Challenges in the current economy are leading many successful business people in corporate America away from Wall Street and back to Main Street where they can realize lifelong dreams of owning their own business.

Over the past decade, many highly-educated and successful business professionals bypassed their dream of owning their own business for the large salaries and security offered by corporate America.  However, that security has crumbled for many corporate elite. More than 75,000 jobs have evaporated from the financial services industry during the last year. And, it’s predicted, by New York’s Independent Budget Office, that roughly 33,300 finance jobs in New York City (or 7.1 percent) will be cut by June 2009. 

Many of these professionals are proactively dusting off the dreams they abandoned when they heeded the siren call of Wall Street bonuses and are opening their own businesses. Some of these individuals have rediscovered their passion and success involuntarily, as a result of the economy.  Those who used to trade mortgages are now trading baseball memorabilia. Insurance underwriters are opening their own lingerie stores. IT developers are working on the next Facebook.com. All of the ambition that drove them to the heights of success on Wall Street is now being redirected to those original passions.

What can the rest of us learn? Not to let corporate success bog us down! Those of us who have dreamed about owning our own business — but still have well-paying corporate jobs — shouldn’t give up our dream for the illusion of financial stability provided corporate America.

You can leverage the financial security that your current job in corporate America provides you to start your own business. Here are some tips to starting a business while working for someone else:

• Create a business plan. Take advantage of the time you have to formulate a plan for your business. Based on a study by Jessie Hagen of the US Bank, most businesses fail due to a combination of four factors: poor business planning, poor financial planning, poor marketing, and poor management. Create a business plan that addresses each of these areas and you’ll be ahead of the game!
• Organize your finances. The most likely reason you have remained with your employer is financial — you need the money. So that means evaluating your current expenses and needs, and seeing how you can cut back and what your bottom line amount is to live and support your business. Consider financing options that you can use in the future if needed.
• Set a time frame. When you launch your business while working for someone else, set a time frame for when you will leave the “day job” to work full-time for your company. If it’s possible to begin generating revenue for your new business before leaving your current job, identify the revenue threshhold for the new business that will trigger your exit from corporate America.

If you’re ready to begin your dream, visit incorporation leader BizFilings to learn the benefits of forming an LLC or corporation for your new business. Doing so will ensure you and your company will have personal liability protection.

If you’re concerned about your current employer finding out about your business prematurely, you can form a Delaware corporation or LLC.  Forming in Delaware provides privacy and the ability to get started without filing in the state where you are currently employed.