Advertisements

My Friend: Eula M. Guest

eula-m-guest

TRANSITIONING FROM EMPLOYEE TO EMPLOYER

When my husband and I started Griot’s Roll Film Production & Services Inc. in 2004 Derrick M. Guest left his good paying city job to devote to the business full time. I on the other hand was finishing up undergraduate school and working part-time. Soon after graduating with my Bachelors in Business Administration I left that part-time job for a full time position making more money where I stayed until I was laid-off in July 2011.

The transitioning of being a full time employee and a part-time employer was difficult. It was hard going to work and live with decisions that supervisors and managers made. When we had our monthly departmental meetings and I would make suggestions the suggestions would go un-notice this left me frustrated with my position at the agency that I worked for. The transition was long and slow, as we were building our business and brand. I got to go to procurements and business events I knew that running our business was all I wanted to do. As any business owner and entrepreneur knows it takes a long time to build your company to where you want it to be. When I was ready to leave my place of employment the business was not ready for me to be there full time. When my position was “entrenched” I work on the business full time. It was a hard transition not having a regular pay check but it was worth it to really get out there and to see what Derrick was talking about. The transition from employee to employer had begun. Here are some tips to help people with the transition process and things to think about before you leave your full time job.

  • Save up at least one – two years of living expenses including: utilities cell and land line phone, rent/mortgage, food, necessities, cable and any medical expenses i.e. medication, dental and or health care visits.

  • Research the industry you are planning to go into. You should know it like the back of your hand, will you be able to find a niche in that industry to get paying cliental and make livable earnings.

  • Get that business paperwork done i.e. your brand, logo, and copy-write and or trademarked. Get your business entity incorporated; get an EIN number for your business. These are things you can do before leaving that job.

  • Take as many business courses, workshops as you can. The Small Business Services and many other entrepreneurial agencies has many free and low cost workshops that can help you learn your industry and learn how to build your business invest in those course some Entrepreneurial agencies are: Project Enterprise, WIBO (Workshop in Business Opportunities) SoBRO and Harlem Commonwealth Council to name a few.

  • Pay taxes on your business. Most banks, micro loan vendors and investors will not give you money until you have operated your business for at least a year and have paid taxes on that business. This will establish you as a business.

  • Establish and build your brand. You should be members of industry organizations and your target market organizations to network and build business relationships, partnerships and get paying cliental.

  • Marketing plan many owners and entrepreneurs open their doors without a thought as to how they are going to let people know they are open for business. Too many owners rely solely on foot traffic. No plans on how they are going to get cash flow and how they are going to stay open. How they plan on staying in front of their target market.

  • Build a good core base of returning customers who love your brand and who tell people and bring people to you. How do you reward those loyal customers, how do you stay in contact with those loyal customers.

  • Pay attention to your business learn when you have a busy season and when your business is going to be slow, plan accordingly. Vacation, time off to handle the fast season. Planning what you are going to do when it is slow, that maybe the time to do administrative task that you didn’t have time to do. Regroup and plan for the busy season again

Before you give in that resignation letter, ask yourself, Am I truly ready to do this business full time? Have I plan for any disasters that might come up? Do I have insurance to cover Fire, Theft, Flood, Hurricane etc?

Now that you have covered all those bases here are some tips after you left your full time employment.

  • Can I afford to pay staff? Do I have the income to pay a full time or part time worker, seasonal, independent contractor, should and can I use a virtual assistant?

  • While running the business are you getting out and continuing to build your cliental and e-mail marketing list?

  • Have you implemented any e-mail marketing if not why not? How are you marketing and staying in front of your target market customers and potential customers.

  • Are you paying attention to the networking, business events you are going to? If you are going to a business expo, paying for a booth/table, fliers, business cards, step and repeat, banners, electricity etc. and you are not breaking even and or making a return on your investment then is this event for you? If you are collecting business cards and after a years time you haven’t made any sales from that event, then you have to ask yourself, why am I going? Add up what you are spending for a business expo including, transportation, gas, care fare etc. and if you are spending more then you are getting back that is not a good event and you need to find other expos and or business conference that you can make that money back.

  • Social media you have to be engaged with your audience and to market without selling on social media. You have to be consistent on social media if not you will end up with a dead page.

  • Lastly your e-mail marketing and any marketing that you do should be consistent. Whether you market it bi-weekly or monthly you should establish that from the onset. Your audience will expect it if they are use to seeing it monthly. You can do it on your off time and schedule the newsletter or blog to go out when you want it to go out every month. Make sure you attach your social media to these tools and have a share button so people can post and share on their page.

Now that you have transition from employee to employer, I hope that your transition goes smoothly. Set goals for your business check them off your list when you reach them and set new goals for the business. Implement your transitional plans for yourself and pay close attention to your industry trends when they change directions. Paying attention can be the difference between making money and losing money. Be flexible and be ready to change direction if you have to.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: