Downsized? Don't Despair--Launch a Startup

On a Thursday morning in early May, Gail Golden says, the managing director at the consulting firm that had been her home away from home for six years called her into his office. In quick succession, she was told that her position had been eliminated, was given her severance package and was shown the door.

Golden was shocked; she hadn't seen it coming. But what has occurred since then offers a solid series of lessons for those in a similar position.

D Day (Downsized Day) + 1 week

A couple of days after D Day, Golden looked at her calendar and realized she was due to attend a major women's networking event in one week. So she went to Kinko's, designed a business card for Gail Golden Consulting, the Psychology of Leadership and launched her business that evening. She had a chance to talk about her professional experience, her range of services (all within her abilities but not exactly planned) and her thoughts on business.

D Day + 1 month

One month after starting her business, Golden was wrestling with all the decisions that face new business owners. She wasn't new to entrepreneurship; she had owned a counseling practice for several years prior to joining a consulting firm. But whether you're starting your first or your fifth business, every startup has common issues and phases. Here are the main concerns in the very early phase:

• Prioritize. Unless you're starting a business with partners and/or staff, you're in the "chief cook and bottle washer" position. Everything from corporate structure and governance to financial and marketing responsibilities falls on your shoulders, along with handling the core function of your business. The question is: What is most important for you to do today to move your company forward?
   
• Business design. What will your business do? How will it do it? Who needs what you have to offer and how do you reach them? How will you communicate with your customers? Where will you locate your office? Where will you have your bank account? Who will build your website? What can you put on your website that will set you apart? There is a nearly unending list of questions and decisions that have to be made. This is both exhilarating and stressful, but definitely a part of entrepreneurship.
   
• Networking. Now is the time to let everyone you know hear about your business. Getting on Facebook, Twitter and LinkedIn will only take you so far. You must connect with virtually everyone you know to spread your enthusiasm for your business. Unless you're making a real effort to connect, you'll miss important opportunities and possibilities that can help launch your business. Too shy to talk about what you do? Then ask others about their business and think of ways you can be of help to them. "Networking is not about asking for favors," Golden says. "It is about doing favors." Because of this philosophy, Golden says she has experienced what she can only call an outpouring of unexpected help from friends and colleagues.

D Day + 3 months

Golden has her goals set for the next three months:

• Establish a competency showcase. She is exploring different ways to show prospective clients the breadth and quality of her skills.
   
• Establish a broad base of viable potential clients. Golden knows her skills and her interests. She is focused on determining who are her best potential clients.
   
• Increase her visibility in her geographic region. Though Golden has lived in her community for several years, she feels it is important to establish her credentials and visibility as an independent business owner and practice manager.

Receiving the surprising and unwelcome news that you've been downsized because of the economy can open exciting new doors. Having goals for one week, one month and three months after launch will help you get started without being totally overwhelmed by your new realities and responsibilities.