Posted in Trends Impacting Entrepreneurs 07.28.10 at 8:46 am by Michele DeKinder-Smith
While any female entrepreneur who has experienced a setback in her business will ultimately take a multi-pronged approach to getting back on track, certain specific elements of the rise to ideal apply differently to each entrepreneurial type.
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. When a woman is living as her ideal entrepreneurial type, she feels satisfied, personally and professionally. This article outlines six ideas for jumpstarting cash flow following a business setback.
Most women business owners who have experienced a setback are living a Tenacity Jane phase. Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she’s working longer hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs. Typically, a woman business owner becomes a Tenacity Jane for one of five reasons: she has a craft or skill, but lacks business knowledge, the business started undercapitalized or acquired more debt than can be comfortably carried at current revenue levels, she doesn’t charge enough for her services, she lacks focus and is trying to accomplish too much all at once, or something has changed in the industry or cost structure that has caused a once-prosperous business to falter financially.
To move forward from a Tenacity Jane phase, a woman business owner must:
- Invest in her own knowledge. New knowledge can be the key to jumpstarting profitability. Even if she is an expert in her craft, she may not have the knowledge she needs to run a successful business. Odds are, she recognizes where she can improve her knowledge for the betterment of her business. An entrepreneur can create her own training plan or she can hire someone with expertise to fill in the gaps. Whether she reads books, buys home study courses or attends live classes, an entrepreneur who builds her knowledge base dramatically increases her chances of boosting her profit. Some areas where she may need new knowledge: marketing (specifically, email marketing, social networking as a marketing tool, etc.), financial management, team building and delegation, and project and time management.
- Identify her target market and its needs, and then market accordingly. By surveying her existing customers, a female entrepreneur can get an inexpensive and very accurate picture of which of her products and services are most in-demand, and of the profiles of the people who are using them the most. Then, she can market to similar people, thus increasing her chances of attracting ideal clients who need (and will pay for) her services.
- Evaluate her pricing and raise it, if possible. Whether she “started low” to win business and never raised her rates, or she over-estimated her profit margin, it never hurts for an entrepreneur to evaluate how her pricing compares with that of other similar professionals in her area. She can send surveys to existing customers, asking them about industry pricing, and call competitors and ask for a price sheet. Also, by evaluating her costs and margin, she can determine whether she could increase her margin slightly and therefore increase her profits. When considering hourly rates, a female business owner should remember to include the cost of taking time off for vacation, and the time she spends working non-billable hours marketing, paying bills, etc. She should consider what each project or unit is worth to her – and create a guideline for herself about how much she has to charge to feel properly compensated.
- Network. By networking with other like-minded professionals, a woman business owner creates opportunities for a support system in which she can share ideas and information, and for getting word of mouth referrals. Also, networking provides chances for affiliate relationships, in which two professionals who offer related services market their products together.
- Upsell. Business owners can drive profit fairly easily with a little extra work through consistent upselling. In this sales approach, every time someone buys from the entrepreneur, she offers them a chance to pay just a little bit more for an expanded service or an augmented product. For example, if she sells a necklace, she upsells to include a fancy jewelry box. If she sells an information product, she upsells to a continuity product such as a newsletter.
- Communicate regularly with information and offers. Every business owner probably has a list of prospects and current customers. A female entrepreneur must recognize that the more frequently she communicates with her prospects and customers, the more frequently she’ll be on their minds – increasing the likelihood that they’ll buy from her! Business owners can employ (almost) effortless marketing methods for communicating regularly, such as social networking, blogging and newsletters.
It is common for a business owner to experience a setback within her company. Fortunately, by following specific steps and guidelines, and by using the six cash flow jumpstart strategies listed above, a female entrepreneur can overcome her setbacks and be on her way to living her ideal entrepreneurial type and enjoying her successes.
Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com.
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Posted in Success Tips for Jane 07.27.10 at 9:46 am by Michele DeKinder-Smith
One of the most important steps in transitioning back to your ideal type is to create a plan for change. This step is absolutely critical in reaching the destination at the end of your journey. I wanted to focus an entire blog post on creating a plan because I wanted to be clear about the importance of writing your plan down, and the significance of writing down each step in achieving each goal, no matter how small or insignificant it seems. For example, if one of your goals is to reorganize your desk, you must write down each of the steps you want to take in doing so. It may seem silly to write down, “sort mail,” “buy in/out file for desktop,” “clean desk with antibacterial wipe,” and so on. In this way, though, you can determine exactly what you need to do to accomplish each goal, you can create a realistic timeline for completing it, and you can celebrate each success as you achieve it. Always closely monitor your progress so you can celebrate your accomplishments and make necessary adjustments as you go.
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Posted in Meet a Jane, Merry Jane 07.26.10 at 3:10 pm by Michele DeKinder-Smith
Eva Polynice is co-founder of F.U.S.C.H.A., or Fashionably Unique Skincare, Clothes, Handbags & Accessories (www.bellepourlavie.com ). Born of the belief that fashion and art can collide, F.U.S.C.H.A. represents what happens when two individuals with a common goal combine their vision and realize a dream. Founded in 2006 by twin sisters, Eva and Yvette, F.U.S.C.H.A. features eye-catching details in rich, bold designs.
Eva recognized her entrepreneurial nature at a young age and honed it as an adult. “When I was a teen I was always selling handmade items to kids at school,” says Eva. “As an adult, I discovered a need for jewelry and accessories that have a more unique design versus the cookie cutter pieces sold at department stores. We describe our work at F.U.S.C.H.A. as, ‘High fashion meets punk princess for a unique and edgy style that laughs in the face of conformity.’ To inspire ourselves and to please our customers, we use a combination of alternative materials, stunning details, mixed media, and a touch of rocker/rockabilly edge – we think studs can be added to anything. We consider fashion as an expression, adding themes, exploring new ideas and twisting the latest trends to meet our own ideas. Our main goal is to create quality, moderately priced while still maintaining the same quality as a luxury brand.”
There are several rewards that Eva recognizes are attributable to owning her own business, including: “Seeing customers out and about wearing my designs, being my own boss, and allowing my creative spirit to be fulfilled.”
After taking the free Which Jane Are You? assessment at www.JaneOutoftheBox.com , Eva discovered that she is a Merry Jane. “I have the freedom to come and go as I please,” says Eva. “In the past I was a Tenacity Jane, but I’m not stressing myself about my business because I know when the time comes my business will grow and make more money.”
What is Eva’s biggest piece of advice for other Merry Janes? “Try to get some outside help and focus on the marketing part of the business.”
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Posted in Events at 10:38 am by Michele DeKinder-Smith
It’s not just a rhetorical question. Knowing your entrepreneurial type gives you insight into your unique habits, characteristics, strengths and challenges. That insight, in turn, helps you to develop customized action steps to take your business to the next level – to achieve success, no matter how you define it. In my free webinar, “Which Jane Are You? Defining Your Entrepreneurial Type So You Can Recognize and Utilize Your Strengths and Overcome Your Challenges,” scheduled for July 28 at 3 p.m. Eastern, I will explain why it’s so crucial to know your entrepreneurial type – and to know and understand the others. If you’ve heard advice from business experts, and thought it sounded good, but it doesn’t seem to work for you in practice, chances are, you aren’t working towards your entrepreneurial type. So take a few minutes out of your busy day to watch this webinar. It could change your life! http://bit.ly/byhGBM
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Posted in Success Tips for Jane 07.23.10 at 8:42 am by Michele DeKinder-Smith
Most successful female entrepreneurs can remember a time when circumstances landed them in a less-than-ideal situation. And many of them can remember the long, hard journey they took as they worked their way back into their ideal type. The first two steps in getting back on track are to assess the cause of the difficult situation and to determine where you want to be. Finally, it’s time to make the change. I recommend four steps to making the change, including: assessing the gaps between where you are and where you want to be; creating a plan for change; recruiting a support system; and recognizing and rewarding hard work. Many business owners find that taking the actual steps to shift to an ideal situation proves gratifying, confidence-building and inspiring! Learn more about each of these four steps by reading my latest article, “Women Entrepreneurs Getting Back on Track, Part 3: Making the Change”.
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Posted in Events 07.22.10 at 9:32 am by Michele DeKinder-Smith
Does any of this describe you as a female entrepreneur? You feel ready to move your business to the next level, but aren’t sure exactly how to do it. You need to discover exactly what’s holding you back from achieving success, so you can change it. You want to know how to make yourself (and your business) stronger. You would LOVE to get your hands on customized advice and plans for living your entrepreneurial dreams. If it does, then I’ve got great news! I’m offering a free webinar, “Which Jane Are You? Defining Your Entrepreneurial Type So You Can Recognize and Utilize Your Strengths and Overcome Your Challenges,” on Wednesday, July 28 at 3 p.m. Eastern. During this webinar, I’ll give an overview of the five entrepreneurial types my research has revealed, and I’ll go over the main challenge each faces. Then, I’ll provide advice for overcoming that challenge. If you’re ready to learn more about yourself so you can utilize your greatest strengths and overcome your biggest challenges, you won’t want to miss this webinar! http://bit.ly/byhGBM
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Posted in Trends Impacting Entrepreneurs 07.21.10 at 1:47 pm by Michele DeKinder-Smith
Once a female entrepreneur has determined what caused her to stop living her ideal entrepreneurial type, and what she can do about it, she may feel ready to begin the transition to her new ideal type. At first, the transition may seem daunting – but with the right tools, strategies and motivation, a woman business owner can conquer her fears and rediscover the success she deserves.
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. When a woman is living as her ideal entrepreneurial type, she feels satisfied, personally and professionally. This article outlines four steps a business owner must take when she is ready to make the change.
- Assess the gaps between the current situation and the ideal situation, for the business owner and for the business. If an entrepreneur has previously lived as her ideal type, then she knows what that feels like, and it will be relatively easy for her to determine the changes she needs to make to become her ideal type again, even if that is a different type than she lived as previously. Assessing the business-related gaps will determine what adaptations the entrepreneur must make within the business so that it functions as she wants it to (whether that means sustaining itself or growing).
Advice: In determining her ideal type, the entrepreneur already should have examined her own behaviors, habits and belief systems and determined which ones she needs to change to become her ideal type. Now it is time for her to begin to change those behaviors, habits and belief systems. That means that in every situation, she must choose to act like her ideal type, even when doing so feels uncomfortable, difficult or challenging. Of course, setbacks will occur as a business owner falls back into familiar habits, but over time, as she continues to act like her ideal type, she will become her ideal type. As for the business itself, the entrepreneur must find ways for it to adapt, just like she is doing. For example, if a business previously offered graphic design services only to high profile clients but is now running short on new clients and/or jobs, maybe the business owner needs to branch out and donate her services to a nonprofit organization as it launches a fundraising event. This particular job may not bring in a paycheck, but providing the service is a great marketing tool and allows the entrepreneur to use her creativity. Also, the business owner could consider calling her contacts and letting them know about promotional prices she’s offering, thereby gaining her some new clients.
- Create a plan for change. Many entrepreneurs find that creating a written plan, or “to-do” list, helps keep them motivated when they’re making a change. Writing down each step in the transformation provides an excellent visual reminder of each goal, and allows the entrepreneur to make changes and additions as she needs to. Plus, crossing off each completed item gives a business owner a sense of accomplishment.
Advice: Business owners should write down every single goal they want to accomplish, whether it’s creating a new system for office organization or designing a new company web site. Then, they should break each main goal down into smaller steps. For example, the new system for office organization may require the entrepreneur to clear out or destroy her old files, create new file folders, relocate her filing cabinet to a location more convenient to her desk, buy a desktop organizer with designated slots for incoming and outgoing mail, buy a desktop calendar, clear the clutter on her desk and empty her desk drawer. Also, business owners should always closely monitor their progress, so they can celebrate their accomplishments and make adjustments where necessary.
- Recruit a support system. No one can reach her goals alone, so business owners must not be afraid to ask for help and support in different forms.
Advice: Support systems can include several types of people: those actually doing the work with or for a business owner, those who can provide advice or resources that make doing the work easier, more efficient or less expensive, and those who can support the business owner as an individual with moral support or by holding her accountable.
- Recognize and reward hard work. As women, we beat ourselves up a lot. Every business owner deserves to recognize and reward herself for confronting her challenges head on, and for making the sometimes-difficult changes necessary to fuel their transformation. The vast majority of people perform much better when they are praised and recognized, than they do when they are afraid of punishment.
Advice: Female entrepreneurs should give themselves loving care whenever they need it, so they can keep moving forward, ever more positively, and arrive at their final destination. Whether times are so tough they need to celebrate every single phone call they made without procrastinating, or they just need to celebrate the major milestones, those celebrations are important.
Taking the actual steps to shift to an ideal situation from one that feels less-than-ideal is gratifying, confidence-building and inspiring to business owners who have experienced setbacks in their businesses. By following these four steps, female entrepreneurs will find success.
Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com.
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Posted in Meet a Jane, Merry Jane, Uncategorized 07.20.10 at 8:25 am by Michele DeKinder-Smith
Nicki Donley is the creator of the award winning MOC-Move Over Cards (Hellomoc.com). In a practical sense, her life philosophy, “Be Good to the Earth,” means helping reduce paper waste by not creating more. Her line of gift tag sets and other products do not require “throw away” envelopes and they are made from 100% post consumer recycled paper.
A mother of triplets, Nicki originally had the idea for her business while attending one of the many birthday parties to which her daughters were invited. “I saw the hosting mom pick up all the gift wrap, bags and envelopes and throw everything in the trash,” reflects Nicki. “I knew that the greeting cards I just spent $3.00 on were not far behind. As somewhat of a recycling freak, I was upset to see the amount of trash and money wasted. I knew I could create a product that would be fun, elegant and affordable and also eliminate most of all reduce paper waste. My greatest reward is when my computer notifies me that ‘you have an order.’ I love knowing that my tag packs are being used around the USA. It gives me such pride.”
After taking the free Which Jane Are You? assessment at www.JaneOutoftheBox.com , Nicki discovered that she is a Merry Jane. “I am a Merry Jane with a touch of Accidental Jane, and in the past I was a Jane Dough,” says Nicki. “My family is really the most important thing to me and I work at a full time job outside of MOC. I try (I emphasis try) to be the best mom I can be. I want my girls to understand that although things may not happen has quickly as we want them to, we can do it – it may just take a little longer.”
The advice that Nicki has for other Janes is similar to the advice she gives when asked about how to raise triplet girls: “Do not worry about what others are doing. It will happen for you when the time is right.”
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Posted in Trends Impacting Entrepreneurs 07.14.10 at 7:09 am by Michele DeKinder-Smith
“When life hands you lemons, make lemonade.” But what if a female entrepreneur doesn’t want lemonade? When changing circumstances take a woman business owner out of her ideal entrepreneurial type, she may determine that rather than going back to her previous type, she wants to move on to a new ideal. Before she does, though, she must determine what that ideal is, and whether it is truly ideal for her own situation.
Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. When a woman is living as her ideal entrepreneurial type, she feels satisfied, personally and professionally. This article outlines three questions a business owner must ask herself when she is on the brink of change.
- Is this a time for business growth, or a time to sustain? Business growth often requires more time and energy on the part of a business owner. Also, it increases the ratio of time spent strategizing to time spent creating. Therefore, an “ideal” type depends on the level of resources an entrepreneur is able to or wants to invest in her business.
Advice: If an entrepreneur doesn’t feel like she is living her ideal type, and wants to grow her business and transform into a new type, she’s probably considering becoming either a Jane Dough or a Go Jane Go type, since they generally run larger businesses. She must keep in mind that each entrepreneurial type comes with its own set of strengths and challenges, and “benefits” and “drawbacks,” which may actually be different from how the business owner perceives them. For example, Jane Dough business owners often run large businesses, run teams of people, and bring home a high income. They also work long hours and spend more time strategizing than they do creating. Go Jane Go business owners often bring in a high income and love running their businesses and giving back to their communities, sometimes feeling overwhelmed in the process.
- During this difficult time, has the business owner developed any habits or behaviors she must change or stop so she can become her ideal type? In the process of adapting to what has probably become a difficult situation, it is possible that a business owner may have developed previously uncharacteristic habits or behaviors. Maybe she has begun procrastinating because she is unhappy at work and finds it draining to deal with the problems. Perhaps she feels so overwhelmed with the day-to-day operations of the business that she has stopped communicating with her team members and/or clients. Or maybe she has completely stopped making time for herself and/or her loved ones as she struggles to keep her company afloat.
Advice: In evaluating her own behaviors (especially recently developed behaviors), a female entrepreneur can determine specific adjustments she needs to make in order to power herself into her type change. For example, if cash flow has lessened and she is feeling stressed about it, she may have started avoiding paying the bills. Not only is this behavior unproductive, but it also can put the company in danger and weaken relationships with vendors. When it’s time to shift from one entrepreneurial type to another, it is essential that a business owner be cognizant of her own behaviors and how they affect her business, so that every time a decision arises, she can act like her ideal type – that is a powerful way to create change.
- Is the business owner’s current environment conducive to productivity, in work and in personal life?
Every business owner lives in two different environments – Her physical space and the people around her. Environment dramatically impacts performance, and it is a great place for an entrepreneur to start when she is making a change.
Advice: Women business owners should consider the people around them and the physical spaces where they work and live, and then ask themselves what needs to be “cleaned up” for optimal performance. Living in clutter – physical or emotional – drains her energy. Female entrepreneurs should consider these actions when wishing to modify their environments:
- Organize and clean up messy desks or office space.
- Hang inspiring artwork in the office.
- Ensure that all office furniture is comfortable and that tools are in easy reach.
- Use color to create the right mood.
- De-clutter everywhere, even the house and the car.
- Eat healthy foods that boost energy.
- Limit or eliminate time spent with negative people and naysayers.
- If eliminating time with negative people is impossible, set clear boundaries, such as making “worrisome”
topics off-limits for discussion.
- Meet and become surrounded by positive, inspirational people.
- Create or join a mastermind group (people interested in supporting each others’ success).
When life hands a female entrepreneur lemons, she doesn’t have to make lemonade – she can make anything she wants. By asking herself the right questions, and answering with her heart, she will be able to follow the recipe for her ideal type – and new success.
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Posted in Jane Dough, Meet a Jane at 3:07 am by Michele DeKinder-Smith
Usually we introduce our Meet a Jane, but Ruby has her own introduction that we just can’t beat, “Hey ya’ll, my name is Ruby Aguilar and I am a Lupus survivor.” Although she is employed full-time in the healthcare industry in Texas (hence the “ya’ll”), she has concurrently developed Living la Vida Lupus (www.livinglavidalupus.com), a website that documents her transition from employee to entrepreneur. “I invite you to join me as I proceed on this journey because it isn’t just about me transitioning,” says Ruby, “it is about my mission to promote Lupus awareness and help others with autoimmune disease or any condition that makes losing weight and exercising a bit more challenging.” To support her goals and those of her clients’, Ruby has become a Zumba Fitness fan, a Zumba instructor, a Certified Group Fitness professional, and a Certified Personal Trainer.
Ruby started her business after experiencing what it meant to be an advocate for herself, then realizing that others may need help with the same issues she was facing. “I was diagnosed with Lupus in April 2002. At that time, I believed my diagnosis was a death sentence. I read in a book while in the hospital that the life expectancy after a lupus diagnosis was about 10 years. I still replay in my mind when my Doctor told me I wasn’t a candidate for a lung transplant. Time eventually passed and proved that there was no death sentence. What we know about Lupus has come a long way.” Entrepreneurship comes naturally to Ruby. “I really think I was born with a ‘be your own boss’ gene. My husband says I just don’t want anyone else to tell me what to do, but on close examination, I think it is because I have a passion to step out into the world instead of being confined to a cubicle. Well, I still have a full time job and my business has really just sprouted wings in the past few months. A business that reflects your passions brings bliss into your life! It makes me ‘smile’ to skip along the path to full-blown entrepreneurship.”
After taking the free Which Jane Are You? assessment at www.JaneOutoftheBox.com, Ruby discovered that she is a Jane Dough. “Can you say $$$ Ka-ching $$$? As I am thumbing through my copy of Michele DeKinder-Smith’s book, See Jane Succeed, almost everything in Chapter 6 describes me. I sometimes feel a little weak in the ‘Being confident and going for it,’ category, but I am pushing myself out of my comfort zone. I also find that over the past few months I have been implementing many of the strategies in Chapter 7. If you’re scratching your head wondering what the heck is in Chapters 6 and 7, then you really need to ‘read the book.’ I see myself in ‘all’ of the Jane Types every day. I met Michele at a business women’s conference in Houston last October, I actually purchased the second copy of her book ever sold at that conference. At first glance I thought I was a Merry Jane, but after taking the assessment I discovered my true identity – Jane Dough. Wow, what a revelation! No wonder I was adrift in a ‘wave pool’ of entrepreneurs on the hottest day of the summer! Before reading the book, I didn’t even know who I was, just that I wanted to earn money doing self-fulfilling work. Something that would make me look forward to getting up in the morning. Something interesting that could make me lose track of time. Something like ‘first love.’”
Ruby’s advice for all Janes is simple. “All you wonderful Janes out there, you absolutely must discover your passion instead of just latching on to some idea or product you think will make you the big bucks. Take time to smell the roses. Find your true niche. Seek out a few trustworthy mentors. For several years, I was treading water – and I still would be – if had not stumbled on this formula for success.”
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