By now it’s no secret that women are leaving corporate America to start their own businesses at twice the rate of men.  Statistics show that over 75% of women-owned enterprises open for business in 1997 were still operating in 2000.  That’s about equal to the survival rate of all U.S. businesses.  Recent data also indicates that women invest more in their businesses than do men.  Which just goes to show – women have it what takes to run and maintain successful operations. 

If you’re in business for yourself (or thinking about starting your own company) there are some things you can do to grow your company:

1.         Follow Mrs. Fields Recipe for Success.  Debbi Fields, founder of Mrs. Fields Cookies, once said it was all about passion, persistence, and perfection.  Whether it’s starting a non-profit organization or a for-profit business, you’re going to put a lot of time and energy into it.  Your focus has to be directed toward something you are so passionate about doing – and doing well – that nothing can deter you from success.

2.         Develop a clear vision of where you want to go and a strategy for getting there. Many entrepreneurs with great ideas fail because they think their product or service should sell itself.  They work hard, but not smart.  Your vision of where you want to be a year, five years or even six months from now will guide your day-to-day actions.  Write it down.  This makes it concrete and tangible rather than just an idea floating around in your head. Then develop specific and measurable steps for how you’re going to achieve it. This is your blueprint for success.

3.         Create a distinctive brand.   There are thousands of motivational speakers, meeting planners, and trainers marketing their services.  What distinguishes you from your competition?  It may sound counterintuitive, but rather than try to be all things to all people, create a narrow niche that identifies you as an “expert” in your field.  Author Barbara Stanny uses the tag line “The Leading Authority for Women and Money.”  I use “Get and Keep the Job You Want.”  Make your brand synonymous with your area of expertise. 

4.         Think and act BIG.  When Jamie Foxx accepted the Academy Award for the starring role in the movie Ray he thanked his grandmother for teaching him to “act like you’ve been somewhere.”  Big is relative.  You may never aspire to be the biggest agency, but you should act as if you already are.  Doing so causes you to see things and consider options you would otherwise overlook or think impossible.  When I started my business I put thousands of dollars into marketing materials at a time when I could ill afford to do so.  But it made me look and feel competitive.  I had to live up to the “big” image I conveyed to potential clients and eventually my firm became it.

5.         Learn the language of money.  In  Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money I talk about the fact that women are less likely to understand the basics of money and investing than men.  Regardless of the size or nature of your venture, you need to understand how to make it profitable.  As an entrepreneurial leader you’ll be involved with budgeting, investing, payrolls, or other forms of money management.  Take a course in finance for non-financial managers at your local community college, start reading The Wall Street Journal, and other money magazines.

TAGS: entrepeneurs, growing your business, women business owners

One thing I never did when raising my daughter was to help her to test whether or not she had the entrepreneurial personality.  Now Girl’s Inc. has a program whose purpose is just that - read about it on BusinessWeek’s small business blog.

TAGS: girls and money, Raising Girls

If you own your own business or consulting firm — or if you’re thinking of becoming an entrepreneur — you’ve got to think beyond your technical expertise to your relationship with your clients or customers.   Any good entrepreneur will tell you, you can be the best in your field, but if you can’t build relationships with the people who hire you, you won’t be in business for long.  Author David Maister wrote a book that I just love:  The Trusted Advisor.  He talks about the fact that as our relationships with our clients or customers deepen, we become more than an expert to them.  We become “a trusted advisor.”  Someone they look to for honesty, a sounding board, and sometimes plain old friendship.  Here are some coaching tips for how you can become a trusted advisor in your own business or even working for someone else:

1.  Be a better listener than talker.  Entrepreneurs fail all the time because they provide clients with services they think they need, but that don’t really solve a problem or fit the situation.  I recently “fired” my insurance agent because he kept trying to sell me products unrelated to what I told him I needed. 

2.  Be discrete.  This means you don’t talk about your clients or use their names without their permission.  I once overheard a cell phone call in the airport that was totally inappropriate.  It was a consulting firm that was working on the campaign of a famous senator.  By the time the call was over I knew all the tactics they were going to use in an upcoming election.  If the senator ever got wind of it I’m sure this company would have been fired.

3.  Be generous.  No one likes to think they’re being gouged.  Set a fair price on your product or services but know when it’s appropriate to throw in something extra or not bill for a ten minute telephone consultation.  In the long run it won’t make much difference to you but it will to your customers.

4.  Be someone others want to be around.  People don’t buy your product or services, they buy you.  There are plenty of people who can provide what you sell — why should anyone buy from you? 

5.  Be honest.  If you’re not the best person for a particular job, recommend someone else who is.  Remember the scene from Miracle on 34th Street where Santa Claus was sending shoppers to other stores?    It wound up getting his store even more customers because they appreciated his honesty.  Similarly, if your client or customer asks for something you think isn’t appropriate for the situation, say so rather than simply provide it in order to make the sale. 

TAGS: business owners, consulting, David Maister, entrepeneurs, small business, trusted advisor