great your business is, no one is successful in 30 days or even a year. Sometimes it takes 5 years to become successful. You have to have the willingness to persevere.
What was the best training you received to prepare you as a business owner?
Corporate America. I think that dealing with all the different personalities and putting out fires in corporate America served me well to learn what I do—by working in organizations that were a complete mess. I was hired to fix the mess and improve the mess. Within the mess, there’s always a solution. I’m an analyst. I found a best process to fix something within a company, and then trained people on the new process. However, I slowly watched people start returning to their old ways, until I started documenting processes. That is where my training came from. In corporate America, I worked with companies that had either a large business, or large businesses within a bigger business, and there is no option but to succeed. I worked for some great companies and not so great companies.
What makes a company great?
I think what made the great companies great was clear vision and mission—and respect for their employees. Great companies had good communication with employees and empowered their people to do what needed to be done. A lot of people had great companies at one time, but they just lost their way; they became successful and they had NO IDEA why they were successful, until they changed their formula. And, in that change of formula, they lost what it was that actually made them successful in the first place. Part of that all goes back to clear vision and mission. (And a plan!)
Are you running your business as a part-time or full-time venture?
I am full-time. I’m not sure how people do it part-time, because it seeps into all aspects of your life. I’ve had a couple ventures, and even this business, which I first started intending them to be part- time. I’ll give you an example from my life: I started a part-time gift basket business. What happens when you’re only doing it on the side is that you start doing it 4 hours a day. But, something will arise when you need to start putting in 6 hours per day. When work creep happens, something else in your life must give. Usually, it is your children, your spouse, or something that you intended to give your full and undivided attention. Then, you have increasing frustration between doing “what you need to do” and letting someone else down. In that case someone is always neglected. Either way, you can’t win. I’d make my gift baskets when people needed them. Then, I had more orders for corporate gift baskets for a company, so I had to hire a nanny. Then the corporate orders for one company turned into 3 companies. Then, 80 boxes were being delivered to my house and I had 4 weeks of full-time work to do, and it was NO LONGER part-time. It was no longer fun, either, and not planned. That is the temptation of a part-time business; when you work part-time and you get these great opportunities, you don’t want to turn them down. Then, there arrives a tipping point. You need to either do this full-time, or not. You can’t do it part-time anymore.
So, I opened a store and sold gift baskets for 3 years. When the economy started turning bad, we sold the business. My point is this: when you’re creating a business full-time, you’re creating expectations with your clients and family. When I create something, I’m creating it because I have long-term goals, vision, retirement plans, and an exit strategy. I can’t get to that with part-time work. That doesn’t mean that eventually I wouldn’t like to work part-time and have 50 people under me. But I also realize that won’t happen immediately when first building a business.
Besides, in my soul, I’m definitely 100% an entrepreneur. I was speaking to a recruiter friend recently and shared with her that I don’t know what I’d do if I actually had to go back to work. She replied that I would be tough to find a job for—because although I’m bright and I’m good at what I do, I need continual challenge. There would be no issue on finding a job; but instead, the issue would be finding a place to stay. I need a constant challenge while moving forward and asking myself what’s next. Sitting at a desk and watching someone’s financials, for example, I’d end up leaving in six months. I’d need to find a dynamic entrepreneurial company to work for, if I could find one.
How important were mentors in your entrepreneurial career?
They are more important now versus the past. I don’t recall any specific mentors, but I had amazing bosses. In my role now and because of the level of people I deal with, I have a business coach and a spiritual life coach. I also have some strategic alliances around me that are beautifully powerful, open and giving. I am surrounded by mentors and support now. But, I think as an entrepreneur, that’s key.
Did you start your business with your own capital?
I used all my own capital. I have one business credit card. There are no loans, now! When I had my gift store, I had loans, but I’m still repaying those loans. I just didn’t want to put myself in that position again. Unless I had angel investors who were clear on the vision and goals of my business, I might consider that source for capital, but I wouldn’t start a business again on credit. When you go outside of your financial plan and budget, you’re in trouble. You don’t want to be underfunded, but if you do use funding, you need to stick to your budget. You can’t just want something and have it. For example, when you open a retail store, you don’t have to buy everything brand new. You can buy used equipment and still get the same effect. If you buy the shiny new equipment, what happens when you don’t bring in the money?
The other major financial item with business plans is: be realistic. I’ve written about 20 business plans in my life (my degrees are in finance and accounting). Every six months, I look at my financial goals and make changes if necessary. If I’m not where I was expected to be, I need to change my numbers going forward to account for where I’ve been and where I’m going in order to create realistic expectations. I think women are afraid of the numbers because they don’t understand them, or they aren’t pretty and they don’t want to look at them. It’s OK if they aren’t pretty because they do tell you where to go. If you don’t look at them, you can end up in shock (and out of business). However, if you look at them at least twice a year, you can adjust for the rest of the year ahead of time. Be proactive instead of reactive.
What is your personal definition of success, and have you achieved it?
My personal definition is having a balanced life and financially being able to support myself while being able to do what I love. I’m half way there. I’m still working on the work/life balance, and I’m still working on being completely financially independent, but I love what I do and I’m very clear on my vision. The balance is coming. I see glimpses of balance, but it is a choice too. For example, it is a choice to shut your computer off. It is a choice for me to not answer the phone when my son comes home from school. I can also choose for him to sit in the loft while I’m sending emails. When I make the choice, I can go back to work at 8 p.m. at night. When my son is present, I’m present with him from 5:30 p.m. until he goes to bed. He knows that. When he comes home at 3:30 or 4 with the nanny—he does his homework, but at 5:30, he gets my full attention until bedtime.
He’s very patient. He’ll also call me on it too. He’ll say, “Mom, it’s my time.” Or, if there is something major I have to take care of, I’ll tell him in advance. I’m open and communicative with him. There are 1-2 days during the week when he’s with his dad and I can work 12-hour days if I want to and I do, so I can be present with him when he is with me.
What didn’t I ask you that you think is important to share with others?
I want to emphasize to other women entrepreneurs the
