Dec
5 Lessons Learnt From The Rat Race That Apply To A Location Independent Business
One day I’m working for a multi-billion dollar company in a state of the art office, using the latest technology to help wealthy individuals make $1 million net per month; the next I ‘m working for myself from a small one bedroom flat with only a $700 laptop for support. What a difference a day makes!
I left the rat race because I no longer wanted to be constrained by petty rules, the rigid structure and the banal corporate culture; when I left I promised myself that I wasn’t going to look back.
A year on however, I’ve realised that I learnt a great deal from my corporate days that, at the time, I didn’t think I would need to apply as a Location Independent Professional who had escaped the rat race and would never look back. I was wrong!
Here are 5 things I learned in the rat race that are useful for a Location Independent life and business…
1. Play To Your Strengths
When you leave the rat race to set up on your own, a sensible approach is to find out what your strengths are and play to them. In the corporate world, you’re surrounded by a team of people and other departments who can help you do the things you’re not great at (such as IT support, marketing etc.). Concentrate on your strengths, learn about your weaknesses and then delegate or outsource what you don’t like doing, which is usually what you’re not good at anyway.
2. Create Processes To Run Your Business
Scrutinise everything that you do as part of providing a service or a product. Creating a “this is what happens here” process for every aspect of your business will help you spot any areas that need improvement or can be simplified. In the corporate world, there are often rigid, inefficient processes in place that you have to follow because that’s “just the way it’s done here”. Running your own business means you’re in charge and you can take full advantage of the speed and flexibility to implement whatever processes make your business more efficient.
3. Find A Good Mentor
When I worked for my last company, mentoring was big on the agenda. It worked well if you had a good mentor and trust was the foundation of your working relationship. When stepping out into big bad world as a solopreneur it’s a good idea to find a coach or mentor that has successfully done what you’re trying to do and learn everything you can from then.
4. Be Consistent
What I saw on many occasions in the corporate world is that when the average performer landed a big deal they rested on their laurels and their performance dropped off for a while. In a company, your team can carry you for a while but as a LIP running your own business, that can prove costly; consistently providing good services and products are what will keep your clients and customers coming back for more.
5. Don’t Make Any Assumptions
Assumptions cost me a promotion at my old company and assumptions almost had me running back into the corporate world just six months after I had vowed never to return. If you assume that you will land a contract without actually knowing it, you’re taking a big risk. What’s more, you might drop your work rate just when you need to up the ante because you’ve assumed your success before it’s happened. There’s a big difference between positive thinking and making blind assumptions! Do your planning and research to avoid any nasty surprises the best you can and if possible, have a contingency plan.
Moving from the corporate world to become a LIP is not an easy task, particularly as you can become institutionalised after having worked somewhere for a long time.
As you sever the ties from your old life to start your new one, there are many things you can learn from what has passed. The key is to find out what they are and apply them.
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