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Thinking About Quitting? Here are 4 Things You Must Do Before Transitioning into an Entrepreneur by @TracyVides

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by Tracy Vides | Featured Contributor

The dream of starting your own business is becoming more and more attainable for women. Female-owned businesses are the fastest growing segment in the US economy right now.

While making the initial jump from full-time employee to full-time entrepreneur is scary and difficult, it’s oh-so-rewarding!

Leaving your 9-to-5 or traditional office setting to pursue your own path is a big leap to take –leaving a steady income behind can be a huge risk. Self-employment can also have a major impact on your family life in ways other than finances, so it is definitely not a choice that should be taken lightly.

Before you put it off by another year, remember that thousands of other successful entrepreneurs have turned their dream into reality by taking the plunge, so you can too. Prepare yourself for the move into full-time entrepreneurship by taking the necessary first steps that will help make the change as smooth and successful as possible.

1. Start with a Side Hustle

One good way to test the waters before you go full-time is to try starting a side hustle first. Not only will it provide you with an extra source of income that can fuel your transition into entrepreneurship, but it can also be a great learning tool to help you prepare to run a business full-time.

Lots of successful entrepreneurs started things out as a hobby-cum-business on the side. Like Kristin Berry, who opened up an Etsy shop selling her artwork and offering graphic design work. Her business quickly took off from there. In 2015, she successfully quit her day job and started her own company, Miss Design Berry.

Whether you want this side-business to turn into your full-time gig is up to you, but remember, it is a great foundation to start building a brand name. Once you’ve established a flourishing side gig, you can start the process of successfully turning it into a full-time business.

2. Learn from Your Employer’s Mistakes

While planning an exit from your current employer is by no means an excuse to slack off on the job, it should be a time of learning and observation. It is much easier to see the weaknesses and kinks in a company as an employee than it is as a leader. No matter how much you may love your boss or coworkers, there are likely some things that would change if you were in charge.

Take the time to observe the day-to-day practices that go on at your current job, and then analyze which strategies work and which ones don’t. It is often the little things, like poor communication or inefficient leadership that can have the biggest impact, especially when it comes to employee productivity and task management.

Use this pre-entrepreneurship time to learn the finer details of how to run a business (and how not to run one). Take notes on the systems that are helpful and discuss ideas and suggestions from other coworkers for better solutions.

3. Construct a Strong Business Blueprint

Before diving head first into running your own business, make sure you are prepared with a strong business plan ahead of time. Getting your finances, marketing strategies, and business structure in place before your entrepreneurial venture begins is the best way to set yourself up for success.

While various studies peg the capital that an average business startup requires to get things started from as little as $1,000 to as much as $125,000, the right answer is it depends on your business. Figuring out a solid budget plan should be one of your top priorities. Your success depends on the metrics on which you base your calculations.

Poor money management has been the downfall for countless companies. Don’t hesitate to seek out a professional financial planner to help you prevent any kinks down the road.

A strong and lean marketing strategy can determine the success or failure of a new business quicker than anything else. Get yourself up to speed on the ins and outs of social media, content marketing, digital advertising, and more to determine which tactics would be best to get the wheels moving.

4. Work on Self-Improvement before Self-Employment

The truth is that not everyone is cut out for entrepreneurship. Few things in this lifestyle are easy. Self-starters face rejection and failure on a regular basis. However, there are certain characteristics successful entrepreneurs exhibit that you can attempt to develop beforehand, in order to help prepare for the hardships ahead.

Many entrepreneurs are self-declared bookworms, so pick up as many books on successful leaders, business strategies, and other interesting topics as you can. Listen to podcasts, connect with a mentor, or attend entrepreneurial meetups in your area to start networking with like-minded people.

Truly successful entrepreneurs are confident and ambitious. They always place a strong importance on personal growth. In many ways, entrepreneurship is a mind battle. Prepare yourself by learning and cultivating a go-getter mindset to set yourself on the path to success.

The Way Forward

Making the transition to a full-time entrepreneur can be both menacing and exhilarating, depending on your view of it. Planning ahead is key for making the change a little bit easier. While you can certainly learn a lot as you go along, take some steps to prepare by learning, strategizing, and improving yourself beforehand.

How many Side Hustles does it Take to Make a Career by @ChristyCareer

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by Christy Williams | Featured Contributor

Five, that’s how many.

No—six! Because I’m still looking for one more.

Have you seen those articles? The ones that encourage you to pick up a side hustle while you’re working your main job?

It could be that you are still in the beginning stages of working towards your dream career while working your steady 9-to-5 job, and your side hustle is the passion project you do on the side. Or it could be that you’re already working your dream job, but you need a side hustle to keep things afloat while that dream career starts to pull its own weight in the payday department.

Either way, that side hustle helps you make it through until you can do the one thing you really want to do full time.

Or—maybe not.

Maybe you’re like me and you have so many passions that you’re not really sure you want to do just one thing.

I certainly felt that way in the majority of the jobs I held in corporate America. Proofreading direct mail campaigns for an advertising agency my first year out of college certainly didn’t offer the variety I needed. Maybe it would have helped if the clients had some of the more “sexy” products, like the Reebok pitch I got to work on as an intern during my senior year spring break. But the rest of our clients were mostly banks. And I’m not sure anyone cares less about money than I do, so it wasn’t the greatest fit.

As I progressed through my career, I learned that as soon as I ramped up in any new position and learned how to do the job, I got bored. I am so thankful for the people out there who can do the repetitive tasks that are needed in any company, because I am not that person.

And I am definitely not that person who stays with the same organization for 20 years—or even 10 for that matter. If I’m not learning something new or being challenged, then I start watching the clock—and that’s when I know it’s time to go.

So it is so thrilling for me to have five different passion projects that I can jump between. I can imagine that it gets confusing for my connections on LinkedIn. Every time I start writing for a new publication, I get all the same people sending me messages congratulating me on the new job. They must think I’m changing jobs every month!

I even had a girlfriend shout her congratulations to me across the parking lot a few weeks ago before asking, “Exactly how many jobs do you have?!” And the truth is that if they went out to my profile, they would see that I am doing all of these things at the same time. And happily so.

Because here’s the thing. I would work ten side hustles or passion projects if I needed to, in order to be doing my soul work.

At this point in my life, not only do I need massive amounts of flexibility in my schedule to do the three hours of school carpooling I need to do every day for my kids—but I also can’t not do my soul work anymore.

It is so fantastic to be able to write an article about current events or some cause that I am passionate about, and then be able to switch gears and edit articles about sparkles and magic. To then decide I want to write about careers and helping people find their own soul work. And then write a piece about my encounter with a homeless man for a publication about enlightened masculinity.

Every day, I have the luxury to choose what I want to focus on that day—depending on my mood, my schedule, and what’s going on in the world. And I’m not sure I can think of any one job that will allow me to do more than I am doing now.

I’m not going to lie and say it doesn’t get frustrating some days, because that certainly comes with the territory. When you are cobbling together a career from all your different passions, you don’t have a consistent paycheck and a theoretical pat on the back from your boss.

But then again, I’m my own boss. I am the one who gets to decide when I take time off, and whether or not I want to look for another side hustle. Like I do now. Because as any writer or editor knows, we get paid mostly in peanuts and bylines. Which I will take, gladly. But a cash-cow side hustle that allows me to pay for my daughter’s dance, my son’s sports, and, oh yeah—food? I would gladly take that, too.

Just as long as I have variety and you know you’re not the boss of me, we’ll get along just fine.

 

Photo by Brooke Cagle on Unsplash

The Christmas Tree and the The Side Hustle by @inspiredbysgp

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The Christmas Tree and the The Side Hustle

by Tanea Smith | Featured Contributor

Ah, Christmas. Such a joyous time, isn’t it? As a child I’d spend almost every holiday with my family at home in New York City. Occasionally, I’d go to my beloved grandmother’s hometown of Baltimore, Maryland and stay with her niece, Little Zelda. Every family has a Little Zelda. Saucy and sassy with a side of “who knows what might come out of her mouth next.” Yet, she was the perfect hostess and had a fantastic ritual. On Christmas Eve she’d allow us children to place little craft gifts we’d made under her gorgeous and carefully trimmed tree. This masterpiece spruce, which stood at least six feet tall was decorated within an inch of its life. There was every kind of tinsel, garland, and bulb imaginable along with ornaments her three children had made over the years. A truly beautiful work of art. Now in her sixties, Little Zelda continues her Christmas tradition for her grandchildren. And yes, she’s still sassy!

When designing for my stationery business, She’s Got Papers, I’ve always pulled from my life’s experiences. This theme runs through the pieces in the collection to my overall mindset about the business I started while working a full-time corporate gig. Having a side hustle often comes with a stigma attached.You hear it all the time – the idea that your business is less “real” if you work full-time for someone else. In fact, the opposite is true actually.  The best time to explore whether you’re ready to take that very real step into full time entrepreneurship is while you’re earning a steady paycheck. In my travels as an Inspirational Business Speaker, I’ve met so many women who are high on ideas, but low on patience. And that’s where the real issues are. I always treated She’s Got Papers as Little Zelda treated her Christmas tree. Everyday I simply added an ornament, to my business dream “tree,” if you know what I mean. I adjusted my vision regularly. I set goals and I achieved them for the most part. On those occasions when I missed the mark I made changes. I expanded my network. I took classes. I did whatever I needed to do to keep my dream alive and to keep inching toward my ultimate goal.

Here are some tips on “decorating” your business tree:

  • Consider yourself fortunate: Your day job is a gift wrapped in silk paper with an organdy bow. While thousands of people are out of work, you’re able to pay your bills and fund your next move. It takes a glass-half-full approach to see it that way, but it’s an inescapable fact. Your ability to balance your perspective of gratitude and ambition is critically important.
  • Change your address: Building your own business is, for some, a very romantic notion. You fantasize about how your widget is going to be the greatest of all time. How you’re going to change lives and leave your day job in six months flat. Um, right. On your way to the bank, please don’t forget to change your address from “Fantasy Island” to “Reality Drive. The truth is that if it were that easy every miserable co-worker you have would be jumping ship right along with you. Your entry to the Forbes list will a little longer than you thought and that’s okay.
  • Write on, write on: Journaling is one of my keys to survival. Jotting down the names of other female entrepreneurs I’ve connected with, reflecting on conversations with new customers about  how the designs in my collection have resonated with them, and my gratitude that I’m able to express my creativity and that my supporters “get me.” Connection, reflection and gratitude. 3 very powerful words that I live by.
  • Feed your mind: I read every single day. Business articles, bible scriptures, my grandmother’s letters, inspirational poems, and magazines. I also listen to podcasts and figure out ways to apply what I learn. Remember, other people’s experience can be your best teacher.  Make sure you’re consistently absorbing information that can help you move further.
  • Stash your coins:The first money I ever received was when I lived on welfare as a teen mother. That experience taught me to manage my money ferociously. While working for 20 years in Corporate America and earning a very decent living, I was ever diligent about filling up my “get out of Dodge” account, or as I like to call it, my GOD fund. Money management is not optional, it’s necessary.

You see, my cousin Little Zelda didn’t just bring a tree into the house and yell “Christmas!” She watered the tree, carefully picked out the trimmings, decorated it as though it would be on display in Rockefeller Center, played good soul music, baked sugar cookies,and wrapped gifts with love.And then she called us down to the party.

The biggest loss is wasted time and working while you wait is the name of the game. What ornaments are you adding to your side hustle tree until you can yell “Full time business!”?

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Tanea SmithTanea Smith is the Owner & Creative Director of She’s Got Papers, a lifestyle greeting card & gift company with designs that are as powerful as they are witty and life affirming. But that’s only half the story.

As New York City’s Side Hustle Expert & an Inspirational Business Speaker she teaches women how to launch their own businesses while working full time. The “juggle” as she calls it is not for the faint of heart but Tanea believes that with passion, the right mindset and the proper tools it is possible for every woman to build the business of her dreams. Easy? No. Worth it? Absolutely.

Her mantra: There is life beyond your current gig!

Tanea has been featured in Essence, More, About.com, American Express Forum & The Wendy Williams Show.

Tanea has spoken at St. John’s University, City College of New York, New York University as well as a host of churches & women’s groups.  She has a PhD. in thriving despite the odds. She is an honorary member of Alpha Kappa Psi Fraternity.

See her stationery collection at: www.shesgotpapers.com

Take the journey with her & get inspired to begin yours at www.taneasmith.com

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Diary of a Side Hustler: Why you’ll definitely lose a few friends along the way by @inspiredbysgp

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Diary of a Side Hustler: Why you’ll definitely lose a few friends along the way…

by Tanea Smith | Featured Contributor

Ah, junior high school. It was actually 30 years ago come this September, but it feels like just yesterday that I sat on the bench in the park of the Ronald Edmonds Learning Center. It was the first day of school, the weather was cool and Guess jeans & Coca Cola sweatshirts were in vogue. I know this because that’s exactly what I was wearing. Sitting on the bench adjacent to mine was a group of girls who were freshmen just like me. A short girl with a Jheri curl and hazel eyes came over and invited me to sit with them. The girl’s name was Hope, and she had been sent over by Felicia, and the rest, as they say, is history. I haven’t the faintest idea what happened to Hope, but Felicia and I remain close friends to this day.

We’re not best friends like Twitter pals or Facebook fam. Best friends like “I would leave my daughter in her care should I drop dead on Tuesday” type friends. It’s bigger than friendship, as Felicia is more family to me than some of the relatives who share my last name. So, it’s no surprise that she has been one of my most vocal cheerleaders as I navigate the choppy waters of entrepreneurship.

When I was a very young girl, my grandmother impressed upon me the importance of knowing the difference between a friend and an associate. If you don’t know this distinction, attempt to up-level your life in any way, shape, or form, and watch as every veil around you begins to lift.

Is it Strange? Maybe. True? Absolutely.

Here are 3 reasons why you’ll definitely lose a few friends along the way:

  • They’re envious: Yes, it happens. Doing good is one thing, but doing too good is out of the question. You’re doing what most people don’t do or won’t do. You’re not only dreaming, but you’re executing that dream. You’ve not just wishing, you’re doing the damn thing. Envy will do one of two Your example will either inspire those around you, or their hate will be too real to conceal. Don’t worry about cutting ties. That will happen naturally. As my grandfather used to say “water seeks its own level.”
  • They don’t get “it.” Your heart is on fire for your business, as it should be. You’re living and breathing what you’re doing and it’s going to take all of that and more to get where you’re trying to go. Whether you’ve had friendships for 5 years or 5 minutes, there are going to be one or two in your crew for sure who just won’t get it. Ambition is a difficult concept for those who don’t have it. This “thing” that you have isn’t something that can be bought on the sale rack at Zara. Know that you either have it or you don’t, and many people just don’t. Also, people don’t support what they can’t see and that’s okay, but you will have to leave this friend behind. Why? Because there’s no room on the bus for those who don’t get it. You’ve got to fill those seats with those who do, because those are the people who are going to help you push the bus to your destination should it break down.
  • You’re not accessible: Even though you’re working full-time, you’re busy with your man and kids, and just life in general, you’re still able to fit in a cocktail and a But when you start your side hustle and become fully focused on making it successful, you won’t have nearly as much time as you used to. Billy Dee Williams said it best, “success is nothing without someone to share it with” and that’s so true. But on the flipside, you will never be successful if you don’t invest the time. Suddenly phone calls and texts will go unanswered, you’re going to miss a few events here and there, and you won’t be able to participate in those retail therapy sessions. Your side hustle is going to make demands of you that you must rise up to meet, and the biggest one is going to be your time.

As we evolve and grow into who we are truly meant to be, our relationships will shift. Tell me, how have those around you changed as your side hustle has taken a more prominent role in your life?

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Tanea SmithTanea Smith is the Owner & Creative Director of She’s Got Papers, a lifestyle greeting card & gift company with designs that are as powerful as they are witty and life affirming. But that’s only half the story.

As New York City’s Side Hustle Expert & an Inspirational Business Speaker she teaches women how to launch their own businesses while working full time. The “juggle” as she calls it is not for the faint of heart but Tanea believes that with passion, the right mindset and the proper tools it is possible for every woman to build the business of her dreams. Easy? No. Worth it? Absolutely.

Her mantra: There is life beyond your current gig!

Tanea has been featured in Essence, More, About.com, American Express Forum & The Wendy Williams Show.

Tanea has spoken at St. John’s University, City College of New York, New York University as well as a host of churches & women’s groups.  She has a PhD. in thriving despite the odds. She is an honorary member of Alpha Kappa Psi Fraternity.

See her stationery collection at: www.shesgotpapers.com

Take the journey with her & get inspired to begin yours at www.taneasmith.com

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How to (Legally) Run a Summer Business by @deborahsweeney

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summer business

by Deborah Sweeney | Featured Contributor

Summer is literally right around the corner, and it seems that warm weather and entrepreneurialism go hand-in-hand. Every summer, without fail, I hear about all sorts of new business ideas and ventures popping up. Unfortunately, these businesses are often seen as side-projects, so only a few of summer’s new entrepreneurs treat these ventures as real companies. And, while I know there are plenty of clandestine Etsy and eBay shops operating under the table, you really don’t want to play that game, or your fun summer project could become a nightmarish tangle of fines and late-fees. For anyone thinking about opening up a side-business during the summer, here’s what you need to know to keep everything aboveboard.

Taxes

You really, really do not want to get on the bad side of the IRS. Self-employment tax is no joke, and if the IRS thinks you’re trying to avoid what you owe, you could be audited. And don’t think low sales grant an exemption. Anyone who earns a net of $400 or more during the tax year must report that income, and pay self-employment taxes. Underestimating success is one of the biggest mistakes I see new small business owners make. Trust me – it doesn’t take long to hit that $400 threshold. On top of that, if you expect to owe more than $1,000 in income tax, you also have to send in estimated tax payments. Now, this is not all bad news. Your workspace/office, and even some start-up costs, may be deductible as long as the company made a profit, or was run with the clear intent of making one. Keeping track of your finances and tax obligations, then, is really in your best interest.

‘Doing Business As…’

Making businesses register a ‘Doing Business As’/Fictitious/Trade name is a fraud prevention measure. States require them so that fraudsters aren’t able to hide their identity behind the business, scam people, and then go into hiding. The only time you don’t need a DBA name is when you’re selling a product or service under your legal name. But if you change it slightly, you will need to register. For example, if your name is Jane Doe, and you sell flowers, you can call your shop Jane Doe and avoid filing a DBA name. But if you put Jane Doe’s Flowers in an advertisement or on a sign, you have to file the paperwork. A lot of summer businesses use online storefronts with admittedly cute and clever names, but fail to register them. Remember, once you start selling under that name, you are legally obligate to register the DBA with your state. That registration will also allow you to open up a business bank account, and accept payments made out to the company. So, again, following this rule is a good idea as so much is tied to a DBA.

Licensing

Licensing is vastly misunderstood – unless you’re selling a federally regulated product, like liquor or firearms, a business license is more of a way for your state, and occasionally your city and county, to make a little extra money and keep track of their local economy. Know that city, county, and state governments all keep an eye out for companies doing business without a license by trying to find evidence of business-related activity. Listing your company in a public directory, or putting out any sort of marketing material, even online, could count as business activity. Thankfully registering isn’t too hard. Most states, and even some local governments, put all the forms online. All you have to do is fill them out and send in a check. One important thing to keep in mind, though, is that you may have to file an extra form if the business is operated from a residence.

Taxing, a DBA name, and licensing – those three small hurdles are normally all that set a clandestine business apart from a legal one. My advice is always to run a business like a business. That means keeping good records, reporting income, paying taxes, and filing the paperwork you need to stay on the good side of the local, state, and federal governments. This may seem like a lot of work for a summer business, but trust me; the resulting peace of mind is worth the effort. Plus, you never know – this small summer experiment could wind up being your new career!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney HeadshotAs CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation