Taking the leap from corporate to start your own business? Helpful advice to make the transition

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Do your homework

You have an extensive knowledge of the corporate world. You understand how it works, what the business model for success is and how to remain competitive. When transitioning to your own business, it is essential that you have the same in-depth knowledge of the industry you are looking at starting or buying your business in.  It is important to know what factors influence your business and what the market trends are. Never have we had so much information at our disposal as is available on the internet today. Don’t be afraid to ask and learn as much as you can.

Use your experience

In the corporate world you would only have achieved relative success by employing very specific processes over the years. Some of the processes would have been to understand and adhere to the budgeting process, evaluation of financial statements every month end, monitoring marketing strategies, being able to adapt to change, interaction with customers and identifying market opportunities. It is important that you follow these processes that you are comfortable with to achieve similar success in your own business. 

Be your own manager

An important aspect of your success in the corporate world, most certainly would have been the personal discipline you employed in working towards implementing processes and achieving your goals. Although the lure of running your own business is often the vision of having more time, flexibility and freedom, the reality is that owning your own business often requires a lot more time and consistency than working for someone else. Employing self discipline in running your own business is essential.

Build your own network of experts

In the corporate world, when the time came to prepare your annual business plan or budgets, you would generally have a team of operational people and financial gurus around the table to assist in producing the end result. In your own business, you will be the “one-person-must-do-all-things””. That doesn’t mean you shouldn’t ask for expert advice. Call on your network of experts to help in the areas that you are not so comfortable with to ensure you achieve success.

Keep your eye on the ball

You probably walked out of a boardroom at some time or another and thought, “I would have done that differently if it was my decision to make alone”. Having your own business gives you the opportunity and freedom to make the decision in the best way you see fit. When you invest in your own business you should ensure that you remain committed to your vision and align your decision making accordingly. When times get tough, as they undoubtedly will, hold on to that vision, remain motivated and remember that there is no better fulfilment than that of personal achievement.

For excellent business advice and guidance, speak to Aldes Business Brokers today. They are the undisputed leaders in the business broking industry in Africa. Whether you want to buy or sell a business, they will be able to assist you with the entire process.  Go to www.aldes.co.za for more information.

Andre Botha has over 35 years’ business exierence in transport, logistics and supply chain management.  Click here to contact Andre about his current business mandates or for advice on how you can make the transition from corporate to being a business owner:  https://aldes.co.za/broker/andre-botha