10-Steps to Starting a Business

Starting a business is easily one of the most terrifying and overwhelming feelings we can encounter in our life, but there are steps to help make it easier! Having gone through building my own businesses multiple times in my short life, I wanted to share my journey with you. Over the next few months I am going to break down some of the most important steps to starting your business. My name is Jordan Betts and I am the owner or Mint Salon in Brighton, founder of Entrepreneur Me Business Coaching, and we are working on our next adventure currently, which will be announced next month!

10 Steps to Starting Your Own Business

1-      Ask yourself the vital questions

2-      Do your market research

3-      Build your business plan

4-      Choose your business structure

5-      Figure out your finances

6-      Permits, Licenses, Register, Repeat

7-      Find your ideal location

8-     Hire your accountant, lawyer, and bookkeeper

9-      Find your genius team

10-   Promote, promote, promote

This month I wanted to focus on step one; asking yourself vital questions.

Do I have what it takes to be a business owner? This question is easy to quickly say yes to, but not everyone is meant to own a business. I challenge you to think deeply about these questions and answer them honestly. Starting a business and working through the challenges takes time, passion, and dedication. You have to believe in yourself and know that you CAN and WILL do what it takes to be successful! Welcome to the most exciting and difficult time in your life!

Do I have what it takes to be a business owner?

                Are you ready to marry this business? I mean, seriously, it’s like you’re entering a union. As with all relationships you will have your difficulties. The romantic days will make you forget your fights, and your fights will make you want to throw your hands up and say, forget it! This union requires 24/7, 365 dedication . You will eat, breath, dream this business. Trust me on this, you will need to find a way to shut your brain down at the end of the night, otherwise you will never sleep! This business thing, is the coolest and most amazing journey, but with it comes a lack of sleep because your best ideas will come at 2 a.m. *Side note: put a notebook and pen on your bedside table*        

        

Have I found my why?

                Do you have a clear vision? What is your plan? What is your why? Figuring out your why is what will drive you day by day. My WHY has traveled with me from the beginning of my journey in business to now and continues to evolve. Let that WHY drive you!

                Eight years ago, when I started on my journey as a hair-stylist I saw the sad statistic that 98% of single mothers were well below the poverty line. That statistic became my WHY. I wanted to offer my daughter a life filled with experiences, education, and most importantly time with me. Too often single mothers have to work multiple jobs to provide for their little ones and in return the littles lose valuable time with their mamas. My why was simple. I wanted a good life for my little and I wanted to share it with her. I wanted to be in that 2% and show other mothers how to too. Little by little we will get that number to increase, I want nothing more than to swap those percentages around. Are you ready to help me with my why?

What are the financial implications?

                Money talk stinks. It’s like, if I had a million dollars I could start all the businesses I want to and not even worry about it, but gosh darn it, I don’t have a million dollars! Few of us do have a million dollars so we must talk about money. We need to understand it, we need to know if we can financially handle the risks involved with starting a business. Unfortunately, as women-owned businesses, we don’t get the same loans as our counterparts, we pay higher interest rates with lower funding amounts.

                I have personally chosen to move slowly in my business ventures by using my own savings to start each business, it has been hard, it’s taken a lot longer than I want, but for me it’s right. It’s not the right option for everyone!

                If you’re looking for a loan, shop around. Make sure you talk to EVERY option out there before you make your decision on funding. Your loan becomes a monthly bill regardless if you’re making money right away and you will want the lowest interest rate you can get!

Do I have a support network in place?

                Friends, family, partners, girl groups, etc… find your people. You will need those girls, check out your local girl groups and find other business owners who get what you’re about to do. It’s so awesome to chat with other business owners, because honestly, not everyone can handle our conversations! I don’t know about you but I geek out about the nerdiest behind the scenes statistics and my sweet partner just smiles at me. I want to geek out with other lady business owners! Find your group, ask them questions, reach out for advice, listen to their advice, and drink lots of wine with them. You will thank me later.

Do I have the self-confidence and self-discipline needed?

                My biggest challenge. I am strong, I am able, I am capable. You are strong, you are able, you are capable, WE ARE DESERVING! The hard part, the self-discipline. Planning and starting a business takes a lot out of you, remember the union we talked about? Sometimes you will go home from your day job and want to Netflix and chill with your babe, RESIST!! Part of self-discipline is clearing your environment from distraction. Eventually your work/life balance will come, sacrifice it now for a better pay off later.

Have I been honest in my self-examination?

                Were you honest with yourself when you answered the above questions? Listen girl, dream big! That dream will become a reality if you put it in the universe and work for it. Protect yourself by answering honestly. The clearer your vision, the better your strategic plan will be. If you don’t have the money yet, figure out how to get it. If you’re not confident right now, find your girl group and find your voice! You can do this!

Have I done my market research?

                We are going to dive into market research next month, but if you’re looking to start now, reach out to me at jordan@getminty.com and find me on Instagram at @entrepreneurme_coachjb. We can start your 2018 Business Breakthrough now!

Until next time, think about the following:

·         Identify your business idea.

·         Is there a need for your business?

·         What is your competition like?

·         How will your business fit into the market?

Five Steps to Understanding the Millennial Workforce

Did you know that by the year 2025, almost 75% of the workforce will be Millennials?

Do you know how to adapt to the change? Do you want to learn how to have a successful employer/employee relationship with them?

One of the most popular requests for my salon coaching is how to manage different generations of employees. Depending on your business, you might have several Generation Xers, a few Gen Yers, and maybe some Boomers, too.  Running a business that is, in this regard, “multi-generational” requires a bit of research and a healthy dose of flexibility.  The first thing you need to do is understand the hard-wiring of each generation’s brain. Each group has been raised differently and entered the workforce at different times in the last few decades, so most likely these individuals have different styles when it comes to how they comprehend and carry out their jobs and personal responsibilities each day.

The biggest group in question is Millennials, officially defined these days as those born between 1980 and 2000. So how do you work with Millennials so that both of you will succeed?  First, let’s all stop being so negative about them! They really aren’t as self-centered and entitled as you may think, have some incredible stuff figured out which we Generation Xers can learn a lot from. 

1: They want a team-focused approach not a level-up system

2: They want a good work/life balance

3: They want a path to success that they help create

4: They want clear expectations

5: They want transparency 

1: Team-Focused Approach

Instead of being raised by parents who harbored expectations about them becoming doctors or lawyers, Millennials have been raised to do and be who they want. “Be you!” “Create something!” “Enjoy life!” “Step out of the box!” All of these phrases define amazing—and potentially positive--attributes, but it's hard to handle as an employer if you're a ladder climber. Millennials want to be part of the bigger picture; they don't necessarily want to BE the picture. If you give them the chance, your team will step out of the box and create amazing revenue-boosting ideas for your business. 

2: Work/Life Balance

Millennials crave compensation that is not “just” a salary. Offering a $40,000 annual salary with a two-week vacation package isn't enough anymore.  Millennials would prefer a $30,000 salary with flexible hours, business-provided lunch, stock options, flexible time-off terms, and a creative workspace, etc... If an employee wants to take a half day to go to their nephew’s pre-school graduation, give it to them! Who’s to say that such an event isn’t important to that employee? I call this a “working retirement,” where you enjoy life to the fullest before you’re retired. Your reward will be increased loyalty and most likely, a more cooperative attitude next time an extra-hours-needed deadline looms. If you want to learn more about creating a culture of "Working Retirement," email me to schedule your first 2018 Business Breakthrough Session.

3: Team-Built Path to Success

Millennials want to be part of your company’s strategic planning sessions. They want to help set goals for the company and help build their own paths to success at the same time. Imagine how you would feel if you were told that you had to hit goals and follow plans that other people created for you. As business owners, we need to realize that although our business plan is what got us started, we cannot claim to be “the end all be all.” We have a lot to learn from our younger staff. 

4: Clear Expectations

Our younger employees want to have a seat at the drawing table. They want to help set their own goals and their own expectations within your company. Allowing them to tell you what they think their job description should be will help you understand more of where they are coming from; and in the end, if they decide that they're not going to follow the description’s stated expectations—which they helped create--you can firmly but politely say, "Well, people, you wrote them..." Urge them to give constructive feedback to the entire staff as well as to themselves. Using self-generated feedback and self-generated expectation building hugely increases the chances that your staff will respond positively to the process, which will help them—and you—grow.

5: Transparency

Millennials like to know what makes their company “tick,” why things are done a certain way, and how they can be part of the recipe for success. How much money did your business generate last month? What are the company’s future plans for expansion, relocation, etc.? And believe it or not, Millennials want to know what their coworkers’ job descriptions look like. The reason why is part admirable, part self-serving.  They want to know so they can figure out every detail of how everyone in the company “fits together” so they can decide if this is where they want to spend their time building a career. It's better for you to know right off the bat if someone isn't “meant to be” with your company so that you don't spend your valuable time, energy, and resources investing in them. 

Need help? Reach out, jordan@makingitawesome.com

If I can't help you, I'll help you find someone who can!

Want to guest on our podcast, Making It Awesome? Reach out, we want to hear your story!

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The power of change

The power of change.

"You notice a shift in someone's personality and strength when you watch them step over the line they created for themselves. Every day I see people's lives shift when they see themselves for the first time, their true self. It's a beautiful thing."

-Jordan G. Betts

Lucky me, I get to see people change every single day. I watch my employees grow into powerful human beings, I watch women appreciate their whole self for the very first time, I watch middle-school kids gain confidence, I watch little children truly love each and every little part of what makes them special, and I watch men take ownership over who they are. To say I feel blessed is an understatement. The fact that every day, people ask for my help and my direction for their lives is enough to walk around with 900 full cups, there is no room for half-full when you're given the opportunity to help guide and love everyone in your life.

What do I do? Would you believe me if I told you I was a hair stylist? 

I don't just cut hair, I work very closely with the emotional and psychological side of my guests on a daily basis. I work with my employees to teach them how to become better people, to find their path, to follow their dreams, and then to accomplish their goals. I would work salons and stylists to help them find their own personal path to success. I work with my daughter to teach her how to be strong and confident, I work with my family to help maintain our togetherness, and I want to work with you. I may not be a doctor, but I have taken an oath to nurture each and every person I come into contact with. It's just who I was made to be.

I asked my client Bobi to tell me what happened when she found her curls, this is her answer:

"I found my curls when I turned 30. When I came in for my very first haircut with you. I found myself when I found my curls. I always wanted to create and become an entrepreneur, build my business in scents. I have been building scents for people for years but I never had the confidence to fully take it on. I found myself, I found my confidence, I found me." 

The Power of Change...

It's a beautiful thing, keep sharing your heart.

The Mint Betties

Jordan G. Betts
Owner and Mint Leader of Mint Salon
Founder of Eclat: Salon Consulting and Mentoring
National DevaCurl Educator, Regional Goldwell Educator

Trained in NYC, LA, and CANADA

Mother of the cutest, sister, daughter, lover of the one, hopeful inspiration.

"If you don't like where you are... make a change."

_________________________________________________

Dominique Grimes

DevaCurl Inspired Stylist
Natural hair Stylist

Trained in NYC, PA, and by Mint Leader; Jordan

Mother of Loyall and a spicy kitten named Ebony, engaged to the man of my dreams.

“People will always talk, so lets give them sumthin to talk about” ― Lady Gaga

_________________________________________________

Angelica Ritter

DevaCurl Inspired Stylist
Keratin Complex Certified / Goldwell Colorist
Microblade Certified

Trained in NYC, and by Mint Leader; Jordan

Lover of all 4 legs included, buy me a pizza and we are best friends 

"No one ever made a difference by being like everyone else." P.T. Barnum

_________________________________________________

Rachel Robach 

DevaCurl Inspired Stylist / Certified Goldwell Colorist
Certified Arrojo American Wave
Runs Mint Weddings / Co-founder of Mints Pop-Up Braid Bar

Trained in NYC, TORONTO, and by Mint Leader; Jordan

Animal Lover, Music enthusiast, Loves to give back to the community

"Nothing is Impossible, the word itself says I'm possible!"