Women's Business Blog

Entrepreneur's Tip of the Week: Creating a Niche Business

These economic times are giving birth to multitudes of entrepreneurs. Historically, more small businesses are created in down economies than in thriving economies. Why? Because when people lose their jobs to tighening budgets inside the corporation those same people realize their situation is optimal for launching a small business providing the same or similar service back to their one time employer and others. Yes, a smart entrepreneur shakes off the disappointment of getting laid off and begins using a severance (not always provided) and some of their new found unemployment to start a niche business.

This blog is directed to YOU - the new entrepreneur creating a niche business. The first thing you must do is resist the overwhelming feeling of expanding the products and or services of your new niche business just because you want to attract a larger customer base. This is your first BIG mistake. A niche business is exactly that - a business that specifically provides a solution to a very particular problem or need. Your first job as a new entrepreneur in this space is to be the best at "scratching the itch that creates this niche". You want to be seen as the expert to all those businesses that need help in this niche arena. The moment you stray from your sole mission of your new small business is the moment you become just one small business in a sea of small businesses without focus.

Second, you must believe that every niche business has a niche market. Your goal is to attract and service 100% of that niche market. By expanding your services you dilute your focus market and dilute your brand.

Yes, you will be tempted.....very tempted to stray as promises of money and business will come your way, and as you sniff the cash your entrepreneurial counter ego will tell you to forget this advice of sticking to your niche and take the money. BUT BEWARE! The moment your business becomes just like everybody else's business is the moment you no longer have an opportunity to shine as a niche business.

Be the best at what you do. Brand your business as niche and you'll succeed at securing the majority of the market that needs your service.

Creating a niche business takes character, guts and determination but it is worth it.

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Entrepreneur's Tip of the Week: Top 3 Traps

Every entrepreneur believes that (s)he has what it takes to get a small business up and running. I suggest that before you get started you asked yourself the following questions - Yes or No. Check out the 2-Minute Isenberg Entrepreneur Test 

Now that you have taken the test, and hopefully answered all 20 questions with a resounding YES you have discovered you truly are entrepreneur material.

Of course, an entrepreneur must realize that experts are required almost from the beginning. A lawyer, an accountant and a banker are typically the team an entrepreneur wants to put together before actually opening the business.

Trap #1: Don't hire a family member to help in one of these most important roles! You need someone who will challenge you and your ideas and work on behalf of your business as well as you. This someone needs to be paid at the going rate and shouldn't be trading stories at the Thanksgiving dinner table.

Most small businesses eventually require hiring help. It becomes necessary for the entrepreneur to interview people and find the right person for the job description created.

Trap #2:  Don't hire the person you interview who feels like your twin (two peas in a pod)! Remind yourself that you already have one of those in your office (YOU). What you are looking for is someone who brings a new perspective to the work and different qualities and skills that will help the business grow.

Now that you have your own business you'll find that you will be required to make non-stop decisions. Everything from what are the operating hours of the business, to what to purchase when and where, to what to do first or last during every day. And, these are the easy decisions. Bigger decisions such as what products or services to offer and how much or little to spend on marketing and more will occupy a major portion of your mind.

Trap #3: Making the wrong decision isn't what will hurt your business. Delaying a decision will! As an entrepreneur you must be prepared to act when necessary. There will be many forks in the road in your business and a decision to go right or left is your major responsibility. Every decision will have ramifications but can be re-evaluated if necessary. Opportunity rarely knocks twice and won't wait around for you to test the waters. Decision-making is what true entrepreneurship is all about.

Now that you know the top 3 traps every entrepreneur faces you are prepared for battle.

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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

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/

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.