She Owns It

Celebrating, Connecting, and Supporting Women Entrepreneurs

What I Wish I Knew Before Starting a Business by Jackie Burke of #tiniluxjewelry

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by Jackie Burke | Featured Contributor 

When I started my business in 2017 I didn’t know anything about running a business.  I did as much research as I could before I launched, but that is no substitute for real-life experience.

My business is Tini Lux, a digitally native, direct to consumer jewelry brand that specializes in jewelry that is compatible with the human body.  Before launching my business, I studied engineering and worked as an engineer.  I had never launched a business, worked at a startup, or studied jewelry design or the jewelry industry.  Additionally, I went to a college where the majority of the students studied in a STEM field, so most of my friends and my network also work in engineering and tech.

Since my experience and my network is so concentrated in STEM fields, I did not know or have any connections in the field that I started my business in. I also didn’t know anyone that had recently started an e-commerce or fashion business. For all these reasons, I really did not know what I was getting into when I launched my business and I did not have anyone to lean on for advice.

Looking back now, it is easy to see what would have been useful to know when I first started down this path.  Just to scratch the surface, I wish I had a better understanding of marketing, advertising, SEO, SEM, inventory management, and taxes.  All of those subject areas are tangible and mostly well defined though.  Once I recognized that I needed to understand those business areas, I was able to find a plethora of information about them.

What I want to talk about here is not the tangible subject areas that can be easily researched online. What I want to talk about are the intangible things that I wish I had known before starting a business. I want to talk about the feelings and stresses and anxieties that I didn’t know I would have to deal with everyday. Here they are:

Uncertainty Is A Constant…

Uncertainty is constant as an entrepreneur.  When I started my business I believed in my idea so much and had no doubt that it would be successful. I thought that belief in the product and the idea would be enough to carry me through the day to day of running a business. What I did not realize, is that there are hundreds of other things that make me uncertain on a day-to-day basis. I have constant uncertainty about things like where and how to invest my advertising dollars, which product categories to focus on, which influencers and media outlets to work with, whether to hire outside help or do things in house. There is no right answer for any of these things, so the uncertainty can be crippling.

…So Is Anxiety

If you are already prone to anxiety, entrepreneurship may not be for you.  I have constant anxiety that a customer may be unhappy, or that sales will dry up, or that my business will fail.  In my years working as an engineer I have never had anxiety like I do as a business owner. When you are in charge, you can’t make excuses and you can’t push the blame on some outside force. It is your sole responsibility to make things happen, and that pressure is intense.  Anxiety can really take a toll on a founder and a business. I try to acknowledge my anxiety as it comes and recognize what caused it.  From there I try to understand what it is I am worrying about and come up with a plan in case it happens. It makes me feel better to know that I can face any challenges that pop up.

Patience Is A Virtue

About a year into my entrepreneurial journey I was feeling like my business wasn’t growing as fast as it should be. One day I met a woman who recently sold her successful e-commerce business that she founded and ran for 10 years. I explained to her that my SEO and marketing efforts seemed like they were growing too slowly. She said “Keep going, it takes a long time to show up on the internet.” Her response made me feel much better about my slow growth and realize that my experience was normal. I now am seeing the fruits of my labor show up in terms of organic traffic and conversions, I just wish I had known when I started how long it would take to see results.

Budget? What’s that?

When I founded my company I had a budget in mind.  I knew that I wanted to self fund my business and certainly did not have unlimited funds to work with. I knew how much my initial inventory and packaging would cost, and I though those would be my main expenses. It’s almost laughable now that I thought I wouldn’t need to spend any more money after my startup costs. From the first month expenses popped up constantly. First, there was the monthly advertising spend, then I decided to work with influencers, attend a trade show, get professional photography,  and improve my website.  All of these things cost wayyy more money than I initially thought I would spend. Many businesses fail because they don’t anticipate these types of costs and run out of money. I continued to work as I grew my business so that I would still have money to put into my business. If I had known in the beginning all the costs that would come with starting a business I may have reconsidered.

IRL Networking Is Important

As I mentioned above, my business is digitally native (meaning it was born online and the majority of my sales are done online). Despite the fact that it was, and is, meant to be an internet-based company, IRL networking is still extremely important.  There are SO many brands and people on the internet, but when you meet someone face-to-face they will have a personal connection with you and your business. That experience cannot be replaced by interacting with someone on Instagram or Facebook.  If you want to be an entrepreneur you need to meet as many people as possible and tell EVERYONE about your business. You never know who is a potential customer or who can help you with your business or career.

I know as my business progresses I will learn even more things that haven’t even occurred to me yet.  Let me know in the comments if there is anything you have learned on your journey that you wish you had known when you started!

Do People Take Your Business Seriously? by @CorpNetNellie

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by Nellie Akalp

The numbers are impressive: more than 11.6 million U.S. firms are owned by women, employing nearly 9 million people and generating $1.7 trillion in sales as of 2017. Want more? According to the National Association of Women Business Owners (NAWBO) study cited earlier, one in five firms with revenue of $1 million or more is woman-owned. So why do women business owners still sometimes feel like their businesses are not always taken seriously? 

Maybe because it’s true. A recent Freshbooks study found women business owners pay themselves an average of 28% less than their male counterparts. That’s due in part to 1) having to charge less than their male counterparts in order to attract customers and 2) not being taken as seriously as their male peers.

No matter what your industry, as a woman entrepreneur you’re going to face challenges your male peers will not. A 99 Designs survey found that although men and women may approach business in the same way, the results are often not the same—especially when it comes to funding. Men are twice as likely to raise at least $100K or more in funding than women, the survey found. Less funding means less ability to hire and grow. 

Most women entrepreneurs know they have to work harder to get clients, at least at the outset. But there are other tactics I’ve used in the past to make sure my male peers know that my business and I deserve respect.

  1. Change the language. Have you ever been overlooked or ignored in a meeting? In any group discussion, there are social dynamics determining who is being listened to and who is being shut out. Men have no problem being overbearing and loud to get attention, but if a woman acts the same way, she’s perceived as bossy and presumptuous. Try changing the way you speak to be more assertive. Use phrases such as “I strongly recommend…” and “My plan is …” to get noticed for what you say and not how you say it.
  2. Create valuable connections. It’s always been true in business: It’s not what you know but who you know. Making the right connections and turning those connections into referrals is a great way to overcome any barriers to being taken seriously. Having others vouch for your work can have a huge influence on getting new clients. Actively seek out valuable connections by joining trade groups, attending networking events and asking for introductions. Join women’s groups like NAWBO and Women’s Business Enterprise (WBENC). Chances are you’ll meet someone who knows the buyer you want to meet with. The more connections you make in your industry, the better chance you have of finding the people who can help you succeed.
  3. Own your accomplishments. In general, men and women start businesses in the same industries (with the exception of the arts and healthcare, which are primarily women-owned and run). Therefore, there’s no reason you shouldn’t shout your successes every chance you get. Besides marketing your business to the hilt, it’s important to become a prominent name in your field. Today it’s crucial to be knowledgeable about and visible on social media. Figure out which platforms most of your customers are on and get in their feeds. You can also reach out to social media influencers (people with a large number of followers) and offer to share your expertise with their audience. Market yourself to podcasters as an interview subject or panel guest; record webinars for your website and other websites. 

Remember, you are your business’s best spokesperson. Getting your face, your ideas and your knowledge out in public will go a long way to help your business be taken seriously.

4 Skills Every Self-Made, Successful Woman Entrepreneur Needs to Have by @JuliaEMcCoy

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by Julia McCoy

In this technology-driven era where a business can reach millions of people from all over the world through the internet, it’s much easier to start and to grow a successful business compared to how difficult it was in the past. More and more people choose to quit their job and follow an entrepreneurial endeavor, and they are not just men! In our days it’s quite normal to see women following this path and becoming successful, self-made millionaires. And even if some women never become a millionaire, they still own a successful business and live a good life of financial freedom and leadership.

According to NAWBO (the National Association of Women Business Owners), in the United States there are more than 11.6 million companies owned by women and they generate $1.7 trillion in sales. Not to mention that all of these companies are creating jobs for 9 million people. Out of all the businesses that have a revenue of $1 million or more, 1 in 5 is owned by a woman.

Some of the most famous female entrepreneurs include Ariana Huffington (The Huffington Post), Beyonce (clothing line), Sara Blakely (Spanx), Cher Wang (HTC), Denise Coates (bet365), Marie Forleo and Oprah Winfrey.

Do you want to follow in the footsteps of these highly successful women? Then here are the top skills that you need.

Courage

Mark Twain used to say that “Courage is not the absence of fear, but the resistance to fear and the mastery of fear.” It’s totally ok to be fearful, but what’s more important is to overcome fear. Entrepreneurs, in general, face a lot of fear of failure and self-doubt, and it’s even more difficult for women than men. Being an entrepreneur comes with freedom and many other benefits, but also with a lot of risks and challenges. Take them as they come and face them with courage.

Empathy

To be a successful woman entrepreneur you definitely have to be a good leader. You will not make it on your own and you will need an amazing team in order to succeed. Compared to most men who can be very drastic and cut and dry, women have more empathy and will better understand the challenges that their employees have to face. This will make them better leaders and will earn them the trust and the respect of the employees.

Personality

Having a strong personality is essential when working as an entrepreneur. Hand in hand with that is having the courage to accept who you are and to have your own opinions no matter what others are thinking. To succeed in business, you also need to have good manners, a professional attitude and the ability to make real, long-lasting connections. Networking is essential, and you’ll succeed in networking opportunities by letting your personality and who you are shine.

Perseverance

Building a successful business is definitely not as simple as some people try to make it look on social media and it will require many years of hard work and dedication. Many challenges and failures will come along the way. Have the mindset to be perseverant and to never give up on your dreams.

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Julia is a lover of the written online word. Her favorite thing is making the gray areas of content marketing clear with practical training, teaching, and systems. She’s a CEO, blogger, author, and has been named an industry thought leader by several publications. She grew her content agency, Express Writers, to more than 95 experts on staff and $4 MM in revenue inside just 7 years. She’s the author of two bestselling books on content marketing and copywriting, the creator of two industry courses, and the host of The Write Podcast. Julia lives in Austin, Texas with her daughter and husband. Follow her on Twitter @JuliaEMcCoy.

The One Thing All Start-Up Founders Must Master by Vanessa Youshaei of @petite_ave

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by Vanessa Youshaei 

So much of life comes down to talking to others and convincing them to see things your way, but this is especially true for successful start-up founders. Whether you’re hiring employees, raising money, or onboarding strategic partners, negotiation is always at play. This is even more true at the beginning when you don’t usually have the funds to pay for things or the traction to easily convince people of your vision. Can’t afford an employee? You’ll have to convince him or her to join for equity. Need money to get things going? You’ll have to convince investors of your vision. Need a critical business partner but don’t have any customers? You’ll have to convince them of how your company stands out from the rest.

So what’s the secret to doing this effectively? How do you get busy, talented people to pay attention to you especially when you’re just starting out?

Build FOMO
People are always more interested if they know others are interested. Selene Cruz, the founder of Re:store, raised her seed round by meeting with 60 investors and implementing this exact strategy. She let lukewarm investors know that they would need to make a decision quickly otherwise she would pass the opportunity to other interested investors. This allowed her to raise $1M in two weeks.

Make sure you’re talking with the decision maker – at the right time
When negotiating, knowledge is king; the more information you have, the more likely you are to achieve your desired outcome. Instead of talking with the decision maker right away, start by talking with junior level employees to gather as much information as possible to build your case. For example, try and understand the priorities and objectives of the senior leadership team. Once you have that information, you’re in a much stronger position to create a pitch that will captivate the decision maker. More often than not, it’s hard to re-pitch decision makers once they’ve made up their mind, so make sure you’re ready when the time comes.

Let them know what’s in it for them
Always emphasize what’s in it for them (not you) and what they’ll be missing out on if they don’t make the deal with you. This process always begins with understanding their goals and then aligning your message and offerings accordingly. When I was first building partnerships with the large brands on our site, I let them know that at the very least, they’d be receiving free brand exposure and introducing themselves to a market that wouldn’t normally think to buy from them. The best part? They had absolutely nothing to lose.

Don’t Oversell
When you’re trying to close a deal, you’re likely very excited and probably a little nervous. Keep in mind that the people you’re talking with are probably seasoned professionals who have been around the block a few times. If you come across as overly eager, you also seem desperate which gives people a reason to question the opportunity. Approach the conversation confidently and in a way that lets the other party know they’ll be sorry if they walk away.

Leverage Past Accomplishments to Build Credibility
Establishing yourself as an authority from the getgo gives you more credibility and ultimately more bargaining power. Often the best way to do this as a start-up founder is by leveraging your past accomplishments. As someone who is building a fashion start-up, I was always wary that people would question my credibility because I didn’t come from the fashion world. Even though I wasn’t an expert in clothing and fashion, I had previously worked at Google in sales and marketing, two areas that are critical to building any company. Whenever I met with someone for the first time, I made sure to start the conversation with my professional background which helped build automatic rapport and gave me a lot more leverage in our conversations.

Have other tactics you’d recommend or need help with a deal you’re putting together? Comment below to get the conversation started.

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Vanessa Youshaei is the founder and CEO of Petite Ave, a one-stop shopping destination for women under 5’5’’. They currently have partnerships with 20+ national brands including Ann Taylor, Bloomingdale’s, and Express with many others joining later this year. In addition to making the shopping experience more convenient for petite women, they hope to become a champion for the petite community and help shorter women achieve greater representation in the fashion industry. Prior to Petite Ave, Vanessa spent 3.5 years at Google working in sales, marketing, and program management. She’s a graduate of Emory University with majors in marketing and finance.

The 4 Best Cities for Women-Owned Businesses

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by Haley Kieser

While raw employment numbers have fluctuated wildly over the last ten years, the number of women who own their own businesses has continued to rise. Between 1997 and 2007, the number of female entrepreneurs in the United States grew from 5.4 million to 7.8 million. It’s now 2017, and today that number is estimated to be closer to 11 million. In other words, since 1997, the number of women-owned businesses in the US has more than doubled.

Furthermore, women-owned businesses are also growing faster than the national average. Since the great recession, the US job market has grown by a measly 1%, while women-owned businesses have grown by a whopping 18%. That said, opportunities for women differ greatly from city to city. If you’re looking for new opportunities for yourself or your business, consider these four stellar cities for women-owned businesses.

Gold — The Best City in the North East
The first city on our list should come as a surprise to no one. As the largest and wealthiest city in the country, New York is officially the best city for female entrepreneurs. In 2012, female entrepreneurs in New York received more than 140 loans from the US Small Business Administration. These loans totaled $42,281,500 and exceeded the amount given to every other state in the country. Many first-time entrepreneurs struggle to amass the necessary capital for manufacturing, inventory, and marketing. As such, these small business loans represent the tremendous opportunities available to female business owners in New York City. That said, a business loan is only the first step toward success.

Thankfully, New York’s female entrepreneurs know how to carry out their business plans. During the same time period, New York’s women-owned businesses brought in more than $104 million in revenue. If you’re thinking about doing business in New York, consider visiting one of the many resources available to female entrepreneurs and business owners, including the New York SBDC and the Women’s Business Center of New York.

Silver — The Best City in the South
Without further adieu, the best city in the south for female entrepreneurs is… actually a tie. Until very recently, Houston was without a doubt the best city for women-owned businesses. At a state level, Texas had the highest growth rate for women-owned businesses, and at a city level, Houston received a large number of SBA-backed loans. However, this legacy has been up in the air since Hurricane Harvey made landfall in August of 2017. This massive storm dumped nearly 52 inches of rain on the Houston metro area and is expected to cost more than $190 billion to repair.

That said, the runner up for best city in the South is Atlanta, Georgia. Like Houston, Atlanta also has a high growth rate for women-owned businesses, and in 2012 the Small Business Administration granted more than $18 million to 19 female entrepreneurs. Last, but not least, Atlanta’s women-owned businesses also reported nearly $30 million in revenue during the same time period. Atlanta’s top five industries are agriculture, film, energy, automotive, and tourism. Resources include the National Association of Women Business Owners and the Women’s Entrepreneurship Initiative of Atlanta.

Bronze — The Best City in the Midwest
While the first spot was a relative no-brainer, the midwest isn’t quite as predictable. Step aside Chicago—the best city in the midwest for female entrepreneurs is actually Columbus, Ohio. In 2012, women-led firms were granted more than $4 million in SBA-backed loans and made more than $42 million in revenue. Columbus has also been called the best city in the country for working mothers. This is all thanks to a low cost of living, a low unemployment rate (4.2%), a great school system, and short commutes. That’s not all, though.

Columbus even has a growing tech industry. One of the driving forces behind this trend is the Battelle Memorial Institute, a massive research center that works with several government organizations, including the United States Department of Energy. This influx of federal dollars also supports a variety of private women-led tech businesses. Popular resources for female entrepreneurs include the Women’s Small Business Accelerator of Central Ohio and Tech Columbus.

Honorable Mention — The Best City in the Southwest
Now, let’s turn our sights west of the Mississippi River. In the southwest, Denver, Colorado takes the title of “best place for female entrepreneurs and women-owned businesses.” Boulder, one of Denver’s largest suburbs, actually contains the highest concentration (4.2%) of women-owned small businesses in the entire country. It also receives more SBA-backed loans per 100,000 residents than any other city. As a whole, the Denver metro area isn’t far behind. 3.22% of Denver-based businesses are owned by women. In addition, the female to male earning ratio is also higher than average at 87%. Resources include LifeCrafters Consulting and the Women’s Business Development Center.

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I’m Haley. I love the hustle. GSD is my motto. It is important to me that women strive to inspire each other.