1/29/2020 Navigating Yourself to Self-Employment: Your 10 Critical Steps to Going Out on Your Own

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All Topics Your 10 Critical Steps to Going Out on
Your Own
By Alan Sklover
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CASE HISTORY: For over twelve years, Diana had been employed in
the executive recruitment field. She found the work both challenging and
rewarding. By a combination of perspiration and perseverance, she'd
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worked herself from entry-level researcher to become a highly-
Business Tips for Experts,
respected and well-connected recruiter with a specialty in the placement Authors, Coaches
of healthcare executives. No matter how hard Diana worked, though, no
matter how much revenue she brought into the company, and no matter
how she tried to negotiate for herself, when it came to getting her fair
share of compensation and the security of a partnership, every year she
was told "maybe next year." Diana felt that, eventually, she'd run out of
"next years."

More and more, Diana began to resent the way she was treated. More
and more, she found herself wondering if she could simply "go out on
her own." In her own business, Diana felt, she would be able to do
things the way she wanted to do them. In her own business, Diana felt,
she'd enjoy the rewards she deserved. And in her own business, she
felt she'd be building up some lifetime security, something that she
might one day sell, or even give to her children. Diana's determination
grew until, one day, she simply decided: she'd do it.

But "how" was the problem: there seemed to be a million things to do.
And she wasn't at all sure if she had the savings to get her through the
months - or even years - until "Diana, Inc." would turn profitable. And
there were many questions she couldn't possibly answer: Would any of
her clients follow her "out the door?" Would her bosses try to enforce
the "non-competition" agreement she signed? She'd always been a
great employee; would she be a good-enough boss to her own
employees?

Drawing on our own experience, and the experience of our clients we've
helped navigate the process, we counseled Diana to divide her
"essential things to do" into a 10-step plan, to consider her 10-step plan
very carefully and soberly, and eventually to follow her 10-step plan for
an initial one-year commitment period. By breaking down the seemingly
endless tasks, problems and worries into ten distinct steps, the process
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1/29/2020 Navigating Yourself to Self-Employment: Your 10 Critical Steps to Going Out on Your Own
seemed less overwhelming and more manageable. Less frightening and
more friendly.

Well, she did it, and it's now been three years. It really didn't take long to
become profitable, but Diana's probably worked more hours, had less
days off, and more sleepless nights, than she did as an employee.
Overall, though, Diana's doing exactly what she'd hoped: doing things
the way she wants to do them, getting the rewards she actually earns,
and building up some real security. Finally, she's not waiting until "next
year" to get what she's due.

LESSONS TO LEARN: With today's rampant job insecurity and

increasingly difficult relations between employers and employees, more
and more people are considering going into business for themselves.
It's a daunting task, full of more risks and potential crises than you can
imagine. But the rewards - financial, emotional and otherwise - may be
great, as well. For those who can turn frustration into determination,
anger into personal "rocket fuel," and an idea into a reality, anything's
possible, even untold success. But make no mistake: for success in
business, sober and careful planning are an absolute necessity.

WHAT YOU SHOULD DO: Planning is essential. In addition to preparing

a business plan, consider these to be part of your navigation plan to
Self-Employment, "Your 10 Critical Steps to Going Out on Your Own."

1. Introspect: Are You Really Ready for This Life and Lifestyle? - Being
your own boss also means being your own employee, and at times it
seems like your own slave. It really calls for a very serious, and long-
view commitment. There really are no "paid" vacations, and there are no
vacations from thinking about what needs to get done tomorrow, next
week and next year. Look yourself "in the mirror": are you really ready
for the change in lifestyle?

2. Determine Your Product: What, Precisely, Are You Going to "Sell?" If

you're contemplating going into the exact same business you're
presently employed in, this should be easy. However, if you've come up Related Articles
with a new idea, or a new way of doing something, make sure it's
completely thought-out. Put your idea into writing, and share it with How to Start an Import Business into
friends. Is it clear to them? It must be, or it won't be clear to others, Australia
either. How to Easily Attract Premium Clients
4 Steps to Attracting Premium Clients Every
3. Determine Your Customer: Who, Precisely, Is Going to "Buy" From Week
You? Even if you're going into the same business that you're presently Experience This!
employed in, don't expect that the same customers are going to buy
Tips on Buying Your Cell Phone Accessories
from you. Why should they? You've got to give them a reason. If you're
Setting Goals- Where should your focus be?
doing something "new," that isn't being done elsewhere, or in the way
you're planning, then this goes doubly for you. Don't forget: "pioneers" Administration for Entrepreneurs: Some Key
Points to Remember
rarely have an opportunity to sit back and enjoy the scenery.
Administration for Entrepreneurs: Some Key
Points to Remember
4. Consider Promotion: How Will You Promote Your Business? If a
Fortune 500 business has to spend a good part of its resources hyping You've Got This!

its products, then you do, too. How are you going to let people know How To Make Sure That The Content You
Publish Directly Contributes To Your
"you're out there." Traditional advertising and media are very expensive. Business’ Growth
So is mailing. Not only do you have to tell people you're in business, but
you have to continually remind them so long as you're still in business. >> See All Articles On Entrepreneurs

5. Budget: What's Your Worst-Case-Scenario First-Year Budget? It

takes a while to bring money into a new business's coffers, often a lot
longer than you'd expect. And profitability takes even longer. Creating
and following a budget - and a realistic one at that - has to be high on
your "to-do" list.

6. Count and Recount: What Are Your Financial "Dependable"

Resources and Obligations? A necessary step in the process is to make
an honest assessment of the monies that you can devote to your
business, and also use to support yourself and your dependents, in the
interim, before profits start to flow. Don't forget that using IRA and other
deferred income accounts may result in substantial penalties.

7. Retain Advisors: Who Will Be Your Necessary Professional

Resources? You'd be wise to locate an attorney and an accountant who
you can call on with your sure-to-come legal and accounting questions.
Make sure they're business-oriented (you don't really want the advice of
a personal injury attorney) and that they're used to dealing with smaller
businesses (an accountant whose firm only services Fortune 500
businesses is surely not for you.) Ask local small businesspeople who
they use, who they like, and who they'd recommend. Ask for a free
introductory meeting.
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1/29/2020 Navigating Yourself to Self-Employment: Your 10 Critical Steps to Going Out on Your Own
8. Set Goals: Make Three-Month, Six-Month and Twelve-Month Goals.
Though it's not possible at this time to know exactly where you should
be headed in how long a timeframe, it's still a smart idea and a healthy
discipline to set what you believe are realistic goals for your new
business. Yogi Berra's advice, "Unless you know where you're going,
you'll never know if you got there" is never truer than it is in this context.
Each three months, or six months, take a look back to see what's
transpired, and what's next to do. And keep your goals updated, as time
moves forward.

9. Resign: How Can You Best Leave Your Job? Carefully. Yes, it's
important that, when leaving your job, you do so with the greatest of
care and forethought. If possible, don't burn bridges. Obtain the most
health care insurance you can on the way out, as well as the most
pension credit. Be careful about non-competition agreements, and
never take trade secrets or confidential information with you. Depending
on the circumstances, your former employer may be able to send
business your way, or even to be your first customer. Consider buying a
copy of "Sklover's Guide to Resigning from Your Job" from our website
or from Amazon.com.

10. Hustle Like Never Before: Some say that success in business is
simply a matter of "Biting off more than you can chew... and then
chewing like mad." Yes, it can be viewed as that simple. Work as hard
as you can, never look back, and damn the torpedoes, full steam ahead.
Give yourself the opportunity and trial of one solid year of good, solid
work. Unless you try your hardest - and smartest - you'll never know
how successful you can be.

Being your own boss is exhilarating, and exhausting, it's liberating and
enslaving, and it's the best thing and the worst thing in the world. But for
more and more people, it's the most rewarding, the most challenging
and - yes - even the most secure thing they can imagine doing. If you're
considering entering the ranks of the self-employed, don't forget that
planning the transition carefully and thoughtfully may make the
difference between success and failure.

A note about our Case Histories: In order to preserve client confidences,

and protect client identities, we alter certain facts, including the name,
age, gender, position, date, geographical location, and industry of our
clients. The essential facts, the point illustrated and the lesson to be
learned, remain actual.

Author's Bio:

Alan L. Sklover, Founding Member of Sklover & Donath, LLC and

Founder of Sklover Working Wisdom, empowers employees worldwide
to stand up for themselves at work.
From his offices in New York City's Rockefeller Center, Alan has
devoted his 28 years of professional life to counseling and representing
employees worldwide on how to negotiate and navigate for job security
and career success. Mr. Sklover's practice concentration is in the
negotiation of senior executive employment, compensation and
severance agreements, and in counseling senior executives in career
navigation.
Learn the trade secrets and 'uncommon common sense' of Attorney
Alan L. Sklover, the leading authority on "Negotiating for Yourself at
Work™" at http://skloverworkingwisdom.com.

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1/29/2020 Navigating Yourself to Self-Employment: Your 10 Critical Steps to Going Out on Your Own

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