Starting a business with your girlfriends!!

If you never had the opportunity to have a foundation of girlfriends who are doing great things, an ear to listen, a mouth that speaks truth to you, and have excitement in their hearts; you are doing yourself an injustice. Those same qualities can be used to start a business.

Believe it or not, if women would work together instead of against each other; we could rule the world!! Just my two cents. Just imagine if each one of your girlfriends utilizes their strongest business ethics; we could be unstoppable.

According to CNBC, “the rate of women entrepreneurs have been growing at a percentage at least double that of their male counterparts”. Women are so talented that they are more likely to start their own business before their male friend.

As a business and marketing teacher, my greatest strength is organization and delivering the tools needed to start a business. Here are 10 tidbits to start you off:

  1. Please make sure you research the type of business you’re interested in. This includes the demographics, locations, and market analysis.
  2. CREATE A BUSINESS PLAN!!!! I cannot stress this enough because so many people think that their idea alone can grow and create a profit. This is so far from the truth. That leads me to the next step.
  3. Have a financial plan as well. Not only is this part of the business plan; but this includes who will loan, give, sponsor, etc. your business. How will you return your donor’s money and how long will it take? Remember that cousin you loaned money to for Christmas; you wanted to know when you would be receiving it back. Your lenders do too!!
  4. Choose what type of business you will have and decide if it will be a non-profit, LLC, partnership, sole-proprietor, etc. This is where research is important. Contracts should be written out if you choose to have partnerships and/or silent partners.
  5. Choose a name for your business and register it. Make sure no one else has your name before you go thru the hassle of registering. Again this is where research plays a significant role. Also, try to choose a name that fits the business.
  6. Get business licenses and permits when it’s time to get the ball rolling. Open up that business account too.
  7. Purchase and utilize an accounting system. In order to manage your business, inventory, prices, and most importantly taxes; you must have a great accounting software in place along with a trusting accountant.
  8. Location, location, location!!!! Is very important. You will need to decide if leasing or buying commercial real-estate will make sense or using office/Home space.
  9. Begin to outline the positions you will need to be filling. Then begin the hiring process. Create an employee handbook for your company. Make sure you create applications.
  10. Lastly, START PROMOTING YOUR BUSINESS!!! Figure out what avenues you will use to get your business out there!!!

If you have any girlfriends in your circle that have any of these strengths; get together and start that business with the friends you’ve grown to trust!!!

CHEERS!!!! From me to you!!!

 

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