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Category Archives: Entrepreneurship

A Day in the Life of a Mompreneur

mompreneur 2

For many types of careers, you can quickly gather what a typical work routine might look like. While day to day tasks and interactions will continuously change, more traditional career paths have fairly predictable hours and work locations. Moreover they usually focus on serving one industry or a certain type of clientele.

What I want to share with you, in stark contrast, is the typical day of a mompreneur.

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More than me choosing the mompreneur career path, it chose me. I began as a solo entrepreneur, prior to marriage and children. When these things eventually came along, I didn’t want to halt growing my business nor did I want to put a pause on personal life. So I buckled up for the wild ride of being a mompreneur – running my own Public Relations firm while raising two young boys, often simultaneously. The result? An utterly chaotic, but flexible, ever-changing, but rewarding lifestyle that suits me well.

How do I get it done in a day? Truly, every day is a different routine. Some days are more work intensive, some are more family intensive. What I’m about to show you is a single snap shot of a recent Monday schedule for me.

4:00am – No, this is NOT part of my normal routine. However my youngest son found his way down to our bedroom and mom duty is 24/7. So I spent the next half hour snuggling, reading, rocking, singing and coercing him back to bed because “the moon is still up…and mommy is TIRED.”

6:00am – Alarm goes off and I slowly transform from zombie to human with a large cup of coffee. I click away on my keyboard to clean up emails that came in over the weekend. I send out a statewide press release for a client and promote my weekly blog post that went live a few minutes ago. I’m wrapping up my last “early morning” work session when…

6:40am – Tiny feet come loudly stomping down the stairs. “Hi Mommy!” smiles my older son. While there is more work to be done, I close my laptop and switch into mom mode. The next hour or so is a whirlwind of making breakfast, making beds, changing two tiny bodies, breaking up fights, packing lunches and finding a moment to brush my teeth.

8:00am – Today I take both boys with me to the YMCA where they’ll hang out in the kids’ room for about 2 hours. It’s free childcare, they burn off some energy and I get some more work and personal time. At this stage in life, my YMCA membership is my ticket to sanity.

8:40am – After getting in some cardio, I take a quick break to knock off a few work tasks before heading into my workout class.

9:00am – Maybe the best hour of my day – I put aside all thoughts of work or kids and focus on re-centering myself with a really good workout.

10:00am – I have ½ hour of child care time remaining that I use to check in on my clients’ social media postings for the day. I also have a standing client phone call every other Monday that takes about 15 minutes. I knock this out and go pick up the kids. It takes us about 15 minutes to make it to the car, but I finally get everyone strapped in safely without forgetting anything. Mom win!

10:30am – We arrive back at home where our live-in Au Pair is now on duty. Karen starts an activity with the boys while I grab a quick shower. I have to step in to address a tantrum, caused by an Oreo cookie, before grabbing my lunch bag, kissing the boys goodbye, explaining (3 or 4 times) where I’m going and when I’ll be home, and then I jump in the car with a deep breath. I made it out of the house before 11am!

11:15am – I drive a quarter mile to Messiah College’s library where I’ve been doing a lot of my work lately. It’s free, comfortable and very close to home. Unfortunately, my home office isn’t an ideal work space when they boys are being watched in our home. Plus, it’s nice to be a new setting for a few hours.

2:30pm – I’m finally caught up on emails and tasks that have come in throughout the morning. I’ve scheduled three client meetings for later this week, booked a great deal on a Mexico vacation for later this year (we’ve earned it!), wrote a new blog post and reviewed my presentation that I’ll give at an educators’ conference in Altoona tomorrow. Coffee break!

3:00pm – I do a phone interview with a client to gain more information for a promotional article I’m writing for them. I wrap up the call and pull together the article quickly, since it’s fresh on my mind. I’m well ahead of my client task list this month, which is good because I have a few additional projects and clients I’ll be taking on later this month that will require extra time. Over the next week, I’ll also spend 3 days on the road presenting to 18 school districts at three different conferences. This is why I work hard to clear my bandwidth as quickly as possible so I can jump on extra opportunities as they present themselves.

4:00pm – I’m in a good spot to put away work for the rest of the day. Most days I head home early to spend some extra time with the boys. Or sometimes I’ll run an errand. Today I need this extra time to catch up some reading for our church group that meets tonight. This is a relaxing way to ease out of the work day.

5:30pm – I get settled back at home while our Au Pair, Karen spends time with the boys outside. I call everyone in for dinner. Before Karen, dinnertime was really stressful with kids wanting to play and mom needing to cook. Having an extra set of hands in the evenings is so helpful – and it allows me to be more present with the boys.

6:15pm – We leave as a family to go to our friends’ house where five couples from our church meet bi-monthly. The kids play with Karen and another sitter downstairs while the adults get some meaningful time to talk and discuss our current book series “Love and Respect.”

8:30pm – We are back home and it’s straight to bed for the boys. It takes a little time for them to wind down, but with enough books, songs, kisses and glasses of water, we close their doors for the night.

9:00pm – For the next hour, my husband and I spend undivided time together. Sometimes this is catching up on our favorite TV show, sometimes it’s sitting on the front porch and talking about the day, other times it’s the necessary evil of taking care of some household tasks or making decisions on things to keep the household running smoothly. No matter how we spend this hour, I’m grateful to spend it together.

10:00pm – No later than 10:00pm, we’re in bed and recharging to run a different, but equally busy schedule tomorrow. Here’s to hoping there’s no 4:00am wake up calls tonight!

Now that’s you’ve seen a glimpse into one of my many different daily routines, does it feel similar to your own or completely different? It’s been nearly a decade since I’ve had a strict 8am-5pm work schedule. Even before kids I remember it not meshing well with my personal work style. I imagine that would only be amplified now. I love the freedom and flexibility of being a mompreneur, but I accept that it comes with unique challenges, constantly changing schedules and a lot of juggling.

What routine have you found to give you the best work-life balance? Is it something you currently have or want to have? Join in the discussion by leaving a comment below!

 

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Oh the Places You’ll…Work!

the places you'll work

It’s a Dr. Seuss book that has become the standard gift to give someone for graduation, “Oh the Places You’ll Go!” I have my own copy stored somewhere. I truly haven’t thought much about this book since my own college graduation, but recently the words in that title have never been truer of my professional life.

Sure, since starting my own PR firm nearly seven years ago, I suppose I have gotten to go to a lot of new places. But that’s not what made me think of this book. Rather, if Dr. Seuss were to write a book about my life these last few weeks it would be called “Oh the Places You’ll…Work!”

I have always enjoyed that my career allows me to work from virtually anywhere. Most often I’m comfortable in my home office, or I’d get out to park or coffee shop to enjoy a change in scenery. However, since hiring our au pair, both of my young sons are in or around our home during the day. The convenience of this is awesome, but there’s definitely the drawback that they can and will find me – often at the most inopportune times.

Lately, I’ve had to ditch my home office and seek out workspace away from the home. What I’ve discovered is a treasure trove of free work spaces all throughout my town. What felt like a minor inconvenience, has opened my eyes to some pretty creative ways entrepreneurs – or moms who simply want to drink a cup of coffee in peace – can set up “shop” just about anywhere. Here are my favorites thus far!

College campuses – I’m fortunate to live within walking distance to a small private college, Messiah College. While I’ve walked this campus for years, I’ve never really stepped foot inside their buildings. Once I did, I found a handful of perfect co-working spaces. A college or university is a prime spot for pop-up offices. They have free wifi, plenty of quiet areas, ample outlets, and open desks/tables/chairs to suit your needs. In Messiah’s library, there are even glassed in private work spaces that are first come first serve! Usually there’s a café or coffee shop nearby too. So this has become my favorite virtual office as of late.

The gym – Sounds weird, but it’s efficient! Our local YMCA has free wifi, coffee and a comfortable lounge area in the entrance. In an effort to get out of the house as quickly as possible in the morning, I head to the gym. I usually have a few hours to kill before my preferred workout class, so I’ll pop open my laptop, drink a cup of coffee and start my day. Then I can enjoy a workout knowing my email is under control and I have a handle on my to-do list for the day.

Co-working spaces – As you might have picked up from the theme of this article, I’m just really against paying for office space. A lot of our local co-working spaces come with a monthly fee; however, I’ve learned where in other cities this is offered for free. I often find myself in State College, Pennsylvania for both work and social obligations. Here, they have an incubator/accelerators space called Launch Box. This is a free resource for students and entrepreneurs to work, get mentored and learn from other entrepreneurs. All around it’s just a fun environment! As a bonus, it’s located right down town so grabbing a quick lunch while working is very convenient.

Coffee shops – This is a pretty standard go-to work space for many entrepreneurs. I’ll usually go to a coffee shop if I have a meeting scheduled there. I’ll arrive a little early and get in some extra work time before taking the meeting. I don’t use coffee shops as my regular workspace because they tend to get loud and crowded. Also places like Panera will cut off your wifi after so many hours. All that being said, coffee shops make great workspace options while you’re on the road and unfamiliar with other options in the area.

Libraries – Libraries make for okay workspaces. I suppose it depends upon your local library. This is a great option if you really need to dig deep into a project and require silence. Libraries don’t work so well when you need to take phone calls throughout the day – or you’re like me and tend to be a loud snacker.

Client’s office – I have several clients who graciously offer me unlimited use of their office space. This is ideal when I’ll already be in the area and need some workspace in between meetings. It’s a great way to get regular facetime with your client as well. For me, I get to enjoy working a day or so a week from a very nice office space right across the street from Pennsylvania’s Capitol building. I can take meetings in the conference room or meet up with a friend for lunch. I bill this as my “social” day – which one day a week is usually enough for me!

Outside – I’ve been able to find some really nice outdoor work spaces too. They key is to find shade otherwise it becomes extremely tedious to find your mouse on a screen that has a glare from the sun. It can also get hot and uncomfortable! I like working outside for an hour or so and then heading indoors. It’s a great way to add some variety to your day and get a dose of energy during those sleepy afternoon hours.

And some pretty unusual spaces…

While these are not my “typical” nor preferred workspaces, it’s fun to reflect on some of the outrageous places I’ve been able to accomplish work. Luckily having small children has given me the ability to focus through just about anything, which is what makes this possible! Some of my unusual office spaces include: golf course, casino, carwash, grocery store, mechanic, doctor’s office, airplane, train, car, bus (pretty much every type of transportation), bar, beach and many more I can’t remember!

Do you benefit from having a virtual work environment? Share some of the best places you’ve found to work remotely outside a traditional office or home office!

 

 

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Good, Cheap, Fast: The dilemma of providing ideal service

The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!


service

Just a few days ago I was in a local mechanic’s shop and amidst the shelves stacked high with dusty papers and some foreign-looking objects that were likely common knowledge auto parts, there was a simple sign hung on the window that looked into the garage. It read, “We offer three kinds of service: Good – Cheap – Fast. You can pick any two.” After my initial amusement from envisioning an old crotchety man pleased with himself as he hung this sign in his shop, I realized that is the dilemma every business owner faces when trying to offer ideal customer service. For a laundry list of reasons, my business is very different from this mechanic’s. But when it comes to customer service, this sign accurately summarizes us both.

If it’s fast and good, it won’t be cheap. “Rush” projects are common in almost every industry. From the mechanic to the Public Relations professional, sometimes some things just cannot wait. Because a rush project can save a client from a terrible inconvenience, loss of potential business or increase their revenue, I certainly accommodate them whenever possible. In fact, one of my main reasons for keeping ahead of my planned projects is to allow for the occasional rush project. Allow me to say what most other business owners think; we keep this open time for rush projects because they’re a great source of unexpected and well-paying work. People are willing to pay more to prevent a bad situation – and thus, the dilemma of rush service. A bad business owner takes advantage of this opportunity to gauge a client in a vulnerable situation (i.e. obscene rush shipping charges or overtime wages), while a good business owner charges just enough more to compensate them for the extra hours of work and the opportunity-cost of pushing their scheduled projects to the side.

If it’s good and cheap, it won’t be fast. For clients who want the highest quality of service at the best price possible, the key is to be flexible with your deadlines and to start well ahead of when you need something done. The best example I can give here is my experience with mass mailings and the postal system. If I have a large enough mailing, I can benefit from pre-sorted postage rates which are half that of a regular stamp. This is a huge cost savings when your list is in the thousands! However, the big caveat here is that you must give yourself ample lead time for the mailing to process and hit mailboxes—I’m talking about a month. The postal service offers this discount rate, but it can take up to 25 business days to be delivered, as opposed to the standard 2-3. If you want something done good and cheap, you must be more flexible on the time frame in which you wish to have it completed. A long lead time (and ample patience) can save you a lot of money in the long run if you can plan ahead for it.

If it’s fast and cheap, it won’t be good. This combination of service is the one that most good business owners would prefer to avoid entirely. When it’s all said and done, neither the customer nor the business will be happy with a final product that was done quickly and cheaply. I know this is one of the rare instances where I might need to step away from a project if I think it will poorly reflect upon me or my business. Certainly I offer every client my best services at the fairest rates; it’s only when I’m stretched beyond reason that it becomes a problem. The two other options above prove why fast and cheap service won’t be the best quality. A business either needs to charge more for a rush project that pushes all other projects to the side or needs more time and flexibility from a client to do the best work on a tight budget.

Can we ever have all three? If you’re talking in extremes, I’d say the answer is no. An award-winning web site design done in three days for under $500 is either a scam or poor business management. In the real world, one of these three factors (time, quality or cost) would need to give. In less extreme examples, I have personally benefited from rush projects, done completely to my standard and for a fair price. The key is relationships. Once you build a good relationship with a business owner or contractor, you can work with them to achieve a good balance of all three.

As for me and the mechanic, I paid well under what the dealership would have charged me, fulfilled my inspection for the year and had my car back in just a few hours. So regardless of what that sign hanging in his window said, I think I just might have gotten away with getting a little bit of all three!

 

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5 Common Legal Mistakes That Can Ruin Your Startup (Contribution from Michael Deane)

The following post comes to us from marketing entrepreneur, Michael Deane, who is the founder three businesses and currently working on his next startup venture. Be sure to learn more about Michael in his biography at the end of this article.


legal mistakes

Alan Moore once said that ideas can change the world.

And isn’t that what all startups start out as? An idea that we hope will change the world?

While we are busy brainstorming and developing theories and ideas, coming up with the next product that will shake the ground we walk on, the business side of our business creeps up on us, and lurks there in the dark, waiting to pounce at the most opportune moment.

As a business owner, I can tell you two things: there will be about a million things you would rather do than read laws and regulations, draft contracts, do your taxes and fill out all the finger cramping paperwork needed to register a company. However – and it’s a big however – without the dull stuff, the fun stuff will not quite pay off as you hoped it might.

In order to hopefully save you some of the potential trouble down the line – here are my five legal missteps to avoid at all cost.

Not Knowing the Difference between a Corporation and an LLC

One of the most common mistakes you can make very early on is not even thinking about the different options to register a company. Naturally, the choice you make will mostly depend on where you live in the world, but the actual legal structures are quite similar, no matter what name they go by.

You can go for a sole proprietorship, a partnership, a limited company, a limited liability corporation, or a full blown corporation. The reason why this is important is quite simple: taxes. There’s also the issue of personal liability, which is again more important than you may initially think.

Weigh your options very carefully before you actually start this process. Some countries offer the option of registering your company online, which involves less hassle than having to walk from office to office to do it. There are also very different fees involved, and the necessary number of signatures can also vary.

As always in business, research is your friend, so do it right, do it early on, and save yourself the legal trouble later on.

Not Bothering to Protect Your Intellectual Property

When I say intellectual property, I don’t only mean secret recipes, production secrets and unique service ideas. Your intellectual property may be something as seemingly simple as a logo or a brand catchphrase. And while it may not seem too important early on, it may become a game changer in later years.

Trademarking any unique designs can protect your assets and save you from intellectual property theft. If you’ve ever seen Dream Girls, you will have heard the two versions of the “Cadillac Car” song – don’t let that happen to you.

If you have also come up with a new production system or even a new blend – patenting it can turn into a valuable asset.

Failing to Grasp the Importance of Contracts

A contract is a legal document in place to protect all of the parties signing it. When you think about it, you would never consider working with a client without one, right?

However, as you are starting out, you may feel it is easier to operate without them. Having to get a client to sit down and read through a couple of pages can be more difficult than chatting about a deal online, and shaking a firm hand.

To save yourself a lot of unnecessary headaches, draft a contract that will protect you – especially in case a client fails to pay an invoice. This happens more than you can imagine, and a contract that ensures you will get paid is a lifesaver.

While there are thousands of ready-made contracts available for download – you will be much better off if you have a template contract drafted by a professional attorney. This way, you ensure that the specifics of your business and the service or product you offer are taken into consideration, and that you are not overlooking a very obvious clause that may not have made its way into an online contract.

Googling for Help

While Google is often our best friend – it is the worst place to go for legal advice. While there are countless blogs and forums that can offer some great business tips, productivity hacks and motivational speeches – don’t ask the internet to tell you how to get out of a particular legal issue.

You will undoubtedly find an answer you will like, an answer you will find helpful and an answer that seems right – but no one can guarantee it will actually do the job.

Take everything you read online with a grain of salt (including this very article) and think things through yourself. We have become so dependent on having all the information in the world at our fingertips that we can forget to use our own common sense to solve a problem.

Being Unclear about Company Roles

Knowing who does what and is responsible for which aspect of the business is not only important from the legal standpoint. The law will need to know who the legal representative of your company is, and who is liable for what. Thinking about this early on is very important.

While there may only be a handful of employees in the company right now – that is likely to change, if the idea I mentioned at the beginning was sound. Figure out who will be the face of the company, who will be responsible for the financial side, and who will be the liable one, in case things go south. This is where the type of company structure you choose comes into play again.

I hope these five tips will help you as you set out to chase your dreams. And that 400 years from now, your idea is still changing the world!


Michael DeaneAbout the Author: Michael Deane has been working in marketing for just under a decade, and has successfully launched three of his own businesses. Today, he runs a small business blog at Qeedle, and is working on his next big venture idea.

 

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Revealing Character Through Communication

The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!


textingDuring the steps along my career path, I’ve encountered some truly great communicators who were friendly, organized and a pleasure to work with. As with any balance to life, I have also encountered a memorable few who were quite the opposite – impatient, rude and condescending. I used to take negative communication very personally, wondering what I could have done to make it a more pleasant experience, but have since reconciled that it had little to do with me. I wasn’t giving the person the answer they wanted (maybe I wasn’t the right contact to address their request or maybe it simply couldn’t be done). And because of this, they felt as though they could treat me with less respect or professionalism than someone who could offer them immediate solutions.

I continue to encounter similar styles of communication from time to time and it really grates on me. I believe that character is best demonstrated by how you treat those who can do nothing for you. Therefore, these incidences are a reflection of a character flaw that many people may be unaware they exhibit. I’m sure I am not exempt from this – a lapse in my communication may have left someone else feeling brushed off or belittled at one point or another. In an effort to put an end to unprofessional communication, I want to examine the following key points to shed light on why this is such a critical problem:

The importance of always being professional

It’s a small world. We all know the meaning of this phrase as we have likely had the experience of running into contacts again and again through similar circles or completely unrelated circumstances. This is a reminder to me every day that my reputation is my most valuable business asset. Whether you live in a big city or a small town, you can’t afford to burn bridges if you want to be successful in your career. Nothing slows down business growth faster. The importance of always being professional when communicating with customers or vendors is realizing that you may very likely have to deal with them again. Don’t ignore this important lesson! Most of the unprofessional communicators I’ve had to deal with have popped up in my life again, needing information or services from me – often with their tail tucked between their legs.

Identifying the subtle negatives

Sometimes the worst communication experiences are hard to identify because they’re subtle, yet leave you with an overall feeling of hurt, frustration or anger. It may be hard to pinpoint the exact reasons the conversation was so unpleasant, but the feeling it leaves you with is real nonetheless. The subtle negatives I’ve most often identified have involved someone exerting their power or position to make me feel dumb or incorrect about an answer I have provided. Another common subtle negative is someone being bossy or aggressive in their tone and in the type of services they demand. In less subtle situations, I’ve had people outright yell at me, hang up the phone or threaten me in various ways (chalk this up to some good old political campaign experience). Most often negative communication can be identified in someone’s tone and word choice. Even if you have something negative you must communicate – and this does happen – there are various ways to still make it a positive communication experience overall. There’s no excuse.

Letting someone know when they’re being unprofessional

This is a difficult subject to breach. No one wants to directly confront someone else about their attitude or negativity because it can be, well…scary. We’re more willing to put up with the unprofessionalism and belittlement than we are willing to tell someone they’re just being rude. The risk is that we end up looking rude in return or that we anger them even more and the communication further declines. If the negative communication is subtle and you’re not sure if they even know they’re coming across this way, it’s important to handle the situation softly, but directly. Let them know that it’s how they’re making you feel rather than accusing them of being outright mean. No one can argue with how you feel and hopefully even if they don’t want to recognize that their actions are causing this, they will at least be professional enough to make an effort to change. On the other extreme, if someone is being unprofessional to the point of yelling or insulting you, then you must also address this directly, but more firmly. Identify specific examples in which their communication is unacceptable (swearing, yelling and hanging up a phone are never acceptable in my mind) and let them know that you will have to cut off further communication if they can’t approach the situation more professionally. Hopefully such instances are rare, but it’s important to know how to speak up to put and end to it.

They key concept worth taking away from all of this is that character is best demonstrated by how you treat those who can do nothing for you. Negativity is never acceptable even if you realize you’re “only” dealing with an office administrator, assistant or intern. Most often, these are the gatekeepers for who you really want to be talking to. As I said before, it’s a small world, so be sure to be kind and professional to everyone you encounter. It truly takes no more (maybe even less) effort than it does to be rude and when the world connects you with them again you’ll be glad you have a friend, not a burnt bridge, to work with.

 

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5 Important Decisions for Every Entrepreneur (Contribution from Jock Purtle)

The following post comes to us from internet entrepreneur, Jock Purtle, who is founder of Digital Exits, a company specializing in the buying/selling and appraisal of online businesses. This article is based upon his entrepreneurial experience.


5 Important Decisions for Every Entrepreneur

For many, the hardest decision you will make as an entrepreneur is the first one: the decision to go out on your own. In today’s fiercely competitive marketplace, the idea of running a business can be intimidating, to say the least. But once you get over this hurdle and realize fear and hesitation are the only things standing in the way of you accomplishing your goals, you’re well on your way to entrepreneurial success.

As you likely already know, though, it’s not that simple. Getting started with your own company is like riding a roller coaster in the dark. Each up and down is intense, and it’s hard to know what’s coming next.

To try and make things a little easier, we’ve come up with a list of five decisions that every entrepreneur needs to make early on in the life of their company. By highlighting these, we hope you’ll be able to focus in a little more on what you need to be doing to make your company work so that you can weather the storm as it comes your way, worry a bit less and take one more step towards success.

The decision making will never end, and it will soon turn into your most critical task, but here are some key choices you’ll need to make right off the bat to set your company up for a healthy future.

 1. Your ideal customers

You’d be surprised how many entrepreneurs don’t take the time to clearly define their target audience. Often times, entrepreneurs are so excited about their idea that they don’t stop to think who might want to spend money on it. A good idea is a good idea, and there is likely a business to be built around it, but without clearly defining your target audience, the initial stages of your business will be a real challenge.

The important thing to remember when going through this process is to be as specific as possible. It’s not enough to just say you are hoping to target urban Millennials. Instead, put yourself in the shoes of your ideal customer and ask yourself how your product or service might factor into their life. What need are you fulfilling? Or, how are you making their life better or more comfortable?

By answering these questions, you will have a more specific idea as to who you need to be going after and how you are going to reach them. For example, you may find that your audience is men between the ages of 20-35 who live in cities, earn above-average salaries and have an active lifestyle. This is vital information, as it will help determine your marketing and advertising strategies going forward.

Furthermore, once you make this decision, a lot of other decisions will become easier. All you need to do is ask yourself: Is this going to help me reach my target audience? If the answer is yes, proceed. If no, then keep working. Taking the time to be very clear about this part of the business right from the beginning is an essential step to ensuring the success of the company.

2. Management style and company culture

While you as the entrepreneur may be the brains behind the operation, you’re fooling yourself if you think you can pull this off on your own. You are going to need to bring in a good team to help you get off the ground, and then once you do, you are going to need a growth plan. What types of employees are you looking for? Which ones are you trying to avoid?

A big part of this is also your management style. Are you going to run things more top-down? Or do you plan to be more decentralized, delegating certain decisions to those more qualified to make them?

You’ll also want to take a look at yourself as a leader and manager and figure out how to improve. There are plenty of things we do without realizing that affect how employees view us and act towards us, and you really won’t see this until you are in a position of leadership.

Take some time to figure out what you want your company culture to be. You may think of culture as something that develops organically, and to a certain extent it is, but you can have a significant impact on the direction it goes. A lot of companies are adopting a more laid-back approach, offering their employees more and more benefits, such as unlimited vacation time and free coffee of the month subscriptions, as a way of trying to foster engagement and buy-in. This may or may not be the right approach for you, and this is something you’ll want to figure out as soon as possible.

All of these things should be figured out in the beginning because as you grow it will be harder and harder to make time for this type of planning. Spend some time as you are getting started and you’ll find yourself managing growth much better, setting your company up for success in the future.

 3. Exit strategy

When first starting out with a company, the idea of an exit strategy seems far away. But it’s actually very important to consider. Planning out your exit strategy means thinking long-term. It allows you to align resources so that you can move forward at the right time.

An exit strategy can come in the form of an initial public offering (IPO), a sale or a merger, but the thing to remember is that you don’t actually need to implement the strategy. If things are going well, you have every freedom to stay with the business. But plotting out from the beginning how you might exit gets you thinking big picture and this can only help your business.

Plus, having a clearly defined exit strategy plays very well with investors. They want to know how they are going to get their money, and demonstrating to them how this will happen increases your chances of securing the resources you need to get your company off the ground and heading towards prosperity.

 4. Marketing and branding

It’s never too early to start thinking about branding. In today’s competitive marketplace, having a strong brand is going to be what ultimately sets you apart. Much like the decisions you’ll make about company culture, choosing your branding strategy needs to be one of the first things you do.

Figure out what makes you unique, determine what you want to stand for and do some research to figure out the best way to communicate this to people. Social media is huge for building your brand, and if your target audience uses this medium, you may want to consider hiring an agency or consultant to help you.

In fact, this may be one of the best decisions you make as an entrepreneur. Successful marketing requires a full-time approach, and too many small companies try to do it on their own, only to end up wasting their precious resources without seeing results. It’s your job to do the high-level strategic thinking. Then, bring in some experts to help you execute your plan.

5. Cybersecurity

Here’s one not too many entrepreneurs think about, and it’s a real shame that they don’t. Cybercrime and hacking is the threat of the future, and small businesses are being increasingly targeted. They’re easier to get to, as they don’t always invest in the right protection, but they still possess valuable information. And the damage a hack causes to your reputation is often far too much for any small company to overcome.

Figure out how you’re at risk and what you need to do to protect yourself. Cybersecurity infrastructures can be expensive, and the last thing you want to do is to have to shut down your website or other services so that you can install new security measures. Don’t let cybersecurity become an afterthought. You’ll pay for it down the road.

Final thoughts

From the moment you decided to become an entrepreneur, you essentially converted yourself into a full-time decision maker. As the business grows, you will be faced with increasingly challenging choices, but with experience, you’ll learn what’s best for your business. However, until you reach this point, things can be a bit stressful. Consider these critical decisions every entrepreneur needs to make so that you can start your business heading in the right direction.

Join in the conversation! Among these five decisions an entrepreneur must make, which one do you feel is the most critical?

About the author: Founder of Digital Exits, Jock Purtle is an internet entrepreneur who specializes in the buying/selling and appraisal of online businesses. He began investing in websites as a hobby when he was a teenager, but it slowly turned into his full-time job. He works with other entrepreneurs frequently and enjoys sharing his knowledge to help others find similar success working for themselves.

 

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The Size of Success: A Profitable Business Doesn’t Require a Big Business

The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!


GoldfishWhenever someone asks me what I do for a living, I’m finally at a point in my life where I’m excited and proud to tell them about my entrepreneurial journey and some of the great experiences it has provided along the way.

When I held previous jobs and was asked this same question, I always felt as though I was making excuses, downplaying my position or glossing over my current career to talk about the career I one day aspired to have. It’s an incredible feeling to be living your passion every day as a small business owner, but I believe some misconceptions still exist about our measure of success. This most often rears its head when the inevitable follow-up question to owning my own business is, “How many employees do you have?” The unexpected truth is, it’s just me. I’m a sole proprietor, or S-Corp, and I’m small by my own design.

Small By Design

Not every business will or should follow the template of growing by X number of employees every year. The fact of the matter is that it’s not every business’s model to grow in this direction. Depending upon the service or product, it’s simply not necessary. And if it’s not necessary to have this many employees, why carry the extra overhead and liability?

Outside of my residual monthly clientele, new or one-time projects for which I’m contracted are very unpredictable. In one day I can receive multiple new leads or things can be quiet for weeks. As a business of one, I’m able to tuck my tail and reduce my overhead to nearly zero when I’m in a business building phase. And when I’m swamped with work and requests for services, I can easily call upon my network to contract out certain work that’s more efficiently handled by their expertise.

I love contractors and freelancers for the very same reason I am one to so many businesses. When times are great you can go full steam ahead and as soon as work slows down, you can cut back and preserve precious capital. Bigger businesses can’t do this as easily. They’re stuck with fixed expenses like rent and salaries that need to be paid regardless of cash flow. Another major benefit I see to being a business of one (at least for right now) is that I am accountable to my clients and that’s all. I don’t have to worry about keeping regular office hours to also be accountable to employees. I can travel as I please, work from home, set my own schedule and take vacation without the slightest sense of guilt so long as I maintain my work for my clients.

While being small by design is not a luxury every type of business can afford, I highly recommend enjoying it for as long as you can. So long as you don’t measure your success by the size of your office or staff, this is a very strategic and enjoyable model for an entrepreneur.

The Measure of Success

What do you commonly use as the measure of success for a business? I know before I began my own, I was guilty of asking the common questions of “How many employees do you have?” or “Where is your office located?” to judge the legitimacy of a business. I’ve since had my eyes opened to the endless varieties of business structures that exist and most surprisingly is that I really have not found a strong correlation between size, structure and success. What I have found is a strong correlation between success and the type of leader running the business.

Having been down a similar path, I’m now profoundly more impressed with a small business (especially those consisting of one person) that provides the same perception and level of service as a firm two or three times its size.

At the end of the day – or the fiscal year, rather – the profitability and success of a business is not determined by the number of employees or square footage of your office space. What it is determined by is your drive and dedication to seeking out new clients, providing exceptional service and functioning above the level of your competitors. And for me at least, I can efficiently and comfortably accomplish this right from my home office!

Have you ever owned or worked for a business that was small by design? How did you measure your success if not by the number of employees or size of your office? Share your thoughts with us by commenting below!

 

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