6 Money Rules All Single Women Should Live By

1. Save early and often

Procrastination is deadly when it comes to retirement planning. That’s doubly true for single women, who must fund their post-work life entirely on their own. Women should start saving for retirement as soon as they start working, even if it’s only a small amount of money to start.Motz Wealth Management, in an interview. “Put retirement savings right up there with housing and food as far as a priority.”

“Save early,” said Melissa Motz, a wealth adviser and president of
Once you start saving, keep at it, and don’t plunder those accounts when other expenses arise. “Make a commitment to save money each year specifically for retirement in separate accounts that aren’t touched for other expenses,” Cathy Curtis, CFP, of Curtis Financial Planning told The Cheat Sheet.

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2. Get educated

Knowledge is power. Yet just 7% of women surveyed by Prudential Financial gave themselves an “A” grade when it came to their knowledge of investing. That lack of confidence can translate into a less secure retirement.
“Women who tend to know little about investments tend to err on the side of being conservative,” says Motz. “You will most likely live a long time and this money will need to grow. That means allocate at least 60% to equities if you are in your 50s and 80% if you are younger.”
Getting good advice can help a woman make smarter investing decisions and increase her overall retirement confidence. Sixty-three percent of women who’ve received financial advice feel that they are saving enough for retirement, compared to 45% of those who had never talked to an adviser, according to a survey by TIAA-CREF.

3. Put yourself first

Too many women end up sacrificing their financial security to help their loved ones. That’s an especially dangerous move for single women, who may be providing care to aging parents or raising children on their own. Those are important responsibilities, but if she always put other people’s needs first, she may end up nearing retirement age with little in savings and no back-up plan.
Knowing where to draw the line is key. “Do not — I repeat, do not — save for your children’s college before you save for your retirement,” says Motz. “Children can borrow money for college. You cannot borrow money for retirement.”
Motz also cautions single women against falling into the trap of supporting family members who make poor financial decisions. Her advice when a deadbeat brother or spendthrift niece comes begging for a loan? “I recommend an honest, ‘I love you’ and ‘no.’”

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 4. Consider long-term-care needs

Women live longer and are more likely to spend time in a nursing home than men. Yet many aren’t prepared to cover the steep costs of long-term care, which can top $90,000 per year for some services, according to a survey by Genworth.
Long-term care insurance, which will cover things like nursing home stays and home care, can help people manage the costs, though single women will often pay more for coverage than men, according the American Association for Long-Term Care Insurance. If traditional LTC insurance is out of reach, look into other options, such as self-funding (in other words, covering all costs out of your own pocket), “hybrid” policies that combine features of life insurance, long-term care coverage, and annuities.

5. Don’t neglect legal issues

Unmarried women need to take extra steps to protect themselves in the event they can no longer make financial or medical decisions themselves.
“The fate of [a single person’s] medical care and estate could fall into the hands of a distant relative or stranger appointed by the state as their guardian,” attorney Peter Klenk warned in a blog post.
To prevent that from happening, single women can take steps like assigning durable powers of attorney for both health and finances. These legal documents ensure that medical and financial decisions are made by someone you trust, not a distant relative or court-appointed guardian.

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6. Know that it’s not too late

Women who have put off saving, or those whose financial lives were derailed by divorce or a spouse’s death, may feel that retirement is just a pipe dream. While it’s true that building a sizable nest egg gets harder as you get older, that doesn’t mean that women should give up.
As a financial planner, Curtis says one of the biggest mistakes she sees single women make is to do nothing at all. Sometimes a woman is paralyzed and can’t take any action, “even though she knows that she isn’t on track financially for retirement,” she explains.
But even those who are late to the retirement savings game can take steps to enjoy a more secure future. Planning to work longer, cutting discretionary spending, and even exploring Golden Girls-style living arrangements can all be ways for single women who are behind in their savings to get back on track for retirement.

by Megan Elliott
http://www.cheatsheet.com/personal-finance/6-retirement-planning-rules-for-single-women.html/?a=viewall

Will You Join the Phenomenal Growth of Women-Owned Businesses?

If you’ve noticed that the economy is getting a little stronger month by month, you might want to thank a female entrepreneur.  (Learn more @ http://ow.ly/YErWi)

When it comes to new business formation, women are outpacing their male counterparts at a formidable rate. Recent U.S. Census Bureau figures show women are starting 1,288 new businesses a day, double the number a year ago.
Over the past 17 years, women-created businesses have sprung into existence at 1.5 times the overall national rate. Those businesses are growing at roughly twice the rate of businesses started by men, according to the U.S. Department of Commerce.

Data from the annual "State of Women-Owned Businesses Report" found 9.1 million women-owned businesses this year in the United States, a 6 percent jump from 8.6 million in 2013. These businesses generated more than $1.4 trillion in revenue, employed 7.9 million people and accounted for 30 percent of all enterprises nationally.
While the basics for launching a new business broadly apply to both male and female entrepreneurs, there are some considerations unique to women. The checklist below, while by no means exhaustive, addresses issues relevant to both women and startups generally:
1. Write a business plan defining the market opportunity and the customer base.
2. Be ruthless in mapping out  expenses. There are always unexpected costs. Make sure you have sufficent capital so the business becomes cash-flow positive.
3. Determine the best legal structure for the business, such as partnership, limited liability corporation or a sole proprietorship. Each option has its own strengths and weaknesses from both a tax and an operating point of view, so make sure you have tax and legal advisors who can help you make the best choice.
4. Continuity planning is critical. Women typically own smaller businesses, according to a 2010 report from the U.S. Department of Commerce's Economics and Statistics Administration for the White House Council on Women and Girls. Under these circumstances, even a temporary disability might be enough to put the company out of business. Disability insurance may be one way to protect against this.
5. Secure the appropriate licenses from city and state agencies. Make sure your professional license is up-to-date if you're providing services subject to regulation.
6. Find a financial advisor or banker who can serve as a mentor, someone committed to helping you succeed, offering access to capital and other business owners.

While it may seem premature, consider how you'll ultimately manage your exit from the business as this will be determined in part by the structure and operating philosophy you have in place on Day 1 and the financial resources you’re able to assemble over the course of your career.
Having a company-sponsored savings plan is an attractive benefit for you, the owner, and prospective employees. This is especially important for female entrepreneurs, as women live on average five years longer than men and can have many more years in retirement to fund. By starting early, you'll have that much more time to put the power of compounding to work for you and your savings.
The choices are many, including defined contribution plans like the 401(k), simplified employee pension (or SEP) IRAs and money purchase plans. There are often substantial differences between these vehicles from a funding and a tax point of view, so getting professional tax and legal advice is important.
Business succession planning can be complicated, too, and should be considered early on, whether or not there’s not an obvious successor to take over the enterprise.
As you get ready to launch the business, make sure you've done all you can to cultivate your network in advance. Consider joining the local chamber of commerce and other affinity groups that can provide counsel or access to your end market. Reach out to other women business owners who can act as a sounding board through the various stages of developing a company.
Starting a new business is a bit of a high-wire act, both thrilling and terrifying at the same time. But entrepreneurs have always been at the heart of the American growth story. Now, more than ever before, that entrepreneur is likely to be a woman. 

U.S. Bank and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.
The factual information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. U.S. Bank is not affiliated with any of the organizations mentioned.

by Mary Martuscelli

Contributor

http://www.entrepreneur.com/article/239947

How to Run Your Business Like Beyonce

Her Strategy, Deconstructed
Beyoncé Knowles-Carter is at the helm of an international brand. Learn more at WIBC  She’s sold 75 million albums as a solo artist, won 17 Grammys, and has an estimated net worth of $350 million. No surprise she secured the top spot on Forbes’ 2014 “World’s Most Powerful Celebrities” list and made Time’s “100 Most Influential People” list in 2013 and 2014.

Add to that, dropping an album without any promotion or marketing and Beyoncé proves to possess remarkable social media savvy and business acumen coupled with talent. Her unconventional tactics work: “Beyoncé” sold 828,773 copies in a three-day period and is iTunes’ fastest-selling record of all time.
Beyoncé’s impressive business model is even being studied by students at Harvard Business School. At this point, none of us can afford not to take a lesson from her playbook. We spoke to business, publicity, marketing, branding, and organizing experts to find out how to apply Beyoncé’s prowess to your own business.
Drop the Marketing Speak
With exactly zero advance promotion, Beyoncé released her self-titled album just after midnight on December 13, 2013, by posting a video on Instagram with a simple caption of “Surprise!” Almost a year later, and it’s still hailed as game-changing. In fact, you could really call it a strategy of anti-promotion, since she essentially announced her album and sat back to watch it become a smash success. So, what can a non-Beyoncé entrepreneur learn from this power move? It’s all about letting your consumer knowledge guide your marketing approach, instead of relying on hollow talking points.
Chief digital officer at Tablelist & Host of CreativeMornings Boston, Keith Frankel, says, “We live in a time in which the blast-as-big-and-wide-and-loud-of-a-message- as-possible tactics of yesteryear simply are no longer as effective. [Capturing] the shorter-than-ever attention span of today’s audiences requires delivering something people actually want to consume in a way that is noteworthy and unique.”
Tracy Podell, director of marketing for PlutoTV and a social media and online video expert, points to the ALS Ice Bucket challenge as a similar example of success that avoids having “messages shoved down [consumers’] throats,” and instead values authenticity. “I’m sure there were plenty of authentic messages regarding the importance of donating to ALS prior to it, but none of them were nearly as effective. What made it successful was that it was a) authentic b) engaging, and c) it was highly personalized. With every nomination, you were calling out someone you knew to engage in this fun, silly activity for a good cause, and it literally spread from person to person,” Podell says.
Create a Personal Connection Through Social Media
In the 12 hours following Beyonce’s surprise album announcement, Twitter reported that she was tweeted about a total of 1.2 million times. The singer also has a massive Tumblr and Instagram presence, both of which are flooded with glossy, aspirational photos of her family and career. Her more than 18.5 million Instagram followers and counting has even landed her firmly in the top five most followed celebrities.
Publicity expert Melissa Cassera says that Beyoncé makes her fans feel “adored and respected by giving them exactly what they want: backstage photos, candid vacation snaps, etc.” It’s a personal aspect that consumers connect to, and you can apply that same methodology to your own social media presence.
Podell advises that there are simple ways to include a personal connection using social media. She calls online testimonials and reviews “enormously important” and notes that in the absence of a personal referral, customer testimonials and reviews are how most people decide on a product or vendor. She says that business owners should encourage customers to “share their success stories on social media and on review sites” and urges you to reward them with an incentive. Interacting with consumers on social media is key, says Podell, especially if customers have issues or are unsatisfied, saying that “sometimes your biggest fans were negative customers you were able to turn around.”
Focus on what your customers love talking and learning about instead of only posting about your business, says Podell. Here’s an easy guide: between one and two-thirds of your posts should be non-promotional, and should focus more on customer engagement than on promoting your specific product.
Tap the Power of Community
Beyoncé has a community of fans who call themselves the Beyhive, and have established Tumblrs, Twitter accounts, forums, Instagram accounts, and Facebook groups with thousands of followers. Her announcement benefited from signal boosts from her legion of devoted super fans, who essentially promoted her album for her. So, what can an entrepreneur without her own Beyhive learn from that model? It’s all about the importance of building a community around your product or service prior to launching a new product.
Having Beyoncé’s fans carry out her promotion for her on individual social media accounts isn’t unlike convincing people to campaign for elected officials or legislation. Gabriela Domenzain, principal at The Raben Group and former National Spokesperson and Director of Hispanic Press for Obama for America explained how to get people invested enough to rally for you.
Domenzain stresses the importance of that ever-important personal connection; in this case, it’s all about presenting information in terms of how your product or service will improve a consumer’s life. Domenzain highlights a key strategy in political campaigning that absolutely mirrors Beyoncé’s business tactics: the idea of the bandwagon. It’s a critical mix of making consumers feel that the product or service will positively impact their own lives and also “weaving them into this larger community.” The goal is to make the consumer feel that by buying into your message, product or service, they’re joining a larger community of people who have all discovered something worthwhile.
Don’t Be Afraid to Voice Opinions
In the past year, Beyoncé has become one of feminism’s most visible voices. After seeing her pose in front of that giant sign reading “FEMINIST” during her 2014 VMA performance, it’s pretty safe to say her feminist views have become wrapped up in her brand. She demonstrates the benefit of adding a strong opinion—even one that is controversial—into your personal brand for the sake of rallying customers.
Kristen Domingue, a personal brand development expert, says, “Trend-wise we’re seeing marketers and advertisers do two things to compete for customers over-saturated attention span: stand out by polarizing, or stand out through vulnerability.”
Your cause need not be political, especially if a political message is out of sync with your brand. Domingue stresses that the cause itself doesn’t particularly matter—it’s your reasons for supporting it that will resonate with your customers. She says, “It can be saving stray cats, taking a stand for mothers having a life of their own outside parenthood or simply art that lights you up. Whatever it is, just make sure you’re passionate about it. And share why.”
This is not to say that entrepreneurs should align themselves with a cause or movement simply for the sake of its trendiness. It’s important to remember Podell’s words about authenticity and to know that consumers are able to spot insincerity. Being vocal about something you believe in can certainly have business benefits, but it’s in your best interest to pick something you can truly stand by.
There are pitfalls to taking a stand publicly that entrepreneurs should take into consideration. Domingue warns that “It’s important to take a stand and to be a human while you do it.” She cautions against being “too preachy,” which can alienate consumers and advises that you should “let people see your quirks, struggles and sense of humor. It goes a long way in making them curious about your ‘message.’”
Understand Your Brand Values
While your version of living your brand might look different than Beyoncé’s, it’s possible to achieve her strategy of fully embodying that brand across multiple platforms if you completely believe in the values that sustain your brand and articulate those values confidently and clearly.
Domingue explains that the key to a consistent personal brand is one that is well-defined from the start, with “1-4 MAX personal brand values that are aligned with who you already are.” According to Domingue, “we can clearly see one of [Beyoncé’s] core values is women’s empowerment. Songs have been written about it, music videos done about it, she shares on Instagram about it.” And so, Domingue suggests that you “take a look at your life and decide what you stand for by how you’ve lived it.“
Beyond defining your brand and laying out a clear mission statement, it’s critical that you continue to go back to those values moving forward. As you make decisions for your company, continuously check to make sure they align with your brand values, and be able to articulate how each decision fits in with your brand. That way, your messaging will always appear consistent and confident.
This was originally posted on DailyWorth.
Photo: Frazer Harrison / Getty Images

Ericka Pittman: Diddy’s Right-Hand Woman Is Bringing Beauty & Brains to the Boardroom

There are a few things that mommy probably told you when you were growing up. Cross your legs when wearing a dress. Chew with your mouth closed. Go to school. Get a job. Get married. Have babies—preferably in that order.
But what she might not have told you was that in your 20s, you’re probably going to go through a quarter-life crisis where you’re trying to find the answers to who you are, what you really want out of life, and how exactly to go about getting it once you walk across that stage to grab that coveted degree. She probably didn’t tell you that before becoming a leader you have to be willing to follow, and that it’s okay to take advantage of your femininity in a masculine environment, or that it’s important to have a thick skin and a firm stance in order to be a boss chick.
It’s something that Ericka Pittman, Vice President at Combs Enterprises, is touching on in her forthcoming book—a go-to guide on how to navigate the next phase of life when you’re full of questions and starving for answers. It’s her way of giving back to the next generation of lady leaders, sharing over a decade of wisdom on how she climbed the corporate ladder in the world of entertainment and lifestyle marketing where pantsuits outnumber pencil skirts.

“Women have a tendency to hoard positive information. They want to be the only ones that know, and it’s like, the world is so abundant, why wouldn’t you want to share and make sure everyone has the knowledge and the tools to be great and amazing?”

A question that needs an answer, because in a world that thrives off of self-preservation, it’s important to preserve the next generation by reaching back as you climb up. It’s something that Pittman hopes to spark conversation around as she details her experiences as a woman who once found herself lost and trying to figure out what’s next, which is hard to believe for a person with such an impressive résumé: Working at media giants Time, Inc., Conde Nast, and Vibe Media Group before shifting over to Combs Enterprises where she held various roles in strategy and marketing throughout the company’s eight divisions. In February she was promoted to Vice President of the Chairman’s Office, where she interfaces with the senior executives of each of the divisions that she once used to work under.
“A lot of people don’t realize that Combs Enterprises is a portfolio brand, so we have probably eight businesses that fall under Combs Enterprises, and each of those divisions have presidents or CEO’s. So I interact on a day to day basis with each of the presidents on business moves for our divisions and ensure that their goals and objectives are being met for their businesses, and they’re on par with the Chairman’s vision, and then simultaneously ensuring that the chairman and his office are delivering on the things that we need to deliver for each of the individual properties.”
Talk about elevation.
Not to mention that she was hand-selected by Sean “Diddy” Combs himself for a role that, prior to her occupying, didn’t even exist. It’s a new challenge for her, but no sweat. Pittman knows how to navigate the waters of uncertainty, always being one to go where needed and diving in head first into her positions, never backing down but always stepping up. It’s something that the head honcho, whom she respectfully refers to as “Mr. Combs,” would expect of his team of go-getters: no excuses, just results. Being fearless and staying hungry.
It’s also the reason that she got on his radar. Being one of the few people in the company who had experience within each of the brands—she worked on the launch of Revolt Television, closed the deal on DeLeón Tequila for Combs Wines & Spirits, and lead the rebranding for AQUAhydrate packaging among many other projects—made her an optimal choice when the discussion of a position that would create synergy across the brands came about. Pittman credits her successful climb to her flexibility and her problem-solving skills.
“Working with the [Blue Flame Agency] I touched all of the brands, but then also I go where I’m needed, even if I don’t work for the business. I have not worn an operational hat until now so this is an exciting opportunity for me to explore an alternative career path. This role could even parlay a COO role. It’s an honor, and I’m super excited about it!”
But just to be clear, Pittman isn’t walking for cheesecake. She’s often seen right by the side of the music and marketing mogul, whether it’s at the Revolt Music Conference or jetsetting to a business meeting for Combs Wines & Spirits—always impeccably dressed and paparazzi ready.
Though the Brooklyn native didn’t have a ton of internships, she’s always been a fan of hard work and perseverance. Right out of high school she completed a few fellowships that sparked her interest in marketing and communications. While at Baruch College she juggled a full-time job and a full-time class schedule, and upon graduating didn’t hesitate to take on opportunities and align herself with the right people to help her go to the next level. With each transition she’s taken the knowledge of her previous experiences with her as she continued her climb up the corporate ladder. Both her successes, and her mistakes (she admits to once being a project hoarder who had to learn how to delegate tasks), have enabled her to stay afloat throughout her career.

“The key is to get in, work super hard, make relationships, all hands on deck, get in where you fit in and be a real contribution, because people are watching,” she says.

“Even when you think they’re not watching, they are, and good talent is hard to find so if you really are the cut above the rest; you’re going to stand out.”
And Pittman mastered the art of standing out as a woman in a male-dominated industry without compromising who she is. For her it’s about femininity over sexuality. The mental, not the physical.  Though in a room full of men, donning a pair of Dolce & Gabbana stilettos and a well-fitted dress is definitely one of the perks of being a woman. Style and tactfulness make a confident lady, and in the boardroom Pittman is just as poised as she is primped.
After all, being Diddy’s right-hand woman means that she has to be able to hold her own, which includes protecting herself and her reputation—with class, of course—when compromising situations arise. Watching her mother and grandmother achieve their own individual levels of success with integrity and professionalism and understanding her birthright helped the budding boss get a good sense of who she was as a woman. “Being a woman is life. If it were not for me, the human race would cease to exist; there’s so much power in that.”

Written By Kiah McBride On Feb 19, 2016 

http://xonecole.com/ericka-pittman-diddys-right-hand-woman-who-is-bringing-beauty-brains-to-the-boardroom/

Why Single Women Are Quicker to Jump Into Entrepreneurship

Single women are becoming entrepreneurs at faster rates than both married women or men, according to government labor data.
New research from economist Carlianne Patrick of the Andrew Young School of Policy Studies at Georgia State University breaks down the factors that motivate women to become entrepreneurs based on their marital status.
“The reality is that married and unmarried women appear to be motivated by different factors,” Patrick says in a press release accompanying the new research.
The reasons that anybody becomes an entrepreneur are often complicated and multifaceted. Both women and men, regardless of marital status, are often motivated to leave the corporate world in favor of self-employment for reasons other than money. The allure of a flexible schedule, complete control over your work and no commute are enough to convince a burned out, frustrated corporate soldier to sacrifice some money in the trade off, according to the report.

So what affects the decision of a married women to be her own boss?
Progressive gender roles
Married women who live in areas where the cultural perception of gender roles are more progressive are more likely to be self-employed. By contrast, the local perception of gender roles does not affect a single woman’s decision to be her own boss, according to the findings.
“It appears that married women are more likely to be influenced by society’s gender-role attitudes,” the report says.

Young kids
Women who have children under 5 years old are motivated to be self employed. Often, mothers with young children opt to take time away from working for childcare, but becoming an entrepreneur is an alternative to completely leaving the workforce, the report says.
That finding can potentially be useful for local policy makers. “If women are choosing between not working and self-employment, then efforts to help them become self-employed will create a job and generate earnings for someone otherwise out of the labor force,” Patrick says.

And how about single women? What factors influence an unmarried woman to be self-employed?

Money
More so than their married colleagues, money is a motivating factor for unmarried women to become self-employed. Single women become entrepreneurs because they think they will make more money than they will as a salaried employee.
Confidence
Single women who have higher confidence, as measured by the Rosenberg test scores, are more likely to be self-employed. Meanwhile, confidence is not a statistical determining factor for either married women or men to become self-employed, according to the report.
A local entrepreneurship community
The rates of entrepreneurship are higher among single women in areas where the rates of self-employment overall are higher, according to the research, which utilized geocoded data, or data connected to a particular location.
“Unmarried women enter self-employment where there are more opportunities and where there is a stronger entrepreneurial culture,” the report says.

by Catherine Clifford Entrepreneur Staff

http://www.entrepreneur.com/article/270926

 

How 6 Moms Made Money from Direct Sales

Millions of women are weathering the still-tough economy by earning extra cash through direct sales: supplementing a salary that just doesn't cover everything or replacing one that vanished. Innovative options include power tools, home decor items, even professionally fitted bras. These moms are all making a home-party business work for them.

By Ellen Parlapiano 2.6K

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Ginny Fiscella, 47
Mom  2 nights a week
Manages: 2,000
Earns: Over $200,000 per year
It's a typical workday in the Fiscella home: Ginny, leader of Silpada jewelry company's top sales force, makes phone calls in her home office, while husband Doug handles her administrative tasks from his laptop in the kitchen. The arrangement gives him time with daughters Caroline and Molly and frees Ginny to focus on what she does best—selling, recruiting, and motivating her team.
Backstory: In 1999 Ginny left her full-time job in hospice management when the family moved from Arizona to Kansas so that Doug could take a new job. Bored one afternoon, she browsed through a Silpada catalog that belonged to her sister-in-law. "Halfway through, I already had a $350 wish list," she says. So Ginny decided to become a rep to earn some free bling and hopefully make friends. She took $1,000 from savings to purchase display jewelry, conservatively calculating that she'd need 12 parties to replenish the account. Her first party yielded $1,500 in sales, $450 each in commission and free jewelry, and six more bookings. Doug said, "Something tells me we've got a good thing going here."
Then what? Within a year and a half, Ginny was earning $3,000 to $4,000 a month, doing two to three parties a week. However, not wanting to seem pushy, she wasn't recruiting her hostesses to sell. After her best friend signed up as a rep, and found she could finally afford to cover all her kids' sports activities, she told Ginny, "Shame on you for keeping this to yourself." That's when
Ginny started recruiting anywhere and everywhere: at the supermarket, on vacation, even in restaurants. (When a fellow diner complimented her bracelets, Ginny gave them to her, along with an info kit. The woman became a rep a few weeks later.) By 2005, Ginny was making six figures annually from three parties a week and commissions on her team's sales. Meanwhile, Doug had changed jobs and was miserable. He decided to quit so Ginny could expand her business even more. His handling of car pools and homework has enabled her to achieve $1 million in cumulative retail sales and become the family's main breadwinner. Ginny admits initially feeling guilty about delegating "mom" tasks to Doug. "But I feel much more fulfilled now," says Ginny, "which is better for all of us."


Nakia Evans, 35
Mom of three, ages 18 and 16 (twins)
Lives in Baltimore, Maryland
Product: Soul Purpose body care (soulpurpose.com)
Started: April 2009
Works: Around 35 hours per week
Manages: 257
Earns: Around $40,000 per year
All it took was a few minutes of soaking her feet at a cousin's spa party for Nakia to fall in love with Soul Purpose all-natural scrubs. She started selling on nights and weekends to supplement what she earned as a full-time commercial property manager and subsidize her children's school trips, extracurriculars and proms. As she grew her team (which includes her mom and husband
Robert, 39), she realized this was a great opportunity for teens too. "They always need money but have limited time to work," she says. Her son, James, 18, had already made some sales to friends and teachers. But Nakia envisioned a formal entrepreneurship program, with training and mentoring from seasoned sellers, teaching teens how to grow businesses that fit around schoolwork and activities.
Backstory: Nakia drafted a proposal for her Essential Soul Purpose Youth (ESPY) mentoring program, for ages 14 to 17, and pitched it to company CEO Nadine Thompson, who loved the idea. Nakia found 15 interested teens through her kids and sales force. They kicked off with a fashion show fundraiser in February 2011, with aspiring entrepreneurs modeling Soul Purpose makeup and clothes from local boutiques, to build buzz and recruit community mentors.
Then what? After training, teens consult with their mentors for a year, corresponding twice a month. "It's not just about business," says Nakia. "They cultivate life skills like goalsetting, decision-making and money management." The objectives mesh perfectly with the company's mission to empower women of color, and Soul Purpose is rolling out the ESPY mentoring program nationwide. "This prepares teens for the future," Nakia says. "I was a teen mom who struggled at times to make ends meet. I believe in teaching kids how to become financially independent."

Carrie Steuer, 39
Mom of two, ages 10 and 7
Lives in Chicago, Illinois
Product: Essential Bodywear (myessentialbodywear.com/breastfriend)
Started: March 2005
Works: 25 to 35 hours a week
Manages: 130
Earns: $69,000 per year
Five years after leaving corporate America to be a full-time mom, Carrie started selling specialty foods to try to earn money to buy a new car. Her exhibit at a women's expo had basically zero foot traffic, but she noticed a booth with bras was packed. "The rep offered to fit me, and when I came out of the dressing room and checked the mirror, I looked like I had lost 10 pounds," says
Carrie. "Who doesn't love that?"
Backstory: To earn a free bra, she volunteered to host a party. But before it rolled around, she'd researched the company and signed on as a consultant. "I couldn't stop talking about that bra," she says. "Being passionate about the product is key to success in direct sales." Fourteen friends attended her first event, learning about common problems like too much cleavage and nipple show-through. Then each got measured, privately, for a bra to suit her body type. "The transformations were amazing," says Carrie. "They stood taller and more confidently." She sold a lot that night, and asked those friends to have parties. "Try to book as many as you can in the first month to build momentum," she recommends.
Then what? Carrie recruits new hostesses and consultants at every event and saves customers' sizes for easy reordering. She now works three nights a week, typically two at parties and one on coaching calls, encouraging her team to set tangible personal earning goals. Her own income goes toward her mortgage, saving for her kids' college tuitions and charitable donations. "It helps to sell something that every woman needs," Carrie says. "Bra measurement is a dying art." One customer was so thankful to find a good-fitting bra that she bought six. "I never really thought of myself as a salesperson, but magic happens when you find a product you completely believe in."

Leah Adams, 30
Mom of three, ages 10, 6 and 4
Lives in Denver, Colorado
Product: Celebrating Home tableware and decor (celebratinghome.com)
Started: January 2010
Works: About 15 hours a week
Manages: 7
Earns: About $15,000 per year
Moving is a way of life when your spouse is in the Air Force—and makes it tough to hold down a regular job. "Who knows where the military will send us next," says Leah. "Now I can work wherever we go."
Backstory: Leah discovered Celebrating Home at a school PTO event, while living on Grand Forks Air Force base in North Dakota. Having just finished chemo for cervical cancer (she's in remission now), she hosted a party for fun. While it was winding down, her husband, David, 32, came in from his second job and said, "You could sell that stuff." Leah laughed it off, but David encouraged her to try. "He felt I needed something positive after being so sick," she says. When offered a start-up kit for half price as part of a special promotion, Leah bought in and lined up events with friends on the base, showing how to cook quick meals and set beautiful tables with the stoneware.
Then what? Within three months she'd earned enough so David could quit his second job. After the military relocated them to Denver, Lisa was fortunate to meet more potential reps while selling at a local crafts show and learn marketing tricks at the company's training conference. But a few months later, David was deployed to Afghanistan. While he was gone, Leah and the boys lived in Pennsylvania with his parents. Her mother-in-law connected her with possible hosts, and her eldest son, Luke, loaded the car before events. Even David pitched in, posting specials to his Facebook page. "This business provided a needed distraction," says Leah. "It helped me and the kids forget, even if for a few hours, how much we missed Dad." When David's tour of duty ended safely in June, the family celebrated with a beach vacation in Sea Isle City, New Jersey, thanks to Leah's earnings. Now back in Denver, Leah has sales reps in three states and a growing team.

Kate Julian, 40
Mom of three, ages 12, 6 and 4
Lives in Providence Village, Texas
Product: Tomboy Tools (tomboytools.com)
Started: February 2009
Works: 25 hours per week
Manages: 45
Earns: $32,000 per year
Backstory: Do-it-yourselfer Kate just wanted to buy a Tomboy Tools pink hammer, after seeing one in a magazine and reading about how sales benefited breast cancer research. But the closest rep was 250 miles away. Her husband suggested she become a sales consultant, since she'd have an untapped market.
Kate launched with Tool School 101, teaching how to use Tomboy's specially-sized-for-women equipment to fix leaks and unclog drains on mock toilets and sinks. The recession worked to her advantage too. I'd say, "Why pay a plumber, when you can do it yourself?"
Then what? To cultivate repeat business, Kate does specialty workshops on topics like Caulking, Energy Efficiency, and Drywall Repair. She strives for four events a month, targeting high-exposure home shows when possible. ("But I won't spend more than $500 on a booth.") Each tool party is an "empowerment session," she says. "I've met women who've never even held a hammer, yet they leave feeling capable of doing basic repairs." Kate has learned a lot too. She recently installed a ceiling fan all on her own. "When I switched it on and it didn't wobble, I felt incredibly accomplished," she says.

Darlene Moe, 47
Mom of three, ages 18, 21 and 25
Lives in Everett, Washington
Sells: Avon (avon.com)
Started: October 2007
Works: 2 to 5 hours a week
Manages: 25
Earns: $4,000 per year
Backstory: This fourth-grade teacher at Hillcrest School in Lake Stevens, Washington, was sad to see enrichment activities eliminated by budget cuts. So she decided to subsidize them through her side job as an Avon lady.
Her first class fundraiser was in 2009. With the principal's permission, Darlene sent catalogs and letters to parents, explaining the goal: Sell what you can in two weeks (without kids going door to door, for safety's sake) and all profits will fund field trips and special events. Since she's in Avon's President's Club—a rank achieved when you sell over $10,100 in a year—the class would get at least 40% commission on sales. Her students' parents sold $1,100 worth of products, earning about $475. It enabled them to hear from a bat scientist while studying the book Stella Luna, and visit a nursing home to read to the elderly.
Then what? Since then, all fourth-grade teachers (and third, too) have joined in, gathering at Darlene's home with selected students to sort and pack orders. Last year's fundraiser covered a trip to the Adopt a Stream Foundation. This year, 125 students toured a local museum, and visited Fort Casey on the Puget Sound. "My kids feel a sense of accomplishment, knowing they make these things happen," she says. As student body advisor Darlene also spearheaded a fundraiser to benefit an 80-year-old school volunteer who'd retired. The money bought bulbs, mulch and a garden bench for the woman's yard, and the kids helped plant it all. "For me, Avon provides the means to give back," she says.

By Ellen Parlapiano 

Originally published in the October 17, 2011, issue of Family Circle magazine.

Direct Selling Tips: Building for Success

Direct Selling Tips: Building for Success

The rewards of direct selling are many…

1. You can be your own boss.

2. You can set your own hours.

3. You can own your own businesses with little or no investment.

4. You can pay yourself more than any boss would ever pay you.

5. You can give yourself regular raises as your business grows.

It’s only fair to tell you that there are failures, too. There are people who will not work for themselves. When working for a boss, they rise early, are well-groomed, and get to the office on time. However, when they are their own boss, they are still in a bathrobe, drinking one more cup of coffee at 11:00 A.M.

If you can be your own boss and discipline yourself to do what has to be done, when it has to be done, direct selling offers a very high earning potential.

Direct Selling Tips: The 10 Steps to Success

Here are the ten direct selling tips that will assure success in your direct sales business:

1. SET GOALS. Why are you building a direct sales business? Do you want to save for college for your children? A new car? A new home? You can have all these things, but you must want it enough to do the things that have to be done to get it.

Whatever your goal, write it down and set an intended date to reach it by. Divide the time period into blocks of achievement that are reachable. Work consistently toward accomplishing this goal each day, each week, and each month. Goal setting is a must in your direct selling business. Very little is ever accomplished without clear, defined goals.

 2. BE A LIST MAKER. Each evening list all the things you want to get done the next day. This gives you an organized approach to each day. As each task is finished, tick it off your list. You will get a great feeling of progress every time you mark something off on your list. It really is amazing how much more gets done when you work with a “to-do” list.

3. BE ENTHUSIASTIC. Enthusiasm is the high-octane “fuel” that salespeople run on. Enthusiasm generates its own energy. Energy and good health are synonymous with busy, happy people.

4. THE MAGIC WORD IN SALES IS “ASK.” In direct sales we don’t have to wait for business to come to us. We create our own business by asking for it. Ask for appointments, then you can do business. Ask for business, then you will close sales. Ask for referrals, then you will always have a full list of prospects to contact. Be relaxed, yet firmly focused.

5. EXPECT NO’S. Realize that no’s are not personal. In direct sales, as perhaps nowhere else, the law of averages work. Every “no” really does get you closer to a sale. Keep track of your ratio, as this will help improve your techniques. Are you getting twenty no’s to one yes? Is your ratio ten to one? Remember, the “yes’s” are your income.

Also remember that “no” does not always mean “no“. Often a “no” is simply a stall for more time. It may be a request by your prospect that they need more information about your product or your service. Have a helpful attitude, be completely honest, and make it clear that you want what is in your prospect’s best interest.

6. SCHEDULE TIME WISELY. A schedule is the roadmap by which salespeople travel. It takes the guess work out of the day. It assures that the required things get done, and get done when they’re supposed to. You want to plan your work, then work your plan.

7. HAVE A POSITIVE ATTITUDE. Success in direct selling (as in all areas of life) is 90% attitude and 10% aptitude. You should be proud to be a salesperson. Sales make the wheels of our economy turn. Bernard Baruch, adviser to several presidents, once said, “If every salesperson sat down and took no orders for twenty-four hours, it would bankrupt our country!” Remember, sales is one of the highest paid professions in the world for a reason.

8. HAVE AN OFFICE AREA. Most direct salespeople work from their own homes, but it is vital that you have a place where you can work in a organized and effective manner. An office, plus a strict working schedule, are absolutely essential for efficient operation and to the success of your business.

9. BE INVOLVED. Most direct sales companies offer contests to motivate their associates. Include winning contests as part of your business goals. Contests make your direct selling business fun, as well as adding a nice little extra to your income.

10. HANDLE MONEY INTELLIGENTLY. A regular 9-5 job usually means a paycheck at the end of the month. Direct sales “reps” handle money on a constant basis. Direct sales is instant income and constant income. Therefore. it is incredibly important that you become an efficient money manager.

Deposit every penny collected from customers into a account set up for your business. As bank statements show an exact record of all monies collected, and business expenses can be verified by canceled checks, record keeping becomes simple and accurate.

Money saved regularly will soon develop an additional income stream for you due to interest. A long-term goal (which is certainly realistic in direct sales) is to be able to retire off the interest earned through savings.

 Does financial freedom mean a lot to you? If so, ask yourself these questions:

 * Am I honest?

* Do I really like people?

* Am I willing to learn?

* Am I willing to work?

* Am I capable of being my own boss?

If your answers are yes, then you can certainly turn dreams into reality though a direct selling business.

P.S. If you would like more in-depth home business training then be sure to join the Inner Circle and get access to the training, tips and advice that no one else gets. Simply enter your email address below for free access…

How to Dominate in Direct Sales

Direct selling has come a long way from Avon ladies and the Tupperware parties, especially now that social media is in the mix.

In 1951, the retail world was transformed when Earl Silas Tupper pulled his storage containers off of store shelves and presented them directly to the consumer. With the help of a charismatic single mom, Brownie Wise, Tupper developed the direct-selling strategy that would turn into a phenomenon—The Tupperware Party.

Today, the grandmother of all home party systems is still going strong. In 2011, Tupperware Brands had over 2.7 million sales professionals in almost 100 countries, generating revenues exceeding $2 billion.  From Tupperware to adult novelties to children’s toys, direct sales companies and home parties have been a force to be reckoned with. Sales figures in the U.S. are nearing $30 billion according to the Direct Selling Association. Not only is the industry growing year-over-year, but is outpacing growth by the U.S. economy.
Women (and men) are turning to direct sales to supplement incomes, explore career opportunities and, in many cases, fulfill their desire to be a business owner, help determine their own fate and have a little fun while doing it.

Social Media Boost

Companies like costume jewelry designer Stella & Dot are creating a new breed of consultants, where making a lucrative income is not only plausible, but attainable. Stella & Dot cultivates its stylists helping them to become small-business owners, finding passion in their merchandise and their company.
What was once reserved for at-home parties and catalog sales only is now being bolstered through social networking sites like Facebook, Pinterest and even Twitter. Thanks to social networking, consultants are expanding their networks, hosting online parties, offering online specials, sales and orders.
Stella & Dot is forging the way, bridging traditional home parties, called trunk shows, with social selling.
Tysh Mefferd heads a team at Stella & Dot which was responsible for over $16 million in revenue last year. She credits social media with much of her success and uses Facebook, Twitter and Pinterest on a daily basis to help promote grown and engage with her customer base. “I use social media for building my personal business. I have a fan page and invite my customers to be in the know on style tips, FLASH sales, etc.,” she says.
Stella & Dot stylist Alexandra Gay agrees, and saw her online sales grow dramatically when she became more visible on Facebook.  “Our generation is dialed into social media and people are always looking for a better opportunity, easier and quicker way to shop. You name it and social media can really be a game changer,” she says.
In addition, Mefferd turns to social platforms to help build and stay connected to her team, which has recently grown to over 3,500 members. “We have Facebook groups set up for our various teams and our leadership team. We use it all day long for quick communications, reminders, recognition, etc. It allows for all entrepreneurs to feel connected to a community and a place for brainstorming, sharing best tips and the like.”

No Success Without Passion

For Allison Price, an independent representative with Miessence certified organics, what started off as a mission to find products that were purely organic turned into a career selling products she not only believed in, but felt passionate about. “It takes a few things to be successful. First, you need to be truly passionate about the products you’re selling. Second, you need to be self-motivated. And third, you need to have the spirit of an entrepreneur,” explains Price.
Price says it’s up to the individual rep to decide how much energy they want to expend on growing their business. For some, it’s just an opportunity to make a little extra spending money or enjoy a night out of the house, but for others it can be a lucrative career choice. “People on my team are making anywhere from $400 a month to $125,000 plus a year, depending on the time and effort they have invested in their business,” she says.

Not a Hobby

Toni Van Schoyck, an independent advanced director with Gigi Hill, a company offering fashionable and functional handbags agrees that building a successful direct sales company takes investment and dedication. “Direct sales is about 100 percent accountability and responsibility,” she explained, saying that the business must be cultivated daily. “Get in and stay in. Work your business consistently every day,” she said.
Van Schoyck’s formula has worked for her. Through her dedication and business savvy she has worked herself up, earning a six-figure income after only three years. “You make this what you want it to be,” she says. Although she has been successful thus far, she’s also quick to note that she has much work to do to continue building her business.
As in any business venture, direct selling companies are not all created equal. It’s important to do research on the company prior to investing your money or your time into the corporation. Some companies will offer you direct commissions on your sales while others require you to recruit a sales team before you see any significant earnings. Some companies will also require you sell a certain amount or percentage in order to stay active within their system. “If it seems too good to be true, it probably is,” explains Mefferd.
Mefferd also recommends speaking with consultants that have been top performers in their respective industry. “My best advice is to learn all you can from those that have experienced success and then go out there and follow the steps or process that is proven to work.”  Mefferd adds that success in any business, and especially in direct selling takes “tenacity, determination, huge belief and working together as a team.”

Angela Stringfellow is a PR and MarComm Consultant and Social Media Strategist offering full-circle marketing solutions to businesses. Angela blogs via Contently.com.

4 Success Secrets to Improve Your Direct Sales Bookings

To tackle how to keep your sales up and your calendar full of direct sales bookings, use this helpful list:

1. Be consistent.

While this statement may seem trite, the truth is that many direct sales women and entrepreneurs need to keep this tenet of sales in the front of both head and heart. With the multitude of obligations that women deal with on a regular basis--full time job, second job, family chauffeur, child care, parent care, house cleaner, home chef, physical fitness, and maintaining our sanity with our own interests and hobbies--a system for juggling competing duties is necessary.

As a professional sales woman and entrepreneur, the importance of keeping the calendar full is key. The more gaps you see in your party bookings, the harder it is to regenerate momentum.

2. Develop the Habit of Making Daily Contacts.

Along with consistency, value a sustained effort to obtain sales appointments and home party bookings. Actions speak louder than words. When you uphold that making daily contacts and connections is vital, and just as immovable (such as you would with a critical doctor's appointment), you will fill your slots for parties. Make sure to convey this professional approach to your customers through your actions and words. They will perceive you as someone who is serious about your business. If you are lax to make daily contacts, you will suffer the stress and financial consequences of inconsistent business. It is a vicious cycle. Strive for 5 contacts a day; and watch your business thrive.

3. Appreciate Your Client's Time.

When you reach out to invite someone to book a party, keep the contact focused, friendly and on point. Pre-plan what you will say and make some notes about why you are contacting them, what is your compelling offer and why someone would want to book a home party or schedule a sales presentation with you now. Make sure that during your conversation you set the stage for business and mention that you will call later to catch up on personal matters. One of the pitfalls that many entrepreneurs and sales women encounter is that they chat too long about topics unrelated to what they initially contacted the prospect to talk about.

While this helps to build rapport, it also undermines your effort, product and profit. Further, it strips professionalism from sales and booking efforts. People appreciate brief and direct. Be warned, however, that this does not mean to be abrupt or cold. Strike a nice balance by referencing something from the last time you met or a memorable moment from a previous conversation.

4. Eliminate Emotion from Rejection.

If you do not track aspects of your business, you will measure your successes by feeling rather than performance. This leads to an emotional sales roller coaster. When sales are up, you feel great. When you get more than a few no responses to asking for a direct sales booking, you feel down. However, if you establish a system for measuring your contacts and results, you will identify a base sales closing ratio. Knowing your closing ratio allows you to track and reference your growth. Additionally, when you incorporate these success tips such as consistency and steady daily booking contacts, your tracked figures will reflect success, and will ultimately shine in comparison to those who book sporadically.

So, avoid emotional direct sales booking discouragement by following your contacts to create your sales closing ratio. By using tools for measuring your success, you can chart your growth and identify areas for improvement.

These success secrets are simple to say, yet take effort to do. Follow these 4 strategies to improve your sales and build your direct sales bookings. Before you know it, you will have turned tips into habits; and your business will flourish.

by Barb Girson
 

No. 1 Success Tip For Women In Business: Do More Than You Know

“What are the top 10 things you learned about thirtysomething women – their tricks and tips that helped them define and find their success?” I answered that question when I delivered a Masterclass at Glasgow Caledonian University in Scotland last month. This is post #1 in a series that brings the Masterclass to you. 

Kat Cole is a self-made woman. She grew up in Jacksonville, Florida with her mother and two sisters, living on $10 a week for groceries. In high school, Kat worked part-time as a Hooters girl serving beer and chicken wings. At age 19, studying to become an engineer, Kat got her once-in-a-lifetime opportunity to move to Australia to help Hooters expand internationally and she dropped out of college. At age 32, she became President of Cinnabon. And she got her MBA. How did she do it? Her success begins with a powerful belief, “I have an intense belief that I can do anything (sometimes more than I should), always believing I can do ‘more than I know,’ so I take chances,” says Kat.
Kat adds on: “A lot of things have happened over time that I could have worried over or that could have made me feel that I’m not worthy. I see that happening with young women. If that first question or doubt enters your mind, that’s ok, but then you’re responsible for the second thought and any related action. Choose to believe in yourself; that determines your place in the world and affects whether or not others believe in you, too.”

Believe in yourself. That determines your place in the world and affects whether or not others believe in you too. Graphic credit ImageThink

Believing in yourself gives you the power to ask for what you want and deserve. Dr. Christina Greer, a 35-year-old Assistant Professor of Political Science at Fordham University says, “As a woman, especially a woman of color, many people think I am supposed to be apologetic about being smart and pushing for what I want. But I’m unapologetic for things that are important to me. If I don’t stand up for myself and call attention to the things that I need and want, how am I going to get them? It means that I can work within the system to make change, but with an attitude of, ‘we need to start breaking some eggs because this omelet isn’t going to make itself.’ When I see my colleagues in the hallway on my way to teach, I often say, ‘I am off to influence the youth of America.’ In many ways, that is what educators do. We teach new ideas, unteach old/outdated/antiquated concepts and ideas, and we give them confidence to go out there and change the world.” It’s working — here’s what a 21-year-old female student told Christina: “I appreciate you being young, smart, black, fun and unapologetic about it. It tells me that it’s possible and I should be a version of that.”
What would have happened if Kat and Christina allowed that ugly voice to enter their world, the voice that nags, “Are you good enough? Are you smart enough? Can you handle it? Do you deserve it?”

Denise Restauri ,

Contributor

I amplify the emerging voices of girls and women.

How to Find Real Customers for Your Startup

Successful enterprises go through four stages of maturity. Each one makes extraordinary demands of its leader, who must undertake new tasks, acquire new organizational skills and expand his or her leadership abilities.
In this post we’ll focus on stage one, or finding your company’s target audience. This stage truly begins when you commit to turning your idea into a tangible business. For starters, make sure your idea is something you believe in and are genuinely enthusiastic about. Once that’s done, the real work begins. Your primary task in this initial stage is customer validation, i.e. figuring out whether you can turn your idea into a product or service people will pay money for. Start by talking to as many potential customers as you can. Meanwhile, seek advice from a network of donors, employees and advisors.
At this stage, your startup is like a special project. There is no schedule or routine -- instead, you should simply be doing whatever is necessary to make daily progress. This lack of routine and of process drives ‘manager-personality-types’ crazy; where some see creativity, they see chaos. That’s why managers who have been highly successful in big corporations often fail when they try to start a company of their own.

How do you lead an organization that is almost 100 percent sheer effort and 0 percent process? Start by calling a huddle, i.e. an informal meeting with your team, whenever there is a significant development, positive or negative, in capturing that first set of customers. These discussions are a good way to strategize about what comes next and avoid any miscommunications among your team members.
As the product or service comes into clearer focus, make sure you answer the following three strategic questions:

• What is the most efficient way to find real customers? Because you likely have a limited budget, it’s important to be quick and cost effective.
• How can I make a very basic product -- also known as the minimum viable product or MVP -- attractive enough so customers will agree to try it? This requires that you accurately understand the value of your product.
• How can I deliver the MVP to customers?  Answering this question forces you to understand the processes required to make and deliver your product.

Now comes the hard part. Many entrepreneurs are excited about their idea, but find few potential customers share their enthusiasm. Such rejection can hurt. For most people, changing an idea they are passionate can be difficult. Nevertheless, you must be open modifications. It’s the first big test of an entrepreneurial leader.
Related: Deal or No Deal? Here Are 7 Ways Due Diligence Can Help Before a Final Commitment.
It’s not easy. Determining which parts of your original idea are valuable and which aren't is an emotionally draining exercise. You may feel anxious and disoriented because you feel you’ve lost control. You are likely exhausted because you have to consider and evaluate so many possible directions for your fledgling venture. There's a good chance you are burnt out from having to contact as many potential customers as possible in order to test your assumptions about who is buying your product. As your idea evolves, you will need to change your prototype or your service description or your specifications over and over again. This is an enormous amount of work.
Unfortunately, instead of staying tightly focused on customer validation, many entrepreneurs pour enormous amounts of energy into devising a business plan. It’s a mistake: You cannot have a meaningful business plan until you know what your customers want. Virtually all of your time, and your team’s time, should be spent listening to customers and modifying your prototype in response to their feedback.
When speaking with customers, don’t let yourself be deluded by casual compliments. Just because a customer says some nice things about your product doesn’t mean he will buy it. Most people hate to deliver bad news. Only when a potential customer declares something like, “I must have this -- how soon can I buy it now?,” can you be sure you are on the right track.
This initial stage only ends when you can describe, with a high degree of certainty, who will buy your product or service and how you will deliver it to them. Accomplishing this isn’t for the faint of heart -- many smart entrepreneurs fail to answer these questions. The good news is people are eager to accept products or services that will improve their lives and make them happier.
F. Scott Fitzgerald famously said that “the test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function." That’s the essence of the challenge in stage one of a startup. As an entrepreneur you selfishly want your product or service to change people’s lives. But to do so you must selflessly listen to potential customers and be prepared, even eager, to change your original idea.

Derek Lidow

Contributor

Teaches entrepreneurship, innovation and creativity at Princeton University, author of Startup Leadership

The 5 Essential Hires Needed to Grow a Business

When your business is just getting off the ground, it’s often just you and your partners burning both the midnight oil and the candle at both ends. Once you’re going somewhere, it can be a great learning experience to handle all components of business operations — but eventually, you’re going to need help.
As your startup gets bigger and you start to bring on team members, it’s important to think about not only the kind of person you’re hiring, but also the role they’ll play in your growing business. You may think that with increasing interest in your product or service, you’ll need to hire more and more salespeople, but salespeople don’t grow businesses alone.
You’ll need a support system built on highly specialized expertise that you may only get through hiring outside professionals.

Here are five people with the skills you need to help you grow your business:

1. PR/Marketing

The time comes when you can’t rely on word of mouth alone to market your business. You also can’t depend on the banner ads or email blasts you’ve been doing yourself, on top of everything else you have to do.
You’ll likely need marketing help, especially if you’re a consumer-facing company trying to grow your brand. A marketing professional will not only have the skills to carry out your marketing plan, but they will also have the know-how to develop a marketing strategy that looks at the long term.
Depending on what your business does, it may be helpful to hire a press or public relations professional. Companies looking to increase their standing in their industries or expose themselves to new potential partners and clients will likely want to get their name out to news outlets, trade publications and conferences — all of which are in a PR rep’s rolodex. Finding a marketing professional specific to your industry will increase your exposure immensely, and they’ll be able to find you opportunities in places you never thought to look.

2. Payroll/Human Resources

When it was just one or two of you, handling payroll and any other human resources tasks was likely no big deal. However, as your business grows, so will the responsibility when it comes to background checks, tax forms, payroll and benefits.
Take all of that off your plate, and avoid a mutiny over late paychecks, by hiring someone to do HR or payroll for you. These days, you can outsource human resources and payroll easily — saving you time and worry about employee procedures being done right, like employee onboarding, benefits, taxes and payroll.

3. Maintenance

Sure, you can break out the vacuum cleaner or the disinfecting spray every once in awhile, and you may even be pretty handy with a screwdriver. When it comes to the big aspects of your business, however, you probably shouldn’t be handling maintenance yourself.
Especially for retailers or other businesses with storefronts, maintaining them can be a big job. Hire an outside company to do any big work on the outside of your building. Things like brick cleaning, concrete restoration, and window repair should be left to the professionals.
Related: 5 Ways to Make Your Company's Hiring Process More Fair

4. IT/ Tech Professionals

Being computer literate these days is a necessity, and the majority of startups wouldn’t even exist without a bit of computer knowledge. However, your small business will inevitably reach the point where even a tech savvy entrepreneur can’t solve a tech issue.
That’s when you bring in the IT professionals. When your team starts to grow, it’s important to have someone there to install new computers, set up the team’s emails and manage the centralization of certain information and data. They’ll have the skills to keep your tech up and running — so you don’t have to waste time hitting CTRL + ALT + DEL and crossing your fingers that it works.

5. CPA/Financial Accountant

Sometimes hiring an accountant goes along with hiring a human resources professional, but it doesn’t always. Small businesses and solo entrepreneurs can usually get away with using simplified versions of the accounting process in certain software systems.
Once your business does start to increase in size, though, your billing gets more expansive, and the books aren’t so easy to do yourself. As the owner of your startup or small business, you need to hire an accountant you trust and who will make sure you need to be involved in as little of the day-to-day invoicing and bookkeeping as possible.
Good accountants don’t come cheap, but the time you’ll save yourself, along with their know-how, is worth it.
We all want to be a Jack-of-All-Trades, especially when it comes to a small business or startup that’s close to our hearts. Even the best of us, however, eventually reach the tipping point between ‘Jack-of-All-Trades’ and ‘Master-of-None.’ When we do, it’s time to call in these rock-star specialists to help.