Five Strategies for Starting a Business Before You Quit Your Corporate Job

Many new businesses are started on the side by people who dream of being their own bosses. There are pluses to working for someone else while you develop your dream business. You have a guaranteed paycheck, a predictable routine, and risk-free time outside of work hours to do a little research, pick up a few clients, and get a head start before you quit.

Think about what you really want from your new business
There are many business models on which you can develop a solid, profitable and sustainable enterprise in your chosen profession. The most common is consulting, but there are many other ways. The only variable that matters is you – who you like to work with, if you want a hands-on approach, if you want staff or not, and if you need the structure of an office or desire the freedom of working from home. The possibilities are endless!

Learn the basics of marketing and business
Learn the basics before your income depends on it. As you read and absorb more, you’ll develop a better feel for your strengths and weaknesses, and the style that is a custom fit for you. Many small business owners who quit their corporate jobs have completely unrealistic frames of reference after years of working in large companies.

Build your network before you need it
If you’ve worked for a long time in the corporate environment, you will already have a network. But this network is not likely to support you as you start your business. Take the time to research your ideal network. Find out who's influential in that market already. See what they read and what conferences they attend. Follow the blogs and make friends on Facebook, LinkedIn and Twitter. This is a great way to take the pulse of the market you’re entering and to start to connect with others.
Decide in advance how you are going to represent yourself. It is not appropriate to be marketing your new business when you are networking with your corporate hat on. Nor is it appropriate to introduce yourself as the owner of your new business but add that you’re still working for your employer. You’ll look disloyal to your employer, and unprofessional in your business.

Keep it separate
If you’re starting to get clients, you’ll need a strategy to keep your employment and your business separate. This includes managing your time, streamlining and separating your business and work communications, and getting help to monitor your customer inquiries and communications when you start to get clients.

Recognize when it’s time to quit
It may come sooner than you expect it, but two telltale signs that it’s time to quit your corporate job are if you find yourself having to repeatedly turn down paying prospects, or have to limit your marketing because you can’t take on any more work. When this happens, there’s no half way. You’ll have to choose.