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Many of my readers may not be aware of the fact that before starting my coaching business 4 years ago, for more than a quarter of a century, I worked globally in the financial services sector and trail blazed a path for fellow lady professionals in the field of audit and finance.

2016 will see my return to business and finance coaching – a continuation of my journey to follow my bliss with business success. This is the first of a series of blog posts where I will share my knowledge and experience to help fellow professionals make a successful transition and offer my services for the same.

The journey to self-expression begins with resolve to succeed

When I first started off on my second solopreneur journey in 2008, I was determined that this time, I would not be lured back into a job even if the offer was, to paraphrase the great Don Corleone  in The Godfather,  ‘make them an offer they cannot resist’.

I had tried being a solopreneur before and did well with my assignments. I even played elephant polo in the jungles of Nepal and thus, am entitled to actually add the title WEPA (World Elephant Polo Associate) behind my name. Then one of my contractual assignments transformed into an employment contract. It worked out splendidly at the time but now, I wanted to taste real freedom (with money of course) and experience my Ikigai.

Determination and resolve have been key to making this second journey work out for me  and as I continue on the Home Run to end 2015 shouting my word for the year Success, my business is transforming and I’ll be showing other careerists who want to be business people, how to do the same.

The journey to entrepreneurship is not an easy one

All the wonderful quotes on Facebook, LinkedIn, Pinterest and other social media sites can tell you about following your bliss, sweet spots, Ikigai, Ideal Client, Ideal Market, Target Market, LinkedIn Social Selling Index, B2B, B2C, websites, Content Marketing, Networking et cetera et cetera till the cows come home.

What they don’t tell you is that the journey is not easy unless you have your own unique Roadmap to Success.

Not the one that you found via Google or on someone’s website and did a copy paste or found a couple of them, liked them and imitated them because they sounded good. We are talking about the Roadmap that you have created that is meant for you and the business that you want to create to justify your desire to be different, to make a difference and earn some good money in the process.

The blog posts and business coaches who do mention this find their message blind sighted. There is a good reason why we do this. Why till the soil when El Dorado beckons? I ask, Why Not?

My guest blogger Roslyn Tanner shared 5 job loss truths and suggested that being made redundant is a time when we should explore what we really want to do. If you read her recommendation carefully, Roslyn advises to take some time to explore if this is viable for you to start now.

That piece of advice is solid gold and if you read the comments for that blog post, you will notice that there are lots of successful entrepreneurs who left comments about their own foray into being their own boss. They created their own Roadmap.

What should you include in your Business Roadmap?

Different businesses have different Roadmap requirements but there are some areas that are common to all of them. A bit of planning can get you started in the right direction. Here are 3 points to consider while creating your business Roadmap.

Do you have a viable concept, service or product?

Viable means that whatever you decide to sell, be it a product or service will earn you money and once you hit your stride, generate a steady income. Starving Artist is a romantic concept but in real life, can be quite a blow to your self-esteem and confidence if you have to borrow money or get your home loan foreclosed.

Make sure your plan puts your wealth of knowledge, experience and expertise to good use that enables you to bring in money. Make sure that there is a demand for what your business will offer. In other words, is there a market for what your business will sell?

I remember during the time I was doing my IFRS accounting consulting in India, I knew that there was a window for business implementation service and my roadmap included the fact that I would be making another switch after 2-3 years.

Training was also in demand which was more copy paste from accounting standards including the examples of application. Businesses offering certification and training mushroomed overnight and I used to get feelers to do training and provide content because the key to success was to be able to show how to implement it.

That was one of my key differentiators that I provided that along with the hands on work of preparing for convergence and stayed away from collaborations which would have meant working for someone else instead of for me who wanted to sell training on a bulk basis with little care if the trainer would be able to give the required attention to the participant.  They talked about affordability and doing ‘good work’, i.e. pro bono or pittance fee while I dreamed of a premium focused training and high knowledge retention rates.

I knew what I wanted and did it. Others didn’t, and when the Ministry of Corporate Affairs put the convergence of these accounting standards with the existing Indian accounting standards on hold, I wasn’t really affected because I was already exiting the service at a time when people in the profession with far less experience were setting up businesses for that service and competing with companies that were offering training and certification even if the trainer was just teaching from slides created from the accounting standards with no real implementation guidance.

Guess what? They are all back in jobs – sadder and wiser, now working to make their employers successful but that is what they had to do when their savings started to deplete. Had they thought of the next consideration, they might have realized that their timing and market knowledge was off the mark. Way off the mark.

Can you hold your own in the market?

In other words, have you checked out the competition? Is there something unique about your product or service that buyers will want to buy from you instead of another equally good vendor?

Anyone can set up a website and hire a good copywriter to create alluring words. You can go to market and make great presentations too. But what is your key differentiator? Other than saying that we are good at what we do?

My Unique Selling Proposition (USP) in my consulting days was that I facilitated knowledge transfer to the finance staff and worked with them to make sure that when my contract finished, the client was self-sufficient in that area.

What about you? What’s your differentiator? Your USP? What can you offer that the next business in your area cannot? Do you have the bandwidth to pitch for business or will you go looking for collaborators after you have made an impressive bid and won it but are clueless on how you will deliver? Having you figured out your pricing strategy?

At that point in time, ‘following your bliss and doing something you like’ won’t help. What will help is researching the marketplace, your competitors and identifying your place under the sun while making money.

While you are doing your research, enroll the help of your family and trusted friends as a sounding board for your business idea. Their perspective will help you to see the things that you can get blind sighted to in the enthusiasm that you are going to show your boss and corporate foes how things are done.

I do it all the time (consult my sounding board, that is) and often have to rework my ideas in the light of new knowledge to make them viable and so do many of my professional colleagues.

While we are still on the subject of research, if you are married and/or have children, now is a good time to talk to your spouse and get some idea buy-in. Your decision is going to affect their lifestyle and without their support, you might have a very tough time.

What about the Money, Honey?

Setting up a business, even if it is from your guest bedroom or garage is going to require start-up investment costs and adequate reserve funds to cover running costs until you start getting the cash to flow in and break even. You will also have financial obligations on the personal front.

I don’t want to frighten you but many businesses run on a deficit in the first few years and any income that comes in is ploughed back into the business to cover the costs that the business is incurring to stay afloat.

You need to get your finances sorted out to cover this. This includes working out your seed capital requirements, a financial plan for the first 12 months of your business, finding investors, having a buffer for your living expenses (at least cover 6 months), insurance, mortgage (if you have one) and perhaps even a contingency fund.

And then the secret sauce for business success

I’ve only covered 3 aspects that you need to look into while planning to jump from that energy sucking job into being an entrepreneur. But there is more to it than that. It is what I like to call the Secret Sauce for Success – being ready for becoming a business person.

I’ve created a Business Readiness Self-Assessment Tool that can help you determine if being in business is the right thing for you and what other steps you need to take to get ready.

Just click the link below the image to see what this self-assessment tool is all about. You will learn a lot about yourself and your state of readiness.

I want to learn more!

Conclusion

Nobody likes failure, especially failing to achieve your dream of being a successful business person. If that is what makes your heart sing, then you owe it to yourself to plan well and move forward from a place of confidence making informed decisions.

Are you ready to become a business person? Have you got all your ducks in a row? Tell me more in the comments box below.