When it comes to starting a business, we sometimes get stuck over analyzing what to do and where to go from here.  We want everything to be perfect so, we spend most of our time trying to change and fix things before we even get started.  “Analysis Paralysis” can be one of the biggest obstacles that would-be women entrepreneurs have to overcome.  I know this very well because I’ve been stuck there many times myself.  It’s an easy trap to fall into and it usually hinders our progress and keeps us from moving forward with our business in a timely manner.

The truth is that at least 90% of the time, what we are trying to do is not brand new.  Most of the time our business idea is an improvement upon, an addition to, or a different twist on an old product or service.  This is not to say that you aren’t brilliant and have great ideas.  It’s just highly probable that what you want to do has been done in some form or fashion before.  My point is that there is no need to re-create the wheel unless you have a product that is a new invention that’s never existed before.

Do your research, use what’s already out there, and build upon that.  Entrepreneurs have been doing that since the beginning of time.  This very concept is why we have options in the marketplace.  There would be no need for the phrase “new and improved” if we weren’t constantly looking for better ways to do things.  That’s where you, the new entrepreneur, comes in.  Maybe you have an idea that’s an improvement on an existing baby product or you’ve come up with a service that would be a great addition to your day spa experience.  In either case, there are people out there that have been there and done that.

Don’t get stuck in the beginning trying to create everything from scratch.  Don’t allow yourself to think that you can’t move forward and take action on your new business until you come up with all of the answers on your own.  Research is an important part of any business startup phase.  Use the resources that you find.  Find examples of businesses that closely resemble what you are trying to do and use them as a starting point or model for your business.  Communicate and network with others to get the help that you may need to add your new spin to an old idea.  Be creative. Your idea is probably a good one.  Don’t make the marketplace wait to see what you’ve come up with.  There’s always room for something that’s new and improved!

Tags: Business Ideas, cars, getting unstuck, new and improved, new business, new ideas, old and new, startup phase, women business owners, Women entrepreneurs

“You can only become truly accomplished at something you love.  Don’t make money your goal.  Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.”  – Maya Angelou

Tags: Business Ideas, do what you love, inspirational quote, Passion, Starting a business, Women entrepreneurs

TGIF! I don’t know about the rest of you but, I am glad that it’s Friday! Why is it that when you are out for a couple of days to travel, it always seems to take more than a couple of days to catch up? It’s been a week since I traveled to my family reunion but, I think it’s going to take the weekend to truly catch up and recover!

I thought that today’s post would make a great follow-up to the question I asked in a post earlier this week. Earlier I asked, “Why do you want to start a business?” Today, I want you to consider if you have what it takes to start a business. The answers to both of these questions are important as you make your decision to jump into the world of business ownership.

If you aren’t sure WHY you want to start a business or IF you have what it takes to start a business, then you may need to reconsider your decision to become an entrepreneur. Starting and running a business is not for the faint of heart so, knowing WHY you’re doing this and IF you can do this gives you something to fall back on while you go through the ins and outs of running a business.

The July/August issue of Inc. magazine features an article, “Do You Have the Right Stuff?” In this article, the author tells you to ask yourself 6 questions before you start a company. These questions will make you think and really consider the road ahead before moving forward with your business. The 6 questions to ask are:

1) Do you believe you have what it takes?

2) Are you able to let other people down?

3) How do you handle setbacks?

4) Are you really an inventor, rather than an entrepreneur?

5) Can you accept that your company may outgrow you?

6) When you look in the mirror, does an entrepreneur look back?

What are your answers to those questions? How many of those questions could you answer in the affirmative? Be honest with yourself. If your answers need a little work, then take some time this weekend to consider the task ahead and be sure you have what it takes to build your dream business. Go to Inc. magazine’s website to read the article in its entirety. Have a great weekend!

Tags: new business, Planning, questions about business, self-assessment, Starting a business, Startup Tips, what it takes, Women entrepreneurs

I’m still recovering from a nice long weekend of mingling with 100+ relatives at my family reunion in Ohio.  It was a great weekend and I had a great time but, I always need time to recover when it’s over.  However, my recovery time will be short this year because next year’s reunion is in Atlanta, GA.  Guess what I’ll be working on in my spare time for the next 12 months!!!  One of the many perks of owning a business is being able to arrange a schedule that will accommodate taking on a project like that!

I always ask the following question of would-be clients and anyone else that tells me they want to start a business.  WHY do you want to start a business? There are just as many answers to that question as there are people that respond.  Everyone has their own answer or reason for wanting to start a business.  Some reasons are deeply personal and complicated. Still, others are pretty basic and cookie-cutter. Through it all, I’ve found that a lot of the reasons tend to fall in 3 general categories.

1.  A More Flexible Schedule

You may have children and want to be able to spend more time with your family.  In my case, my mother was ill and lived 4 hours away and I wanted to be able to care for her and spend time with her.  Some may want to have more time for travel and doing the things you like to do.  Regardless, having a business where you are in more control of your time is a very desirable perk.

2.  Pursue A Passion

It’s easy to find ourselves just going through the motions when we are doing something that doesn’t interest us or feeds our need to do something meaningful.  Many would-be entrepreneurs want to turn a passion of theirs into a business.  They want to feel as if they are adding value and doing more than contributing to a corporate bottom line.  Owning a business allows many to be creative and spread their wings.  In the end, most of us want to do something that makes a difference and gives us a feeling of pride as we watch it grow from conception to a profitable business.

3.  Long-Term Financial Freedom

We’ve all heard that you’ll never get rich working for someone else.  Many people want to be able to create, build, and grow their own wealth as opposed to being dependent upon a paycheck.  The current state of the economy reminds us that there are no guarantees.  Today, there are many people who lost jobs and/or retirement nest eggs and they are turning to entrepreneurship as a means to start over and hopefully, lead them to future financial freedom.

What are your reasons for starting a new business?  Why do you want to take that leap from employee to business owner?  What do you hope to accomplish in your new venture?  Make sure you really consider the answers to these questions and others before taking the plunge.  You want to be sure you do it because it’s right for you and you are ready to do the work.  Your reasons for starting your business should mean enough to you to serve as inspiration and motivation to keep you going and help you set goals that will lead you to success.

Tags: financial freedom, flexible schedule, Passion, Starting a business, Women entrepreneurs

It’s Friday and I’m on my way to my family reunion in Ohio.  Every year my dad’s side of the family has a reunion and it always makes for a fun and  interesting event!  Both of my parents have passed so, it’s not quite the same attending these kinds of functions without them.  Nevertheless, I always enjoy seeing my relatives and this year my brother and I are traveling to the reunion together.   I’m sure the weekend will be better than anything you can find on Reality TV!!!

As I thought about my upcoming reunion, I naturally thought about the importance of having support systems in our business lives, as well as our personal lives.  We usually do a good job surrounding ourselves with supportive family and friends when it comes to our family lives. However, we tend to try and go it alone when it comes to our careers and business affairs.  Our careers are, in some cases, one of the few places we get to shine and have a little control.  We typically know what we are doing in that environment and we beam with pride when we do it well.  It’s especially gratifying when we can take all of the credit for our accomplishments.

No matter how competent you are and how many things you can juggle at once, starting a business is no time to try and go it alone.  I mentioned in my last post that you should seek out a mentor as you begin to get your business off the ground.  You should also be sure that you include your family, friends, and people in your community that wish you well.  Share your plans with them.  Get their input and feedback.  Allow them to just listen when you’re having tough times and make sure you celebrate with them when you reach milestones.

Everyone needs a cheerleader in this tough world of business ownership.  There will be long days and nights and a lot of lonely times as you pour your heart and soul into the business of your dreams.  Everyone else may not be as committed to your dream as you are but, those who love you will support you and cheer you on.  Don’t try to be the superwoman that you are and do this alone.  Be sure you include your parents, siblings, children, and best friends in your entrepreneurial endeavors.

You’ll be glad that you brought someone along for the ride, whether it’s a shoulder to lean on during the rough days or someone to share a toast with during the celebrations.  Having a support system in place will make the journey a little easier and reaching your goals a little sweeter.  Have a great weekend!

Tags: family, family reunion, friends, Starting a business, Startup Tips, support system, Women entrepreneurs

“A year from now you may wish you had started today.” – Karen Lamb

Procrastination is not our friend yet, it hangs around everyday waiting for a chance to join our party.  If you are like me, you’ve invited procrastination into your life on more than one occasion.  It’s a little easier to avoid the pitfalls of procrastination when you have a set plan or to-do list.  When you know exactly what you’re doing and feel comfortable doing it, you are less likely to put something off until tomorrow.

However when it comes to doing new things, we tend to delay our efforts to get started.  The fear of the unknown and doubts about our abilities sometimes hinder our progress.  I know that starting a new business is one of those things that gets put on the back burner if you are uncertain about how to start or you fear the end result will be less than stellar.  We tend to think that if we put off starting that business just a little while longer, then it will be easier and our chances for success will be greater.

While it is true that a little preparedness goes a long way when starting a business, doing nothing will get you absolutely nowhere.  You already know that you want to start a business and you even have a great idea that could translate into profits.  So, what have you done to move forward with this idea and fulfill your dream of business ownership?  Here are 5 easy things you can do right now:

1. Organize your Thoughts and Put them on Paper – You have heard me say this before and it’s still a good place to start.  This a time for you to see your ideas start to come together and form an actual business plan.  It makes the thought of entrepreneurship seem real.  Once you start to organize your thoughts, you will begin to picture the vision you have for your business and that will lead you to take the necessary steps to make it a reality.

2.  Read – You can never read enough or have too much information when trying to start and run a business.  Read books about, written by, and written for women entrepreneurs.  These books will not only serve as inspiration but, many of them will give you insight and tips about making it as an entrepreneur.  Dust off your library card and be sure to check out some of the recommended reading on the Boutique Bookshelf.

3.  Research – Once you’ve organized your thoughts and you start reading about other women entrepreneurs, you will want to begin research on your specific industry and target market.  It’s great reading and learning about Elizabeth Arden or Lisa Price of Carol’s Daughter but, if you want to start a Day Care you may want to be sure you are knowledgeable about that industry and it’s practices.  I’ve never run a Day Care but, I’m pretty sure it’s a little different than running a cosmetic empire.  Know YOUR business.

4.  Network – Take the time to join organizations and meet people that may be able to provide help and guidance for you during your business venture.  You can’t do this alone.  You shouldn’t even try.  Get out and talk about your ideas.  Tell others what you want to do.  Find out what others are doing and how they are doing it.  Whether it’s an organization like National Association of Female Executives or something very specific like National Speakers Association, they all provide access to resources and people that can assist you while you take this journey.

5.  Find A Mentor - Find someone you can talk to on a one-on-one basis that will be there to answer questions and give advice.  You may meet this person through one of your networking events, you may know them from your community, or you may hire them as a consultant or coach.  In any case, find someone that will help you get organized and come up with a plan.  Someone who has been there and done that.  Someone who wants to help you and see you succeed.  Everyone could use a mentor and personal cheerleader.  Be sure you find one early in the process.

Just doing these simple things can get you started down the path to entrepreneurship.  Starting and running a business is a lot of hard work and very time consuming.  That fact will not change whether you start today or next year.  However, you will get a lot farther and begin to enjoy the benefits much sooner if you start today.

Tags: Business Ideas, mentor, Networking, procrastination, read, Starting a business, Startup Tips, to-do list, Women entrepreneurs

Tomorrow we celebrate the 4th of July, our country’s Independence Day.  This commemorative holiday recognizes the adoption of the Declaration of Independence which declared the country’s independence from Great Britain.  Most of our holidays have become such big commercial events that it’s sometimes easy to forget the real meaning or purpose behind them.  Nevertheless, many people across the country take advantage of this federal holiday by celebrating with parades, picnics, and tons of fireworks.  I personally like celebrating at the nearest beach with friends, music, a good book, and cute cocktails with umbrellas in them.  Maybe that’s just me!  No matter where you are, there’s usually something for people of all ages to enjoy!

As I contemplated declaring independence, I begin to think about the many ways we declare our own independence at various stages in our lives.  We declare our independence when we become teenagers and learn how to drive.  We declare our independence when we go off to college.  We, once again, declare our independence when we get married and start a family.  Unfortunately, for some of us, that’s where the declarations stop.

In many cases, we think that reaching a certain age or point in our lives exempts us from making any new declarations of independence.  I think that is one of the reasons it becomes a lot harder for some people to start new careers, new hobbies, or new businesses.  They begin to think the doors of opportunity have closed and the time has passed for new game plans and new declarations.

That couldn’t be further from the truth.  It’s never too late to have a new dream, a new goal, or a new lease on life.  It’s never too late for an opportunity to present itself that just might change the rest of your life.  As you celebrate the 4th of July with your family and friends by attending more barbeques and cookouts than you can handle (or maybe that’s just me), think about the last time you made a declaration.  Is it time to make a new one?  If so, go ahead and do it!  Our country’s Independence Day is a perfect time to make your own personal declaration of independce.  What’s your declaration?  Be sure to share it.  Have a great holiday!

Tags: celebrations, declaration of independence, fireworks, Fourth of July, Fun, holiday, new careers, new goals

Even before the economy started its downward spiral and joblessness reached some of the highest levels in decades, many women struggled with the decision of whether or not they should quit their job in order to start a new business.  I hear women say all the time that they can’t start a business right now because they can’t afford to quit their current job.  Let me just say that unless you have a SOLID backup plan to cover your living expenses, then I would never suggest that anyone quit their job to start a business.  I would also say don’t let having a full-time job stop you from turning your business plans into a reality.

Make sure you take into consideration everything it will take to run a business in the early months and years before you decide to jump ship.  You have to do your homework and know the numbers.  If numbers are not your thing, then you need someone on your team that will know the numbers. It takes most businesses months, sometimes years, to start making a profit and you have to be able to live during those periods.

However, just because you may still have to work for a living that does not mean you have to put your entrepreneurial dreams on hold. You can start your business part-time until you build a sufficient client base.  I know it may seem like there are not enough hours in the day but, it can be done and it’s being done everyday.  There are many women just like you that are slowly, but surely, turning their side hustles into a profitable full-time business operation.

You have to plan your days and weeks in order to set aside time to work on your business.  The sooner you get to a place where you have money for those rainy days and months, the sooner you will be able to concentrate on your business full time and map out a plan to finally quit your day job.  The key is that you have to know what it’s going to take and you have to plan for it.

In the meantime, you may need to pass on a few new dresses, handbags, or cocktails with the girls.  In the end, it will be well worth it to realize your dream of business ownership.  Believe me – I know that sacrificing bags, shoes, or anything fashion related is a major concession.  Nevertheless, the sooner you get your business up and running and making a profit, the sooner you can get back to shopping and make up for lost time!

How are you managing the grueling demands of keeping your day job and starting your new business?  Leave a comment and let the Boutique readers know what keeps you going.

Tags: backup plans, part-time business, quitting your job, Starting a business, startups, women business owners, Women entrepreneurs