So, you’ve decided to leave the boardroom (or cubicle) so that you can run your own show, set your own rules, achieve a long-time dream of being your own boss. Good for you. Almost 50% of the Australian Businesswomen’s Network’s 20,000-strong community is women who are women working full or part-time for others, while operating, or planning to establish, their own businesses. I started my first business (and my transition from boardroom), in my spare bedroom. That makes me kind-of normal as far as many small business startups. While one blog post is certainly not enough to tell you what to do to get started in your own business what I can do in this post is share the three guiding principles that have helped me to start and grow businesses. I bring it down to three key areas: education, inspiration and networking.
EDUCATION
Like many, I entered the world of business ownership with just a few of the skills that I would ultimately need. My skills were marketing and events which I’d gained in roles with small and large companies since the age of 18. I didn’t have business training nor did I have a nice big bank balance to fund my startup. The skills to run a business, manage a team, communicate, write, collaborate, negotiate, sell, etc. are all skills that I’ve learned through study and trial and error. 17 years since I started my first business, I continue to study every day (including taking myself overseas every year to attend workshops with experts in the areas that I want to master).
- What skills/education do you have?
- What skills/education do you need to acquire?
INSPIRATION
I remember walking into our accountant’s office with our business plan – which we’d taken every effort to make pretty. He looked at it and smiled and congratulated us on the impressive document and then asked: “But, how are you going to make money?”. He was telling us that we need to
- find a market and customers
- develop a product that was needed and wanted and
- start selling (nothing happens until you sell something!)
And we did. He remains one of our most important advisors and mentors. Many more mentors, role models and teachers have provided inspiration over the years. I find inspiration through not only creating a big vision and a game for what I want to do in business, but also through the people who share my journey. Mentors and role models are a key part of being successful in any business. One of the things I’m passionate about doing with the Australian Businesswomen’s Network is to demonstrate role models through our speaker and guests, articles and mentoring programs. Success has so many faces and I think it’s important to show a variety of ways and means to get to the end goal of business success.
- Who inspires you and why?
- Would a mentor be a good option for you to get guidance and support?
NETWORKING
While sometimes a reluctant networker (I’m much better at dinner parties than networking events) I value relationships and contacts and have spent a lot of time building long-term relationships with business colleagues and contacts. And, networking for me is not about shuffling business cards at events, it’s about maintaining contact with people I like. I find that by offering support and being generous with helping others my network seems to grow and become more powerful. I don’t try too hard. Quality is definitely the winner over quantity for me.
- Who would you like to connect with or reconnect with?
- What can you do each week to make your relationships stronger?
THE INSPIRATION TO GET STARTED
I didn’t have a big dream to grow a business (or many, as it turns out). I simply wanted to be my own boss. And, I didn’t take the leap voluntarily. Here’s how it worked for me. Made redundant from a job and unsure what to do next I started offering my marketing skills as a consultant through my network. This worked out okay (though hardly bought in riches) for a number of months before my partner and I decided we’d have a go at starting an events business. His background was in radio and sales, mine in marketing and both of us had about three years experience in events. I’ve spoken on many occasions about the ups and downs of our first three years working from our spare room (a very small room in a Sydney apartment) and losing $40k – or was it $60K – on our first major deal and having to crawl out of that debt over two years. I hesitate to retell the story when it’s documented well in other articles. The beginning days, months and years were really tough. I don’t look back at them with any sort of reminiscence. (When I speak to our StartUp members I can totally appreciate the love/hate relationship that they often have with their business. The picture they had hasnt quite manifested and they are stuck, stressed and sometimes desperate to make it work but need support.) We didn’t have enough clients, money, skills, confidence. But, we did have guts and determination to keep going for the goal. I learned to love was the excitement that comes with entrepreneurship and creating your own future in a the unique way that being your own boss allows. Entrepreneurship is my love and that’s why I do the work that I do. Helping people transition from employee to self-employed is very close to my heart. But, it’s only right if it works to give you the goals you ultimately have. (In future blog posts and through articles and webinars give you tips on how to make the leap from boardroom to bedroom.)
