will help you stand out from the crowd.

Step four: I said “yes” to projects I knew nothing about then learned how to do them. 

Step five: Network, network, network. I joined business women’s groups and chambers of commerce. After I gained some expertise, I spoke at Rotary meetings and taught day-long workshops for community colleges. In today’s world, I’d join virtual groups and get on LinkedIn and set up a Facebook business page. 

While telling someone at a board meeting about my “new business,” another person overheard the pitch and connected me to an amazing opportunity that quickly launched my business. I was lucky but I was also ready to take the leap into the unknown. 

Speaking of leaping—I challenge you to take a leap TODAY. Maybe you’ll begin by writing a business plan or deciding on a business name, design a business card, or choose/create a logo, design a website, or start a blog. If you’re going to work from home, decide on a space and work towards making it irresistible (no dark, dank corners), make a list of the equipment and supplies you’ll need to get started. 

Since your hesitation seems to hinge around financial security, make a budget to show how you’ll live on one income for a while. Set a start date, tell at least two friends about your plans, write a marketing plan, consider hiring a business coach. Plant the seeds that will sprout and bloom into your dream. 

Best of luck to you and enjoy the journey!