ASSESS YOUR SKILLS
Even if you have lots of expertise as a result of your corporate career, you may still think you’re heading into unfamiliar territory but if you have learned to sell, develop a sales pipeline and serve customers in Corporate America, those skills will transfer well to your new pursuits especially if you’re transferring a corporate role into your own venture. Experience in other areas such as finance, marketing, operations and business development are valuable too but don’t necessarily let lack of those areas of expertise stop you. With some focus you’ll either learn it or hire someone who does!
Buyer beware though – if you’re looking to purchase a business or franchise outside of your area of expertise be aware that there are many business brokers operating a numbers game. They aren’t focused on getting you into a business which matches your skillset, personality and/or lifestyle, they just want you to purchase a business. Many times unfortunately, you don’t know what you don’t know until it’s too late and you’ve already put your nest egg on the line.