Sixteen Weeks To Your Dream Business

Inspiration for the Aspiring Entrepreneur

We have gathered four successful female entrepreneurs who have inspired us.  Hopefully, their quotes and stories will give those of you who are starting out, some inspiration in these challenging times.

Photo by Linda Brooks  (Left: Susan Hable Smith, Right: Katherine Hable Sweeney)

“You don’t need to be big or have lots of money to market a great brand.” -Susan Hable Smith, Hable Construction, www.hableconstruction.com

 

When the company launched in 1998, the sisters had about $10,000 in credit between them and no formal business plan.  Their product line initially consisted of hand beaded silk pillows and fashion accessories.  Susan and Katherine showed their wares at trade shows and got their big break when discovered by high-end retailer, Barney’s.  Today, Hable Construction produces fabric lines represented in five interior design showrooms worldwide. 

They have products placed in over 150 retail stores nationwide, including their own retail store in

New York City's very chic West Village.

The ladies have successfully negotiated licensing partnerships with Garnet Hill, Barney’s, Proctor & Gamble, and Pottery Barn Kids.

 

“Quantity then quality then viability” --

Rebecca Minkoff of Rebecca Minkoff Handbags, www.rebeccaminkoff.com

 

“I was clueless about handbags in the beginning,” she recalls. “I overpaid for samples and I had a hard time keeping the quality and fabrics consistent.”

Today she has worked out the kinks and now sells her beautifully-made bags to stores like Bloomingdales, Nordstrom, Neiman Marcus and Henri Bendel. Rebecca attributes her success to her obsession with the phrase “Outflow equals inflow.”

 

“Be true to yourself, believe in what you do…Be aware of what’s around you, but don’t be distracted by it and stay focused on your goals and dreams.”-- Stacy Morgenstern Igel, Boy Meets Girl® by Deesh, www.boymeetsgirlusa.com

 

Stacy Morgenstern Igel is actually living her childhood dream of bned and made by hand out of her apartment.  She had no partners, and no outside funding. ecoming a fashion designer and entrepreneur.  She started Deesh in 2001, with a few t-shirts she desig

Boy Meets Girl® by Deesh now enjoys a very large customer base. 

The line has been seen on many fashion-forward TV shows such as Sex & the City, Heroes, America's Next Top Model, The OC and MTV’s “The Hills”.  Stacy’s designs have also been featured in some major national publications including In Style, Us Weekly, Cosmopolitan, Lucky, People, Teen Vogue, Seventeen, the New York Times, Post and WWD. 

 

A Family Affair

Many people have equated being in business with someone to being in a marriage. And a marriage is based largely on love and trust, right? Right. So, it is important to trust and love, well, let’s not get ahead of ourselves…how about really like… your business partner. Especially if you plan to be in business together for a long time. 

 

So, for some, they don’t have to look past their family to find that person, or persons that they love and trust enough to enter into a business with. Their sister, their cousin or better yet, their spouse. You are already in a marriage with that person, so why not??

 

Many people have gone into business with family successfully and wouldn’t do it any other way. Your friends and family are your built in support network. They are always looking out for your best interest. There is a lifetime of love, trust and commitment there and those things are valuable in the business world.

 

There are so many successful family run businesses in the world that there is something to this concept. But like anything else, you need to be smart about it. My advice would be to treat it like any other partnership. Draw up a partnership agreement. Spell everything out in writing. How the company will run, what each of your rolls will be within the company, how each of you will leave the company if so desired, etc… And sign off on it together. In any business arrangement, If you can be clear up front, things will run a lot smoother in the long run.

 

We recently asked sisters and business partners, Susan and Katherine of Hable Construction, a very successful home furnishings and interior design company, how they make their partnership and relationship work and here’s what they told us…

 

 

A:  Working with family is a challenging way to do business, but can be a great situation if given the right dynamic. Having my sister Susan as my business partner is a wonderful fit because we are similar in many ways. We share similar values and goals and we both take the same approach to business.

 

However, our skills and backgrounds are very different. To remedy this, we use the best of both worlds to complement one other.  I’m the businesswoman and Susan is the designer. She’s very creative and can do more with a Sharpie pen than I can do with a set of oil paints!  With her innovativeness, I’m able to take her artistic acumen and help turn it into a saleable product.

 

We have known each other literally since birth and have an undying trust and loyalty that is inherently built into our partnership – another perk to working with family. Our relationship has grown from sisters who enjoy taking longs walks and getting weekend pedicures to business partners that can negotiate contracts and work through the ever-changing landscape of our economy and business environment.

 

In addition, we have been lucky enough to have people working at Hable that are able to expand our knowledge and add on in areas that we both lack. It makes for a small, but powerful team.  We were discouraged from working together initially, but in retrospect, we realize that this experience has only strengthened our relationship as sisters. For that, we are grateful.

 

Network It

Once you’ve got your new business idea pretty well formulated and you’ve done your preliminary research, it’s time to talk it up. Whether its friends and family members, online communities, or industry groups and trade associations, you’re going to need help to get this dream off the ground, and networking is the best way to get it.

 

Networking is a never-ending process. From the moment your business is born to the day you retire, networking will be as integral to your success as any other aspect of the company. It’s how you learn. It’s how you connect with customers, suppliers, and partners. It’s how you find employees. And if you’re lucky, you may even meet a few friends along the way.

But first things first. When you’re soliciting feedback, friends and family are going to be your most important networking resource. These are the people with whom you feel the most comfortable and most connected. They will give you honest opinions. And you will get some of your best contacts from friends and family. So do not dismiss them. Even your crazy aunt up in Maine or your precocious nephew in Rochester might have something valuable to add, a friend for you to call, or a thought that will improve upon your idea. So be open-minded. Talk to them and make sure they understand what you are going to do and what you need. They are your biggest fans, so get them working for you.

But don’t stop there. Your next step is to go online. Social networking has caught fire of late. Everyone is doing it. You can find everyone from grade school friends to global executives on sites like Facebook and LinkedIn. Even my aunts and uncles are doing it, and they’re barely computer literate.

Social networking may seem like a frivolous waste of time, but it connects you to a greater number of friends and family than you could ever manage in the physical world. In addition, you get a look at their friends, coworkers, acquaintances, etc. Instantly. It’s amazing!!

There are dozens of social networking sites out there and each one is good for something. But the most important element of any social networking site is that it connects a large amount of people. The bigger and more popular the network, the more powerful and valuable a tool it is.

Check out a few of our favorite networking sites;

Facebook.com – the most popular site on the Web right now. Great for re-connecting with old friends and new colleagues. Works on both a social and professional level. Just be sure you understand the privacy settings before posting anything you don’t want the whole world to know about you.

Linkedin.com – This site is all business--strictly for professionals. Resumes and curriculum vitaes litter the site. Far less social in nature. People can recommend colleagues and acquaintances, kind of like a preemptive reference.

Twitter.com – This is a free social messaging service that allows you to broadcast your every move to friends, family, or other subscribers. It’s kind of like micro-blogging. You send short text messages (usually less than 200 characters) that go to anyone who is interested.

Youtube.com – This video posting service is free and easy to use. You simply upload a video to the site and hope it goes viral. The vast majority of the material on YouTube is social and entertainment oriented. But marketing gimmicks have been known to go viral and generate huge amounts of demand.

 

Myspace.com – With nearly 115 million members, MySpace is still a force to be reckoned with in the social networking world, but Facebook’s simpler interface and broader appeal has eclipsed MySpace’s early popularity. MySpace continues to attract a younger crowed, and is useful for sharing music. But you’ll not find valuable business networking going on here.

 

After you’re up and running on the social networking sites, make sure you look into industry groups, organizations or associations and join them. Even if your business is still in its nascent stages, these groups are usually open to all who are interested. You’ll learn a ton, have an opportunity to find out what’s going on in your industry and meet the people in your field. Mingling in these groups, online or in person, will keep you abreast of industry news, trends, and resources as well as expand your network.

 

Well? What are you waiting for? Get out there and start meeting some people.

Howdy Partner

 

No woman is an island. Still, when it comes to your own business, partnering with others can be one of the most difficult decisions you can make. No self-respecting entrepreneur wants to share the risks and rewards of his or her business with an outsider, no matter how much they could add to the bottom line. But in tough economic times, remaining competitive may depend on thoughtful and strategic partnerships.

 

The right partnership can bring many benefits to your business, including:

1.) Market Expansion -- Your new partner can expose your product or service to a broader range of potential customers. You will, of course, be expected to do the same for them.

2.) Cost Reduction – Partners can share expenses and pool resources, including everything from advertising to rent.

3.) Product Diversification -- When appropriate, a partner’s products may complement your own, and each of you can offer a broader range of product to your customers, extending the reach of your brand and increasing revenues.  

 

As an entrepreneur it is always important to find and focus on your niche, the one thing that you do better than anyone else. However, in times like these it’s equally important to be flexible and diversified enough to satisfy changing customer demand. Being open to partnering with other small businesses can be a great way to diversify your offerings and increase revenue.  But be sure you are partnering with businesses that share your ideology and customer demographic.

For example, a floral shop might consider partnering with businesses that cater to its same demographic and whose products could be sold in its shop or vice versa. Some potential businesses would be a gift shop, art gallery, bakery, book store, or coffee house.  By offering these other products the floral shop is able to offer more to its customers, possibly share in margin of these new products, and reduce its marketing expenses.   And by placing flowers in other store fronts, the floral shop can gain more customers and increase its revenues and brand exposure as well.

 

When looking for a partner, be sure to ask yourself these following questions;

Do they share a similar customer demographic?

Can they offer strength in my weaker areas?

Will partnering with them expand my customer base and increase my revenues?

Is this partnership going to elevate my company’s brand?

Will this arrangement be short or long term?

 

Go forth from here and find your ideal partner(s) and tell us about it. We’d love to hear how you are making your dream business work. 

Women Starting Up in a Down Economy

 

"Starting a business in a recession is like vacationing in the off-season," says Eric Ryan of Method Cleaning Supplies, "It's a little less crowded, and everything starts going on sale." And who doesn’t love a sale.

 

It runs counter to every human intuition. But starting a company in a down economy is actually very logical from a pure economics perspective. First of all, it’s cheap. In a recession, there are many opportunities and deals to be had; you just need to remain calm and know where to look. Everyone is feeling the pain of this financial crisis. So, everything is negotiable.  Rental space, equipment, labor and even inventory can be had at major discounts if you play your cards right.

 

Secondly, it’s a quiet time in the market. Established companies slash their marketing budgets at the first sign of recession, and they quite often lose customers as a result. That makes it the perfect time to grow organically and grab market share, especially if you’re competing on price. According to Inc. Magazine “Downturns are actually a great time to sign up new accounts. That's because companies are examining every expense for ways to save. If you can offer a better price than their current vendor, you will have a decent chance of winning their business.”

 

For women long harboring secret desires to own a business, it’s a particularly attractive time to make the move. Women are already becoming business owners at a record rate.

The 2008

US

census reported there are an estimated 10.1 million women owned firms, up from 6.4 million in 2002, an increase of 58% in the last six years. And with the economy in shambles…many women and mothers are trying to think of ways to help their families stay afloat. Big companies are tightening their belts, cutting budgets and jobs, and it is that much harder to get back into the work force, so there’s no place to go, but out on your own.

 

Plus, most female entrepreneurs tend to start small and grow their businesses slowly and organically, having little need for outside funding. Women, in general, tend to start more home-based or online businesses. These businesses have low start-up costs and tend to allow for a great deal of flexibility. This is a key factor in our current economic climate, where credit is hard to come by.

 

Here are some hard and fast rules to doing it yourself in a down economy:

 

Grow slowly and organically (because financing is hard to come by anyway). Start small. Test your products and services before you officially bring them to market. Reinvest your profits and work out the kinks before you expand.

 

Stay at home. Don’t run out and get that office space if you don’t absolutely need it. Keep your expenses to a minimum in the areas of your business that will not affect your product/service or brand image.

 

Go online. Use the web as your store front as well as a marketing tool. Start up costs are minimal and acquiring customers through blogging and social networking is fast, and easy. Rent can be one of your biggest expenses, so if you can do without the physical space or store front, then by all means “go on line, baby”.

 

Offer value products or services or add value to existing products and services. Consumers are very careful with how they are spending their dollars these days, so if you can offer something they really want for less money or give them more for the same price, they will most likely buy from you.

 

Get creative (network, partner, find customers the cheap way). Network with anyone and everyone you can think of. You never know who you may meet or who you already know that can help you and your business. And while you are networking, look to partner or share customer lists with non-competing, like businesses. Maybe plan a promotion or event together to help benefit both businesses.

 

Advertise. The first thing that most companies cut in a recession is their marketing budgets. Ads will never be cheaper than they are right now. And customer acquisition is the name of the game in the beginning. As other companies slow down their marketing efforts to cut back on expenses, you are in prime position to grab some valuable market share. Look to cut corners elsewhere, not here.

 

 

If you are planning on taking the leap, remember not to let a pesky old recession stand in the way of your dreams coming true. Visit us at www.nedandshell.com for small business advice, success stories, resources and networking. And don’t forget to use the ultimate entrepreneur’s guide book and planner to get you through Sixteen Weeks to Your Dream Business.

What are you sixteen weeks away from?

The Book That Would Have Saved My Business: A Mogul Mom Must-Read

Check out this great review of Sixteen Weeks to Your Dream Business from themogulmom.com:

Driving up 95N to Massachusetts to my niece's 4th birthday party, I read Sixteen Weeks to Your Dream Business: A Weekly Planner for Entrepreneurial Women by Nada Jones & Michelle Briody.

After reading the first five chapters, I turned to my husband, Scott, and said, "This book would have saved my business if I'd read it four years ago." The chapters on personal finances, budgeting and bookkeeping alone would have literally saved me tens of thousands of dollars. And had I not been in so much debt, maybe I wouldn't have been at the mercy of Summer Infant when I had to sell 2 Virtues.

Sixteen Weeks to Your Dream Business is an incredible, step-by-step book for any woman or mom thinking about starting her own business. But I think it's also perfect for any woman or mom who already has her own business.

SWTYDB's week-by-week chapters read like a blueprint for success. It is filled with inspiring stories of women entrepreneurs and even has tips "Just for Moms" that help mom entrepreneurs build their dream business while being considerate of their "day job" as moms. SWTYDB is loaded with forms, worksheets and folders to help you with your planning and organization. This indispensible book covers marketing, advertising, networking, public relations, online business, budgeting, business plans, funding, management, charity, references, resources and so much more.

I cannot say enough about this book--it is an absolute MUST READ for any Mogul Mom.

Want to win a copy of Sixteen Weeks to Your Dream Business? Then visit www.NedandShell.com and find out what companies Nada & Michelle have worked for. Enter your answer by commenting on this post and you'll be automatically entered to win! (Winner will be selected at random)

Even if you don't win the drawing, you can still win a Sixteen Weeks bracelet from Ned & Shell! Simply order Sixteen Weeks to Your Dream Business on Amazon.com and forward your order receipt to weeklydose @ nedandshell.com.

To Nada & Michelle--thank you for writing this empowering book! I wish you the great success you deserve. Posted by Heather A. at 12:38 PM 9

Dream On

Dream big and dream often…This is where great ideas come from.

In order to achieve our dreams in business or in life, we first need to identify them. And for some this can be very challenging.

 

We have all become so busy in our daily lives that most of us have very little time to even think, much less stop and let our mind wander off a bit. But if we are serious about pursuing our life’s passion, we must first make time to identify it. 

 

When you allow yourself to dream, consider all the possibilities, you will notice that in some scenarios you can actually picture yourself doing the very thing you are dreaming about. Now that you see yourself within your dream, you can start developing a plan that takes you down the path you want to work towards. 

 

“Whatever the mind of man can conceive and believe, it can achieve.”

- Napoleon Hill, author

 

 

Here’s a little exercise to help you get into a dream state

 

Step 1. Find a nice peaceful place.

The place should make you happy and feel calm. It should be clear from clutter, noise or distraction. It may even be best if you can get out of your house or your everyday surroundings. A favorite coffee shop, library, a quiet park, a room in your house you can spend silent, alone time in, etc… you get the idea.

 

Step 2. Sit back, get comfortable and relax.

Maybe turn on some music if that helps you relax. Classical or jazz seems to do the trick for most people.

 

Step 3. Now, just start thinking, but try thinking with your heart, instead of your head. Let your thoughts wander and go off on tangents. Uncontrolled, wandering thoughtfulness is the goal here.

 

Step 4. Set a timer for 10mins and start listing your dreams.  These are one to three word dreams; no elaborate writing, just a list of anything that comes to mind. Include things you would like to do, see, taste, feel, or experience in your life, etc… Don’t concern yourself with reality and whether or not these dreams could actually happen in your life the way it is now. Go outside the box and dream up whatever your wild heart desires. Dreamers on your mark, get set, go!