Dear Felicia,

I am a 32-year-old married woman and I would like to start my own small business. I live in the Midwest and there is not a very large African American community here. I’m not sure what would be lucrative right now. Do you have a few small business suggestions that would be wise investments for my type of community?  Thank you.

Miisha P.

via e-mail

Dear Miisha,

Congratulations on making the decision to start a business! 

Have you discussed your goal with your husband?  That’s a good first step.  Launching and growing a business takes dedication, focus and time away from things you used to do so it’s important to prepare yourself and the people around you for your new commitment, particularly when you are married.  Having the full support of your spouse will make your journey a bit easier and certainly less stressful.

As far as the small African-American population in your community, you didn’t mention why you think that might be an important factor for your business start-up, so I’m not sure how you envisioned that impacting you.  Don’t focus on that except to use your knowledge of demographics to make wise decisions about the kind of business you start.     

If you are planning to start a local business — as opposed to a web-based business where you reach consumers far and wide—then you should consider the full demographics of the area, including gender, age, average household income and local culture. This analysis will give you some insight into what might be popular in your city. 

Since I don’t have more details about your skill set, income goals or how much you have for start-up funds, the possibility for types of businesses is wide open.

Here are 10 questions and a great resource for you to think about as you move forward.  The answers to these questions will help you decide on a business you can start:

1. What are local trends? 
2. How much money do you want to make and at what profit margin?
3. How much start-up capital do you have?
4. Do you want to build a lifestyle business, where you run it alone or with just a little help; or do you want to build a scalable business that is eventually operated by a team of people whether you work in the business everyday or not?
5. What are popular businesses locally?
6. What kinds of local businesses have recently closed?
7. Do you want to sell to consumers, businesses or the government?
8. How big is the local market for various business types you are considering?
9. Given local trends and business opportunities, which ones interest you?
10. What kinds of successful businesses in your community could you partner with in a complimentary affiliate relationship to help grow their business and yours too?

Once you have these answers, reach out to the Women’s Business Centers in Colorado, which are sponsored by the U.S. Small Business Administration Office of Women’s Business Ownership, to get specific assistance at low to no cost as you continue to research and plan for your new business. Drop me a line at ask@feliciajoy.biz and let me know how it’s going. Good luck!

Note: All advice offered in this column is for general information only.  Felicia Joy and The Atlanta Post are indemnified against any and all related claims.  Always seek the advice of licensed professionals before making business decisions.

Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise.  She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press.  Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International, LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or www.twitter.com/feliciajoy.

Dear Felicia:

I am interested in starting a strategic marketing business. I became interested in this field because I have been assisting friends and acquaintances who are starting new businesses with finding the right kind of insurance, making telephone calls, conducting research, marketing their product and obtaining venues.  But it has been impossible to get them to pay me for the resources and information that I have provided, which is invaluable.

I am currently not working.  I got laid off of my job as a legal secretary about a year and a half ago, and I have been trying to look for work and establish a business.  Do you have any suggestions?

Thanks,

Sheila B.

via e-mail

Dear Sheila,

I am glad you are considering the idea of starting a business while looking for work.  When some people are downsized they shut down and don’t consider all their options.  The reality is, for many people, becoming an entrepreneur — even if on a part-time basis — will be their best bet going forward.

First, let’s address your business.  The projects you have completed for friends touch on marketing, but most of them sound like advanced administrative tasks (insurance analysis, making telephone calls, conducting research and securing venues).  So, start there. Which business do you really want to launch: a strategic marketing firm or a freelance administrative business?

Your legal background gives you a strong leg up on the competition if you become an independent executive assistant. This way, you can help solo entrepreneurs and small businesses with both marketing and compliance (proper insurance, business licenses, quarterly tax filings and more).

So, you can go the general route, or you can create a lucrative niche by assisting businesses in a specific industry.  If you do this, specialize in industries that are booming such as environmental protection, energy, healthcare, technology, pharmaceutical or biomedical sciences.  On another note, since you have a legal background, an additional option is to sign five to 10 busy law firms as clients and bill them hourly as an on-call legal assistant.

Regardless of which business you decide to pursue, starting out, all your time needs to be spent selling and marketing your service so you can build your client base.  As you gain clients, you will spend more time doing client work and less time selling and marketing; but, don’t ever stop selling and marketing, even if you have someone else handle it for you.  This is a big mistake many entrepreneurs make–once they see the money coming in, they stop marketing. Always market your business.

If you work until you get to 35 hours per week doing client projects at $45 per hour (a national average for the kind of services you are considering offering) then you’ll be at about $75,000 per year in revenue before taxes and other expenses, and you still have five to 10 hours per week (or more) for marketing.

As for your friends not paying you, they either refuse to compensate you because you haven’t officially launched the business and made it clear to them up front that you are now handling marketing or other projects for a living; or they won’t pay you because they think as your friend they are entitled to your talents for free.  Nip both of these in the bud.  First, make a decision about what kind of business you want to start and launch it, even if only part-time.  Second, stop doing free work!  Don’t even allow people to “pick your brain” unless they compensate you for a consultation.  Period.

Good luck!

Grace & Peace,

Felicia Joy

Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise.  She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press.  Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International, LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or www.twitter.com/feliciajoy.

Dear Felicia,

How can I have a successful non-profit?  I want to love my career but make money doing it as well. There seems to be no money in social work alone.

Lauren G.

via Facebook

Dear Lauren,

You didn’t describe your idea of success or indicate how much money you want to make so I’m not sure what your goals are; but, I’ll base my answer on the general population.  The amount of income needed for financial comfort is different for everyone, but researchers have found that $75,000 per year is the “happy salary” for most people. So, let’s use that as a standard.

You are right. Typically, social work is not a high-paying career choice where you can make $75,000 or a six-figure income.  But I have good news for you.  In business you can get creative and find a way to make your circumstances work for you!  Look for trends, which are a key to wealth.

For example, if you want to stick with social work, look for trends in social issues.  What issues are impacting people who have the means to pay you for help if you figure out a way to eliminate their issue or reduce the impact? Let’s take autism — a developmental disorder that is being diagnosed in a lot more children.

Parents of autistic children have more to do to care for their children, and if you listen to their stories, sometimes they are exhausted and have nowhere to turn.  They also don’t seem to have a central source of credible information for how to help their children as they grow older.

With your education and background, you are probably sensitive to the needs of others who are in fragile situations. Could you create a national network of support groups for parents of autistic children and charge an affordable monthly membership fee?  You could provide parents the latest medical and lifestyle information to make life easier for their family and create monthly support group meetings where they can connect with others locally who are facing the same challenges.  Or, you could market your service to pediatricians who specialize in autism and show them how they can offer it as a valuable service to the parents of their patients, which will grow their practices.

At $8,500 per month you would earn more than $100,000 in revenue per year, and you would only need 340 members nationwide paying $25 per month to earn that amount of money.  This is just one example of how you can use trends and entrepreneurship to do work you love without having to sacrifice your lifestyle in the long run.  Don’t get me wrong; you will have to sacrifice in the beginning because it takes time to learn how to grow and manage a business, but if you are willing to put in work on the front end, you could build something lasting and fulfilling long term.

Grace & Peace,

Felicia Joy

Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise.  She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press.  Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International,LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or at www.twitter.com/feliciajoy.

Dear Felicia,

How can I have a successful non-profit?  I want to love my career but make money doing it as well. There seems to be no money in social work alone.

Lauren G.

via Facebook

Dear Lauren,

You didn’t describe your idea of success or indicate how much money you want to make so I’m not sure what your goals are; but, I’ll base my answer on the general population.  The amount of income needed for financial comfort is different for everyone, but researchers have found that $75,000 per year is the “happy salary” for most people. So, let’s use that as a standard.

You are right. Typically, social work is not a high-paying career choice where you can make $75,000 or a six-figure income.  But I have good news for you.  In business you can get creative and find a way to make your circumstances work for you!  Look for trends, which are a key to wealth.

For example, if you want to stick with social work, look for trends in social issues.  What issues are impacting people who have the means to pay you for help if you figure out a way to eliminate their issue or reduce the impact? Let’s take autism — a developmental disorder that is being diagnosed in a lot more children.

Parents of autistic children have more to do to care for their children, and if you listen to their stories, sometimes they are exhausted and have nowhere to turn.  They also don’t seem to have a central source of credible information for how to help their children as they grow older.

With your education and background, you are probably sensitive to the needs of others who are in fragile situations. Could you create a national network of support groups for parents of autistic children and charge an affordable monthly membership fee?  You could provide parents the latest medical and lifestyle information to make life easier for their family and create monthly support group meetings where they can connect with others locally who are facing the same challenges.  Or, you could market your service to pediatricians who specialize in autism and show them how they can offer it as a valuable service to the parents of their patients, which will grow their practices.

At $8,500 per month you would earn more than $100,000 in revenue per year, and you would only need 340 members nationwide paying $25 per month to earn that amount of money.  This is just one example of how you can use trends and entrepreneurship to do work you love without having to sacrifice your lifestyle in the long run.  Don’t get me wrong; you will have to sacrifice in the beginning because it takes time to learn how to grow and manage a business, but if you are willing to put in work on the front end, you could build something lasting and fulfilling long term.

Grace & Peace,

Felicia Joy

Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise.  She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press.  Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International,LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or at www.twitter.com/feliciajoy.

By Brittany Hutson

With the number of businesses owned by blacks jumping to 1.9 million, a 60.5 percent increase, between 2002 and 2007, it’s apparent that more people are embracing entrepreneurship whether out of necessity or desire. Approximately thirteen years ago, Melinda Emerson decided to leave her professional career as a television producer to strike out on her own and create what has become an award-winning production company. The “SmallBizLady,” who is considered one of America’s leading small business experts, wants to help others follow their dream too. With her first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to a Business That Works, Emerson offers a straight-talk, month-by-month planning guide to starting a sustainable and profitable business. Emerson provided us with 10 tips to help you prepare to become your own boss:

1. Do a Life Plan: You should figure out what you want out of life and build your business around it. One way to go about developing your life plan is by founding out how much money you need to make in order to be happy.

(Entrepreneurs) — If you want to start a business but don’t know where to start, don’t worry–you are not alone. In fact, given the new economic reality of our time, more people than ever before have found the “job” they thought was waiting for them doesn’t exist. Others have come to the conclusion that they would rather create work they love, constructed to fit with their own life goals. No matter what the motivation is to be your own boss, you can start today.

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