Article Contributed by By Karen Armon Are you a $100K+ executive who is thinking about leaving Corporate America and starting your own coaching or service business? Making the decision to venture out, take the risk and become an entrepreneur is hard, whether it’s because you can’t find a job in this tough economy or you’re simply tired of working for someone else. And, believe me I know. In 1992, I decided to start my own business after being laid-off twice in the same year. Now, the idea was not completely new to me. My father, grandfathers, and many uncles on both sides of my family were bit with the “own-your-own-business bug.” Although, I knew exactly what I was getting into and even though I come from a long line of entrepreneurs, I still faced the same questions and fears that you’re facing right now. Below, I show you how I made my decision to start my executive coaching business 17 years ago. And this process still works today as I ask my clients the same seven questions when they tell me that they want to transition from executive to entrepreneur. The Top 7 Questions I Asked Myself Before Transitioning From $100k+ Executive to an Entrepreneur Question #1: What is your motivation for becoming an entrepreneur? Your motivation to become an entrepreneur must be strong enough to carry you through the ups and downs. Wanting to work part time while taking care of your children, trying to work as a 1099 until a better opportunity comes along, or having nothing better to do are poor motivators for starting your own business. Question #2: What is your background and experience at work? If your experience is in a back-office function or you’ve never had the experience of working directly with customers, you need to think about how you will acquire these skill sets. This does not mean that you need to master the art of cold-calling, but you must know how to close a deal. Question #3: What strategies and tactics will you use to find leads? More than anything, you need to hit the ground running. You need to find potential customers fast so that you can make deals happen. My advice is to delay building your marketing materials – including your website, brochures, and tools – until you know where and how to reach potential customers. Question 4: How will you address the three big challenges of Money, Product and Pricing that every new business faces? Under capitalization is the biggest reason company’s become bankrupt within the first year. You need to know how to finance your start-up. Personal cash reserves, credit and loans from family and friends are the most common methods. Building a product or service includes the time and money needed to develop these materials and you need clarity about what your target market wants and needs.

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