Day after day, emails from women looking for advice
about their side jobs and business ventures, loaded
Kimberly Seals-Allers' inbox at Essence magazine.
The former personal finance and careers editor at the
national women's glossy was struck by the number of
women entering the entrepreneurial pool — and by the challenges they faced. Statistically she explains, “We
are entering the race, but not winning it. And although women of color comprised the fastest growing number
of entrepreneurs—as a group, their revenues lag behind
those of their peers.” Allers, who would herself, later
join the growing number of go-getters, decided after
reading their stories and seeing the inconsistencies
between their revenues and attention levels, to
create an answer to their dilemma.
1.
2.
First things first. Is my 'Big' idea viable?
Some ideas are just great hobbies. One of the most interesting ways to
distinguish a viable idea from a hobby is to find a model. You need to find
somebody, somewhere making money doing what you want to do. Now,
you may have a variation of a concept but very few of us are reinventing
the “wheel”. Monitor that model and then figure out, what works for them
and what could work for you. And remember, if you can't find a model or if
you can't
find someone, somewhere, somehow making money doing what
you do, then there's a good chance that this may not be a viable
business idea.
Do I have what it takes?
Successful entrepreneurs know how to move past rejection, nay sayers, setbacks, and failures. They are the people who can get themselves back
up over and over again and understand that they are the first asset and
entity of the business--and that without them the whole operation
falls down.
3.
Fit matters!
I dedicated a whole chapter in the book to helping people figure out what
they're really good at. I encourage them to think back through their childhood because then, they still dreamed and really enjoyed doing certain things. A lot
of us have buried our passion under our mortgage obligation, our jobs, and our bills. But what you must do is reconnect with that thing that you really loved doing. The other thing that’s really helpful is to ask other people. Sometimes, there are strengths, that we don't see in ourselves, the way others see us.
You could be organizing a church events and someone might say "you're really good at that”. This could be an actual strength that they recognize in you, that could be turned into a business. So, ask a friend what they think you are good
at and what your strengths are. That is always a good place to start.
The cream of the crop is now more
readily available.
Right now, there are a great number of skilled and talented people who are
unemployed. Individuals who because of the present economic environment
are now not only more inclined to take on smaller more intimate projects, but
also more likely to negotiate their rates. This is a great time for the small
business owner to recruit and employ the best in the field.
4.
5.
Build your dream team.
Stop thinking that you can do it all yourself. A lot of people go wrong in this
area, because they feel like someone is going to steal something from them
or that, “no one can do it better”. These are dangerous ways of thinking and
sure fire business killers. Team building really begins with understanding your
own strengths and weaknesses and bringing in others who can help fill in the
gap. Which should include your accountant, a lawyer, and Marketing and PR team members. This team makes sure that all highly important and legal aspects
of your business are covered.
Marketing is everything!
Remember, It all begins with a clear understanding of who you are and who
you are actually trying to market to. Good news is that the Internet has leveled
the playing field so that many small businesses have the same tools that large
businesses have. The bad news is that internet is out there and everybody is utilizing it. So be sure to implement a thorough and strategic marketing plan.
This is key to getting heard and accessing your customer base.
REINVENTION:
Build Your Dream Business!
6.
7.
Make a creative exchange.
When we are all experiencing the economic crunch, we create a new
currency;
that’s called bartering. In many occasions I have barter for services, and goods
and used this practice to my advantage at Mocha Manual. It's a great way to
off-set cost and keep things up and running. In this way everybody wins!
Stay connected:
Surround yourself with friends who are supportive of what you do. Many of
the women that I interviewed mentioned how they lost important relationships
while building their businesses, and in many cases how even their marriages failed. Be sure to listen, and clearly understand what those closest to you are really saying. Be certain of who your friends are and their level of commitment. But most importantly, make sure that they're on board with you in words
and deeds.
8.
Today as the brains behind the Mocha Manual brand, Allers brings to life a series of how-to
books covering everything from how to have
a fabulous pregnancy to a mocha manual guide to military life. In a recent interview, the award- winning author and entrepreneur shared the
nuts and bolts and the not-so-obvious pitfalls
of starting a new enterprise from the pages
of her “Mocha Manual For Turning Your Passion
Into Profit.” Here she gives 8 sure-fire tips to
building a dream business—in any economy!
