by Michele Gillis, Staff Writer
Many people wonder what it would be like to step out on their own to open their own business. Though it’s a daunting idea, it can also be exciting and rewarding at the same time.
The Commercial Real Estate Women of Jacksonville held a panel discussion at their meeting last month at River City Brewing Company to allow the members to hear real testimony of the trials and tribulations of opening your own business and keys to success.
Panel members were Leigh Gunn of Group 4 Design, Brenda Ezell of Ezell Law Firm, Heather Sams of HAS Art Solutions, Janet Herrick of OES and Karen Farah of Bank First Atlantic.
Heather LePetrie of Better Living moderated.
What motivates a person to go out on their own? The resounding reasons from the panel were these: they wanted to succeed on their own, find a channel for their personal passion, the choice to do what they wanted with their business and run it the way they wanted and overcome their fear of their own circumstances.
Farah works with small business owners to get financing and is often used as a sounding board as small business owner candidates work through the process.
“For anyone who wants to start their own business, it really starts with some kind of financial banking,” said Farah. “Through the Small Business Association, it really is a long process. You have to have some personal liquidity. Most of the time if you have a home they will want to put a lien on the home. There is money out there to be had, but start-ups are extremely difficult. Franchises are much easier for us to finance. I usually recommend that whare ever you bank with, there should be someone that you go to, sit down with and work out a business plan together.”
Ezell commented on is how hard it was to go from having income every two weeks to not being sure when the money will come.
“It was a challenge financially,” said Ezell. “You have to change your mentality that the bills will get paid. Maybe not when they are supposed to get paid, but they will get paid if you are dedicated and make it work.”
Herrick said that her perspective was to not depend on the income starting out. She said to have a spouse that works, savings or borrow from relatives so you aren’t so stressed about the money not coming in at first.
Having a business plan regarding a paycheck is very important when starting your own company.
“We made a plan in my company not to take a paycheck for a year,” said Gunn. “After six months, my partners and I realized that we were making a little bit of money, we decided we would just take enough to pay daycare because we were actually losing money paying for daycare and not bringing anything home. We soon had the ability to start taking a paycheck sooner than the one year limit.”
Sams said she started out knowing she would pay herself, but also realizing she would not make as much as she had before.
“You really have to alter your way of thinking, not evaluate yourself on your income amount verses what you used to make,” said Sams. “It’s just not going to be that way for a while. It’s just an alternate way of thinking and realizing what the worth of the company is and the sacrificial nature of being an owner.”
After owning their businesses and working their business plan, each panel member had good things to say about taking that leap of faith and following their dreams of small business ownership.
“It’s such a blessing to be able to get up every morning and do what you love and know that you are in control,” said Gunn. “To have that control over your future and what you want to work on. The freedom you have is definitely worth all the sacrifices.”
Ezell just celebrated the third anniversary of her firm and said for the first time in three years she knows opening the firm was what she was supposed to do.
“It’s all coming together now,” said Ezell. “But for the first two years, I thought about getting a job.”
Herrick said the key is to keep up your exposure and be ready when the next big opportunity for your company comes.
A business plan is a major key. Put it on paper, so everyone is aware of how you want the company to move forward and what is expected.
“Constantly update your business plan to work with the economy,” said Sams.