The truth is that it’s usually a natural path: moving from a position of responsibility in a medium-sized or large company to becoming an entrepreneur or the manager of your own company.
There are two kinds of entrepreneurs: out of necessity or out of vocation:
1. Out of necessity, because the company decides to dispense with your services, you haven’t hit the targets they set you (either the market is tough or they’re unattainable), a new boss arrives and shows you the door, because you’re over 40 and they hire someone younger for half the salary, or for whatever reason, but you find yourself thrown off balance.
If this is your case, don’t panic: if you’ve been able to lead teams, manage projects, run a P&L, negotiate, sell to clients and work under pressure, you have more points in your favour than a 20-year-old entrepreneur with no previous professional experience.
What do I work on now? Analyse all your previous experience in depth, your main achievements, and you’ll soon see what you’re good at and how you can help other companies. Focus on the sector where you have the most experience, and don’t go it alone at first. That doesn’t mean finding a partner (because if you rush it, it could turn out badly); look for allies, collaborators, companies where your services are complementary. In another post I give you more tips for going freelance.
Networking flat out: you have no choice: make the most of the whole network of contacts you built up in the companies you’ve worked for. I hope you’ve been consistent with LinkedIn, because it’s the best way to never lose touch with anyone. LinkedIn is a real CRM, so you can gather all your contacts from Outlook, Gmail, etc. in it; sort them and don’t forget to tag them.
My personal brand: yes, you do have one. All your previous jobs or projects are clients, places where you’ve left your mark; your successes are references you can show on your website and in your sales presentation. As I said, LinkedIn flat out, and now even more so, highlighting what your services are. If you take the plunge and create your own website, so much the better; if not, at least a landing page such as About.me, and then a professional profile on Facebook and Twitter.
Marketing and communication: don’t skimp on costs. You need good business cards, a tablet or laptop for giving presentations, and a very well-crafted corporate presentation that you can send as a PDF or share on Slideshare. Don’t spam: only get in touch with contacts who may be interested in your services. Don’t keep boring people on your Facebook or Google+; weigh your message carefully.
Self-employed or should I set up a limited company? I decided to set up a limited company (S.L.), because in the end there isn’t that much red tape, either to incorporate it or in monthly paperwork; you just need to hand the accounts and taxes over to a good accountancy firm. With a limited company you’ll simply give your clients a more professional image, you’ll be able to deduct all the usual expenses of your professional activity, and you’ll be able to grow. My colleague Alex Palacios from AJE Madrid tells you more on his blog. To manage your own admin, for example, Facturadirecta.com.
2. Out of vocation, because my body is telling me to, because I’ve got the bug, because my time has come… After working as an employee for a good few years, you start getting tired of the routine and of answering to your boss or bosses; you don’t like the way things are done and you think you’d do them differently, better, or that you could set up a similar company and compete with them.
Because the light bulb switches on or a good opportunity comes your way, it’s the best moment to take the plunge: you have experience, you’ve analysed the viability of a new business, and it’s now or never.
From here, the same steps as before: a sector where you have experience, or a partner or collaborator who does, lots of networking, a good investment in marketing, looking after your personal brand, and off you go selling!
As I said before, having worked in a medium-sized or large company will have toughened you up. Bring with you the best management tools you’ve come across, strive for excellence in everything you do, try to be a good leader and hold the helm tight, because the ship will have to weather many storms on the journey to launching your company.
Good luck, brave one!
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