THE CAREER CHANGE FINANCIAL PLANNER

Here to share her career change story is guest blogger Stephanie Chandler. Stephanie’s latest book, LEAP! 101 Ways to Grow Your Business, is a must-read for those planning to start a business and anyone who wants to take their company to the next level.  Also be sure to check out her website www.BusinessInfoGuide.com, a directory of resources for entrepreneurs.

In 2003, I left my Silicon Valley career behind to open a bookstore in Sacramento.  My goal was to create a passive income business so that I could become a novelist!  

Before I quit my job, I spent a year building my business plan. At the same time, I was tucking away as much money as I could and cutting my expenses. I knew that I wouldn’t earn a Silicon Valley income right away, so it was important to have a year’s worth of living expenses in the bank.

Right around that time, my husband was offered a job transfer up to Sacramento, about 100 miles from where I lived in the Bay Area. I saw that as an opportunity to cut our expenses dramatically since the home prices and cost of living in Sacramento were at least 2/3 less than what we were spending in the bay area. So I sold my house and moved up north—and I’d do it all over again as it was a smart way to prepare for the big transition.

I also opened up a line of credit. I didn’t need it, but wanted to have access to it just in case. One thing the books don’t tell you is that when you quit your job and start a business, you have to reestablish credit. Without verifiable income from a paycheck, it can be much harder to get access to money. I highly recommend getting it before you need it!

So I had my financial and business plan firmly in place.  But the Universe had a different plan for me. Here’s a quick run-down on what’s happened since:

1. Opening a retail store in a lousy location (no street visibility) provided an excellent training ground for small business marketing.

2. I quickly discovered that I am a lousy novelist–not nearly enough imagination.

3. Thanks to internet marketing strategies, I got the bookstore website to the top of Google almost instantaneously. I went on to launch BusinessInfoGuide.com, which has since benefited from SEO practices and a slow and steady evolution.

4. It didn’t take long to realize that I hated just about everything involved in owning a retail store–except the marketing (and the endless supply of books!)

5. I caught the nonfiction bug and decided to write books that I wanted to read. My first title was released in 2005, followed by books in 2006, 2008 and 2009. (I missed one year when I had a baby!)

6. Selling the bookstore was one of the best decisions I ever made. My only regret was not doing it sooner–I was ready to let it go.

7. Launching Authority Publishing was the logical culmination of everything I’ve done so far. It’s created an opportunity for me to leverage my publishing experience (bookstore owner, self-published first book, three traditional book contracts, countless information products…) and blend it with my internet marketing experience. It has also forced me to build a team and treat my business as an asset (so I can take a vacation once in a while!) The results have been spectacular and I know that I am exactly where I am supposed to be.

The other thing I know for sure about my journey over the last six years is that I wouldn’t be doing what I am now if I weren’t willing to take some risks. Taking risks involves letting some things go–which is not always easy.

In this economy, I see a lot of people struggling with this concept, essentially beating a dead horse. But it’s important no matter where the economy is headed. If what you’re doing isn’t working or if it’s bringing you down in any way, perhaps it’s time to consider other options–regardless of how much time or money or emotion you have invested in your dead horse.  Often when you’re willing to let go, all kinds of magical things can happen.

Tags: Career change stories, Self-employment, Start a business //