Step 1: FOCUS ON FULFILLING A NEED Start with something you are passionate about, and know that your business success isn’t limited by your education or experience. Desire, willpower and research go a long way. Downsized twice after 30 years in corporate America, Adrienne Simpson had been unemployed and clinically depressed for a year when she decided to launch Smooth Mooove Senior Relocation Services, Inc. (wemoveseniors.com), out of her home in October 2002.
Simpson got the idea after moving her mother from Georgia to Michigan. “My plan was to put everything in a truck and send her on her way,” she recalls. But her mom walked Simpson through her home and said, “Here’s what’s going to happen. I’m selling this, keeping that, and I am giving this away.” A certified trucker, Simpson initially planned to run her business as a packing service for senior citizens. But once she realized seniors’ needs, she shifted gears.
With revenues of $400,000, her Stone Mountain, Georgia–based firm specializes in relocating seniors, providing value-added services such as antiques appraisal, estate sales and transport of clients and their pets.
Simpson got the idea after moving her mother from Georgia to Michigan. “My plan was to put everything in a truck and send her on her way,” she recalls. But her mom walked Simpson through her home and said, “Here’s what’s going to happen. I’m selling this, keeping that, and I am giving this away.” A certified trucker, Simpson initially planned to run her business as a packing service for senior citizens. But once she realized seniors’ needs, she shifted gears.
With revenues of $400,000, her Stone Mountain, Georgia–based firm specializes in relocating seniors, providing value-added services such as antiques appraisal, estate sales and transport of clients and their pets.
Step 2: TACKLE THE PROPOSAL
A weekend visit to Las Vegas, Nevada, in April 2006 changed Vani Kumar’s life. Not a big-time gambler, she turned 40 bucks into more than a quarter million dollars at the slot machines. Kumar decided to use her winnings to open The Suit Closet (thesuitcloset.com), a Los Angeles boutique housing more than 1,000 brand-name women’s suits. She didn’t go into the retail business by chance.
While studying apparel manufacturing and management at the Fashion Institute of Design and Merchandising (FIDM), Kumar had worked on a business plan for the company. And since graduating in June 2005 she had been shopping around for bank financing. But it wasn’t until she became a jackpot winner, hitting $286,656 in Vegas, that she had the necessary seed capital. “The ironic thing is that after taxes, it ended up being just $200 off what I had projected in my business plan,” says Kumar, whose plan also calls for expanding outlets nationwide within the next five years and adding footwear and accessories to the mix. “It was like divine intervention.”
Now the 26-year-old entrepreneur is offering women, from high school graduates to corporate execs, something that men have always had—convenient choices in their work wardrobes. Kumar likens the business model for The Suit Closet to the national apparel chain Men’s Wearhouse.
Step 3: ACCESS START-UP CAPITAL
While studying apparel manufacturing and management at the Fashion Institute of Design and Merchandising (FIDM), Kumar had worked on a business plan for the company. And since graduating in June 2005 she had been shopping around for bank financing. But it wasn’t until she became a jackpot winner, hitting $286,656 in Vegas, that she had the necessary seed capital. “The ironic thing is that after taxes, it ended up being just $200 off what I had projected in my business plan,” says Kumar, whose plan also calls for expanding outlets nationwide within the next five years and adding footwear and accessories to the mix. “It was like divine intervention.”
Now the 26-year-old entrepreneur is offering women, from high school graduates to corporate execs, something that men have always had—convenient choices in their work wardrobes. Kumar likens the business model for The Suit Closet to the national apparel chain Men’s Wearhouse.
Step 3: ACCESS START-UP CAPITAL
You need money to maintain your business and persevere through the lean times. Simpson of Smooth Mooove Senior Relocation Services started with $3,000 in personal savings as well as credit cards. In addition, she went to SCORE, SBA and Women’s Economic Development Agency for classes and help. She was fortunate to later receive a $20,000 microloan from an SBA-backed lender. In 2005 she was a national grand prize winner of the Make Mine a Million $ Business Contest (makemineamillion.org) for women entrepreneurs, sponsored by the Count Me In for Women’s Economic Independence organization and OPEN from American Express.
“I presented to an audience of 1,000, who voted on the winning entries,” explains the 52-year-old single mom. Simpson won a $45,000 loan and a year of business coaching. After she spent five years in business, her company has seen significant growth, covers the entire Southeast, and employs a staff of about 20. A franchise model is currently in the works. Next year Simpson believes the business is poised to make $1 million.
“I presented to an audience of 1,000, who voted on the winning entries,” explains the 52-year-old single mom. Simpson won a $45,000 loan and a year of business coaching. After she spent five years in business, her company has seen significant growth, covers the entire Southeast, and employs a staff of about 20. A franchise model is currently in the works. Next year Simpson believes the business is poised to make $1 million.
Step 4: PROMOTE YOUR BUSINESS
Marketing, aka, promoting, is something you should do everywhere you go. Some tips:Know your message. “Understand what makes you special. And it isn’t always about the product. It could be about the quality of the service or the consultative nature of what you’re doing,” said Susan Sobbott, president of OPEN from American Express, at the 2007 Make Mine a Million $ Business Event in New York. Sell it like you know it, and they’ll buy it in droves.
Create marketing materials. Attend trade shows and conferences and bring glossy postcards, letterhead, invoices and so on with a slogan or one-sentence business description and your contact information. Also include product news inserts, customer testimonials or an event mini Web site using software programs such as Microsoft Office Publisher or FrontPage. Get some press.
In her book How to Be an Entrepreneur and Keep Your Sanity (Amber Books), Paula McCoy Pinderhughes suggests reaching out to local newspapers, radio and television stations. Promote yourself as an expert by sending news releases, press kits and videos announcing your next appearance, speech or the launch of a new part of your business. Check the mastheads of publications and create relationships with appropriate editors.
Create marketing materials. Attend trade shows and conferences and bring glossy postcards, letterhead, invoices and so on with a slogan or one-sentence business description and your contact information. Also include product news inserts, customer testimonials or an event mini Web site using software programs such as Microsoft Office Publisher or FrontPage. Get some press.
In her book How to Be an Entrepreneur and Keep Your Sanity (Amber Books), Paula McCoy Pinderhughes suggests reaching out to local newspapers, radio and television stations. Promote yourself as an expert by sending news releases, press kits and videos announcing your next appearance, speech or the launch of a new part of your business. Check the mastheads of publications and create relationships with appropriate editors.
Excerpted from Essence Magazine. Read more of this article, and "Sister Icon & Go-Getter" Tyra Banks in the new issue of Essence Magazine.
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2 comments:
thanks for the comment on my blog. great one here. and yes today is a better day!:)
What a great concept Vani took on with The Suit Closet. A one-stop shop for women's careerwear and women's suits - that's a fantastic idea! Thanks for posting this article. truly inspiring!
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