creWomen Entrepreneurs
A Panel From Within
By Emily F. Crews
Heather LePetrie, C.H.H.C., facilitated a panelist of five local entrepreneurial women on June 5th. These women included:
Herrick, Farah, Ezell, Sams, Gunn and LePetrie
One of the first questions for the panelists was “What encouraged you to start your own business?”
Ezell stated flatly “billable hours.” The crowd laughed. It sounds funny, but it was true. In the corporate world, lawyers are generally evaluated based on the amount of hours billed to clients and when the market crashed, she just couldn’t continue to be measured by an unobtainable goal.
Herrick said her reason was “freedom.” It seems like a counterintuitive term for a business owner, but it comes down to a choice to do what you love to do.
Sams said that finding a channel for her passion, energy, and love in a constructive direction drove her to make the change. She saw that our culture needed more art. She knew she would be successful.
Gunn had previously worked for a large architectural/interior design firm and could see the construction industry slow down coming. She had to make a decision – it was her opportunity to do something she might not have otherwise – now is the time.
Farah, while not a business owner (her husband is), is a commercial banker who makes loans to small businesses, and is also a mentor with the Women’s Business Center, which is her passion. She stated that it’s not all about financing. She is also a sounding board to women who are making difficult decisions. She said when starting a business, you need some financial backing. If you go through the SBA, it’s a long process. Some personal liquidity is required. Startups will find it difficult to get financing. Franchisees find financing much more readily available; however, in any case, you’ll need a business plan.
Having always gotten paid on the first and fifteenth, Ezell said she had a little savings. She didn’t go the financing route after meeting with Farah; however, it was tempting since it was difficult not knowing where money would come from and when.
Some advice given by Herrick was not to attach your home to your business finances. That plan has “destroyed marriages and pulled families apart.” The best way is not to need income or if possible, get a loan from a family member, but if you do, have a contract. Have a plan to use a business coach if needed.
The next question to the panelists involved paying themselves. Gunn said that in three years she birthed two boys and a company. The partners of her new company agreed that for a certain period of time, they wouldn’t take a paycheck; however, they were able to take one sooner than they expected.
Sams had always worked for galleries and knew she would not make as much money on her own. “You have to alter your way of thinking,” she said. “You have to realize the worth of the company.”
“What do you want it to do for you?” Herrick said referring to the business. Once you hire employees, it changes the freedom you have.
As a mentor to women business owners, Farah advises them to take some money, even a very small amount. Otherwise it just turns into a hobby.
How does it feel now?
Gunn said it’s a blessing to do what you love and know you’re in control of your future. “Freedom is worth the sacrifice,” she said.
“I know now, this is what I was supposed to do,” said Ezell.
“Beyond rewarding,” was Sams’ reply. It’s so hard, but so effortless – liberating.
Herrick said that if you have a passion for what you’re doing, you do what you have to do. Position yourself. Whenever possible, she leverages herself through writing and public speaking, to do what she wants to do.
What about hiring employees?
Gunn says they spend more time seeking out the right people for the right jobs. At some point you have to stop working 24 hours a day and hire some people. You need to have confidence in your projections. The last thing you want to do is hire someone and then have to let them go. Ezell said that having employees helps keep you motivated.
One thing Herrick wanted everyone to know is, “if you’re the owner, you don’t get unemployment.” Network with entrepreneurs – CREW is a remarkable resource.
Office space? When is it time to move out of your house?
Ezell is certified as a woman-owned business and as such, had to have an office. She started at a business center run by Crexent. Herrick started at home until they got employees. They were able to then get certified as a JSEB with the City of Jacksonville and revenues tripled that year. Because of needing space for art work, Sams didn’t have much of a choice to find a space other than her home.
Did you write a business plan?
Gunn and her partners started a business plan after the company was formed. From the beginning, their goals were on paper and they were aware of what they wanted to accomplish. Sams said that her business plan is in constant flux – in 3-1/2 years, she’s had 22 business plans! There is constant change because the market changes so it needs to be dynamic. Ezell is a strong believer in putting plans on paper – what she writes down is generally what happens.
Herrick referred to a book called The E-Myth Revisited. Herrick and her partner/husband agreed that when they were no longer having fun, they wouldn’t do it anymore. You have to have realistic goals and succession planning is important.
The audience received a resource guide for valuable sources of information the panelists recommended.
Michelle Gillis and Pam Ricard
Jody Brooks and Sandra Brooks
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