How to transition from reporting to a boss to being the CEO of your own company

November 4, 9:31 AMNY Women's Business ExaminerConstance Drew

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You have been in the same job for years. You have either been down-sized or just ready for a change. You know what business you want to start, you do your research, get your financial affairs in order and set a start date for your venture. In addition to all that comes with owning and operating a successful business, you now have to learn how to be the CEO totally responsible for the outcome of your business success.

Here are a few tips in to help you begin your transition smoothly.

1. Set aside at least 6 months to really research your business idea, transition into the mindset of business owner, attend workshops, orientations and join business groups to "jumpstart" your networking. Ask lots of questions. Take advantage of free consultations from business advisors who have been in the trenches and can help you to avoid costly mistakes that may be irreversible.
2. Expand your thinking on business. Unless you are going in with the mindset of making money, you may want to re-consider whether this is the right move for you. Set your personal house in order first by strategically planning your needed finances for both you and the business. Brainstorm with family, friends and colleagues about what your life will realistically look like now, 6 months from now, the first year and so on. If you have never ran your own business, you will soon find it takes on a life of it's own and has to be nurtured and receive constant attention.
3. Write your business plan before you go into business. This will be needed for both investors and as a roadmap for your business. This also helps the emotional transition allowing you to adjust to your new role in life. You are more likely to succeed when you focus on the various elements of your plan.Plus, it gives you time to confirm you want to start a business.
4. Find a supportive network of people just like you to share your ideas, concerns, and how you can help each other. This may be referred to as Mastermind groups. Most importantly, find a group that you feel comfortable with and feel they can add support as you are making a major life change.
5. Take extra care of yourself during this stressful time. You will experience a different type of stress than when you worked for someone else. You are now making all the decisions and the accountability of this pressure can cause an unknow stress for you. Take care of your health. Go easy on yourself and remember that Rome wasn't built in a day. Keep a positive attitude and remember that the name of the game in business is persistence.

Join me throughout the week as we "examine" the latest business trends, interview successful women business owners and offer invaluable tips on how to run your business.

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