Transitions - How I've Done It
/Let's start at the beginning and take a look at how I managed my transitions - plural.
First, it was a matter of knowing myself, really knowing myself, the good, the bad, and the ugly. I'm not perfect by any means, but I know what I like, and I know what I am capable of, which is a good place to start. If you've never spent time with yourself and really explored your heart's desires and mapped them to your talents and interests, I highly recommend that be your starting point.
This all sounds simple, and from a process standpoint, it is. The hard part is you. Deciding what it is you want to do, what you love doing, and what you're good at. There are thousands upon thousands of self-help books out there that can provide assistance in this area. I have found a book called "Pathfinder" by Nicholas Lore to be one of my go-to sources. Also, get away from your home, your routine, and distractions. The only way to be clear is to get clear, and that means spending some time alone with yourself. Remember to be kind to yourself in this process; no one gets life perfect on the very first try.
Once I had done the soul-searching I needed to do, I started organizing my thoughts, desires, and goals. And for the friends that know me know that I have whiteboards fastened to the walls in my home office, where I often do brainstorming sessions for myself and others. Only you know what you want to do, but outside counsel from friends can provide you with how you message and articulate what it is that you offer. Don't discount the wisdom of others, especially those from your inner circle of trust agents.
Back in 2004, after leaving a corporate job, I decided to make it official and create a company. I first came up with some names and ran them through the state of Texas to see if they were available. Once I secured QSR Analytics, LLC, I received my tax ID number and called my bank to set up a business account, and contacted a printer for business cards and stationary. And since my last writing, I have, once again, updated the company name to PLC Strategies, LLC for Product LifeCycle Strategies.
When starting a business, it's important to decide what type of business you want, such as a sole proprietor, a Limited Liability Corp, an S-Corp, or something else. This is based upon the type of industry that you're in and, certainly, if you plan on having any employees or shareholders.
For me, it was a relatively easy choice. I decided that an LLC was pertinent to my business endeavors. Of course, these are the physical mechanics of setting up a business. As mentioned in my previous post, it's important too that you discuss your business idea with your accountant as your tax status may be impacted. For me, I found that having the LLC, regardless of where I was working, helped tremendously. When I'm working for myself, I run revenue and expenses through the company and pay myself a salary. One of the benefits of owning your own business is the simple fact that you can set aside up to 20% or $52K annually of your "salary" on a pre-tax basis, like that of an IRA. This is called a Simplified Employee Pension (SEP). Just think, when you work for a company, and you pay into a 401K, you're limited to about $17K annually. Something to definitely consider if you're like me and looking to maximize savings and investments for the later years of life.
I know that not everyone reading this post is interested in venturing into owning their own business. Some are at the crossroads of doing something else in life, such as going back to school or doing more volunteer and philanthropic work, and that, too, takes courage. Transitions are really about change. We humans normally don't like change. I guess I'm different as I do like change. To me, my idea of hell is to be stuck doing the same thing for the rest of my life. I simply could not survive. Thus the reason I have spent most of my career in the world of consulting. Consulting provides me with variety and allows me to help people and companies to solve problems and make improvements. Of course, I also have the publishing company too, which feeds my need for creativity, and brings in that feeling of satisfaction that has been missing these past few years.
In my next post, I'll continue to discuss some of the processes that I used to determine the direction for myself and my businesses.
