Make your business idea a reality (Part 5)

As we finish this series, I want to thank everyone that has emailed me with questions about their business idea as well as those who have already signed up to receive the Ebook once it is complete.

I often tell my clients, “If it were easy, everyone would do it.”  I am sure you have seen through this process that making your business idea is not easy but going through these steps will help to ensure you have done the proper planning necessary to create your success.

9.  Know your client.  Yes, I am sure that you think you know who will be buying your product/service but knowing in your head and completing some actual market research are two totally different things.  In order to know your client, you must be willing to devote some time to marketing research.  You should be looking for the following information:

• What is the outlook for my industry?  A few years ago when I lived in Atlanta, I saw an immense amount of residential construction projects beginning.  It concerned me because there were signs that the housing industry was facing problems due to sub prime lending practices but these developers were moving full speed ahead.  It is imperative that you research what has been occuring in your chosen industry and what the analysts think will happen in the future.  You may need to tweek your idea to ensure that it will survive whatever storms are predicted.  Don’t give up if it looks challenging ahead, rather prepare yourself for whatever worst case scenarios may arise.
• Review factors that affect your chosen industry.  You have to know all of the components that factor into creating your product/service because anything that affects them, will also affect your business.  For example, if you want to open a bakery, you need to know the sources of all your necessary indegrients because if the cost of one of your ingridents rises 20%, you have to consider what will happen to the overall cost of your product. 
• Understand your major customer groups.  Every business likes to believe that their product/service will appeal to everyone.  However, you need to identify your top three customer groups by age, geography, income, gender, etc.  This will help you to create specific marketing plans and to ensure that you have a base that you can contact about branching out into new products/services as well as to contact about improving your existing business.
• Identify your client’s seasonal buying pattern.  Not every product/service is needed year round.  This is something that you have to understand and make preparations for.  If you have a lawn care business, it is a given that business may be slow in the winter months.  Why not offer snow shoveling services or ground clearing to keep your employees working and revenues flowing?  If you can not think of anything to do during your “down” time then you should either have resources set aside to cover your business during this period or forewarn your employees about the potential for slow or unemployment.
• Where are they now?  Where are your clients getting this product/service right now?  Once you identify where they are, you also need to find out how they get their informaiton about which product/service to purchase.  A teenage shopper gets information from a different place than a middle-age professional even though they may both be interested in purchasing your widget.  They may have different reasons for purchasing the widget.  Cell phones are probably the best example.  Teenagers generally use their phones for texting and chatting while professionals are more likely to look for scheduling and emailing features.  Same product,  different customer group and use.

10.  Marketing is often thought to be the fun side of business but also the first department to get cut when times get rough.  Huge mistake!  Your marketing budget should be considered just as important as paying your rent.  If no one knows who you are or what you do, how do you really expect to stay in business?   I hate to break it to but unless you have discovered the foutain of youth and knowledge, customers will not be breaking down your door to purchase your product/service. 

Recently, a local deli opened in my city.  As a member of our Chamber Board, I was excited to have this new business in town.  We contacted them about scheduling a ribbon cutting but no response.  I didn’t know the exact location but thought I would see an ad in the newspaper announcing their grand opening.  Never happened.  About a month later, they closed the business.  I did not have to wonder what happened because it was very obvious.  They thought their business was so needed that they didn’t have to market it.  Wrong answer!

You need to have a marketing plan for your business and ensure that it is consistent with your company image, appeals to your target customer group and that it will be affordable during your high periods as well as during the slower times.  Some basic products to purchase are business cards, a brochure or rack card to distribute detailing who you are and what you do and professional signage for your business location.  Come back next week for some tips to “Market on a Shoestring Budget.”

I sincerely hope these tips have been helpful in making your business idea a reality.  Please review parts 1-4 and send me an email (contact@lakeshawomack.com) if you are interested in receiving a copy of the Ebook within the next month or so.

Success Secret #16

I feel like this is something that I probably should have written about a long time ago but it really just dawned on me that there are some misconceptions about success and secrets.  Although the mainstream dictionaries and reference sources may have a traditional definition of these words, I would like to tell you what they mean to me.

While growing up success was always defined as getting a job (as a doctor, lawyer, teacher or engineer), getting married, buying a house and creating a family.  As I begin to mature, in age and wisdom, I now believe that success should not be left to society to define rather we should each seek to create our own definitions of success as they relate to our abilities to find happiness. 

Success to a recovering drug addict may simply be getting through each day without succumbing to their addiction.  The mere thought of striving for much more could be too much to bear.  However, making to the next day, drug-free, can be seen as a major accomplishment. 

For the family that is unable to bear children naturally, success could be starting a children’s ministry in their church.  The resources that would have spent on their own clan can contribute to our society’s need for a village to help raise our children.

In my life, success is sleeping well at night knowing that I spoke a word, performed a deed or shared a hug with someone that needed it.

Secrets, on the other hand, have always had something of a naughty connotation.  We have been conditioned that secrets should not shared and were thought to be bad people if we betrayed someone’s trust by revealing something told in confidence.  This one I agree with but I think there are some secrets that should be shared.  Not those things told to you in confidence but those life lessons that you learn when no one is watching.  We each go through a lot on a daily basis.  If we are wise, we learn from those mistakes.  In the past, our grandparents and parents have shared their perils of wisdom in hopes of preventing us from making similar mistakes.  Now it is our turn to begin sharing our secrets with our peers and mentees.  I think we have become so afraid of interfering or getting into someone’s business that we have begun to leave them to their own demise when a word or small piece of unsolicited advice has the ability to make an impact in their life. 

When I was younger, I would get so sick of my grandmothers having something to say about everything.  I just wished that they would leave me alone.  However, as I got older, those words would come rushing back to me in certain situations and I would think of how fortunate I was to have people in my life that kept talking even when I didn’t want to listen.  Having never received any advice from them, I shutter to think where I would be today.  There will be some people that won’t want to hear what you have to say today but tomorrow your words could save their life.

Success secret #16… the secrets to your successes should be shared so that you can be an example in the lives of others.

Lifetime Achievement Award

A couple of days ago, I attended a banquet and there was a presentation for someone’s lifetime achievement in the community.  We are accustomed to seeing such recognition at national award shows so it was refreshing to see a community organization follow suit.

As we sat in the audience listening to the description of the recipient, the name of the person was not mentioned.  Instead they rattled off all of her good deeds and her unselfish acts to help her fellow citizens.  As the list rolled on, a man sitting next to me quietly whispered the recipient’s name.  During all of this, it became obvious to those in the room who this person was because her actions were unique.  Like most of our communities, there are only a few who rise to go above and beyond.

What stuck out to me was that the narrator never mentioned the type of house she lived in, the kind of car she drove or even any of the designer labels that she may have worn.  He did speak generously about her involvement in her church and her willingness to sacrifice on behalf of others.  The presentation reached a climax when her children made a surprise appearance once they announced her name and the crowd rose to their feet for a standing ovation.

The recipient was obviously surprised and behind her tears all she could say was, “Thank you.”

My blogs are inspired by moments in my life.  This moment made me stop and think, what would someone say about me if I were being presented a lifetime achievement award?  Are my good deeds and unselfish acts worthy of such recognition?  Have I focused enough energy on the things that really matter or have I spent too much time on all of the wrong things?  Many of us are caught up in a rat race that will not deliver the ultimate reward that we seek, a place on the Heavenly Roll Call.  I honestly do not believe that this lady did all that she did in hopes of one day receiving this award, which we should not either.  However, it seemed that she was focused on doing all that she could with all that she had in hopes of hearing “Well done” from a power higher than those in that room.  The acknowledgment from her peers was probably icing on a tasty cake.

Are you living a life worthy of a Lifetime Achievement Award?  As you reflect on the life that you are living, is there anything that will stand out in the minds of your peers as truly unselfish?  Most importantly, will your lifetime achievement award be a place in Heaven?

Ten Wardrobe Essentials for Women

Money is tight right now but I have spoken with a lot of young, professional women who are trying to build their career wardrobe but can’t afford to “just put in the bag.”  As a professional and former retail manager, I am going to share my top ten items that every woman should have in her closet.  The #1 thing that you need to be mindful of is not becoming a slave to labels.  The designer is not nearly as important as the fit. 

1. A business suit that makes you feel like a million dollars.  It should be a dark color and can be a skirt/jacket or pant/jacket combination depending on what feels most comfortable.  This is going to be a staple of your wardrobe so you should plan to spend a little more on it than some of your other suits.  If necessary, spend the extra money to have tailored so that it fits perfectly.
2. A solid color skirt that goes with everything.  I have a flowy black skirt that I pair with tee shirts and flats but it also looks perfect with a nice top and heels.  It is one of my go to pieces when I travel because it is so versatile.  Make sure this skirt is ideal for your body type (i.e. pencil, a-line, biased).
3. A pair of well-fitting dress pants.  These will be very similar to the skirt mentioned in #2.  You need to decide if you will wear them primarily with heels or flats or if you want to invest in two pair.  It is important to make this consideration because you want them to fall perfectly with your shoes.  There is nothing more tragic than seeing a woman whose pants are too short or too long
4. A little black dress.  We all hear about this dress and she is worthy of the rumors.  You need her because she can be dressed up for an evening dinner or dressed down for Sunday brunch.  This number should be so versatile until the accessories create her identity.  I have a black sheath that I pair with a belt and pearls for church, a dinner jacket and cocktail ring for a banquet and even a shawl and leopard flats for a dinner meeting.
5. Comfortable underwear.  I know we all want to feel sexy but sometimes sexy is not comfortable.  You need to make sure you have a stock of underwear that will get you through the day without feeling like murdering anyone or without your boob falling out.  Panty lines can be a distraction for some men so consider underwear that are designed to not create a line if you don’t feel comfortable in thongs.
6. Dark colored heels that are at least 1 1/2 inches high.  I know some women hate wearing heels but they are somewhat of a necessary evil.  A nice comfortable pair of heels will help to elongate your body, improve your posture and give you a sense of confidence like nothing else in the world.  Some women prefer higher heels which I think is great, as long as you can walk in them.  Second to ill-fitting pants is seeing a woman unable to make it to the door because her heels are too high.  It isn’t that serious.  Always think comfort over looks because if you feel good, you will look good.
7. Basic tees in black, white and your favorite color.  I buy new staple tees in these colors every season.  Long sleeves for fall and winter and short sleeves for spring and summer.  I do so because the necklines (vneck, crew, etc) change and I like for the color to look fresh.  These tees are great with your business suit (in a business casual environment) and will look great with your other staples.  Refer back to #5 and make sure your bra works well under the tees.  Bad bra + cute tee = disaster!
8. The perfect jeans.  I am not ashamed to admit that I have no problem spending upwards of $100 on a pair jeans.  Crazy you may think but the perfect jeans will make your booty look so delicious until they will be worth the splurge.  Jeans can go from day to night, be dressed up or down, travel with you and even see more girl’s nights out than any other piece in your wardrobe.  I have a pair that have earned the money I spent through the free drinks they have earned.
9. Comfortable flats.  I have reached the age where I think comfort first when getting dressed in the morning.  I recently invested in a cute pair of leopard Sam & Libby flats.  They make me smile on those days when I look at heels and just shake my head no.  They are also great for those days that require a lot of walking.  Being in business around a lot of men require that I keep up.  Some days a pair of heels just won’t do but I refuse to sacrifice being cute (lol).
10. A fun jacket/blazer.  I have invested in several lately but recommend you find one that will work with the bottoms described above as well as your tees.  This jacket can be trendy, casual, dressy or whatever will work for your work environment.  Paired with different bottoms, shoes and accessories; you can change its look a million times.

I hope this helps you build a professional yet personal and practical wardrobe without breaking the bank.  Next week, I will provide “Wardrobe Essentials for Men.”

What are some of your favorite pieces in your wardrobe?

I don’t need a man…

How many of you ladies have ever uttered those lethal five words (I – don’t – need – a – man)?  This is perhaps one of the most dangerous things we have ever told ourselves or been told by someone else.

In the past I have written about how our thoughts manifest into our realities.  This is one of those cases.

I dated a guy once and we had some problems.  Instead of dealing with the issues, guess what I did?  I told myself that it didn’t matter.  Guess what happened? After a while, it stopped mattering.  Needless to say the relationship ended.

I have met women (and perhaps been guilty of also) who say they don’t need a man but then can’t understand why they can’t maintain a relationship.  This blog is going to be quick because I am going to get right to the point.

If you tell a man that you don’t need him, he is going to go elsewhere, where he is needed.  Oh, but you don’t tell him that, you just say it to your girlfriends?  Guess what? As you think it, it manifests.  You may not even realize that your thoughts are manifesting into actions in your relationship.  Some women even say, I’m not doing anything… doing nothing may also be part of your problem.

Men want to feel special, treasured and needed just as we do.  Relationships require work and if you don’t think you need a man then you probably aren’t doing the work to keep one…. I’m just saying…

It’s all about… Corey

Corey Ponder, Mr. E Nigma

One of his screen names is Mr. ENigma which typifies everything that I know about Corey.  He has so many facets and so many sites but through them all, you still have a sense that there is a genuine person behind these ventures.

Corey is a fellow Vandy alum who has chosen to use his (online) powers for good and to encourage people to do something that they don’t often do – think.  He approached me sometime last year about being a contributor to his blog site – The Young Writer’s Block.  I was ecstatic that he would think so highly of my writing and want to include me among the other phenomenal writers that were already contributing.  You all can blame Corey for me blogging so often.  After getting into a groove while writing for his site, I set my sights higher and decided to start writing a daily blog.  I think many people underestimate the amount of energy and effort that is required to maintain a blog site.  Not only does Corey oversee the Young Writer’s Block but he also has a personal blog, The Apathy Remedy.  His personal blog is a great source for all things happening in our political world.  A lot of people enjoy writing about pop culture but Corey has chosen to take on something a little more serious and I think we will be better for having someone willing to voice their opinion about the issues that really matter – whether you agree with him or not.

While doing some research for this post, I learned few new things about Corey.  He had plans to be a classical musician, he produces rap, hip hop and R&b beats, his blogs will complement your life better chicken complements waffles (that is saying alot!) and on top of that – he is a fine, young man with a brain, job and two degrees.  I don’t know his relationship status but umm……

Anyway, today is all about Corey!  Please take a moment to check out his many sites and show some love to one of my fellow bloggers, a Vandy alum and most of all, someone that I consider a friend.

• Join him and his almost 1,600 friends on Facebook to keep up with his posts, notes and tweets
• The almost classical musician produces rap and hip hop beats, take a listen at his MySpace page and at Showcase Your Music
• His personal blog, The Apathy Remedy, is a great source of information about our political environment.  What’s so special about this blog?  “The power of action is unprecedented. The first step to action is often times recognizing that the world is full of problems. I hope to inspire people to be socially active and socially aware of what they care about – so long as they care about something.”
• Corey is all over Twitter promoting his Young Writer’s Block posts as well as Speaking his own Truth
• Don’t forget to show your support for the Young Writer’s Block, (Think. Write. Discuss). Subscribe today to stay up to date on the posts of some outstanding bloggers (yes, including me ).  You can also become a fan of the Facebook fan page to receive a weekly update of the blogs posted.

Wow!  I thought I was a social networking junkie!  Anyone who knows anything about online media can only imagine how difficult it is to manage of all of these sites while still having time to work and live life yet Corey does it and makes his bloggers feel as though we are a part of his community.  Thanks for taking time to make today all about Corey.

Check back next Wednesday, it could all about YOU!!

Make your business idea a reality (Part 4)

In President Obama’s State of Union address last week, he announced that he would like to make dollars available to small business owners through community banks.  Is your business idea ready to take advantage of this opportunity if it becomes a reality?  Now is the time to start putting your idea to work so that as the economy improves, you will be able to hit the ground running and not need to play catch up.

We are in week four of this project.  You should have chosen a name for your business, thought about how the idea will translate into reality, drafted a mission statement that clearly identifies who you are and what your business stands for, figured out what is necessary to make your business a legal entity, and researched your product/service as well as your tax obligations.

Let’s get started on your assignments for this week:

7.  Count your pennies.  Starting a business may be more expensive than you think.  This should not discourage you rather it should encourage you to do your research before you step on the entrepreneurial limb.  You need to create a start-up budget which should detail how much it will cost to have your business fully operational on day 1. 

You also need a list of anticipated expenses for the first three years.  No, I don’t expect you to have a crystal ball into your business future but with the proper research, you should have an idea of what expenses your business will incur during its first stages of operations.  Most small business fail within the first year because of a lack of  capital.  The owner does not adequately prepare to operate their business whether they receive one customer or a thousand customers.  You have to be prepared for the worst case scenario and have the means to weather the first year storm. 

You also need to start researching a tracking system for your business.  Some of the more commons systems businesses are using include Excel spreadsheets to track inventory, revenues and expenses as well as using Ledgers or Quickbooks software.  Check out a few different options and find the one that is right for you. (Note:  This system will not replace your need for an accountant rather it will be used for your day-to-day financial tracking.)

8.  Your team.  Please refer to “Your (Business) Dream Team” for a list of professionals that your business will need to team up with in order to be successful.  This is an area that many business owners think they can skip but it is probably one of the most important to consider.

Next week will be our last week of projects to make your business idea a reality.  I plan to have this series available as an EBook within the next month or so.  Please email me at Contact@LaKeshaWomack.com if you are interested in receiving a free copy of the EBook.

Success Secret #15

I read an article a while back that presented a very unsettling theory. It stated that many people don’t achieve success because of self sabotage. At first, I couldn’t believe it. Who would choose to not to be successful? However, I have noticed that there are many people who talk a good game but are not following up with the actions needed to achieve success. Some are doing so because they really don’t know what needs to be done to achieve their goals while others are afraid of the changes that will occur in their life once success is attained.

Success secret #15… You cannot be afraid of success.  How do you know whether you are setting yourself up for success or sabotaging your ability to achieve success?

First, consider whether you have a plan for your success?
If you have a plan, it should be a SMART plan (specific, measurable, achievable, relevant and trackable). Your plan for success is the road map to you achieving your future goals. It may change from time to time because life happens and we all have to make adjustments. However, if you are just sitting around thinking that one day success is going to happen or that somehow you will end up in the right place at the right time and everything will just fall in to place then you are sabotaging your success.

Next, think about who you hang around?
You are somewhat a product of your environment. There are some people that can achieve their goals despite their surroundings but as adults if you are hanging around successful people then you are more likely to become successful. Not because you are expecting them to hook you up but because of the activities that you will participate in with them and the type of people that you will network with. If you hang around with people that spend most of their free time playing video games then you are sabotaging your success. We each have the same 24 hours each day to achieve our goals. Some people are on Boards of Directors, start their own business, and volunteer time to charity while others complain about everything that is wrong around them and consistently do nothing. If you are not using your time wisely, then you are not moving closer to your goals. No, you should not choose your friends based on how they can benefit you but you should choose friends that have similar goals and that can encourage you when you are down or be a role model for the type of life that you want to lead.

I have a friend that confided in me that she wanted to be mover and shaker in her community. She is starting her own business and also needed some inexpensive marketing strategies. I suggested that she create a plan. Not only did she need a business plan but she needed a strategy to get involved in her community. Since we had this discussion, she is now networking within her local Chamber of Commerce, attending City Council meetings, finishing her business plan and participating in the city’s five year strategic plan. She could have just sat around waiting and wishing for her success to come but instead she is taking control of her future and making contacts with people that are going to help move her closer to her goals.

Are you setting yourself up for success?

Spiritual Maturity

I attended a seminar a couple of months ago and the presenter said something that stepped on some toes…

She spoke about maturity, spiritual maturity.  You see, there are those who believe that because they are older in years, they are more mature in Christ.  However, there is no direct correlation between your age and your spiritual maturity.  Once you have become saved, you are born again in spirit which means that someone at the age of 18 can be more spiritually mature than a “mother of the church” at age 78 who has been in the church all of her life but not truly born again. (ouch!)

There are two passages in the Bible that I want you to reflect on that many people think refer to the age of a person, however when you put them in the context of spiritual maturity; they may take on a new meaning for you.

“Concerning him we have much to say, it is hard to explain, since you have become dull of hearing.  For though by this time you ought to be teachers, you have need again for someone to teach you the elementary principles of the oracles of God, and you have come to need milk and not solid food.  For everyone who partakes only of milk is not accustomed to the word of the righteousness, for he is an infant.  But solid food is for the mature, who because of practice have their senses trained to discern good and evil.”  (Hebrews 5: 11-14)

When I was a child, I used to speak like a child, think like a child, reason like a child; when I became a man, I did away with childish things. (1 Corinthians 13:11)

The first passage speaks to our need to grow from infant to adult in the word of God while the second passage deals with us growing up and putting away childish things that many of us “grown ups” still play around with. 

I do not believe there is any one way or a right way to interpret the Bible because just as with any other information that we process, the meaning is in the heart of the interpreter.  Please share what these passages mean to you.

5 Tips to Live Young and Fabulous

Many people think that living young and fabulous is directly related to your age, having lots of money and doing lots of things.  I am here to set the record straight.  Living a young and fabulous life is all about your mindset.  It is about the freedom that you feel when you are not bound to the expectations of others or any that are self imposed.  I am going to share my five tips to achieve a young and fabulous life.

1. Be your own guide.  Don’t look to others for a road map to living your life.  I heard a woman say the other day that she felt that she was too old to wear patterned tights with tall boots.  At what age should you be too old for patterned tights unless they are fishnet or mesh?  Last Sunday, I saw a lady in her 80s with a skirt suit, stockings and short boots.  She looked fabulous and didn’t care what anyone else thought.  Although the first lady was younger in age, the older lady was living young and fabulous because she wasn’t concerned with the opinions of others and rocked her outfit.
2. Realize that it isn’t about you.  I think we have covered this in one of the success secrets but as soon as you stop thinking the world revolves around you and that everyone is out to get you, the better your life will be.  Sometimes I think I take this tip a little too far because I don’t ever assume that other people’s actions have anything to do with me.  If they do, it’s not my problem.  I don’t have haters because people who may be working against me aren’t even on my radar.  I focus on doing what I need to do to be my best self.
3. Give back.  We have all heard the old adage that it is better to give than to receive.  When you find yourself being a blessing in the lives of others, you will start to receive blessings.  So many times we do things looking for a reward or a payment. Have you ever lost something and couldn’t find it but as soon as you stopped looking, you found it.  The same is true with blessings.  When you are looking for them, you can’t see them but as soon as you stop focusing on them, good things start to happen.  Not because the fairy dust waits for you to turn your head to anoint you but because when you set an expectation for a blessing you have an idea of what it should or should not look like.  When you stop expecting, it is able to take on any shape in your life and you will be greatful for existence.
4. Look the part.  I hope you all read my blog, I don’t look like what I’ve been through.  It is somewhat of a testimony but it essentially says that you don’t have to wear your troubles for all the world to see.  Being young and fabulous is about focusing more on the 80% of things in life that you have rather than complaining about the 20% that you don’t.  If you take a serious inventory of your life, you have much more than you lack.  I remind people to take a look at the victims of Haiti and even some people still struggling after Hurricane Katrina.  Even on your worst day, you are still more blessed and have lost much less than some of these people. 
5. As you think it, you will become it.  Our thoughts manifest into our reality.  If you think positive things will happen in your life, they will.  Not because you have these magical abilities but because you start to see the goodness in your situation.  Every situation that you find yourself in can be viewed positively or negatively.  It is up to you to decide what you will take away from it.

Living young and fabulous isn’t about material gain but spiritual fulfillment.  When you focus your life on THINGS, you will never find happiness because you will never have enough.  However, when you focus is on being a good person and having a joyful spirit, I can’t even begin to describe how things will change in your life.

What are some of your tips to living a young and fabulous life?