StartOut - Building and Supporting Gay and Lesbian Entrepreneurship

Clear the Clutter

From childhood, everybody knows that moms’ favorite words are “clean your room”. Yet who knew that as adults, keeping a clutter free environment can be psychologically freeing and even beneficial to your business?

Keeping your environment clutter free may seem like a bit of a cliché but I know from experience that it’s actually very helpful. If your life is filled with clutter, you’ll feel “cluttered” and it’ll be difficult to make significant progress in your business and even in relationships. While there are other uncontrollable elements impacting the success of your professional and personal life, managing your clutter is something you can control.

Start with your home. Take a look around and see if things are tidy and in order. If things are constantly scattered, closets filled to the max with years of accumulation, empty packages and paper strewn about then it’s time to clean up. Get rid of the clothes in the back your closet, organize the ‘junk’ drawer, make your bed, and keep your living space simple and neat. By emptying your life of this disorder, you’ll be living a home life that’s less stressful so you can then move on to more pressing issues; such as successfully tackling business challenges.

I moved to New York city several years ago and was thrilled to find a rent stabilized apartment on the west side. For the first few years, it was an incredible experience. My location allowed me to experience all that the city had to offer while living in relatively affordable accommodations. However, after 5 years in the same apartment, clutter started to build. Between the over-sized furniture, suitcases in the hallway, and boxes of trinkets and memorabilia; there wasn’t an inch of free space in the apartment. Closets were packed with clothes, winter boots, snowboard equipment, and other stuff. There was so much clutter that you could barely open the door without things falling out. On top of that, the apartment was not in great structural shape: paint chipping, water leaks, bursting radiators, etc.

The point is that as my apartment and home life was getting more chaotic and so was my professional life. I was at an all time low with my business, nearly ready to call it quits and high tail it back to Wisconsin on the next Greyhound bus (since I was nearly broke too). I knew that I had to make drastic changes if I wanted my situation to change- namely improving my business fortunes. I started with my home, I spent an entire weekend clearing the physical clutter, painting the walls, and organizing my life. This was very therapeutic too, which put me in a much more positive mental state. From there, I was able to focus on my struggling business and ultimately figured out a way to turn it around. I also employed techniques to start clearing away the clutter from my office environment.

So clearing the physical mess was a big step towards helping me build a stronger business. Having a clutter-free or less cluttered environment enabled me to focus on other challenges, like tackling business issues and problem solving in new and innovative ways. The moral of the story is: if you’re feeling in a rut, both home and business faltering, then maybe it’s time that you clear away the clutter.

Are You Ready To Start a Business? 10 Steps to Start Up

Since selling my last business, I’ve been offering guidance to hundreds of people who are excited (and also daunted) by the prospect of starting a business. So many great ideas, however, so many questions & concerns about making it happen- How can I make money? Where do I incorporate? Where do I get funding? Do I need a business plan? Having founded multiple businesses- from a single person consulting service, a non profit, an online food retailing business, to others- I’m all too familiar with the ups & downs of starting and growing a business. And, I’m happy to share my experiences and best practices so that others who are thinking about starting a business or who are in the process of starting a business can benefit and launch a business, successfully.

In connection with StartOut, we’re offering a 2 hour workshop in September to help take aspiring entrepreneurs through the 10 key steps for starting a business. Check out our Events for more information. I’ve also created a downloadable guideline: “10 Steps to Startup” which also includes short videos for each of the 10 steps. This guideline can help you get going! Feel free to email me with any thoughts and comments!

Focus!

Everyday, we’re challenged by the demands of work. On top of that we’re managing relationships, networking, spending time with friends & family, and if it’s even possible, taking a few moments to exercise or engage in some activity purely for personal growth & development. Our energy is often disbursed and diffused. Then at the end of the day, we’re left spinning our wheels, exhausted with little to no gain. So, what’s the solution?

I’m saying all this because I want to emphasize the importance of focus. Whether you’re trying to start a business or manage a growing business, the only way that you’ll move the dial and progress is by being focused. Focus is the intention and effort that you invest in achieving a particular outcome. The greater the focus, the chances are greater that you’ll achieve your desired outcome. (The same is true in reverse.)

We have commitments but it’s important to prioritize them and focus on what’s important. If you’re launching a business and investing your time and energy in doing so, then evaluate all of your other demands. To illustrate, let’s say that you’ve got a new & revolutionary idea but you’re still working for the ‘man’ in Corporate America. You put in 9 or 10 hour work days and a few times a week, you meet up with your friends for drinks to blow off steam. Then, you go home to cook dinner. After cleaning up and doing the dishes, you chill out in front of the TV for an hour before going to bed. You think about toiling away on your idea but it’s late and you’re tired so you put it off for another day- perhaps tomorrow will be different. Unless you really focus on your idea, it’s NEVER going to happen.

In this scenario, there are better ways to manage your time, giving you at least 2 to 3 hours more in your day. Buy prepared meals so you don’t have to spend the time cooking or cleaning (Wholefoods is an excellent start), cut down drinks with friends to once a week and cut out some or all of the TV before bedtime. With those extra 3+ hours, you can now start to focus on your business. Even then, you must be strategic about how you spend your time but it’s a start. At least with dedicated focus, you’ll begin to put a roadmap in place for achieving your desired outcome. Furthermore, I would even go so far as to realign all of your activities- to the extent possible- with your business objectives. And yes, the gym & personal development activities within reason count toward ‘focus’. (It’s during these moments that you can spark that creative genius within you J.) This way, everything you do will support the success of your business.

If this blog entry applies to you, but you’re so caught up in the demands of your hectic life, then step back and invest a few hours in thinking about what you can do to bring focus into your life. Some seemingly tough choices may present themselves but prioritize what’s important and you can take it from there. With that focus, don’t be surprised when your desires begin to unfold.

What’s in Your Brand?

Branding is the essence of your product or service that permeates every customer touchpoint, from your website, logo to your office. We’re all familiar with big names- Apple, Nike, Starbucks- and have a clear sense of what each of those brands is about. It’s been my experience that many startups often ignore the value of branding- especially at the early stages- which means that they’re missing out an important and critical opportunity to engage with their customers. This extends beyond making a single transaction with customers to one whereby you connect with them to create a deeper level of engagement. You’ll have a satisfied customer who’ll then be more likely to recommend and use your services again, which ties in directly with increased sales.

So, how can startups create a brand for their company or products without the million dollar muscle of those big brands? I spoke with Orit, a branding guru and founder of the O Group, who says that defining a brand is the most critical step in the branding process. Before a name is chosen, before a logo is designed, before a sign goes up on the storefront, putting pen to paper and clearly defining the brand ‘essence’ of your company can be the difference between success and failure.

The brand of the company is not just the name or the mark, but the entire
experience that a customer has when interacting with your company or
product The name, the logo, the graphics, and the in-store or in-office
experience are all components of a complete brand and represent what we
call your “Brand DNA”. This was also corroborated by Kevin Teague, a fellow StartOut member and founder of 1Goodi, a graphic design firm. Having clear and consistent message with a great graphic identity is going to make you standout. Not only will you get noticed by customers but by investors too. This can result in increased interest by the investment community. Interesting, right? Read more about this in 1Goodi’s case study.

In summary, startups should answer the following when developing their own branding strategy:
1) What does my company do?
2) Who is our customer?
3) What distinguishes our company from others on the market?
With these questions answered, you should make sure that all your customer touchpoints reflect your answers- your brand essence.

5 Tips for a Successful Solo Entrepreneur

Being a solo entrepreneur can result in building a profitable business. Being your own boss- not accountable to anyone- and not managing employees, can be worth its weight in gold. However, there’s only so much that one person can do with the hours in the day, so you must be strategic with how you operate. Creating a profitable business, along with allowing for personal time, is totally within the realm of reality. Here are 5 tips to help you be a successful soloist:

1) Outsource: Your time is limited so finding strategic partners or outsourcing opportunities is critical. Regardless if you’re offering a product or service, outsource as much as you can. This can effectively be done for manufacturing & production, customer service, your website and your marketing. If you’re a hands on practioner, then you can continue to focus on that while everything else is being done by one of you strategic partners. You simply manage those relationships and engage in high value, revenue producing activities.

2) Have a Million dollar mindset: Think big. Think about the bigger picture and don’t get bogged down with the little stuff. This ’small’ mindset will severely limit you and your opportunities. If you’re just starting out or you’re ‘stuck’, create a million dollar opportunity for your business. Think about the pieces that need to fall into place. All the key decisions that you make should support growing your business with this million dollar potential. Of course, you’ll need to keep an eye for profit, since that’s what will sustain you in the long haul. But, the point is to act big and you can become big. If necessary, take a trip “out of your box” so you can think creatively about solutions for achieving your million dollar mindset. Check out some of these winning businesses on Inc.com.

3) Perform high value activities: Focus on the activities that will help your business grow and prosper. Spending time on administration, book-keeping, running out to Staples for supplies or other low value activities is what will keep a business from growing, especially when it’s just you. Your time is incredibly valuable. Outsource these tasks too. Spending 45 minutes in line at the bank to deposit a check is not a good use of your time. You have wire transfers, online banking &  direct deposit— and, as a last resort, use of the ATM.

4) Stay connected: Stay connected with your industry so you’re on top of trends. This way, not only will you remain relevant but you’ll learn the latest developments that could help you grow your business or save time and money. Join trade associations and stay active in networking organizations. It’s all about learning and growing.

5) Keep overhead low: Keeping your overhead low is going to enhance your profitability and not necessarily kill you when you take a vacation or when you’re in the startup phase where dollars are precious. Rather than rent an office, work from home and create a virtual environment. This can be incredibly cost effective and reliable. Technology can be brilliant when used smartly!

Problem Solving > Diversity > Entrepreneurship

What comes to mind when you think of an entrepreneur? A bright, energetic twenty-something who toils away 24/7, creating the next Facebook? Two college buddies tinkering with technology in their garage? This may embody some entrepreneurs but I think an entrepreneur is anyone who can create and bring to life new ideas- with an eye for a profit. In recent years, the very notion of what is an ‘entrepreneur’ seems to be expanding exponentially.

Many companies, especially big ones, claim to be entrepreneurial, fostering entrepreneurs within the walls of their organizations. This used to really bother me because how could a bureaucratic entity-aka Corporation X- foster anyone remotely close an entrepreneur? Technically, an entrepreneur is a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. I’ve now come to embrace any organization that supports an entrepreneurial environment, startup or not.

Entrepreneurs come in all shapes and sizes- some glamorous, some techies (but many not). Some companies are now realizing what “entrepreneurs” all along have recognized- allowing your creative energies to flow freely- with an eye for profit- results in progress. This is what’s going to keep products fresh and innovative. Companies big and small that tap into the creative energies of their staff will reap the rewards and have an advantage over those that don’t. This naturally leads to embracing diversity- diversity of thought and creative genius will solve even the most challenging of business problems, from tackling how to market to a particular demographic to developing new products and services.

A great example of a “corporation” fusing entrepreneurship directly into their business is Equinox Fitness and Patricia Moreno. She’s the fiery & energetic founder of Intensati, an intensive workout that combines aerobics, martial arts, dance & yoga. As a female latina, she’s tapped into a market that reflects her core principles & her background. She’s successfully helped Equinox tap into a new product area that’s immensely popular and Equinox in turn enabled Patricia to spread her gospel of healthier living.

According to the Kauffman Index of Entreprenuership, more new businesses opened in 2009 than in the previous 14 years. As the rate of entrepreneurs continues to climb, from solo startups to organizational entrepreneurs, so will diversity in every shape, color and form. This is problem solving at its finest. Diversity and Entrepreneurship go hand in hand.

Need Financing for your StartUp? Consider an SBA loan

Ready to get going… or even take your business to the next level? The typical forms of financing, including Lines of Credit, Micro Loans, and Bank Loans, are tricky to come by these days unless you have 3+ years of solid operating history. (Click here to read more about each of these financing types.) So, what’s a startup to do? There is hope. Recent government programs to stimulate the economy have focused on SBA loans.  That’s where you need to look for financing. The SBA traditionally hasn’t been a direct lender to businesses, but that could change with recent initiatives in Congress to step up lending to small businesses- so stay tuned for that and possible opportunities for you. However, in the here and the now, if you need financing you have to go to a bank and apply for an SBA loan. The good news is that the SBA is will now guarantee the bank up to 90% of the loan value. (This means that if you default, the SBA will repay the bank 90% of the value—the banks in theory should be more willing to lend since their losses have been minimized.) While you’ll still have to go through the application process (check out the SBA’s requirements), this could be a great option for securing the funding you need. If approved, the total turnaround time is generally a matter of weeks (i.e., Chase bank) but could take up to a couple of months at some institutions (i.e., a community development bank). 

7 Low-cost Marketing Strategies

Marketing is such an important component of your business success, from both attracting and retaining customers. The good news is that you don’t always  have to spend a lot. I’ve seen many great business ideas fail because they thought that they needed to- and did- drop a bucket load of cash on expensive strategies like TV, radio, print or other Out of Home strategies.  Whether you’re boot-strapping or you’re startup is making lots of cash, there are many low cost marketing activities that you should take advantage of to boost your bottom line. And, you can succeed without the billion dollar muscle or Nike! Below are the 7 strategies.

1) Word of Mouth
2) Referrals
3) Social Media
4) Marketing Partners
5) Website Optimization (SEO)
6) Paid Online Searches (SEM)
7) Public Relations (PR) 

For more info on how each of these works for can be applied to your business, check out my whitepaper on the subject. Good luck with executing your marketing strategy and let me know your thoughts. I welcome your feedback.

Why StartOut?

Many people have asked me why there’s a need for StartOut- more pointedly- another gay group? Though we have our mission stated on the startout.org website, it’s worth noting that the need has never been greater for an organization that helps foster creative genius to build great businesses- all while combating limitations, perceived and real, due to sexual orientation. Entrepreneurs are the backbone of this economy- and, as a part of this economy, we (LGBT entrepreneurs) are making significant contributions at all levels by creating businesses, jobs and new opportunities in this amazing country and around the globe. While I can sometimes operate blindly with regard to my sexual orientation, I’m constantly being reminded of the limitations of being LGBT- accusations that Marquette University rescinded a job offer for a college dean because the candidate was gay or squelching rumors that Elena Kagan, the Supreme Court nominee might be gay since she’s “unmarried”. (Maureen Dowd wrote a great op-ed piece on being single vs unmarried today that’s worth reading.) Of course, there are some not so subtle limitations— We can’t fight openly in the military and we can’t marry in most states including New York—we have to go to Iowa for that .

Personally, I won’t be held back by any of these limitations, which is perhaps why I’m an entrepreneur in the first place. My passion- my singular focus is to help people build businesses. To this end, StartOut has been an invaluable asset and resource. I look to StartOut to provide a community to share experiences with diverse perspectives, make capital connections, and find great talent to work in startups— regardless of sexual orientation. It’s all about maximizing opportunity and leveraging it to the fullest extent possible. This is how we’re going to continue to develop new products & services, solve problems and build lasting businesses with strong leaders. I’m thrilled to be part of such an amazing community and look forward to building greatness in connection with StartOut!!!

To Save Startup $$$, Reach for the “Cloud” in the Sky….

If you’re just starting out- or looking to save on your technology costs- there are many low cost ways to leverage the latest technology to give your small biz a big biz feel. Reach for the ‘cloud’. First, server & hardware costs: to save on server costs and investment in hardware, consider the ‘cloud’. I use Amazon to host customer files, content and data. It’s reliable and cheap— gives you the ability to create a scalable business and pay variable costs so there’s low initial & up-front costs. Unlike my previous business, where I spent upwards of $10k plus ongoing network maintenance costs, now it’s something like $99/month with WickedStart.com. This is really important when cash is tight, especially during the startup phase. Depending upon your biz size, this amount could obviously vary- e.g. the website for a lawn care business vs. Netflix. There are plenty of shared ‘cloud’ computing options for you beside Amazon too.

Second, email & contact data: a solution to manage email, calendar and contact accounts that be accessible anywhere there is Internet by staff members can be found with google apps. It’s also very inexpensive- $50/year for each email/account user. (You won’t need the Microsoft Exchange server but you’re data will be hosted by Google.)

Third, the office phone: This is my favorite because I’m tired of the bad service & long term contracts offered by the ‘phone’ companies- even the VOIP service providers who rake you over the coals. The solution: Toktumi.com, which offers a business phone service for only $15/month per line that can come right to my computer (like Skype but better quality) and provide a professional greeting along with a virtual assistant. You can also download an app so that you can get your line to ring on your iphone alongside your personal number. Get email notifications of voicemails too. For me, I’m setting up a main line with 3 options that can be routed to individual numbers in my organization- e.g., #1 for customer service, #2 for Technical Support and #3 for all other inquiries. In the past, I’ve had to buy VO phones, pay expensive monthly fees, plus have long term contracts with high cancellation fees. No more!

At any rate, these are just some ways that a startup can create a scalable, lower cost model with little up- front investment of capital. I’m sure there are many more ways so feel free to email me any of your ideas and suggestions. I want to hear from you!!!