What's Your Pocket Rocket? 5 Fast Fixes for Your Inner Entrepreneur
Last week I got an email from Heather at No Pasa Nada asking to interview me for BlogHer. Each time I see Heather it's under extreme circumstances. Like at The People's Party or some other insanity at BlogHer. I'm not sure we've ever had a conversation in person longer than, "Oh, hey!!" or at a voice level quieter than the raucous Mardi Gras-style party. That was last year. This year's BlogHer may be no different, but even if it's just another conversation in the bathroom (like the one I had with The Bloggess last year) we're going to make something happen.
So, Heather wanted to interview me for her BlogHer column, of which she is the Queen (aka Contributing Editor). Which was exciting. Heather asked me about how the economy has impacted business. She asked about how I handle accolades. She asked awesome questions. I wanted to add on to the interview because I've gotten a few follow up emails asking for more.
So, in addition to the interview, I give you more bang for your entrepreneurial fanny pack. Just a coupla five things I've learned from never having a real job (except for that one in Japan for a few months). When I wasn't busy being a student, I've been busy learning to be an entrepreneur. It's a work in process.
1. Do good AND do well
Lose the notion that doing good and doing well are mutually exclusive. Too many women believe that the only way they can make a contribution to society is to live like Mother Teresa. There's no crime in making money while you serve others. Use your money to do good. - Nice Girls Don't Get Rich by Lois P Frankel, PhD
Holy smokes, what a relief it was to read that! You mean you can do good and do well? Well, yes. You can.
And if you give your time to causes that pay you you'll have more money to give to causes you love. See the circle of giving? Alright, I'm not going to go all spiritual here, but the point is, you can stick to your guns and develop pricing and what you'd like to get out of the deal. Number one thing I hear when talking with other women entrepreneurs? I don't know where to start! Number 2? I don't know what to charge!
Answer questions one and two before opening your business. Not after. Trust me on this one.
2. Ask more questions
I recently opened a new business account. The last one I had ended up being a money suck. Rates were jacked up out of the blue. Hidden fees assessed willy nilly. This time, I'm not going to let that happen. I pummeled the woman handling my account with questions. Before I opened it. I asked her:
- What, if any, are the hidden account fees?
- Can I hook my account up to QuickBooks? Is there a charge?
- Who can I talk with on a regular basis to monitor the health of my accounts?
- How secure is your online banking? What kind of encryption do you use?
- Can I get one of those pretty picture Visa business credit cards?
(Yeah, that last one. I really did ask. And I asked a whole lot more. She seemed overwhelmed. I can't say this loud enough: overwhelm people with your questions!)
3. Make it legit
Making your fledgling company legal in the eyes of the tax people probably sounds like a pain and a hassle. It is neither. It is a pain and a hassle if you run into trouble. (Two resources I've found to be helpful with understanding the steps to legitimacy: Entrepreneur.com and SBA.gov)
4. Don't compare, dumb down, minimize or otherwise tiny-fy yourself
This is huge! Even if you're a micro-brand, even if your product is "tiny" or "just starting out," the level of confidence with which you talk about what you do is the level of confidence your buyers have in your. Forever and ever, amen.
Perhaps because it is a micro-brand it is just that much more special. Think about it. You can't buy it in a big box store. It's not mass produced. Bottom line: it's unique. The more one-of-a-kind, the more you can charge.
5. Invest in a USB-powered glitter pocket rocket
You may think this is a joke. It isn't. Surround yourself, your workspace, with the elements that make you happy. This is for your long-term health. It's easy to burn out as an entrepreneur. If you surround yourself with the things (and people) that encourage you to grow, you'll grow. So ask yourself: what's your pocket rocket?
Speaking of BlogHer. If you're in the Denver/Boulder area and want to join us tomorrow for a BlogHer pre-meet & greet, please do. Would love to compare notes on your (inner) entrepreneurial experience!
Friday, June 19, 2009
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Reader Comments (2)
Wonderful advice... and I love the interview. I appreciate your willingness to explore the many issues that women entrepreneurs are and will be confronting as the world of social media continue to evolve.
Great advice esp #1 and #4!
And I love that I got to *see* the rocket! It was great meeting you on Saturday, Gwen!