Burning the Candle at Both Ends—Part 2

When Is It Time to Strike Out on Your Own?By Tonia Adleta, PBC™, Aribella Events, Hockessin, Del.Just like that, another wedding season is on the books.  Not only did you survive the near-constant juggling act of planning multiple weddings while holding down your day job, you even enjoyed it. Your portfolio is growing. Thank-you cards from happy clients are tacked on your bulletin board. But there’s no time to rest on your laurels—bridal show season is around the corner; the corporate sales meeting is at the end of the quarter; you are no longer “top of mind” at your favorite wedding venue; and you still need to “wow” your boss before your yearly review. When everyday life feels like a merry-go-round, and you can’t quite figure out how to get where you want to go, how do you stop the cycle? Here are six important steps in creating a plan for taking the leap into full-time entrepreneurship:1. Slow Down.Take a day off. Clear your calendar, and step back from your life in order to observe it. Get plenty of rest leading up to your mini-sabbatical, maybe even a massage or pedicure as a reward and to be kind to yourself. You’ll need a fresh set of eyes with which to see your own life, dreams, and goals—and just as importantly, the next steps to get you there.2. Take an Inventory of Your Life.Socrates minced no words when he said, “The unexamined life is not worth living.” Review every role you play, every responsibility you manage—everything from walking the dog and paying household bills to managing your company’s social media and booking new clients. As an entrepreneur, look beyond the client-facing or wedding-planning tasks to those of networking, attending association or training meetings, bookkeeping, advertising, etc. Include the full gamut of your job description for your employer, as well as that of your personal life, your time with friends and family, charity work, and community involvement.3. Calendarize—Everything.Once you have a general sense of your roles and responsibilities, identify how much time and energy you invest in each, and compare those investments with your goals. For example, if you need an emergency fund of three to six months’ expenses before making the leap into weddings full-time, is it wise to spend the $20 in gas, $15 in parking, $65 registration fee, and four hours’ time to attend your third networking meeting this month? Is there a neighborhood high school student who would love to make $20 a week walking Fluffy, therefore giving you an extra three hours to write your blog? When you take a step back to recognize how much you are doing, you also begin to see the opportunities to make wiser investments of your time, energy, and money.4. Build a Team.An entrepreneur’s world can be a lonely one at times, and those who operate in a vacuum tend to take a myopic approach to their business, often failing to reach their goals. Get counsel; surround yourself with bright, passionate people. Hire an attorney to review your contracts, an insurance agent to protect yourself and your business, a bookkeeper and/or CPA to ensure that every “i” is dotted and every “t” crossed. Connect with a fellow wedding planner, maybe in a different market, to compare notes and keep each other accountable in your goals and objectives. Seek out a mentor or coach who has been where you are and is where you want to go. Mentor another individual in whom you see potential or invite that person to join you. Choose your team wisely, you are entrusting them with your future.5. Know Your Numbers.Be familiar with the amount of income it takes for you to live comfortably, both in your day-to-day life and to maintain your business. Are there places you can trim expenses? Are your advertising dollars bringing in a return? Are you living within your means, or ideally, well below them, in order to build a buffer? How many clients do you need to book, and at what level of service, to break even? To make a profit?6. Be Prepared.Once you know your numbers and have your team in place, give yourself time to prepare an exit strategy from your full-time employment. Making the leap into self-employment is not a decision to take lightly and, oftentimes, is harder to follow through with than most people realize. Recognize the possible pitfalls, and create a contingency plan to either avoid them altogether or cope with them successfully. For example, create an emergency fund to address financial need and the emotional upheaval of insecurity during times of crisis. Build a network of brilliant entrepreneurs and cheerleaders to be louder than the naysayers or the echoes of your home office. Although taking the leap into being your own boss is scary, with proper planning, it might just look like a small hop rather than a risky jump.