6. Understand the financials involved in setting up a small business.
When I received my first paycheck, I was thrilled. It was made out to my business and I was amazed that I had earned money! Unfortunately, I couldnt cash it for awhile as I had neglected to realize that I needed to set up an account in the name of my business.
7. Feed your networks and utilize networking skills.
Those working in corporate America spend a lot of time going to meetings and conferences and meeting new people. Those networking skills are transferable and the same approaches work. Once I recognized this, I also realized that I knew people from all these experiences. I have become a dedicated networker and now book coffee and lunch with contacts on a regular basis. I am also a huge user of LinkedIn, with more than 700 contacts.
8. Pro bono is fine, but know when you should be paid.
When I first started my own firm, I focused on exposure and branding and, as a result, did a lot of free webinars. Once I realized that some of these folks were making money off of me, I asked to be paid and was. I have learned how to value my time.
9. Take a risk.
Dont be afraid to try new things. You are probably smarter than you think you are.
10. Know when to say no and actually say no.
It sometime takes awhile to realize that one is no longer part of a corporate hierarchy. As a small business owner I can turn down business and collaborate with whom I want. I am truly my own boss!!
Not Going Back
Being a small business owner is not easy, but it is definitely very rewarding. And, I for one have no intention of going back to the corporate world that was my home for so many years. I will visit it, but I am not moving back!
About the author
Andrea Goldberg, PhD, is president and founder of Digital Culture Consulting, LLC and an expert in market intelligence, social media and change leadership. She provides organizations with a holistic perspective on how to best to use insights and collaboration to improve employee engagement, customer satisfaction and business results.