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How To Start Your Own Business

With a lack of good jobs available, experts and successful entrepreneurs share what it takes to get your new business off the ground.

 

Looking for a job isn't what it used to be. Allyson Monson, facilitator of the Danbury women's networking group B.I.G, said, “I think people are fed up with looking for a job without even ever getting a call back. People would rather take their talents and do something they have a passion for.”

 According to research released by Civic Ventures in California, more than 12 million people are considering starting their own business of non profit organzition. In Western Connecticut, those numbers translate to 300 a year, according to the Western Connecticut Chapter of Score. Tom Longmeir, co-chairman of the group, said that 70 percent of new businesses fail within two years, and the number can be as high as 90 percent.

 While those numbers may seem daunting, plenty of people do succeed, and have found that pursuing their dreams was all they hoped it would be.

 The California survey proved that people in their 50s and older have always been interested in starting their own business, but according to Monson in the last few years new entrepreneurs are younger than ever.

 For Jennifer Scott, 39, Brookfield, going out on her own seemed the only route possible. Previously, Scott had a successful corporate career in Human Resources. She made a good living and was always made to feel she was a valued employee. She was shocked when she was let go, and knew she had to make choices based on her current lifestyle.

 “I was laid off when my son was 5 months old. He had been in day care until 5:30 every day, and I realized as a recruiter, no one should hire me. I had to leave work at 5 pm every day, no matter what. I didn't have great child care options and I wanted to be with my son as much as possible.”

 Five years later, Scott has her own HR and recruitment businesses, HireEffect and Workforce Engine. Scott said, “It was harder financially than I thought it would be. I am used to succeeding, and I realize now that it takes a long time to get a business off the ground. I think I have never worked harder. When you work for someone else, you leave work at the end of the day. Now I never leave but I have the flexibility I wanted. It has been great to never miss a school play, and be able to be the class mom, which I could never have done if I didn't have my own business.”

 Ken Kollmeyer is with the Connecticut Small Business Development Center in New Britain through Central State Connecticut University, and notes, “There has definitely been a big increase in people hoping to start their own business, but in reality, the numbers of people who actually start businesses are not really higher than previous years. Capital is still in short supply and it's hard because banks will not lend money to people starting a business for the first time. You have to be able to raise the money yourself.”

 Sarah Becker, Brookfield, founder of Networkers Anonymous, realtor, business/real estate consultant, has been self employed virtually her entire life. Having bought and sold her own businesses almost on a whim, she is now a landlord many times over and has many tips about how to be successful.

 “It doesn't pay to go out and reinvent the wrong wheel,” she said.

 Longmeir puts it another way. “You have to have a good idea, you need to have an idea that you think you'll be good at, and will be good at doing. It should key into all aspects of your life.”

 “There are as many reasons a business will fail as will succeed,” Longmeir continued. “The majority fail because they don't understand the business, don't recognize the competition, don't think the idea through or have a real plan.”

 Drawing on her own extensive career, Becker added, “There are so many people, businesses, that have been there and done that. Networking is so important because there is so much to learn from others. When I ran my print shop I saw the same mistakes people made over and over.”

 Noting the most common mistakes, Becker began her lengthy list. “If your best friend says you have a great store, it isn't going to be the kind of honest feedback a customer is going to give you. Restaurants can make the most delicious food in the world, but if they don't have marketing skills, they aren't going to make it. Running a restaurant is the easiest way to lose a million dolls a year.”

 Longmeir agreed and put that advice into statistics. “Restaurants have the highest failure rate, about 90 percent. You have to have a good idea. What kind of restaurant, food, price, location, what are you going to do that's different and better than everybody else,” Longmeir asked.

 Becker's home grown information was consistent with the SCORE Co-Chairman's science based information, “You have to be able to take feedback, constructive criticism, and then actually be able to change. That is the key.”

 Her list goes on. “If I am not sure what your product is, that's a problem,” Becker added. “Don't name your company an unpronounceable or unspellable name! Your friends are not going to tell you, but no matter how wonderful your history or amazing ancestry, no one is going to find you in the yellow pages if they can't spell your name.”

 Giving a nod to Walmart's greeters, Becker reminds new entrepreneurs that customer service is everything. “You can have an amazing business but if people are not greeted within 30 seconds to a minute, customers begin to sweat, and wonder if they should have even come into the store. If you have someone on the phone and they don't make eye contact with customers, you could lose an average of $2000,” she said.

 “You should not think you can enter a business with no experience,” Longmeir advised. “If you want to open a store, find a retail business and work there for a year or so before you strike out on your own. Learn everything you can. People have to have their eyes wide open and think through what they need to succeed. When it's your own business, you have to have a lot of desire or you won't make it.”

 For as many fail at their own businesses, many make it as well. “Some can succeed without a business plan but you increase your chances immensely if you have one, especially if you need to borrow money. That's where SCORE can help,” Longmeir said. “We help write you write the plan.”

 While there may be obstacles to overcome and realities to face, many new businesses can succeed in this economy if they can wait out the time it takes to get established. For Jennifer Scott, it took almost five years to get established.

 Arsam Antreasyan started an IT business in Danbury in September 2009, which he said is doing fairly well in these tough times. “I thought it would be a lot more difficult, but it has gone fairly well. We are in the business of fixing computers which is a business of cycles. Every three to four years people buy new and get rid of existing ones, so it helps us. There is a lot of innovation in IT, all these iPhones, sending emails, all this connectibility and mobility is creating a lot of need for service and support.”

 Antreasyan credits much of his success with networking and attends various meetings in Danbury and Brookfield. His Danbury office serves the entire western Connecticut area and specializes in IT support and services, maintaining servers, installing and setting up networks.

 Finding your niche and being unique can help even the most unlikely business become a success, according to Pam Ahtchi, Newtown, former teacher and current cookie master.

 Ahtchi lost her teaching certificates for pre-school, elementary and special education when she moved to Connecticut from New Jersey. Having enjoyed time in the kitchen since she was a young girl, Ahtchi thought she might pursue a career in cooking.

 Once fate pushed her into starting her new business, Cookie Wishes, Ahtchi did everything she could to become a success. “I did a lot of networking! I joined Business Networkers International (BNI), the Greater Valley Chamber, attended a lot of seminars, Entrepreneurial Womens network, Working Womens Forum in Sandy hook, social media, word of mouth.”

 It was the attention to detail in Ahtchi's cookies that caught the eye of all who saw them. As artistic as they are precise, Ahtchi's determination for perfection was evident in all aspects of her venture. “I had three websites before I was happy with it, and the same thing was true with the logo,” she said.

 “I brought my cookies to the networking groups, and I made corporate logo cookies, which Corporate America loved. It is a way for them to advertise or thank their clients. I entered contests and placed in the contests. Once I started to win awards, the business just kept building.”

 Ahtchi also attributed her success to being able to adapt as the economy changed. “I recently expanded into the wedding business, which has gone very well. I was always able to change with the time and as my expertise developed, I pursued different directions.”

 Warm and sincere customer service contributes to her recipe for success. “I do a lot of gratis orders and do a lot for non profits every year.”

 Summing up the process of starting a business, Becker ended with, “Business is about finding what people really want and need, discussing it, and being able to provide it. My mom is a social worker and I think we have the same job. Listen to their needs,” Becker said.

Related Topics: How To Start Your Own Business and Starting A Business

Pamela Ahtchi

11:38 am on Tuesday, November 22, 2011

Wonderful article Christine! Pamela

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Allyson Monson

1:50 pm on Tuesday, November 22, 2011

b.i.g. is about women empowering women to professional fulfillment"
As always, our goal is to build healthy pods for each of our leaders. Pods that offer our members the highest quality support, education and networking opportunities available networkwide. For more information on the Greater Danbury Area b.i.g. (Believe Inspire Grow) Pod please contact Allyson Monson at allyson@the-difference.net

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Sarah Gallo Becker

11:53 pm on Tuesday, November 22, 2011

Hi Christine, thanks for the interesting article. Funny, I look so pregnant in that photo! Not due until January... Nice speaking with you the other day, hope you can stop by another Networks Anonymous lunch again soon... over 500 different business people have stopped by over the past couple of years...we learn so much from each other & our guest speakers. The friendships (and referrals!) among our guests are the icing on the cake (or cookie!) shall we say... ~~ Sarah Gallo Becker www.miracletime.com

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