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Economic Downturn Creates Entrepreneurial Opportunity
Is now the time for women to pursue their dreams of business ownership?
by M. Lyn Reagan and Linda C. Christensen
March 4, 2009
T
hese are the most difficult economic times that most of us have seen. But difficult times
also produce opportunities. Many women executives, who have faced layoffs or other
financial-related crises, are seizing this moment to pursue their dreams of business ownership.
Some are doing so out of necessity, as good jobs are scarce. Some are choosing to embrace the
changes forced upon them and traveling unexpected, new paths.
In fact, many of the most successful business leaders would argue that now is an excellent
time to start your own business. However, it takes a lot more than a brilliant idea to be
successful. Good businesses are going to go back to basics and new entrepreneurs would be wise to
follow their lead.
For many of the women
entrepreneurs we advise, we recommend a simple, three-step program. They need to:
(1) Plan
(2) Execute
(3) Grow
With good planning and execution, the growth will come.
Plan
Write down your business plan and goals. Develop SMART goals; which are Specific,
Measureable, Attainable, Realistic, and Timely. You should also prepare a realistic budget. Monitor
it and your cash flow closely. Mostly importantly, establish relationships with a banker,
accountant, lawyer, insurance person, and business coach/mentor. Establish these relationships
BEFORE you need them. Meet them in person, and stay in touch. These relationships will help you do
the necessary foundation building of the business, such as:
• Opening a bank account;
• Obtaining a tax identification number;
• Selecting appropriate accounting software;
• Organizing business records;
• Selecting type of business entity, tax elections, payroll set up; and
• Obtaining a business license.
Additionally, take advantage of other opportunities and benefits such as registering as a
Minority-owned or Woman-owned business. Identify the appropriate networking and business
organizations to enhance your marketing and business development. Affinity groups for women in
business can serve as remarkable new business generators.
Execute
You may only have one chance to impress a client, so treasure that opportunity.
Building your business is all about relationships. Develop and cultivate those important
relationships. Develop a small group of women executives that you respect, to serve as
ongoing advisors. Start small and focus on doing it right, like the old saying "under promise and
over deliver." A great business is built one relationship at a time. So don't worry about starting
small and moving slowly. And never lose sight of your original business plan; keep your eye on the
ball.
Grow
Growth can be directly tied to core values, which guide our growth and help us measure
success. These core values include:
• Integrity: We are who we say we are. We do what we say we will do.
• Family: We support the family as the primary institution of society.
• Clients: We serve our clients. We meet their needs.
If you define your own values, they will help you chart your course and you will be able to
right your ship in tough times. Follow your plan, combine it with patient and thoughtful execution,
and you can watch your dream grow.
M. Lyn Reagan and Linda C. Christensen are affiliated with Bennett Thrasher. Bennett Thrasher is Atlanta's 11th largest accounting, audit and consulting firm. www.btcpa.net.
