Transitioning from a corporate background to small business ownership isn’t as easy as you think. Whilst it can be so rewarding and thrilling, there are many challenges for those in this position to face.

 

Let’s explore some of those challenges:

 

😵‍💫Becoming a professional plate spinner

In a small business, there is often a need for owners to become accustomed to spinning many different plates at once. They become involved in various aspects of the business, from sales and marketing to operations and customer service, which is a whole new level of multitasking, especially those who have been more accustomed to specialised roles in larger organisations. They may also lack experience and understanding in some of these “new” areas they now need to manage, which means learning skills.

 

⚙️Lack of established systems

Corporate environments usually have established processes and systems, which are already in place for their people to use without the burden of them having to be involved in the planning, cost control or testing functionality etc. Small business owners often need to create various systems themselves, from accounting to inventory management to standard operating procedures, which can be time-consuming and challenging, particularly if it isn’t their strong point or interest!

 

💰The realisation of financial pressure

Small businesses may face financial instability, especially in the early stages. Owners may need to manage cash flow, secure funding, and make financial decisions with limited resources, which can be stressful for individuals used to corporate financial stability. The realisation that the super duper grand spanking awesome CRM or finance system they were once used to, costs thousands of pounds a year to run is a bit of a shock. The money invested into a corporate organisation is just not sustainable or appropriate for a small business, so adjustments need to be made.

 

👥Limited resources

Small businesses typically have limited financial and human resources. This can be a stark contrast to the often abundant resources available in larger corporations. It goes back to the points made about financial pressure and spinning plates – you have to adapt and accept the reality that running a small business is very different to living in the corporate world.

 

Why am I bringing this up today?

 

Because as a freelance Business Manager I have met various people on my journey who have transitioned from the corporate world into small business and haven’t understood or realised how different it is running a small business.

 

The consequences have been incredibly hindering for some individuals, financially crippling, overwhelming and considerably slowing down their progress. The great news is though, we can ALL overcome ALL of that! We ALL have the ability to adapt and be successful in our field, particularly when we have the right support at hand.

 

Having worked in various sized organisations throughout my career, from large corporate companies right down to small, teeny weeny businesses, I have the ability to adapt, strategize, and effectively manage resources, which can contribute significantly to the success of a business, particularly ones that operate in a dynamic and changing landscape. This is why working with me has been a game changer for many of my clients.

 

If you’re taking the exciting step of leaving your corporate job and lifestyle behind and transitioning into becoming a small business owner, I’d love to hear from you and support you on your way to success. My mission is to help to your business Flo Right!

 

You can contact me at kayleigh@florightbusinesssolutions.co.uk