Easy Business for Women with Little or No Money

By Dr. Mary E. Waters

Explains how easy it is to start and run a business. List many businesses to start with little or no money. Shows how to turn those arts and crafts items into a business. Very informative for men and women.

• Language: English
• Publisher: AuthorHouse
• Release date: Jan 1, 2003
• ISBN: 9780759605954

Dr. Mary E. Waters

ABOUT THE AUTHOR Dr. MARY E. WATERS is a well-known author, speaker and consultant. She has experienced the challenges of starting a business ?rsthand. Her firm, WAI ENTERPRISES, INC., Management Consultants, located in Maryland, designs and implements training programs and workshops in the areas of business and management. She specializes in teaching business start-up and professional image building. Dr. Waters has conducted seminars on business start-up at many colleges and learning centers throughout the United States, including the Learning Annex, which is located in the United States and Canada. She is the Official Selfgrowth.com Guide to “Business Start-up” http://www.selfgrowth.com/business_startup.html She is a small business expert at http://ezinearticles.com/?expert=Dr._Mary_E._Waters and http://ezinearticles.com/?expert_bio=Dr._Mary_E._Waters Dr. Waters holds an honorary doctorate degree. She also holds a Master’s degree in management from National-Louis University.

Book preview

Easy Business for Women with

Little or No Money

By

Dr. Mary E. Waters

© 2008 by Dr. Mary E. Waters. All rights reserved. Second Edition

No part of this book may be reproduced, stored in a retrieval system, or

transmitted by any means, electronic, mechanical, photocopying, recording, or

otherwise, without written permission from the author.

ISBN: 978-0-7596-0595-4 (ebook)

ISBN: 978-0-7596-0596-1 (Paperback)

ISBN: 978-0-7596-0597-8 (Dustjacket)

Library of Congress Control Number 2001126235

Cover design by Benjamin Cross

1stBooks – rev. 7/9/2012

ACKNOWLEDGMENTS

Many thanks to my editor, Attorney Hortense Roscoe, for her expert eye.

DEDICATION

This book is dedicated to all of you who had faith in me. This book would never have been written without your encouragement and help.

CONTENTS

Acknowledgments

Dedication

Forward

Introduction

Chapter 1  Getting Started

Chapter 2  Business Basics

Chapter 3  Tips On Funding Your Business

Chapter 4  Marketing On A Shoestring Budget

Chapter 5  Financial Report

Chapter 6  Nine Easy Home-Based Craft And Art Related Businesses To Start Now!

Chapter 7  Business Success

Afterword

Epilogue

Glossary

Bibliography

Testimonies (Women On The Move)

About The Author

FORWARD

When I graduated from college, and began a career in pharmaceutical sales with my eye on a management position, I figured if and when I had children, I would put them in daycare and never miss a beat in my career. Now, as a mother, I am so thankful that I have been able to stay home with my child fulltime – I even homeschool him. This career has been more rewarding than any I could ever have imagined.

Starting a home-based business has allowed my husband and I the freedom to be with our son and enjoy a very rewarding lifestyle. We gained experience through a lot of trial and error and several different business ventures combined with part-time jobs. Eventually, we took stock of our experience, training, talents, and interests and started the business that has evolved into The ABC Art & Craft Event Directory – an annual publication that provides exhibiting artists, crafters, and food vendors with information on arts & crafts events across the country.

Dr. M.E. Waters’ book addresses many of the basic principles that one needs to consider before starting a business. As with most things, the foundation on which you uild your business will determine your success. Your investment in time and money to learn about starting the business you have in mind will pay off in the long run. Remember, when you have your own business, you have to produce the product, sell it, handle the accounting, advertising, and much more. Very few of us have the talent or experience to do all of these jobs. Books like this can help provide the resources you need to maximize your talents and minimize your weaknesses.

The section of this book titled, Starting a business with little or no money is probably the only way anyone should start a business. Many of the mistakes you will make will happen early in the course of starting your business – it is a lot better to loose some sweat equity than a lot of money!

If you are a mother wanting to earn a little extra income so that you can stay home with your children, it can be done! The exciting thing about a home business is that it can be built around your needs, talents and desires. It doesn’t have to fit the mold for a successful traditional business. Start small, keep it simple and make your business fit your needs and those of your family.

Believe in yourself and have the courage to try… and if that doesn’t work, try again, and again…!

Mary L. Reed

Editor, The ABC Art & Craft Event Directory

www.TheABCDirectory.com

INTRODUCTION

The decision to be your own boss and take control of your life is most people’s dream, but many never take the first step to do anything about it. So, congratulations! I applaud your commitment to becoming a successful woman business owner. There are many books to read on the success of a business once it is up and running but few will discuss the phases you need to go through to get to that point.

This book will cover the start-up phases of a home-based craft or art related business. It will explain what to expect within the first few years of any business start-up. If you know what to expect early on, it will help to alleviate some of the fears you might have about starting your own business. If you want to get started right away, there are nine easy businesses to start with little or no money, such as mail order, electronic art, singer, songwriter, artist, cloth doll artist, quilting, and gift baskets.

Do you want to know how to get your work into the multibillion-dollar arts and crafts industry and make $250 - $1000 a day selling your wares at a craft fair? If you are a craftsperson or artisan and are serious about starting your own business, this book will show you how to merge your interest in artistic creation into a business venture. In the book you will learn how to market your unique products, develop pricing, promotion and packaging strategies, and where and how to sell your products. Also, you will learn the pros and cons of the craft business and much more.

The information I share with you in this book is based on my knowledge, research, and personal experience. We have heard the saying people perish because of lack of knowledge. You have also heard that understanding is knowledge. The more understanding you have about what you are getting into the more confidence you will have in yourself. The more confidence you have in yourself and in your business the more successful you will become.

Like many people who want to become successful business owners, you may not know how to begin. There are many questions that you will need answers to such as Who do you call? What questions do you ask? This book will answer these questions and many others to start you on the road to being a successful business owner.

It suggests ways to gain more knowledge in the areas where you are weak. Also, what to do if there is a time constraint and you need immediate assistance. By hiring someone with the particular knowledge and expertise that the business needs may solve some of your management problems. A form of good management is to Recognize the skills that you do not have and get someone in your organization to do that work.

This book explains the different types of businesses to help you decide which form is best for you. It emphasizes the importance of preparing a business plan. It stresses that the business plan is the blueprint for the business. This book contains certain highlighted areas that the entrepreneur should concentrate on to properly manage their finances. Contrary to what most people believe, there is money available to help start your business. See the list of traditional and nontraditional ways of finding money for your business. Once you receive the money, you need to know how to prepare a budget and manage your cash flow to make the most of the funds available to you.

When starting a business, you will find that you can ask for help and receive it from several people and organizations. You may contact the Small Business Administration, your banker, lawyer, and accountant. You may join professional organizations. You may also attend seminars at trade shows and the local community colleges to gain more knowledge on starting a business. You will also have your friends and family members to turn to for help.

The success of a business depends upon sticking with it, which includes planning, working hard, managing your time, knowing where to go and whom to ask for help, meeting your deadlines, offering quality work, and exhibiting high performance.

Here’s to your business success,

signature.jpg

Dr. Mary E. Waters

CHAPTER 1

GETTING STARTED

Many people are beginning to start and operate their own business as large companies are downsizing and we face job uncertainties. During an informal survey, some of the reasons given as to why people start a business are to increase their income, get more control over their time, tax advantages, job security, service to the community, enjoyment of working with people, self-responsibility, self-reliance, success, and the flexibility to make changes.

Getting a business started for some people could mean just writing down on a piece of paper what needs to be done to get them from point A to point B. Others might want to know what kind of research needs to be performed to find the answer to some of these questions. To get clarifications on what your needs are, you might want to consider reading books, talking to people, or just analyzing the data already available to you.

The most important step of starting a business is to just do it. Getting started could mean gathering information, reading, analyzing, and putting it to use. Most important, the potential business owner should start now. If you decide to start now, there are steps you should take to get yourself organized, such as setting aside time to do daily readings. These readings will include articles, brochures, mails, and other information pertaining to the business. Remember, information is knowledge, and the more knowledge you have about the subject, the wiser it makes you. Being informed will make things a little bit easier for you during the decision-making process.

A large percentage of women are making and selling arts and crafts, and many are starting their own home-based businesses in this area. According to the National Craft Association over 90% of their members are women. What better way to find out about this or any other industry than to join the association and get information, resources, and other benefits. So, if you are a woman looking for a business idea, then creating and selling arts and crafts just might be for you.

Do you have an art or craft project and you do not know what to do with it? Many people today are turning their hobbies and crafts into part-time and fulltime income. The information in this section will help teach you how to handle the artistic business field. These artisans range from a hobbyist or beginner to the seasoned professional in their specific field. If you have a product that is considered Fine Art, Fine Craft, or Traditional Craft, we will show you how to make it available to the public. Today artisans are being celebrated in many ways as they use their talents and skills to create more beautiful and interesting designs now, more than ever before in our history.

Now think of how wonderful it is to start the day by looking at a beautiful painting or a carefully crafted product. The beauty of this art or craft piece can touch the heart, mind, and soul. It is important to support the artisans because our arts carry on the traditions of our culture and keep our heritage alive. For these and others reasons, many companies and associations are networking together to help promote the art and craft industry. To find out additional information about the arts in your community, you may contact the local art’s council. And, to get more information about crafts, you may contact the National Craft Association.

Getting started for an artisan or craftsperson could be as simple as picking up a paintbrush, a piece of clay, knitting needle, pen and paper or anything that someone can use to get the idea across to others. All you need to get started is a great idea and a little belief in yourself. The next step is to turn those ideas and talents into a money making business venture. You can turn your project into a successful business by following the startup steps outlined in this book. If you follow these easy steps, you will be able to get the business up and running quicker and with fewer costly mistakes.

Getting Started Checklist

Reasons for Starting My Own Business

Listed below are some of the reasons why people go into business. Please check the category(s) that applies to you.

* Copyright © 2002, Dr. M.E. Waters, Getting Started Checklist, all rights reserved.

Finding Your Niche

One problem you will face in the early planning of the business will be to find your niche. One way to start is to identify and briefly describe the business, product or service, and the market.

Please check the category(s) that applies to you.

Answering yes to any of these questions mean that you are on the right track to finding and filling your niche.

* Copyright © 2002, Dr. M.E. Waters, Finding Your Niche, all rights reserved.

How to Determine which Business Is Right for You

Choosing the right business is the most important step an entrepreneur will take toward becoming successful. To determine the kind of business you want to get into, you should look at your hobbies, skills, education, and present career to see what you have to offer in a business. If your business offers a product, you should determine whether or not there is a need for that product.

To keep abreast of the business that you are interested in, you should read the business section of your local newspaper. The more information and knowledge you have about the business similar to the one you are thinking of starting, the more likely you are to succeed in it.

Basically there are only two kinds of businesses: Those that offer a product and those that provide a service. Listed below are a few factors to consider when choosing the right business.

• Experience

• Money

• Interests and hobbies

• Skills

• Education/training

You may have many experiences in life from school and work that you can use to run a business. You should sit down with pen and paper and examine these experiences by making a list in the following categories:

School experience - What was your favorite subject in school? What did your school teacher say about your talents and capabilities? You may not realize it but you have some background in certain subject areas that you can use to run your own business. Let’s evaluate some of your classes to see what experiences we can gather from the courses that you took while in school. You may have a lot of training in areas such as interior decorating, computers, accounting, catering, auto mechanic, and photography. Now would you like to start a business in any of these areas?

Work experience - What jobs have you held either currently or in the past that you enjoy? You can use the skills from these jobs to run your own business. Review your evaluations for your strengths that may be transferable to your business. You are probably doing something unique that no one else is better at doing than you. If so, why not establish your own business offering this same type of service. Do you have cooking experience? Why not establish your own catering business. Do you like working in sales? Then choose a product that you would like to sell to the public and offer it in your business.

Money - Does money matter when starting a business? The answer is Yes, money matters. If you have the amount of money you need to invest in a business, you are more likely to be successful in it. Having enough money to finance the business is a major factor in the success of the business.

Interests and hobbies - Knowing your likes and dislikes is helpful in choosing the right business. What are your hobbies? Examine your hobbies to see if any of them can be turned into a business. For instance, if you like working with plants and arranging flowers as a hobby, you can probably start a flower shop. This way you can do what you enjoy and get paid for it.