For Las Vegas entrepreneur Richelle Shaw, dating three men in three cities didn’t add up to a winning proposition at first. No, this isn’t a Sex and the City rerun; it really happened and, after a few major bumps in the road, there is a happy ending.
Forty-year-old Richelle Shaw has a green thumb when it comes to turning a company into a mega-success. And it doesn’t matter if it’s a business she owns or someone else’s. For starters, finding out that more than 300,000 Americans lose their phone service each month because of missed payments was the premise for Shaw’s company.
As fate would have it, she built a multimillion-dollar company, and nowadays many fledgling entrepreneurs have her to thank for turning their businesses around. How-to advice can be found in her book, “How to Build A Million Dollar Business in Las Vegas Without the Casinos,” or you can check out Shaw’s coaching program. To read a free chapter of her book click here: FREE CHAPTER
No, this isn’t a sneaky sales pitch because Shaw isn’t your run-of-the-mill entrepreneur who turned to coaching to make a living. Quite the opposite, this single mom is incredibly successful in her own right and has a passion for helping others attain fame and fortune.
If you read the answer to the first question I asked her, you might be as curious as I was. And it takes a lot to get my attention. Bottom line, I just had to know. How can I be like Richelle?
Your six-employee firm reached $2.37 million in sales last year, what inspired you to start your company?
SHAW: I am the only female African-American public utility in the nation. I own FreshStart Telephone. I was dating three men in three different states and had a high telephone bill. I was selling advertising, and the vice president of a local telephone company asked me to come and work for them. I did–was promoted six times in five years and grew the company from $300,000 to $36 million. I ended up buying the company from my boss. Lost it all after the 9/11, World Trade Center tragedy and rebuilt it back to $1 million in about six months.
What is unique or special about your business that gives it an edge over your competitors?
SHAW: I understand how to market. The customers drive my business. Actually, the results from marketing campaigns drive my business. Not what I think, not what my friends or staff think.
Recent breakthrough?
SHAW: I understand that what I did was unique, and it was actually a template for business building. People kept asking me how did I do it, and I started coaching and consulting entrepreneurs to do the same things. The best thing is that now I have consulted with entrepreneurs in more than 47 different businesses and determined that no business is different. My strategies and techniques work for any kind of business.
Were there any challenges that you experienced along the way that appeared to be more difficult because you are a woman?
SHAW: When I first decided to buy the business, I went to SBA. I was approved based on my credit and experience; however, they did not like the business. SBA told me that I would never be able to compete with AT&T. Eight years and almost $100 million in sales between the two companies, I think I learned how to compete. Also, I found a venture capital group [that] was going to give me $5 million; they asked for an engagement fee of $75,000. I wired the money and never heard from them again. Just dumb! So when I bought the company I had to start with no money in reserves. I created a deal with my boss to finance the company with receivables, but I had to get new business fast. We sold off the less profitable divisions and laid off staff to make it work. Then, after 9/11, I was forced to start over. This time, with no customer base that I could leverage, no cash and no credit because I had to file bankruptcy; so I had to use my creative sales and marketing skills to rebuild. The best thing to ever happen, because when things turned around, I did not owe any loans or half of my company to any other investors. Were these challenges because I was a woman, I am not sure, but they were difficult.
Did you need to have a certain mindset to achieve success?
SHAW: I have had every obstacle I think there is, including being diagnosed with a pulmonary embolism. I tell entrepreneurs when I speak that I was young (27), black, female and a little chubby. What did I have to lose? I just kept my head down and kept working. Even after I lost it all. Was it hard? Yes. Did I cry? Yes. Did I stay in the bed for a week? Yes. But then my mind started working again, and I went back out there to put another deal together. I also became a true student of marketing. Not the kind they teach in college. . . . Funny story:
Went to UCLA and graduated with a history degree. So after my business failed, I thought maybe it was because I did not have an MBA. So I enrolled at UNLV for classes. Because I had no business classes, I had to take basic business classes. At the time I owned workz.com that I purchased out of bankruptcy court, and it contained [more than] 4,000 articles about small business and how to grow online. Back to UNLV, I opened the textbook and went to the internet section and it said–a great place to find resources and information about starting a business online is workz.com. What? The same website I owned, in the textbook? I decided that as an entrepreneur I could now focus on what works, allow the results to rule (not the textbook) and keep doing what I had been doing.
Has the media picked up on your story and what have you done to attract them?
SHAW: Yes, I have been featured in USA Today, Wells Fargo Online, Black Enterprise, Entrepreneur and Smart Money. Then, after USA Today and Smart Money, I began to write my book, “How to Build A Million Dollar Business in Las Vegas–Without the Casinos.” It is about my successes and failures building my business, and a step-by-step guide to build a business from scratch without money, without a big client and the essential fundamental skills to make it work every time.
Can other individuals reproduce your business model?
SHAW: Yes, absolutely. They can reproduce the business model even if they are not in the telecom industry. I have helped entrepreneurs including a performing arts school, a gynecologist, urologist, music store, CPA, solar screen provider–even a psychic!
What resources were most helpful to you when you were starting your business?
SHAW: Lots of books! I read daily. Lots of marketing books–anything by Dan Kennedy. The Ultimate Marketing Plan is my favorite.
What ways have you found to be most effective in marketing your product or service to get sales?
SHAW: I practice what I call the 5 Star System. It starts with the three R’s. Reactivation, Retention and Referral. Each one of these has a system to bring in business daily. The fourth piece of the star system is new-client acquisition through lead generation, and the fifth piece is a multi-media marketing funnel.
I don’t just do one thing. I don’t know one way to bring in 84 customers but 84 ways to bring in one. Currently in the telephone business I have 84 ways to bring in a new customer. From joint ventures with bankruptcy attorneys to charity events. It all works. What took my business from ordinary to extraordinary was when I implemented them all at the same time each month. This is what I teach business owners to do now.
What tips can you give others who want to embrace their dream but don’t have the confidence or who feel they don’t have what it takes to succeed?
SHAW: You have nothing to lose! If you are waiting for the perfect time, perfect never comes. I was waiting for the perfect time to have a child and it never came–but I was blessed when I least expected it, and everything is just fine. The same with the business. Just start! Every day you wait, you are losing money.
As you know I love getting feedback, so let me know how Weekend Entrepreneur can continue supporting your goals and aspirations with the best content around.
God has Ten Commandments and, unbeknownst to me, George Carlin made his own list of commandments or, shall we say, rules to live by. After reading one of Carlin’s quotes: “Life is not as difficult as people think; all one needs is a good set of rules,” I eagerly did some research in hopes of finding his “rules.” I knew they would be special and they are, so of course I’m sharing them with you.
Without question Carlin was and will continue to be one of America’s favorite comics. His unique sense of humor defied comparison. He thrived on poking fun at taboos and was a master at wordplay. His fans loved him and his peers worshiped him.
“CARLIN’S COMMANDMENTS”
(15 RULES TO LIVE BY)
1. Relax and take it easy. Don’t get caught up in hollow conceits such as “doing something with your life.” Such twaddle is outmoded and a sure formula for disappointment.
2. Whatever it is you pursue, try to do it just well enough to remain in the middle third of the field. Keep your thoughts and ideas to yourself and don’t ask questions. Remember, the squeaky wheel is the first one to be replaced.
3. Size people up quickly, and develop rigid attitudes based on your first impression. If you try to delve deeper and get to “know” people, you’re asking for trouble.
4. Don’t fall for that superstitious nonsense about treating people the way you would like to be treated. It is a transparently narcissistic approach, and may be the sign of a weak mind.
5. Spend as much time as you can pleading and impressing others, even if it makes you unhappy. Pay special attention to shallow manipulators who can do you the most harm. Remember, in the overall scheme, you count for very little.
6. Surround yourself with inferiors and losers. Not only will you look good by comparison, but they will look up to you, and that will make you feel better.
7. Don’t buy into the sentimental notion that everyone has shortcomings; it’s the surest way of undermining yourself. Remember, the really best people have no defects. If you’re not perfect, something is wrong.
8. If by some off chance you do detect a few faults, first, accept the fact that you are probably deeply flawed. Then make a list of your faults and dwell on them. Carry the list around and try to think of things to add. Blame yourself for everything.
9. Beware of intuition and gut instincts, they are completely unreliable. Instead, develop preconceived notions and don’t waver unless someone tells you to. Then change your mind and adopt their point of view. But only if they seem to know what they’re talking about.
10. Never give up on an idea simply because it is bad and doesn’t work. Cling to it even when it is hopeless. Anyone can cut and run, but it takes a very special person to stay with something that is stupid and harmful.
11. Always remember, today doesn’t count. Trying to make something out of today only robs you of precious time that could be spent daydreaming or resting up.
12. Try to dwell on the past. Think of all the mistakes you’ve made, and how much better it would be if you hadn’t made them. Think of what you should have done, and blame yourself for not doing so. And don’t go easy. Be really hard on yourself.
13. If by chance you make a fresh mistake, especially a costly one, try to repeat it a few times so you become familiar with it and can do it easily in the future. Write it down. Put it with your list of faults.
14. Beware also of the dangerous trap of looking ahead; it will only get you in trouble. Instead, try to drift along from day to day in a meandering fashion. Don’t get sidetracked with some foolish “plan.”
15. Finally, enjoy yourself all the time, and do whatever you want. Don’t be seduced by that mindless chatter going around about “responsibility.” That’s exactly the sort of thing that can ruin your life.
Don’t ask me what happened because I don’t know. But today, June 26, 2008, I was planning to watch Suze Orman on The Oprah Winfrey Show, and I missed it. In case you missed her, too, I heard it was “must see TV” at its best.
Besides the fact that the show was great, there is a freebie–yes, that’s right, a free gift you can get if you go to Oprah’s website. However, you’ve got to go there before the free book giveaway expires. My dear friend Nita, who called me, says the deadline to get your free book in English or Spanish is Friday, June 27 at 5 p.m. Pacific Time (8 p.m. Eastern and 7 p.m. Central).
Now before you get all excited, this is a downloadable book. So you don’t have to worry about peeking out of your window to see if the cute UPS guy is delivering a copy of Women & Money to you. LOL. Although if you like instant gratification, you can have it if you are reading this before the deadline. I already got my free copy and what I loved is that you don’t have to give your e-mail address to get your copy, just click and voila! It’s on your desktop.
By the way, I just happened to notice a little note on Oprah’s website that says:
“This book is copyrighted. You may view and download the file, but you may not copy the file or share or forward it to any other person.”
Have fun reading Women & Money: Owning the Power to Control Your Destiny by Suze Orman. You’ll see why this is one of The New York Times bestseller favorites. Click here to visit Orman’s website.
In case you got here too late, my friend Chellie has a freebie… check out http://www.chellie.com/30-day-signup.html. Several of my friends missed the deadline and I felt bad so Chellie’s book will be our plan B.
Cheers!
Michelle
“Take care of the minutes, for the hours will take care of themselves.”
~Lord Chesterfield
Breaking free of the monotony of a 9-to-5 job may not be a piece of cake for most of us. But Pamela Slim is elated that she secured a nice little niche for herself around the concept. Already her popular blog, Escape From Cubicle Nation, has spawned a book by the same name, but you’ll have to wait until spring 2009 to read it.
Slim has trained with “the best-known life coach in America,” New York Times bestseller and O Magazine columnist Martha Beck. She is married with three kids and lives in Mesa, Arizona. “Entrepreneurship at its heart is aligning your purpose for being on earth with a business idea so compelling that you simply must do it, despite the fears that hold you back,” says Slim.
A pro at helping wannabe entrepreneurs jump ship, Slim took a little time out of her extremely busy writing and coaching schedule to talk about her journey. Role model?
Slim: I love my mentor, Martha Beck, for her great contribution to the coaching field through a number of books (Finding Your Own North Star, Steering by Starlight) and ongoing magazine articles (O Magazine). I love how she makes writing a key part of her business, as well as how she truly lives her coaching principles.
Personal mantra?
Slim: If it tastes like liberation, it must be a good direction.
When did you start your business, and what inspired you to become an entrepreneur?
Slim: I started my business in 1996. When I first got into consulting, I thought I was just doing project work between jobs. But as soon as I started working for myself, I got lightening bolts of inspiration and realized I was made to be an entrepreneur. I have never looked back!
What tips can you give others who want to embrace their dream but don’t feel they have the confidence to move forward?
Slim: Creating an ideal life out of a place where you feel very stuck is a series of very small, incremental steps. Don’t worry about getting an entire business model designed and launched; do one small thing and see how it feels. When you get positive validations that a. You are capable of doing new things and b. It is possible to make progress, you get energy to continue the journey.
I also encourage people to develop a circle of supportive friends and mentors. If you try to do everything alone, you will feel very scared and unsure of what you are doing. By connecting with people on blogs, Twitter, social networking sites and plain old in-person networking events, you will gain courage.
Tell us about your product and what it was like to take an idea from concept to getting it up and running?
Slim: My business has changed since I first started it 12 years ago. I started as a consultant to large corporations, in the areas of training and development, management coaching and marketing communications. I got immediate validation that I could succeed as a consultant the first year I was in business when referrals started to come from my clients. In the almost 10 years that I did consulting, I never made a cold call.
In the most recent iteration of my business, I offer three things: coaching sessions for individuals, training for other coaching and entrepreneur companies and writing. I knew there was a market for my coaching when my blog really took off. Clients came calling without any effort, all attracted by what I was writing about.
Have you noticed certain advantages to being an entrepreneur versus having a day job?
Slim: It has been so long since I had a day job I can hardly remember. The advantages of being an entrepreneur are so many. Primarily, working for myself fits who I am as a person. I like flexibility, creating new things and not being stuck doing the same thing for a long time. I also have loved being able to flex my business as my life changes. I have had two kids in the last three years, so I was able to totally change my business model in order to work much less and stay home instead of travel the world. All this without having to have painful negotiations with my boss.
How long did it take before your business became profitable?
Slim: Mine was profitable the first month. Knowledge-based businesses are so much easier than those with great infrastructure costs!
Were there any challenges that you experienced along the way that you had to overcome?
Slim: I have had to overcome a lot of challenges. When I first started, I felt I was so green that I didn’t always have the answers my clients were looking for. I soon learned to rely heavily on mentors and to only worry about the project in front of me. As I completed more and more successful projects, I gained confidence.
When I started my coaching business, I had to learn everything about internet marketing from the ground up. None of my clients came from personal relationships as my consulting business had. So the learning curve was steep!
Can you share a few resources with us?
Slim: I love Robert Middleton’s site, actionplan.com. He focuses on independent service professionals like myself, and has wonderful information about creating a marketing program. I also often recommend startupnation.com to new entrepreneurs, as it has a wealth of great, free information.
This company made it to “Your Business” on MSNBC. Do you think it has what it takes to get investors to buy into the business? See what Daymond John and Phil Town have to say. Feel free to click on “comment” below with your thoughts and feedback.
It’s amusing to me how the terms “early adapter” and “early adopter” are often misused and confused. Here’s my take on it. If you were one of the Harvard students who initially used Facebook, then you’re an early adopter. You’re the first to ever use Facebook. (”Adopt” definition: “to take up and practice as one’s own”). It started on Feb. 4, 2004, when a Harvard student named Mark Zuckerberg launched Facebook, which was limited to Harvard students.
Fast forward to 2006. Facebook spread to other college campuses and, in September of that year, it was accessible to anyone with an e-mail address. Those people were the early adapters because they took it and adapted it to their own needs and interests.
Don’t laugh at me because I don’t fall into either category. Let’s just say when it comes to technology, I’m a late bloomer. But I’m willing to learn. Over the weekend I officially activated my Facebook page. Here’s the irony: I don’t recall ever signing up for Facebook but I guess I did, because my dear friend Michelle told me she helped me. And to my amazement I logged on and there was my Facebook page with a picture of me and, even more shocking, I discovered several people who had invited me to be their friend.
A producer sent me a note last August after I was a guest on her radio show. Which reminds me: Before any of this started, I received a Facebook e-mail invitation from talk show host Rolonda Watts. Now this one had me totally perplexed because I couldn’t figure out how I got invited, so I just left the e-mail sitting there. Honestly, I was speechless. Watts and I have a few mutual friends, but since I didn’t know how Facebook worked until now, I couldn’t respond.
It didn’t take me long to start checking my Facebook account, and I have 50+ “friends.” I discovered that Rolonda Watts has 436 friends, and NewsMax journalist James Hirsen, whom I know from my days of producing the “Dr. Laura” show, has 2,711 friends. Also, I located my former Entrepreneur.com editor Francine Kizner, and she has 401 friends. A week ago I didn’t understand the value of Facebook. No way could I connect with this many people in such a short period of time, unless I were at a party.
Over the past few days I have found myself entering a few names of friends and associates. It’s a cool way to connect, see their faces, send little notes back and forth and meet new people to network with.
If the Web 2.0 bug hasn’t bitten you yet, it might be time to check out a new sandbox. And if you don’t know what Web 2.0 means, I won’t tell anyone. But you may want to check out the explanation on Wikipedia. Facebook is far more popular than I had ever imagined. More than eight and a half million pictures are uploaded onto Facebook daily, and it has about 42 million members worldwide.
I’m new at Facebook, so if you have any tips, I’m all ears! And if you’re a newbie like me, let’s learn together.
A year ago blogging was the last thing on my mind. Believe me when I tell you, I was clueless. So you live, and you learn. Who knows what the heck I’ll be doing next year. But if we’re hanging out on Facebook, it will be a lot easier to get the word out about new trends that are going on. Hey, I just thought about someone else I’m going to try to locate on Facebook tonight: Richard Laermer. His new book is called “2011 Trendspotting For The Next Decade.” This Facebook thing can get pretty addicting.
Feel free to introduce yourself to me on Facebook and let me know that you read my blog. I’ll be back to write about my adventures with Facebook real soon.
When it comes to women and business loans, Sue Malone, president of Strategies for Small Business, is on a mission–and her six-year track record proves it. She says, “I understand women and their needs, and that is why I am the largest SBA provider to women in the nation, including all of the lending programs by SBA–24 percent of all SBA loans are to women.”
Malone is dedicated to the small businesses of this nation, and she has funded 22,000 of them. It just seemed right to ask Malone a few questions that would give us an insider’s prespective.
Many of the women I have interviewed here at Weekend Entrepreneur have decided not to use a bank loan to get their home-based business up and running. What are your thoughts, and is this a trend?
Malone: As a general proposition, women-owned businesses are well-planned and quite fiscally sound. In my experience, after working with thousands of such enterprises, they tend to be much more organized and confer more due diligence than others. Like any business, they first seek financing through family and friends, followed by refinancing their homes.
At that moment in time, the business will typically finance through credit card debt. Unfortunately, they do not realize these debt tools carry high interest rates and fees that substantially add up each month. This can really dampen cash flow.
When this is exhausted, they take a deep breath and walk into their local bank. This is when they run into their first major fiscal impasse. When they do not receive the funds requested, their plans and opportunities can stall. They either give up or limp vigilantly forward.
I have noticed there is, in fact, a trend away from traditional financing through local banks. The real question is, why? It is seldom a factor of interest rates because unsecured business loans are well below credit card rates. It is because of the traditional conservatism of banks toward new businesses. They typically require security (first and seconds deeds of trust with adequate equity), rigorous credit, and financials and detailed business plans. Many will not even touch a business until it has been operating for a profit for four or more years.
Also, women have been told “no” by so many bankers they are very shy about approaching them–even though the fastest-growing segment of small business owners is women! One day the banking community will realize who its market truly is.
What amounts do you typically loan to business owners?
Malone: The average amount is $15,000, which in today’s market is a monthly principal and interest payment of $189. This is without any prepayment penalty, and they can come back in six months and request another full $25,000 without paying off their first loan.
What do you charge for that loan, and what is the interest rate? Malone: There is no collateral, no tax returns or business plans. This is an unsecured business loan, which means the loan is in the business name. The interest rate is prime plus 4.5 percent. The program has been around since 1995, and this is the lowest it has been due to falling interest rates.
What are the types of loans that you provide called?
Malone: SBA Community Express.
Are these loans at risk of becoming extinct soon?
Malone: Sadly, yes. As of Friday, May 16, the U.S. Small Business Administration has placed caps or limits on the number of loans this program can fund. The SBA has finally delivered a product that is low on paperwork, simple, quick and at low rates. It now decides to limit it! As an example, the average number of monthly loans before the cap in FY 2008 was 800 from the top six lenders. After the cap, it is approximately 200 per month. The SBA has all but shut down the program. These loans are targeted to women, minority and veteran-owned businesses and carry with them free technical assistance.
Please contact your senator and urge [him or her] to enact H.R. 1332, which would make the program permanent and remove the caps. This bill was approved by the House by a vote of 380 to 45 on April 25, 2007, and has been with the Senate Committee on Small Business ever since.
What are the biggest challenges that entrepreneurs have when it comes to getting a loan, and what do you offer that is different?
Malone: The biggest challenge is the traditional reluctance to loan to small businesses, startups or home-based businesses. This has become even worse lately. Some banks have stopped making loans to small businesses. We offer a totally different perspective. These loans are specifically targeted to small businesses, including startups. It is the SBA’s way of engendering more small business success because of the large number of businesses being created each month.
Let me give you some statistics. In early April 2008, the Labor Department announced that the economy lost another 80,000 jobs in March. This brings the tally in the first quarter of 2008 to total job loss of 232,000. From 2000 to 2005 the number of non-employer businesses grew by more than 900,000 per year. This equates to almost 78,000 new non-employer businesses launched.
It is evident from the above that the new net jobs created in the United States during this period stem from self-employment. This punctuates the importance of small businesses as an integral part of the U.S. economy.
With this in mind, here are some interesting statistics:
95.1 percent of all U.S. businesses are micro-businesses, firms with 10 or fewer people, amounting to 25.1 million firms.
77 percent of all U.S. firms are non-employer businesses, mainly firms with no employees.
What is the default rate?
Malone: Community Express is also successful from a fiscal standpoint. For FY 2002 through 2007, the delinquency rate was only 7.8 percent.
How long do they have to pay your company back?
Malone: The loans are principal and interest fully amortized over 10 years. However, there is no prepayment penalty and they can be paid off earlier.
Are there businesses that you cannot fund, and why?
Malone: The SBA has strict eligible business requirements. Some of the businesses that cannot be funded are: nonprofits, speculative real estate, a business where you are handling your own investments, gambling and businesses of a religious or sexual nature.
Any tips for a business owner who has a low FICO score or a bankruptcy?
Malone: One of the factors in processing the loan is credit standing. It requires satisfactory credit. Our lender does loan to bankrupt individuals, as long as they meet three requirements: 1. The bankruptcy has been concluded, 2. [The individual has] re-established credit, and 3. There is a satisfactory payment history after the discharge.
Favorite community/philanthropic project?
Malone: I have had the pleasure of being involved with fundraising through the American Cancer Society for almost 15 years. I have piloted the first ever for-profit/nonprofit collaboration [that] donated its income to charity–in this case, a Dreyer’s Ice Cream parlor used for inner-city youth programs. As co-chair, I was a successful in raising $800,000 in one night at a cancer league fundraising dinner in Oakland, California. I have been on the National Gala Cancer Society Task Force for the last six years and we have been responsible, in the aggregate, for raising approximately $25 million for cancer research and prevention.
Your mantra?
Malone: Never, never give up, and always believe in yourself!! If you do not do it, someone else will.
Recent breakthrough.
Malone: The breakthroughs have been almost continuous. Every week, I am opening up new geographical areas and trying to serve different groups of people.
Role model?
Malone: Golda Meir, Margaret Thatcher. Both proved women are true leaders. Katherine Hepburn because she believed in herself, and any woman who seizes the opportunities which life brings.
What’s next?
Malone: Save the program and make it permanent. Then make it available to more and more businesses.
Hello, Michelle Anton here. This Friday, April 18, is BiGIDEA Day in Austin, Texas, and yours truly will be there. If you attend, you’ll be a part of my 90-minute interactive workshop, “Your Million Dollar Message.” It is designed to help you define your unique message. You’ll learn the secrets to effortlessly create advocates, believers, supporters and followers. Doors open at 8:20 a.m. for breakfast, and my workshop begins at 8:40 a.m.
Next on the agenda at 11 a.m. is the BiGIDEA Day luncheon. I am the keynote speaker and emcee, so I hope you’ll join me and the BiGAUSTIN family for an entertaining and exciting experience. This is where we borrow a page from American Idol in selecting a winner for the business plan contest. Three companies will be judged, and $5,000 will be awarded for the best business plan.
Finalists will be voted on by the audience, and the winner will be announced during the BiGIDEA Day luncheon, where more than 500 community supporters, corporate leaders, entrepreneurs and government officials will be in attendance. We’re going to have a wonderful time, and I wouldn’t want you to miss this for anything in the world.
For more details, call the Big Austin office at (512) 928-8010 or visit the BiGAUSTIN website.
About BiGAUSTIN:
BiGAUSTIN was founded in 1992 by Jeannette Peten as a city-funded organization designed to help break down the barriers for people to start their own small business, particularly low- to moderate-income minorities. In 1995, BiGAUSTIN obtained its 501(c)(3) nonprofit status and, by 1996, had begun independent operations. Today, BiG obtains its funding from a variety of public and private sources and is governed by a fully independent board of directors.
Vision BiGAUSTIN fosters economic development as the resource for small businesses to stimulate prosperity.
Mission BiGAUSTIN assists small businesses to successfully grow by providing comprehensive education, tailored business counseling and flexible loans.
Four moves, two babies and a personal illness didn’t deter this woman from pursuing her dream of being a successful mompreneur. So if she can do it, what’s stopping you?
When Debbie Savage combined her love, heritage, fashion and babies into a jewelry company, the unexpected happened. Her company,Baby Emi Jewelry, which she affectionately named after her oldest daughter, landed on the pages of InTouch Magazine and on the Celebrity Baby Blog. Why? Because her Cambodian Jingle Bells anklet was recently sighted on one of Hollywood’s cutest babies!Photographs featured Heaven Rain, daughter of Brooke Burke and David Charvet, wearing Baby Emi Cambodian Jingle Bells jewelry at her mommy’s baby shower in Beverly Hills. Other sightings include The View’s Celebrity “Bump” Bag, when the producers televised a baby shower for co-host Elisabeth Hasselbeck and at the MTV Movie Awards Celebrity Gifting Suite.
Savage has generously shared how she kept going when the going got tough, the turning point for her business and the people and values that inspired her to get started. And although Savage’s tagline is, “Glamour for pint-sized people,” she’s not just another pretty face on the fashion scene. Savage is on a mission to help others by giving back to organizations that help children in need. Words she lives by: ” ‘Pay it forward baby!’ That is our motto here at Baby Emi Jewelry because we sincerely believe that giving back is the best reward in life.”
When did you start your business and what inspired you to become an entrepreneur?
Savage:Baby Emi was started well before its online storefront graced the web. It took a few years to create the business and, finally, when the timing was just right, Baby Emi launched in April of 2006. My passion to become an entrepreneur was instilled by my mother.She nurtured an ability and confidence to grasp the impossible and do all in your power to make it happen. My source of inspiration was the birth of my daughter Emi and our rich Cambodian tradition of baby jewelry gifting.
What tips can you give others who want to embrace their dream but don’t feel they have the confidence to move forward?
Savage: You will never “fail” if you try. I do not feel like I have lost when I have given an opportunity a chance. My belief is that if you are scared about doing something, you must do it. To gain confidence and experience you must go through the experience. And allow the stress, mistakes and disappointments in running a business benefit you by providing wisdom and a clear vision of what you are and what you represent. It is overcoming these bumps in the road that empower us to feel confident in making better choices.
What gives you the edge over your competitors?
Savage: Our flagship product is our Cambodian Jingle Bells jewelry. My daughter was given her first set of Jingle Bells anklets at her Cambodian baby blessings. The fact that my family is from Cambodia and I am selling a product that honors a tradition of ours that has been passed down by the generations tells an amazing story that provides Baby Emi a depth and familial connection that sets us apart.
Tell us about your product and what it was like to take an idea from concept to getting it up and running?
Savage: I am a jewelry designer. The concept of Baby Emi in its infancy stages was created in 2002. It took three solid years before my online boutique launched in April 2006. During that time I was researching the craft, jewelry designs, business logistics and competitors. Also, I was making jewelry prototypes and building the site. It was a lot of work between getting pregnant twice and giving birth, going through four moves and personal illness.
Was there a turning point for you when you knew you could succeed with your business idea?
Savage: It was not until I had a breakthrough conversation with one of my dropship account owners. Not only is she a dear friend but also a profound business mentor. I was feeling discouraged and wanted to see Baby Emi grow in leaps and bounds. A suggestion that she made was to find a way to make my business different from my competitors. I realized that I started this business because of my culture’s tradition to gift babies with jewelry. It was then I realized I must sell Cambodian baby jewelry. And since we added our Cambodian Jingle Bells anklets and saw the success of it through press and celebrity gifting, we knew we were on to a business concept that had depth and longevity.
Have you noticed certain advantages to being an entrepreneur versus having a day job?
Savage: At my past day job I often found myself thinking about my family.The things I wanted to do with my family.And as an entrepreneur, I am “home” with my family, and it is wonderful!
How long did it take before your business became profitable?
Savage: Baby Emi will be 2 years old at the end of April. So we are very new. It is my third baby. I have not financed my company. In the beginning we were paying for it personally. And now the business is running on its own. Every “profit” that we do see gets put right back into building the business. However, it wasn’t until a year and a half [after] its launch that I felt happy with the sales it had been generating. All great things take time!
Were there any challenges that you experienced along the way that you had to overcome?
Savage: Oh, my goodness, have there been a lot of challenges–like finances, time, personal illness, etc. The only thing I could do while facing these obstacles is pray and keep moving forward, keeping my eye on the vision of my business.
Did you have a mentor?
Savage: Yes, I do have a mentor. Many actually that have helped me during certain points of my business.But my greatest mentor is the woman who reached out and asked if she could carry my jewelry, and that is Heather Ledeboer of Mom4Life.com.
What’s next?
Savage: This is the fun part!We are currently in the process of launching our Cambodian Jingle Bells anklet on a national wholesale level. This has been a very exciting and stress-inducing project. We are working with international manufacturers, domestic gift box manufacturing companies, web designs, print designers and business colleagues to get this baby ready. My ultimate goal is to have our Cambodian jewelry sold in every trendy baby boutique across the U.S. and in high-end retail shops like Nordstrom and Saks Fifth Avenue. I also have a dream to be on “Oprah!” I find her to be amazing and uplifting. I would love to share my story of Baby Emi on her show one day. To just sit next to her would be a dream come true.
Debbie’s jewelry is beautiful. In fact, when I first saw her website, I couldn’t wait to order something for my 3-year-old niece, McKaina. It also occurred to me that I would like to write about how you can get your product in gift bags. So check back to find out more.
Oh, before I forget, my favorite section of the website is Giving, and that is where you can see how Baby Emi is giving back to other organizations. And for more info about Debbie Savage check out her blog: savagebunch.blogspot.com.
Sooooooo, it’s time for YOU to live the lifestyle of your dreams. Let me know your thoughts and what sort of ideas and resources you are looking for. I am here for you.
“You don’t have to be a rocket scientist” is a cliché I’ve recited more times than I care to remember. But I just met Lisa Akers, a real-life rocket scientist. Her Denver-based company, Be Still & Knit, offers classes and clothing for children and the women who love them.
This upclose and personal interview with Lisa Akers reveals what she’s up to… from stumbling blocks (a coach who didn’t work out) to a peek at what’s she’s planning to do next to increase industry awareness. She’s a smart cookie.
When did you start your business and what inspired you to become an entrepreneur?
AKERS: I started my company, Be Still & Knit, in the summer of 2005. I left my corporate job as a rocket scientist (yes, really) in late 2003 to birth my daughter. It was a huge shift for me to go from the world of high science, high dollar and high-risk satellite business to the world of diapers, baby food and midnight feedings. To top it all off, we moved from our home in Connecticut to Denver for my husband’s work (in my 35th week of pregnancy). So here I was, a new mom in a new town, with no friends to speak of.
I desperately needed to do something and meet people or I was going to go nuts! So, I went to moms’ groups, I went to churches and I went to the parks to meet other moms. It worked for a while, but my drive as an engineer really made me want to do more–I wanted to have something that I could call my own.
I was wandering through Target, buying diapers, when a learn-to-knit kit caught my eye. It was not completely out of character, since I had been crocheting since I was 6. I brought it home and learned to knit. It wasn’t the most beautiful of shawls (at least in my eyes), but it garnered me compliments every time I wore it. Before long, I was making shawls and teaching classes to my new friends.
What gives you the edge over your competitors?
AKERS: I think that my concept for teaching classes is unique in two ways. First, I come to my students and work on their schedule. Being a mom and not owning a brick-and-mortar store, I have a lot more flexibility in when and where I do my work. Secondly, I believe in giving people a skill and a philosophy. I want all my students to walk away with confidence in their abilities. Often with lessons in stores or at craft events, the instructor only wants to present the material and get it over with. I go one step beyond the skill and talk about the more emotional, spiritual and relationship aspects of knitting/crocheting. I want to create a community of knitters, not just a collection. With my clothing, I create classic designs out of materials that are easy-care, that are high-quality and long-lasting, and are widely appealing to moms and grandmas. What sets me apart is the fact that my designs are easy to wear and easy to care for. Busy moms don’t need fussy clothes.
Was there a turning point for you when you knew you could succeed with your business idea? If so please describe.
AKERS: It came this past January 2nd. I was celebrating the holidays with my family when my business phone rang. I answered it, and on the other end was a high-end local boutique that wanted to start selling my products. It was the confidence booster and energy behind my new success. I was doing OK before, but that moment I realized that I could do so much more!
Have you noticed certain advantages to being an entrepreneur versus having a day job?
AKERS: Well, it is great to have the personal flexibility of working for myself. I can schedule my days, weeks and months to best suit my own demands as a mom and wife. On the other hand, it’s much harder to keep focused when I’m the only one setting the agenda.
When I had a day job as a rocket scientist, I felt much like a firefighter. Some days were incredibly busy with solving problems, explaining concepts and running tests. Other days were just a waiting game. I find that with my own business, every day is incredibly busy. When I am working for myself, my brain is on overdrive coming up with new products, class ideas and marketing concepts. I have a journal that I always carry with me that I use to write down the ideas I have but don’t have time to do right now. Each six months, I sit down with those ideas and see if I should implement some of them and eliminate some of the things I’m currently doing.
How long did it take before your business became profitable?
AKERS: I was profitable in my second year of business. It took about 18 months to comfortably profit from what I do. My business is pretty seasonal, too. I teach a lot more and sell a lot more product in the winter. I’m trying to shift that around, but there’s something about having wool in your lap in August that isn’t very appealing!
Has it been difficult to get financing for your company?
AKERS: I have self-financed. I used my credit card to get started and, fortunately, I have a very low interest rate.
Did you have a mentor? If so, how was it helpful?
AKERS: Well, I did have a coach, and she really wasn’t that helpful. I loved getting her ideas and putting some of them to work. However, I trusted her ideas and concepts without doing any of my own research and without running it through my own filters. Unfortunately, her ideas led me away from my core business and were a big distraction for my first 18 months. Once I refocused on my business of creating a knitting community, then I was more profitable and more successful.
I’ve found that other moms who are in business are far more valuable as mentors. They have made a lot of the mistakes I made and are willing to share. It’s great to have a community of like-minded business owners to reach out to when you have a question or need some advice.
What resources were most helpful to you when you were starting your business?
AKERS: The most valuable thing for me has been two moms’ networking groups. We meet twice a month and we get to talk about how business is going. We share ideas on marketing, websites, events and getting clients. We critique each other’s new products, and we get new ideas on how to best run a business and raise a family.
What’s next for Be Still & Knit?
AKERS: My plan is to start holding weekend retreats for fiber artists. We’ll have classes on fiber projects, meditation, prayer, exercise, nutrition and community building. I want to bring the peaceful aspect of fiber arts to the knitting community and create a stronger community of knitters.
Let us know what’s next for you and how we can help.
Although you must be a resident of the Central Texas region for this competition, it’s an awesome opportunity to win $5,000 for your business. Online entrees are being sought for the 2008 BiGAUSTIN (Business Investment Growth) BiG idea Day’s Business Plan Competition.
Here are seven things you need to know before entering this exciting competition sponsored by BiGAUSTIN:
1. All business plans for the BiG idea Day Luncheon competition must be submitted by 5 p.m. on Friday, March 21, 2008;
2. To register for the business plan competition, call 512.928.8010 or visit the website at bigaustin.org;
3. Participants must be entrepreneurs of at least six months and generate less than $500,000 revenue;
4. Each contestant will present his or her business plan in a live competition on April 18, 2008, for selection as the best for 2008;
5. The judges will be the audience of corporate, entrepreneur and community leaders. The winner receives a $5,000 cash prize, which he or she can use to further business goals
6. BiGAUSTIN is offering free business plan counseling services and workshops to aid contest participants in preparation. Participation in these classes will not be used to influence judges, but to help the contestants prepare to present their very best business plan; and
7. The Business Plan Lab Session is optional. It allows participants to work on their specific plan with a professional. It will be held Wednesday, March 12, from 6:30 p.m. to 8:30 p.m.
For more information on the preparation classes and to register for the business plan competition, call 512.928.8010 or visit the website at bigaustin.org.
BiGAUSTIN is a nonprofit 501(c)(3) founded in 1995. BiGAUSTIN is the leading self-sustainable small business development organization that provides innovative growth strategies to underserved entrepreneurs in Central Texas. BiGAUSTIN offers entrepreneurial education, tailored business counseling and flexible loans for small business owners.
Come on, dust off that business plan and get in the game! It’s time to start living the life of your dreams. And if you don’t reside in Austin, Texas, then maybe you have a friend, relative or an associate who could benefit by knowing about this competiton. So please, spread the word.
Check back later this month for more details about the 8th Annual BIG idea Day Luncheon on April 18, 2008, at the Austin Hilton Hotel. More than 500 community and corporate leaders, entrepreneurs and government officials will be in attendance. This will be a wonderful opportunity for networking. I’ll be the keynote speaker for the luncheon, and I’ll be conducting a workshop that morning.
When we heard about The Poem Lady, the brainchild of Jill Starishevsky, we were all ears. Besides the fact that she is on a mission, several things got our attention. Starishevsky is a mom, a wife and a prosecutor of sex crime and child abuse in New York City with more than a decade of experience. The other thing, is that we had no idea you could make “good” money writing poetry.
Starishevsky recently returned to work after maternity leave and, like many of us, she needed a creative outlet. She said, “I had drafted poems and speeches for family and friends for years and decided that this would be a natural segue into a business.” And that’s exactly what happened. She started The Poem Lady in 2005, and its success gave her the funds to launch her new venture, HowsMyNanny.com. With a passion for protecting children, Starishevsky created an easy-to-use service that enables anyone to communicate problems he or she witnesses to parents, keeping nannies on watch and children safe.
HowsMyNanny.com has become a media favorite. Recently Jill Starishevsky shared her story with Donny Deutsch when she appeared on “The Big Idea.” In addition, Hows My Nanny has been endorsed in the New York Daily News and was featured on “Good Morning America,” CNN and Fox. But before the nanny biz took off, The Poem Lady was paving the way to a bigger dream. Here’s the story behind the story.
What was it like to take an idea from concept to getting it up and running?
Starishevsky: My product is personalized poems for birthdays, anniversaries, baby and bridal showers, bar/bat mitzvah candlelighting ceremonies and speeches for all occasions. The only thing I had to do to get up and running was to establish a website and strongly encourage word-of-mouth referrals from my many satisfied clients. Once I developed a name for myself, it just took a bit of networking to keep the momentum going.
How did you use this business to fund your other business?
Starishevsky: I had come up with an idea for a business that would take some capital to start and some time to grow (HowsMyNanny.com). It required the establishment of a sophisticated website, the manufacturing of stroller license plates and other related costs. In the meantime, I needed something that would bring money in while I was getting the other business off the ground. I knew starting a website to write poems would have little overhead. In fact, when I first got started, I didn’t even purchase a domain name. I used a free web hosting service (poemsrus.biz.ly). I still apply the majority of the income from The Poem Lady to HowsMyNanny.com to cover some of the monthly fixed costs.
Have you noticed certain advantages to being an entrepreneur versus having a day job?
Starishevsky: For the first 15 months of my younger daughter’s life, I was a full-time entrepreneur while I was on maternity leave. Besides the advantage of being able to create my own schedule, I found that there were no limits to what I could do next. It spawned a great deal of creativity. As I write this now, I am both an entrepreneur and back at work full time. At times it can be challenging, but anything worthwhile is.
How long did it take before your business became profitable?
Starishevsky: Since I rely heavily on word-of-mouth referrals and post advertisements on numerous free sites, I have few, if any, fixed costs. As a result, the business became profitable as soon as it started. It gets busier around certain times like Christmas and Valentine’s Day, and the summer is a busy time for bridal showers. I knew I was on to something big when I started getting the same feedback from my candlelighting ceremony clients–they kept telling me I wasn’t charging enough.
Are there any challenges that you experienced along the way that you had to overcome?
Starishevsky: I really enjoy solving the puzzle of writing a meaningful poem from the personal information provided. So much so that sometimes I would finish a poem quickly and want to immediately send it out to the client for his feedback. My husband had to constantly remind me that I should not send out the poem until I received payment. I was more interested in their reaction than in getting paid. I learned my lesson the hard way, as we often must; I was burned two or three times. One time, I spent five hours writing a best man speech for a man who was leaving for his cousin’s wedding in Italy. I sent him a great speech and he never sent payment. Since that time, I have gotten better about treating the business like a business. However, every once in a while when I write a really sweet poem that I know the person is going to love, I still get so excited that I take a leap of faith and send it out right away.
What resources were most helpful to you when you were starting your business?
Starishevsky: When I first started out, I sought out message boards related to baby and bridal showers. I found that there were quite a few requests for poems that went unanswered. I answered every request I saw with a free poem and signed it “Jill–the poem lady.” After a few weeks, I developed a reputation on the message boards and people started posting messages like “Looking for the poem lady.” That was truly an invaluable source of marketing. I still frequent the message boards on occasion, as I enjoy the feedback.
A few months ago, a woman in a baby shower forum asked if anyone could recommend an inscription for a locket that she planned to give to her 10-year-old daughter from her new baby brother. I wrote back and suggested: “Though a decade apart, you’re always close in my heart.” The woman just adored it and went on to order a poem to accompany the locket.
After I got burned a few times by people who did not send payment, Paypal became a much-appreciated resource. I also learned the marketing value of writing an article. I wrote an article called “Top 10 Tips for Writing a Great Candlelighting Ceremony Poem” for a website that provided information on planning a bar or bat mitzvah (MitzvahChic.com). I have gotten some good referrals from people who have read the article and liked my work.
What’s next? Starishevsky:I have used my experience as a prosecutor and my writing skills to create a very important book intended to teach children about child sexual abuse prevention. It is called “My Body,” and I hope to have it published this year. It is my hope that the book enables parents to begin a dialogue with their children about a subject that is often considered taboo until it is too late. It is a short-term goal of mine to have Oprah find out about this book and write the foreword in an effort to make the subject more palatable for parents.
Share your dream with us. It doesn’t matter if you are up and running or just thinking about it. We want to know what’s on your mind.
"Thousands of people have found a way to live the lifestyle of your dreams – and now you can, too. Over a hundred weekend entrepreneurs share their secrets. It’s all the information you need..."
