How to Kiss Corporate Life Goodbye

It takes faith, perseverance and confidence to leave corporate America. No matter what a brilliant entrepreneur you believe you'll be, it pays to do your research and move slowly. It's as much a psychological experience as a practical one. Follow these steps for success with your small business.

Instructions

Difficulty: Moderately Challenging

1. Believe that it's possible. You won't have success with your small business unless you have faith in yourself. Be prepared to take responsibility for everything that happens. That client who never pays on time is as much your responsibility as the one who's given you steady work since you started.
2. Research your business idea. You won't sell a product no one wants to buy or that has already saturated the marketplace. For services, it's best to specialize. Think about what you like to do, what you're good at and what knowledge you have. Read the business section in newspapers to find out what holes you could fill in the marketplace.
3. Make a business plan. You can find a template on the SCORE website. Your small business has a higher likelihood for success if you map out what you want to sell, why you want to sell it and how you're going to sell it.
4. Be conservative in your financial estimates. Figure out how much money you'll need in the beginning, how much to keep the business afloat and how much you want for yourself. Build up a 3 to 6 month cushion of savings for the transition from your corporate job to self-employment.
5. Get creative with your marketing plan. Start marketing part-time by cold calling, networking and advertising. Build an information-rich website to attract visitors.

Tips & Warnings

• Revisit your business plan often. It's not a static document. It tracks the growth of your small business.
• Expect it to take at least a year from the time you start marketing before you can leave corporate America. It may be less but you'll be glad you have a safety net in place.
• Don't get discouraged if many months pass before you make a sale. Once you get the ball rolling, it'll pick up momentum as long as you keep working at it.