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DEBOR AH COLE THE ENTREPRENEURIAL ITCH
Deborah Cole on Navigating the Entrepreneurial Journey
F
rom time to time, I am asked to mentor individuals who, for one reason or another, believe it is time to make a professional change (a BIG one). The leap from employee to employer/owner is a big one and not for the faint of heart. There are many reasons to make the move, but the timing should be right and the preparation should be meticulous. As an owner of a commercial maintenance and construction company, I always encouraged employees to follow their dreams, whether it be to grow within our company or to launch one of their own. I wanted to provide encouragement, as well as education, to be sure they were prepared for the ride of their lives. Only one individual did I discourage. When I asked why he believed he should leave our organization to start his own business, his answer was that he wanted
to work less hours and make more money. I could easily sense that failure was in his future if this was his purpose. He did leave and he did make it through one season before joining another landscape company in their field operations department. Here are some of the most important questions and considerations when planning to start your business: What is the purpose for leaving employment? Is this move for personal fulfillment? Is it because you believe you can provide a better product/service? Is it to have more free time (this will not happen in the short term)? Is it for financial gain? What are the goals (short-term and long-term) for the business and for you personally?
Do you have the resources to endure six months of operations before there is revenue? Three months? Do you have a contingency plan? Do you have the capital to get started? Do you know exactly what will be needed and how you will obtain it? Have you developed a detailed business plan? Have you had it reviewed by trusted advisors? Do you know how your business will be structured? As a sole proprietor, it is easy to do this. With a partner(s), it is imperative to have a detailed agreement in writing. Do you have an exit plan for all situations that could include death, sale, insolvency, change of mind? Do you have a board of directors/ advisors who are more than friends and have the expertise to give you sound advice? Have you done a thorough market analysis in your proposed locations to determine ability to create revenue Do you have a reliable source of employees? Do you have a reasonably priced leased space for operations?
24 SYNKD South Winter 2023/24
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