Think About a Brain Trust Before You Seek a Partner
Q. I have a business plan and have been thinking of starting my own business, but I’m afraid I’m one of those creative people who is a poor business person. How can I find partners experienced in business organization, with experience and financial know-how?
Rafael Ybanez, Riverside
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A. Before assuming you need an experienced partner, consider organizing a “business brain trust” or advisory board. Host a breakfast or lunch and invite four to six people with business savvy to brainstorm with you and do some creative problem-solving. Focus on areas that are most challenging for you and allow the participants to network with one another.
This group can be a mix of people you already know and others you believe can be helpful to you, such as successful business owners and industry-related individuals.
Find opportunities to expand your network. Check newspapers and industry newsletters for companies or business groups that are scheduling events and contact them for an invitation. Ask people you know about unpublicized events and, if they plan to attend, ask if you can join them.
Just showing up won’t be enough. Get information ahead of time about the event, including who will be there, and prepare a 30-second self-introduction, telling people what you do. Mingle with individuals you don’t know and gather information by doing more listening than talking. Ask others how you can help them. Among those you meet may be possible mentors and future members of your business brain trust. When you have a sounding board in place, you might find that you’re on the right track.
Dee Helfgott, Business coach and author, Dee Helfgott & Associates, West Los Angeles
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Q. Now that I have started my business, how do I keep it going? Are there seminars to provide help with this? Is there a support group for female small-business owners?
Robyn Hallsten, Torrance
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A. As of 1996, there were 1.1 million women-owned businesses in California and 8 million nationally, generating $2.3 trillion in sales. The growth of women-owned firms continues to outpace overall business growth nearly 2 to 1. In tandem with this growth has been an increase in the number of organizations supporting women-owned businesses. There are more than 60 such organizations in the Los Angeles area alone, from trade-industry associations to educational and networking groups.
The Women’s Enterprise Development Corp. in Long Beach, (562) 983-3747, is a nonprofit agency providing training to women (and men) who wish to start or expand their businesses. Local chambers of commerce--though most are not specifically aimed at women--provide good networking for business owners within their own geographic region.
The National Assn. of Women Business Owners (NAWBO) represents the interests of all female business owners. Washington-based NAWBO has 80 chapters nationwide, including ones in Los Angeles, Ventura, Orange and San Diego counties.
My involvement with NAWBO since 1991 has helped my CPA business. A good percentage of my clients have come from NAWBO members or contacts I’ve made as a member of the organization. To contact the Los Angeles chapter about membership and obtain a schedule of events (open to both members and nonmembers), call (818) 843-7348.
Tana Davis, Immediate past president, NAWBO California, Davis & Dash Accountancy Corp., Encino
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Q. As a writer/organizer and a registered nurse, I am putting together how-to booklets on health and fitness. I also want to do research and newsletters in integrative medicine (the combining of information from various fields of medicine). I tried advertising in papers geared to seniors without much luck. What’s the best way to market these products? Does the public really want to read about this?
Betty Shafer, Los Angeles
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A. With the population aging, this is a great time for health and fitness education. But there’s a lot of free information available, especially on the Internet. You’ll also be facing stiff competition from established publications with wide distributions. You must be passionate about your subject to tackle the difficult marketing challenge.
Your first step is to clearly define your product, your market and your competition. Defining your product and market as narrowly as possible--finding a niche--will make your research easier. As an RN, what is your area of expertise? What gives you the authority to write on this topic? You must zero in on something unique about your product that will make it stand out in a crowded marketplace of similar-looking services and products.
Start your research by surveying people who match your target customer profile. Find out whether they have unmet needs for information. If these people don’t recognize a need for what you are offering, you will have a tough time selling it at any price. Talk to businesses selling similar products to the same market and get as much information as possible about your competition. The Internet has made this task easier.
Determine whether people would pay for your booklets or newsletter, how much they would pay, how many contacts you will have to make to sell the booklets and the most effective ways of making those contacts, including marketing methods and media. Then calculate your production costs and look for a marketing method that will produce the sales you need to cover your production and marketing costs.
Liz Schroeppel, President, Intelligraphics, Foothill Ranch
