Women's Business Blog

Women In Business MUST Celebrate International Women's Day

Today, March 8th, is International Women's Day! Women, and especially women in business, should be celebrating. As they say..."we've come a long way baby..." and although we have 'miles and miles to go before we sleep' women must respect the struggles and obstacles the women before us have conquered. The U.S. Small Business Administration's Office of Advocacy reports that exporting businesses owned by women and minorities export more intensively than those owned by non-minority men: 50% Hispanic-owned; 42.9% Asian/Pacific Islander/Aleutian Eskimo-owned; 28.6% African American-owned; 30% women-owned; 21.9% men-owned and 18.1% Caucasian owned. National Foundation of Women Business Owners (NFWBO) reports that acrosss the world women-owned firms comprise as much as one-third of all businesses and that the number of women-owned companies is growing faster than the economy in many countries (and not just industrialized countries). Yes, women all over the world understand the power in running their own business and are learning to take charge of their lives and earning potential. The picture of what a village of 100 people would look like if we shrunk the Earth's population is: 57 Asians, 21 Europeans, 14 North and South Americans and 8 Africans. 70 people would be non-white and 30 white; 70 would be non-Christian and 30 Christian. 50% of the world population would be in the control of just 6 people...all of whom would be citizens of the U.S. These numbers provide the basis for opportunities for international trade. If you are a woman in business you can celebrate International Women's Day by exploring the feasibility of taking your company international. Regardless of the globally instability there is a market waiting for you and your product and/or service. Check into one or more of the many organizations supporting international trade and see if your business has an opportunity to capture an international market. The world is waiting for you.

Women's Business Coach Tells Women To "Pay It Forward"

I’m excited that my advice was selected for The 2010 Woman’s Advantage Calendar  www.WomansAdvantage.biz/calendar . Check out the top of the right corner of the page at Entrepreneur Magazine’s www.WomenEntrepreneur.com  and now let me explain why this is so important to do. Women entrepreneurs  identify isolation as their number one problem in running their businesses. The knawing feeling that they are somehow in it alone can reek havoc on what can and should be a focused attention to grow a thriving business. Of course, entrepreneurs of both genders have days when their confidence level is not at its highest, but women tend to point to these moments more often than men as major road blocks to their success. Some of the reasons for this are simple. First, women have been brought up to be the nurturers in our culture and that doesn't stop just because they enter into business. As natural caretakers, women tend to take the emotional interests of their employees, vendors, customers and competitors more to heart and although this can more often be a strength than a weakness it also can leave them feeling spent. Second, the very people who the woman entrepreneur selects to support her in her business decisions - lawyer, accountant, banker, investment advisor, business partner or VC - are the same people who view their role as a supporter of the business and not the women entrepreneur. This reality can often allow the woman entrepreneur to feel all alone. Therefore, the small act of paying it forward gives women in business an opportunity to reach out to others who find themselves in the same predicament. Just think how it would feel to start off your day getting an email from a fellow woman in business expressing her gratefulness for your product/service/friendship/support. This is one small effort women in business can do to support each other. Changing one woman entrepreneur's feeling of isolation into a feeling of advocacy can be the beginning of alteringthe confidence of all women in business. So, take time today to pay it forward.

4 Lessons for Women Positioning Their Businesses For Sale

Raise your hand if you know of someone who owned a business and closed it down for one reason or another. This happens much too often. Research suggests 4 out of every 10 businesses ends up closing down rather than selling.

As a business broker, and more importantly, as a former small business owner who grew several small businesses and sold them this is how you are going to do it!

Lesson #1 - develop  a business plan – a roadmap telling you where you are going – perhaps I should say GPS system to be current – but in any case a layed out plan for where you are going – that system needs to be given a destination - an exit – letting you know where and when to get off.

There can be great variables in each step. So, it is key that you start as early as possible if you want to exit successfully.

Companies with a plan learn that there is a timeline for the business and a timeline for the sale.  Thinking about your exit strategy from the very beginning will maximize your value regardless of the business conditions at the time of sale

Lesson #2 - plan for the process to take time. You will need 3 years of P&Ls and tax returns for potential buyers. Some business owners treat their companies like an ATM machine. Taking out cash anytime, any place for anything. If your books don’t look like they support your business a buyer sees a red flag. The financials can be recast to show the true income and expenses, but this doesn’t help you make the case for your price. So keep clean books.

Even when a buyer is found it takes time for the terms to be negotiated.

Some times this can go quickly if the seller wants to change careers/retire and/or move on and the buyer wants to completely takeover. But if employee contracts, seller finance, non-competes and many other variables are in question this can take more time.You need time for due diligence to be completed.

Lesson #3 - pricing your company. Your broker will analyze your business and compare it with other sales of similar companies and perhaps evene get a third party appraisal. Remember that it is not what you ask for your business that matters it is what a buyer will pay for it.

With the appropriate valuation you will be able to get the right price for your company, but remember the terms and conditions of the sale are just as important. 

Lesson # 4 -confidentiality is the hallmark of the business brokerage business.

As they say:

“What happens in the business broker’s office stays in the business broker’s office”

But unlike Vegas, selling your business should not be a gamble. Selling your business should be a well thought out plan designed for you to win. Don't worry about word getting out that your business is for sale. In the business world - everything is for sale at the right price. You've put your blood sweat and tears into your business, so when the plan, time, price and conditions are right you are ready to cash out and then you can shout it to the rooftops.

 

Women Entrepreneurs Must Celebrate National Entrepreneurship Week

Yes, it is National Entrepreneurship Week - February 20 through February 27, 2010. In 2006, the U.S. Congress passed a resolution to celebrate American entrepreneurs and the lifelong educational programs in elementary, secondary and higher educational institutions that prepare the business leaders of the future. As an entrepreneur, like many of you reading this blog, I appreciate the government's interest in entrepreneurship and remind them it not only needs to be celebrated, but encouraged so that the next generation sees starting their own business not as just an option but as the answer to what still is the America dream. Women entrepreneurs must particularly take note that choosing entrepreneurship means having greater flexibility over what other careers still provide. First, taking your ideas and putting them to work in a way that works for you and your family. Choosing entrepreneurship means working smarter not harder. Throughout our history, entrepreneurs have been responsible for improving our environment, our communities and our economy through innovation and creativity. America needs entrepreneurs more than ever now to create jobs and expand economic growth. Second, today's women entrepreneurs are important role models for the next generation of women thinking about making their mark in the world of business. Women will continue to be more than 50% of the American workforce and women entrepreneurs will continue to move ahead into the ranks of businesses with more than $1M in revenues. Entrepreneurship education programs have proven to have better attendance records and lower drop out rates than other educational programs. Perhaps it is because entrepreneurs have never been defined by race, creed, color, religion or gender...only by the desire to create, innovate, succeed and make the world a better place.Home

Stop Dreaming About It - BE YOUR OWN BOSS- Buy A Small Business

The economy is down. Unemployment is up. The time is right for you to stop dreaming about being your own boss and take action - buy a business. Not everyone is born to be an entrepreneur - a person who can identify opportunities in our environment, develop and refine their concepts, assess the necessary resources and finally implement and execute their venture. Not everyone has an idea for the next great invention or service that the 'average Joe or Jill' can't live without -- but that doesn't mean you can't be a small business owner. All it takes is some patience, an idea of what your talents are, and the fortitude to go out and buy your next job. Take a look at this video from NECN on my Advice on Buying a Business. Then put one foot in front of the other and start taking action today in making that dream come true - becoming your own boss. Advantage #1 - no one will ever be able to fire you again.

Women Entrepreneurs: WATCH OUT - Here They Come Again..

I have been writing about, profiling, speaking about and spreading the news about women entrepreneurs for more than 20 years and yet not a day goes by that I don't read an article somewhere that suggests women have just begun their entrance into entrepreneurship. Entrepreneurial women have been around since the beginning of time... better said the beginning of owning/starting one's own business. However, it is only in the last 30 years that they have begun to gain media attention. Why? The media is fixated on defining roles for genders, for ethnicities, for age and even religion. Anytime one of these groups seems to act out in a way that doesn't follow their definition, the media enters into expose mode to uncover the oddity. Of course, there really is nothing odd about extraordinary people acting in "get out of my way" mode (I believe I can do it my way and create a better life.). The mantra in the media now is that women are starting businesses at three times the rate of others (presumably that means men - your guess is as good as mine). The most important take away for women entrepreneurs is that they are not alone. They are following a long line of sisters that have thrown out stereotypes generations ago and focused on getting what they want in business and in their career. So, if you are a women entrepreneur and you feel isolated --- by the way, isolation continues to be the number one issue concerning women in business -- combat that feeling daily by checking back on this blog and with other links that I will make available to you regularly where you can follow other entrepreneurial women like yourself. Check out Forbeswoman/entrepreneurs/

Women Business Owners Say: SHOW ME THE MONEY!

There has never been a more difficult time in our history, at least since I've been around, to not only grow a business, but to sustain it. The banks have their grips tight around our money -- yes, I said our money. Whether your business has money in the bank or not, the money in the bank is taxpayer money and that is YOUR money. So if you feel angry you have every right to feel that way. But, this blog isn't about getting angry it's about getting even, or better said - finding the money you need in this economy to grow and thrive. The money is out there if you take the time to reach out to the appropriate resources. Women business owners must read Growing Your Business and carefully review each site linked there to find the source that most closely matches your current need. As I coach my clients, when looking for money you must understand not all money comes with the same obligation. You should research carefully and take your time before making a decision about accepting a grant or a loan. Some of the reasons business owners are in trouble now are because they didn't take the time to question the scope of the long term liability the last time they screamed SHOW ME THE MONEY. Nevertheless, don't wait another day to go online today to sites linked above. Some of the wonderful links included are resources such as: small business administration and count me in and more.

3 Things Every BusinessWoman Must Learn to be a SuperWoman

First, before you don that cape you must be able to juggle work and family. So, get out your cell phone and try balancing it on your shoulder while you diaper a baby. Even if you don't have children this is a great exercise for becoming a superwoman. Second, go to your closet and begin dressing in the perfect outfit that will take you from the school play, to the office boardroom, to the partner meeting, to the after work cocktail reception with potential new clients, to the dinner with a new interested boyfriend/playmate (you-know-what-I-mean-friend)-the outfit that says I am woman hear me roar. And third, find your voice. Every superwoman must find her voice and make sure that she is heard at the office, at home and everywhere in-between. She needs to speak up and make sure that her ideas are not only heard loud and clear, but often accepted and applied and executed. In my experience a superwoman is not born she is coached. Before I was able to put on my cape, I had a lot to learn. My first coach was my Dad. When I was 5 years old he told me, "Vicki, you get up there and give a speech, and I did, and I have been talking ever since. I found my voice that day. So I put on my cape and I've been out recruiting other Superwoman of the world.

5 Things Every Entrepreneur MUST Do

You've finally done it! You've launched your own business. You can now call yourself an entrepreneur. Now that you have the title and the business, do you know how to be successful? I share with my clients the top 5 things every entrepreneur MUST do to not only be survive but thrive.

1) Develop a team of experts. Interview and find the following professionals to work with as you build and grow your business: business lawyer, accountant, tech consultant, banker and business coach. Each of these experts will bring you service and support that you cannot expect to know yourself. So, even if you begin your business as a sole practitioner, do not assume you can do without this important team. As you grow you'll need to expand this group with an investment advisor/financial planner, recruiter/HR professional and more.

2)  Keep a daily journal. Starting a business is like any journey - it has a beginning, a middle and an end. It also has bumps a long the way. The best way to keep track of the road is to write about the progress each day. Keep it simple and just write down the facts. Over time you will look back at it and be amazed at how you managed to get over the challenges. It will remind you that you have been down and gotten up. It will remind you that you can never be so secure to believe that you won't be down again. In other words, it will keep you humble. 

3) Toot your own horn. Visibility in business is everything! You and your business must be out there and everywhere all the time. You are the best salesperson your business will ever have and if you don't promote it who will. Obviously, if you are a sole proprietor this is even more important, but either way - you must be singing the praises of your product and/or services every minute of every day (24/7). This is where social media comes in to play. Start a blog and make a commitment to blog at least once a week. Create a LinkedIn account and make sure you use it for your business. Search the web for articles on your business and comment as often as possible so you will be seen as an expert in your field. And, don't discount your local newspaper, particularly if you have a small local business. Become an expert for the local journal. Offer to write an article or do a Q & A on the industry. Newspapers love columns and this is your way of getting exposure to your local business market. Don't ever forget - if you don't toot your own horn no one will toot it for you.

4) Network-Network-Network. People do business will people they know, like and trust so make sure people get to know you. Join your local business group as well as trade organization. Go to meetings and make sure to volunteer for a committee. Get involved - not just to make contacts for new business, but to meet other entrepreneurs. The bond between entrepreneurs can be very special and when the going gets tough it is important to have people who understand to reach out to. The number one issue consistently sited by women entrepreneurs is isolation. So, be prepared and network to give and get business as well as to make new friends.

5) Be true to yourself and your values. Business is not easy. You will have difficult decisions to make. You may at times be asked to compromise your principles. Your actions do speak louder than words and they won't be forgotten. Ask yourself how important your credibility and reputation are to you. No matter what happens to you or your business, people will remember how they were treated. Make sure you look in the mirror every day and are proud of what you have built and accomplished.

Entrepreneurship is not for everyone, but for those who dive in the pool make sure you don't drown.

Great Strategies For Women Entrepreneurs

Your dream is to start your own business. You have spent your entire business career working for others and in every job you feel as though you can do it better. You believe you are smarter, have a greater work ethic and can make more money if only you were your own boss. You know how to get the job done because you are the one who executes. But do you know how to run a business? Do you know what it takes to build a brand, hire and manage employees, make the day to day decisions that come with owning a company including such mundance tasks as answering the phones, responding to customers and vendors, paying the bills, keeping product in stock, executing services, finding time for marketing and delivering your stock and trade etc. etc.You guessed it - it takes more than a good idea to launch a business and keep it going. Here are 10 Success Strategies for Women Entrepreneurs that will get you thinking in the right direction. I suggest you write one down each day and focus on how it will change how you work. Finally, I would add to this list the importance of learning how to toot your own horn. Every day take some time to say something positive about yourself to co-workers, to higher-ups, to the media, if possible, and any one else you meet. If you don't promote yourself who will. And, if you truly want to be a successful entrepreneur you need to know that the number one thing you must accomplish is self promotion.