Entrepreneurs Explain Why They Started Their Businesses

Check out the blog post "Entrepreneurs Explain Why They Started Their Businesses" on Hearpreneuer and see some reasons why people started their own businesses including a response from My Accessory Business President Megan Andrus:

Starting with Excitement & Passion

I started my own business because I was designing advertising and doing marketing for a variety of other businesses and was helping them to become successful, so I figured, why not start a business involving something I’m excited and passionate about- jewelry and accessories- and make it successful for myself. I realized that there was a need in the market for all-inclusive accessory sales kits. No one else was selling anything like this online. The way I figured this out was because I myself was looking for this type of sales kit and couldn’t find what I wanted, so I created it.

See the article here: http://hear.ceoblognation.com/2013/10/24/start-business/

Questions to ask yourself before starting a business

Before you start any type of business, you should ask yourself these questions in order to prepare for the work ahead. Don't get discouraged by the number of questions and if you don't have the answer to them right away. Just asking yourself these questions is the first step to getting started. You can figure out the answers along the way and find new answers as you go. This list of questions comes from sba.gov a good source for advice on starting a small business. 

1. Why am I starting a business?
2. What kind of business do I want?
3. Who is my ideal customer?
4. What products or services will my business provide?
5. Am I prepared to spend the time and money needed to get my business started?
6. What differentiates my business idea and the products or services I will provide from others in the market?
7. Where will my business be located?
8. How many employees will I need?
9. What types of suppliers do I need?
10. How much money do I need to get started?
11. Will I need to get a loan?
12. How soon will it take before my products or services are available?
13. How long do I have until I start making a profit?
14. Who is my competition?
15. How will I price my product compared to my competition?
16. How will I set up the legal structure of my business?
17. What taxes do I need to pay?
18. What kind of insurance do I need?
19. How will I manage my business?
20. How will I advertise my business?

5 Reasons to Start a Business, Even in This Economy

Starting your own business has long been considered a risky proposition. Just the potential for failure and loss discourages many would-be entrepreneurs from giving it a go. Intimidated by oft-reported statistics like “50% of all businesses fail within the first two years,” even those with great ideas or lots of skill frequently decide to play it “safe.”

Perhaps in economies past you could legitimately argue that starting a business was just too big a gamble, but the tables have turned. Now becoming an entrepreneur is not only a safe and manageable career prospect, but it’s also the best (and perhaps only) way to get what you want professionally.

Here’s 5 reasons why it makes sense to start a business…evenespecially now!

1. Job Security Doesn’t Exist

Job security is a thing of the past. It used to be that you could safely commit to a well-trodden and clearly defined corporate career path. No longer. Not only has the corporate contract changed, but industries are evolving so quickly that jobs appear, change, or disappear practically overnight. All of this is true even in a good economy—so if you account for the economic downturn of these last few years, the stability of traditional employment weakens even further. So much so, actually, that scores of former employees have decided to become their own bosses to make their jobs more secure.

2. You Don’t Have to Bet the Farm

The risk for any experiment or new venture can never be mitigated completely, but it’s up to you to decide just how much to chance. You can put yourself in a risky position by keeping your genius idea to yourself, double-mortgaging the house (or racking up credit card debt), and launching the biggest version of your dream possible. Or you can play it safer by soliciting lots of feedback in advance of launching and finding small inexpensive ways to test your idea in the market. Neither path guarantees success, but the latter certainly insulates you from total devastation in the case of failure.

3. You Know How to Get More from Less

Several years of a significant recession has made us all experts in how to get more from less. We are more productive and thriftier than ever. Each dollar goes further and each minute matters more. This is the exact mindset that an entrepreneur needs to be successful. In the past corporate refugees could take years to figure this out. Now people are showing up to entrepreneurship prepared from the start.

4. Satisfaction Matters

One benefit of this otherwise devastating recession has been the shift in our collective definition of success. While we used to lust after big ticket items and sacrifice for far-off rewards, we now know that daily satisfaction reigns supreme. After all, things don’t necessarily bring happiness and future promises are never guaranteed. What really matters is how rewarding and fulfilling our daily life is. It’s a reality that entrepreneurs get to uniquely exploit. Because when you’re the boss you get to do the work you want on your terms. And if, at some point, your business no longer adds up to happiness, you have the power to make the necessary changes so that it does again.

5. And So Does Regret…

Of all the business-related angst I’ve witnessed, nothing seems more haunting than the experience of regret. That mournful curiosity about “what could have been”—if only you had done something differently and given your business venture a shot. It’s a feeling much worse than failure. That doesn’t mean that you need to pursue every idea you have, but you owe it to your future self to at least explore the possibility seriously. You won’t regret things that you decide not to do for a good reason, only the things you decide not to do for bad ones.

The truth is, the risks associated with entrepreneurship are all relative. And now that the rules of the game have changed so much, it’s not fair to write off the possibility of starting your own business just because it’s too “risky.” You actually may stand to lose a lot more if you don’t.

article from Adelaide Lancaster on Forbes.com: http://www.forbes.com/sites/thebigenoughcompany/2011/11/03/5-reasons-to-start-a-business-even-in-this-economy/

What Is Direct Selling?

There are three great methods of marketing- party plan, person-to-person and network marketing. Check out this article from one of our favorite companies, the "Direct Selling Women's Alliance":

Direct selling can best be described as the marketing of products and services directly to consumers in a face to face manner, generally in their homes or the homes of others, at their workplace or other places away from permanent retail locations. Direct sales typically occur through explanation or personal demonstration by an independent direct salesperson. These salespeople are commonly referred to as direct sellers. 

The strength of direct selling lies in its tradition of independence, service to consumers, and commitment to entrepreneurial growth in the free enterprise system. Direct selling provides accessible business opportunities to people looking for alternative sources of income, and whose entry is generally not restricted by gender, age, education, or previous experience. It should be noted that around the world a substantial majority of direct sellers are women, and most work in their direct selling businesses on a part-time basis. A very small percentage of direct sellers are employees of the companies whose products they represent. 

Independent direct sellers are those individuals engaged on their own behalf, or on behalf of a direct selling company, selling products and services through personal sales contacts, and are commonly referred to in some jurisdictions as independent contractors. Essentially, this means that the company whose products they distribute do not employ these independent salespeople with each individual operating their own business. These independent direct sellers have an opportunity to earn profits from their business, and also accept the responsibility for the risks associated with operating a business. 

Read more at: http://dswa.org/dswa_our_view.asp

Party Plan Shared emphasis on product SALES and team building. Products sold primarily through in-home shows. Distributor consumption is a small percentage of the company's sales. Company often provides a hostess program. Sales force comprised primarily of women. Commissions paid on limited levels.

Person-To-Person Emphasis on product SALES/SERVICES. Products/services sold primarily through one-on-one sharing. Distributor consumption is a small percentage of the company's sales. Company does not provide hostess program. Sales force comprised of both men and women. Commissions paid on few levels, if any.

Network Marketing Emphasis on TEAM BUILDING. Products/Services sold primarily through one-on-one sharing. Distributor consumption is a large percentage of the company's sales. Company does not provide hostess program. Sales force comprised of both men and women. Commissions paid on multiple levels.

The most important things to become a millionaire

When working with a variety of clients in Los Angeles, you have the chance to meet people who are extremely successful in what they do and some are even millionaires. I had the chance to speak with and write down some tips given to me by one of my most successful clients, Susanna, who is a celebrity fashion designer. I would like to share with you some of the tips she has given me, hopefully they will help inspire you, as they have for me:

The most important things to become a millionaire

1.       You must love what you’re doing and be passionate about it! It must excite you and make you feel like you own the whole world!

2.       You must be willing to work 120 hours a week. If you have a dream, you will never get tired.

3.       You have to love people and know how to make good friends and build a good relationship. You must be honest and never make any enemies.

4.       You have to create your own language. You create this language and introduce it to the world one at a time. For example, creating a new design or a new business is like creating a new language. You make the rules and teach it to your customers.

5.       You have to be generous and be very good to people. If you do that, it will all come back to you.

6.       Don’t work for money, work for your talent. When you work for your talent, money comes for you gradually, bigger than life.

7.       The boss leaves last, all the employees leave early. They are hands on with everything. They put in the most time. All millionaires are workaholics.

Women-Led Startups Are The Key To New Job Creation: Report via: fastcompany.com

Women-Led Startups Are The Key To New Job Creation: Report

via fastcompany.com

BY E.B. BOYDWed Sep 28, 2011

So says a new paper from the Ewing Marion Kauffman Foundation. "If we’re looking for an answer to jobs," Kauffman vice president Lesa Mitchell tells us, "it’s right in front of our face."

The country is in a recession, and Washington is tangling over how to create new jobs, but, according to a new paper from the Ewing Marion Kauffman Foundation, there’s a fairly simple potential source of them sitting right under our noses.

Women start high-growth companies, like those in high tech, at lower rates than men do, Kauffman-supported research has found. But the reason for this is systemic, rather than due to women’s innate capacity for entrepreneurialism, says the paper, titled “Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers.”

See the complete article posted at: http://www.fastcompany.com/1783387/women-led-startups-the-key-to-new-job-creation-report

Selling jewelry online using the catalog

A lot of people ask about how they can use the catalog to sell online as we do not currently offer personalized websites to sell from. So, we have put together some tips for those who want to sell from the catalog to their friend and family online. See more about the catalog at: http://www.myaccessorybusiness.com/catalog/

Selling through email- Attach the catalog in an email to your family and friends asking them to check out the jewelry you are selling. You can make a list of each piece by name and send them a price list, or you can make all pieces one price. Ask them to email you the list of items they would like to order.

Selling on facebook or a website- You are able to send a link to the PDF catalog, currently: http://www.myaccessorybusiness.com/content/MAB_summer2013.pdf Through facebook, your blog, your website, twitter, etc... and also list your prices online or give one price for all and ask your customers to email you with the list of items they would like to purchase from you. 

Giving discounts- You can offer your own discounts to your customers to get them to buy more. For instance, if you sell each piece for $10 each, you can offer a deal such as Buy 2 get one free or 2 for $15 and still make a very nice profit. 

Getting a deposit- If you would like to collect money ahead of time from your customers who are buying from you, you may take their order and ask them to pay you through online payment sources like paypal. You may ask for a deposit of 50% or 100% of the total. It's up to you. This will help you, so that you will have the funds to pay for the items. You may also want to add a shipping fee if you plan on shipping the items to your online customers.

Shipping- If most of your customers are not located near you, you may want to charge a shipping fee for the items so that when you receive your order from My Accessory Business, you will be able to pay for the shipping to them. 

Pricing your items- Most of the items on My Accessory Business are $2.99 each. You can price each item however you would like but we suggest for the best results, you could price your items from between $6-$12. 

For more information about the catalogs and accessories, visit www.myaccessorybusiness.com