Second Act Success Career Podcast
Season 1 - Plan Your Exit Strategy & Go From 9 to 5 to Your Dream Business
Episode - #152
Host: Shannon Russell

Transcription (*created by Descript and may not be perfectly accurate)

[00:00:00] Shannon Russell: Welcome to the Business Brainstorm Mini-Series here on the podcast, you are about to embark on four episodes, all focusing on how you can plan your exit strategy from your nine to five job, how you can decide what type of business you want to start and how to build the second act that you've been dreaming of. You will get two episodes this week and two episodes next week. All leading into my free Business Brainstorm Mini-Bootcamp happening July 30th to August 1st. Sign up now @secondactsuccess.co/brainstorm.

You will join me for two, one hour online workshops and a live Q and a session where I will answer all of your business startup questions. Plus you will receive a free business startup checklist to help you plan your next move as well. It's all over at secondactsuccess.co/brainstorm.

Now it's onto the episode.

Mhm.

[00:00:56] Shannon Russell: If you are ready to.

leave your nine to five job and start your own business, [00:01:00] if you're feeling stuck in your current role and dreaming of becoming your own boss, then this episode is for you.

Are you ready to quit your nine to five job and start a business of your own? Well, you're in the right place, my friend. Welcome to the second act success career podcast. I am your host, Shannon Russell. I am a former television producer turned business owner, career transition coach, and boy mom. My mission is to help you produce your best life.

This podcast will teach you how to get from where you are now to where you want to be and how to build a business that fits your life and lights you up. Let's get started.

Welcome back to the Second Act Success Career Podcast. I am career transition, coach Shannon Russell. Now today on the podcast, we're going to dive into how to plan your exit strategy so that you can leave your nine to five job. And finally start your own business.

If you're feeling stuck in your current role and [00:02:00] dreaming of becoming your own boss, then this episode is for you. .

Planning your exit strategy is something that I talk with my clients a lot about. It's all about looking ahead not just walking into your boss's office throwing papers down and yelling. I quit. Right. Like everyone wants to be able to just give their two weeks notice and move on to the next thing. But you want to do it in a more strategic way so that you feel confident leaving and you feel confident about where you're going.

Knowing that you want to leave is the first step. If you have been thinking for quite some time that this job that you're in is just not fitting your lifestyle anymore. If you're feeling like it's just not fulfilling you and you feel stuck, you feel like you're just going through the motions and it's just eating you up inside. Now I can relate in a sense, because when I was working as a television producer, many years ago, I loved my job.

I loved everything about [00:03:00] it, but once I became a mom, Things were changing. And I realized that the hours and the commute, I had an almost two hour, each way commute. For that job, it was in New York city and I live out in New Jersey in the suburbs. So it was quite a commute.

For me, I knew the job itself. I loved. I loved producing television. And at the time I was working for pop sugar in New York city. I was producing an online pop culture news program.

It was so much fun. I love my team. I love the content. However it was the stress, the stress of having to leave work early. To get onto the bus to get home, to pick up my three-year-old. At daycare in time and I was pregnant and I knew that once I had my second little one. That I was going to feel that stress and that pressure even more. So for me, I knew something just wasn't right. , you might have a job that you really like, but it doesn't [00:04:00] fit like me.

Or you might be in a job that you hate that you dread every single morning. That eats your soul, you just don't like, who you're working with. You don't like your clients or customers. And it's just going through the motions every day to get that paycheck. A lot of people have that as their reason for wanting to leave. But it's that paycheck.

It's that stability that always holds us back. Now, if you feel like your current situation is not something that you can do for much longer, and you have this dream of starting your own business, being your own boss, creating something that is truly yours, you can control the hours, the income, what it is you're selling or what it is your providing. If that is something you're thinking about,

then that sounds like something that is going to fulfill you. You might be longing for this type of business to be your own boss, but you might have no idea [00:05:00] what kind of business you want to start.

And that's okay too, because it all comes in time.

First, I want to dive into why planning an exit strategy from your current job. Is so crucial. Now first having an exit strategy, having a plan. Just gives you that confidence. It's just like anything

building furniture. You need those set of directions in front of you when you get that box from Ikea.

Or baking a cake. You need to have the ingredients. You need to have the steps. You need to know what temperature your oven is. So all of that goes into the planning for what it is you're creating.

Without a plan, it can all lead to stress and financial instability. Right? Think about it. You want to have this plan in place so that you can feel confident leaving your job for this next venture. You want to make sure that everything in this transition is going to run smoothly and successfully. This is why we need to [00:06:00] know how to exit our job and how to prepare for the next step.

All right.

So how do you know it is time to move on if you are seeing those signs that we just talked about, feeling those feelings of being unfulfilled, lacking, passionate work, being stressed about your schedule. Just feeling that humdrum of every day in the job that, that you just want something new, then those are signs.

Those are signals that it might be time to take some action.

I once had a student in one of my courses. Tell me that she was getting physically ill every morning on her commute to her job. She thought that maybe she had a bug or that she had some kind of illness or new condition she needed to get checked out. And she went to her doctor because her stomach just wasn't right.

And Her doctor did all the tests. It wasn't an ulcer. It wasn't anything other than stress. So stress was actually causing her to have these massive stomach aches. Every morning at the [00:07:00] thought of going into the office. So if that's not a wake-up call, I'm not sure what it is, but it really is just listening to yourself, listening to your body, knowing how you feel as you go through your day. And if it's really something that is hitting you and affecting you, then that might be a sign that you are ready for a second act.

Mhm.

[00:07:20] Shannon Russell: Okay.

Now it's time to really dive into how you can create that exit strategy. At this point, you know, you want to leave, you know, you want to leave your job and potentially start a business. So, how can you start planning your escape? First you want to really look at all of your skills, all of the experience that you have from this job and any past jobs. And really start thinking about the business that you would create. Do you know what the business is? What are you good at?

What do you enjoy doing? Understand that it's really all about coming up with an idea. Not just saying, I want to start a business. Let's dive into what it is you want to start. [00:08:00] Understand that you want to make sure that this idea that you are coming up with is a viable option. You want to research other businesses that are like it possibly talk to other people who are already doing what it is you want to do. Look at the market analysis in your area or in the online space, you're thinking about entering into do your research. You should be researching yourself and assessing your skills and what you want to do, what you're interested in and then start researching what a business would look like. , utilizing those skills and the experience and what it is you love to do.

You also want to assess your financial situation. How much money do you need to sustain yourself and your family during this transition? Is there a lot of risks that you'll be taking a lot of times opening a business involves really putting that money in at the start and possibly not seeing it back for quite some time.

A lot of entrepreneurs don't even pay themselves for the first year or two [00:09:00] in business.

This is why it's ideal to plan your exit strategy in stride and take your time. Because while you're working, you are earning that paycheck. And while you're working, you can also start planning and building your business. Little by little there's so much you can do building the website. Getting the logo. There's so much you can do right now while you're working your nine to five.

You are planning it out. You are earning money and you are starting to get a lot of the beginner business stuff out of the way while you're in a safe space in your current job. Now is when you can really be creative about your schedule, maybe in the morning when you're sitting down with your tea or your coffee, and you're getting things started, you can spend 15 or 30 minutes working on your business. Maybe over your lunch break, you can work on the business.

You are finding ways throughout your day to work on what it is that you want to be doing [00:10:00] next. While still earning that paycheck.

Mhm.

[00:10:03] Shannon Russell: During this time, it's important to decide what kind of business you want to create. Make that business plan. Do your research, focus and organize yourself on how you're going to start and grow this business. Start thinking about the type of business, the business name, the logo. The color scheme start thinking about the marketing strategy. What kind of services or products will you be offering? What about your financial projections? Start planning out what you will be charging for what you will be selling. All of this stuff takes time. And now's a great time to do it while you're still working.

Also you get to save money and create this financial cushion to support you during this transition.

This is the best way to really plan your exit while you're saving while you're planning, you're making the absolute best use of your time.

And while we're on the topic of finances, [00:11:00] it's also important to start your business. Decide if you're opening an LLC, an S Corp, a corporation, a sole proprietorship. What kind of business are you opening? You can get all that paperwork done. You can also start thinking about how you are going to pay to build this business. Are you going to just use your savings? Are you trying to take out a loan? Will you need investors? Will you need a build out? Are you opening a storefront? That's going to cost you a lot more money. So start budgeting out both your personal and the business expenses that you're seeing that could be on the horizon.

Okay.

[00:11:36] Shannon Russell: now we're going to talk about building the foundation for this business of yours.

As you think about the business and you think about all the fun stuff, like the logo and the website and what you're going to offer also think about the brand identity, I want you to start thinking about your brand. You're building this business. And chances are you are going to be part of that brand identity.

I recently did a [00:12:00] podcast episode all about personal and professional branding. So if you want to check that out, that was episode 1 47. You can go to secondactsuccess.co/147 to listen to that one. But really it's all about you being that brand. That's why we're talking about your past experience, what you've done in your life so far,

what you've accomplished in your career, and you're putting all of that together to build your business.

So you want to create your business story. How is Jane Smith from Wyoming creating this business online?

How is she going to share the meaning and the reason behind the business with the world. Right. So really diving into what makes you and this business. Unique, how will you stand out amongst all of the other businesses out there? That's where the branding really comes into play. And that's something you want to really spend some time on. So while you're working, while you're planning your exit, start thinking about how you want your website to look how you want your social [00:13:00] media to appear to everyone start getting connected to who you are as a business owner. What you want your business to be and how you want it to come across to your potential audience.

Mhm.

[00:13:13] Shannon Russell: Now you're probably thinking, okay, Shannon, this is all great stuff, but when do I give my two weeks notice?

And we're getting to that now, because timing your exit is really critical. You want to choose a time that makes sense for you and your business.

You also want to give proper notice to your boss, to your team. To your current company so that you're leaving them in a good spot, even if you absolutely hate it there, you ideally want to leave your role. In the best light possible. You want to leave without burning a bridge. You want to make sure that everyone is set and knows what to do when you exit, you want to do it and really plan it out. Let's get into how you can really start planning and timing your [00:14:00] exit.

Now, if you've gone along chronologically in what we've talked about so far in this episode, You've gotten to a place where maybe you're saving money. You've thought more about the business. Maybe you have a decision about exactly what business you want to start. Maybe you've dabbled with the logo.

Maybe you've started your social media or your website. Maybe you just have the idea of written down in a notebook, but you're confident with it. , if you are at that place, I say, get your calendar out and start really looking at what feels good to you. Do you have any big projects at work that really needs your attention?

Is there a perfect season to launch this business? Only you can tell really when the perfect time is, but by looking at your calendar and really starting to plan out what feels good to you, it's going to be about how much money do you need in order to do this comfortably. How much time will you need to truly build out this business before it's making you money?

[00:15:00] Look at all of this information and then look at your calendar and say, okay. I think if I wait three months, I can save X amount of money. I'll have a little bit more built out with my business and I think I'll be ready to go. Then you can really pinpoint that date on the calendar and say, okay, in three months, I'm going to type up my letter of resignation. I'm going to schedule a meeting with my boss and I'm going to give my two weeks notice. And if that time looks great for you and you feel confident with the research and the business building that you've already done. You feel safe with the amount of money that you've saved, then that is your date.

Pinpoint that date, schedule it in the calendar. And my friend, you have successfully created your exit strategy. That's it. It's as easy as that. But listen, I am not telling you to go in tomorrow. Give your two weeks notice and everything will be rainbows and sunshine the next day. [00:16:00] No. That is not what I believe. That is not what I teach. That is not how I work with my clients

Other people might think that that's the way you do it, but if you can really plan it out, build an exit strategy that you feel comfortable and supported with, then you will be in a much better position.

Mhm.

[00:16:18] Shannon Russell: one last thing I really wants to talk about because it's easy to plan out all of the administrative stuff, right?

The behind the scenes building of the business. The writing your resignation letter, scheduling it in the calendar, looking at the schedule and kind of planning the perfect time.

But you also want to take into account your emotions during this time transitioning from one career path to another. Is emotional. And if you're planning on leaving a job that you've been at for 10, 20 years. Even one year you have gotten attached. There is a routine in working at the same place for a long period of time.

There [00:17:00] are relationships that are formed. Maybe your clients, your customers, but also with your coworkers. So you want to be really mindful of how this transition will affect you emotionally, mentally, physically as well. It's normal to feel the fear and the anxiety and the stress and uncertainty of what's to come.

That's completely normal. But you want to stay motivated by the fact that you are focused on your goals and you know what you're working towards, and you want to feel that confidence and remind yourself of that each and every day. That should be your first focus. When I decided to leave my career and try to figure out what I was going to do. I floundered. I tried a bunch of things. It just didn't fit. But when I realized that I wanted to create my own business, That is where the fire fueled me. That is where I felt excited and I wanted to learn more and I began researching and diving into this idea that [00:18:00] I had, I knew I wanted to work with children.

I knew I wanted to. Open a stem education center for kids. This was my first business when I left television. And I just did my research and it was driving me. The more I researched, the more I learned about the field that I was going into, the more I learned about the business and started building things up. The more excited I was, and it drove me and I was looking towards. That end goal. And I stopped feeling the sadness. Or the separation or the loss of identity,

or the imposter syndrome or the worry about what other people are thinking, because I left this job and now I'm trying something completely different. I think when you finally have that light bulb moment and you know what you're working towards, all of those other fears. Those emotions kind of fall to the wayside because you're focused on your end goal. So I want you to just manage your expectations of how you might feel during that transition, but [00:19:00] know that you're going to come out of it on the other side. So enthusiastic and excited and passionate about what it is that you're building and what you're building for yourself.

Okay.

[00:19:11] Shannon Russell: All right. We have discussed how you can make an exit plan, how you can leave your nine to five in a really confident way. To set you up for second act success.

We talked about how to develop your strategy, to make this move, how to build the foundation of the business you want to create and how to make this transition just as smooth as possible for you.

And for those around you. Remember this journey that you are about to embark on is about creating a life that aligns with you. It's about building a new career for yourself. That is going to incorporate all of your passions and your experience and your skills and everything you've accomplished in your past to build a new goal for yourself

you are building a business that is truly yours.

Thank you for joining and for [00:20:00] tuning into the Second Act Success Career Podcast. If you enjoyed this episode, please share it with a friend or leave a review and don't forget to subscribe so that you never miss an episode. I'm Shannon Russell. And until next time. Keep dreaming big and take bold steps towards your second act success.

Thank you for joining us. I hope you found some gems of inspiration and some takeaways to help you on your path to Second Act Success. To view show notes from this episode, visit secondactsuccess.co. Before you go, don't forget to subscribe to the podcast so you don't miss a single episode. Reviews only take a few moments and they really do mean so much.

Thank you again for listening. I'm Shannon Russell and this is Second Act Success.