the line of credit difficult to obtain, especially in this economic recession?
No—because I had excellent personal credit.
How important are your social and personal networks to the success of your business?
As an attorney and social butterfly, I have done tons of networking over the years. The relationships I built have helped build my business tremendously. I am involved in several organizations and my colleagues have supported me in the business. For example, my Alpha Kappa Alpha sorority chapter hosted an event at my store last week and it was a great turnout; 50 plus women came and it was my best sales day to date!
Why do you think more single/divorced and widowed women start more businesses than men in their respective categories, and does your theory match your own rationale for starting a business?
We are taught to put others’ needs before our own. When a woman is single, divorced, or widowed, she has a unique opportunity to stop and do something for herself.
What is your personal definition of success, and have you achieved it?
Success is dreaming and taking action to make your dreams come true. I am successful.
Julia Aquino
The How Factor, Inc.
Julia Aquino is a single mom of a 7-year-old son and has two dogs that were rescued from shelters. She was a financial analyst, manager and COO in the corporate world and currently owns The How Factor, Inc. Her expertise comes from helping troubled and startup companies become more efficient, both financially and productively. Bottom Line: She has a wonderful little family, an amazing group of friends around her, and loves what she does every day—and for that, she is eternally grateful.
The How Factor, Inc. was established to assist businesses with growth and sustainability through the documentation of efficient processes and procedures in Operations Manuals—oftentimes referred to as Policy and Procedure Manuals. The How Factor also educates and offers webinars for smaller companies that wish to document their company on their own. The company website can be found at: www.howfactor.com.
Can you describe your business in one sentence?
We help companies add structure in the midst of chaos.
You’ve got a phenomenal tag line in your email footer: “If it’s only in your head…it’s only a hobby!” Can you share where that tag line came from?
It actually came out of a conversation I had with my business coach. We were talking about how entrepreneurs know everything about their business, but if something happened to them, they’d no longer have a business, because the business could not function without them. Therefore, the business really wasn’t a business; it was a hobby. It’s all in their head and not documented anywhere. If you are in a hobby—if you build model trains or arrange flowers, for example, you never really document how you do it—you just do it. In business, however, if you truly want a sustainable, practical business moving forward, you must document what you’re doing in order to go forward. Otherwise, it is still only a hobby. When I say this, the light bulb goes off in many entrepreneurs’ heads. If you ask small business owners, 99% of them have nothing documented. Shockingly, 95% of them don’t have business plans either. That just frightens me. I don’t know how someone can start a business without a plan.
What advantages do you think you have as a divorced solo business owner that your married counterparts don’t have?
From my experience, I learned the following: I got married, and worked in corporate America about 50-60 hours per week and became an executive. Then, I moved out of corporate America to have and care for a baby. When I wanted to go back to work, the conversation then was—what about managing my child, a spouse and work? The expectation from my spouse was not aligned with my desire to pursue my dreams. My spouse at the time didn’t mean to ask about this balance selfishly, but on the other hand, if you don’t have a supportive spouse, there are limitations on what you can do.
Now that I’m not married, I can work until 11 o’clock at night, and I can work without guilt. I can take care of business without worrying about a spouse’s expectations, which allows me the space to build my dream. Now, just worrying about me, my child, and my dogs is easier than worrying about another person who has different expectations of how things should be because their dreams and expectations are different than mine.
What about disadvantages?
As a single mom, when my son needs to be picked up from school because he’s sick, I have to do it. The business gets pushed to the side, especially for a child. It can be difficult to explain to clients that you have to cancel at the last minute. Luckily, I have great clients and they understand. Most understand that as a single mom, my 7-year-old child is a priority.
I’ve also learned that a single mom still is responsible for the majority of what takes place with children. Even though my son has a great dad who is responsible, I still must make sure my child has his doctor and dentist appointments completed, is picked up from school on time, etc. I take that role as mom.
Do you think business ownership has led you to remain single?
I’m not married, but I have a significant other. The difference in this relationship is that he is hugely supportive and accepting. On a day I’m completely swamped with work, he’ll come over and walk the dogs. When my grocery list is full, he’ll come over, get the groceries and put them away for me. I also talked to him about going back for my MBA, and shared with him my concerns that would occur with me being gone on weekends to attend classes. He already volunteered to come over and take care of the dogs. He’s incredibly proud of what I do, and has already helped me put into place the things that would need to happen in order for me to pursue my dream this fall to further my education.
What advice would you give another single woman who is thinking about starting a business?
Go for it! I think when it is your calling or passion, you need to move mountains and part oceans to get there. Of course, don’t do it without a business plan, and here’s why. Four out of five businesses fail within 5 years of starting, but, I think we could get this down to two out of five if everyone wrote a business plan, followed it, and updated it as necessary. If you actually go through the planning process—do a SWOT analysis and really understand your competition, you can create a business AROUND the potential obstacles and know you have to resolve issues before you just jump in. What happens is that people have a great idea and just start doing it without thinking through the roadblocks. If you have a plan for getting around roadblocks, your chances of success and sustainability are MUCH greater. Without a business plan, some businesses are also grossly underfunded. Then, the passion or great idea becomes a nightmare, because they had not thought through the business concept.
I work 12-hour days and I wonder if I can pay the bills next week. I am constantly looking for different options to grow my business in order to pay the bills. But, even during the worst parts of my
