January 17, 2008

Asian-American, African-American, Native American, Latina women who are interested in going into business for themselves face multiple challenges. I’ll be focusing in the next year on 101 tips to think about for women in transition to being business owners, company executives, or managers.

Bookmark the 101 Tips section: http://www.asuccessfulwoman.com/success/tags/101-tips-for-minority-women-in-business or subscribe to my emails (on the top right-hand side) if you’d like to receive these postings on a regular basis.

The overview of our series will be as follows (this is my suggested flow for the posts ahead: there may be some changes or additions as time passes, or if you as a reader have specific questions):

1) Introduction

Who the target audience is (Asian-American, African-American, Native American, Latina women who are interested in going into business for themselves). What’s covered.

Tip 1: Challenges of Women of Color in Business
Tip 2: Opportunities
Tip 3: Trends
Tip 4: Personal Qualities
Tip 5: How to Tell if You’re Ready
Tip 6: Specifics for African-Americans
Tip 7: Specifics for Asian-Americans
Tip 8: Specifics for Latinas/Hispanics
Tip 9: Specifics for Native Americans
Tip 10: Specifics for Hawaiians
Tip 11: Specifics for Lesbians
Tip 12: Specifics for Religious Minorities

2) Getting Organized

An introduction to being in business, specifically for women of color. Ideas on important areas to organize during this process.

Tip 13: Reasons to Go Into Business
Tip 14: Working at Home
Tip 15: Independent Contractors
Tip 16: Suggested Ways to Incorporate your Business
Tip 17: Deductible Expenses
Tip 18: Recordkeeping
Tip 19: Self-Discipline

3) Specific issues for Women of Color

An exploration of historical United States patterns and potential effects on minority women in business. References SBA and federal documents, Census reports.

Tip 20: Historical Trends
Tip 21: Understanding Personal Feelings
Tip 22: Understanding Stereotypes
Tip 23: Addressing Discriminatory Behavior in the Workplace
Tip 24: About Certifications
Tip 25: Types of Certifications: Small Business Enterprise/ Women/Minority/Veteran
Tip 26: Green certifications

4) Business Planning

An introduction to business planning and envisioning what the business will achieve. References introductory business books and classics like The Art of the Start, Think and Grow Rich, and Seven Habits of Highly Effective People.

Tip 27: Developing and Using Systems
Tip 28: Identifying What You Want to Achieve
Tip 29: Mission and Vision
Tip 30: Summary of your Business
Tip 31: Competition
Tip 32: Personnel
Tip 33: Understanding Financial Data
Tip 34: Equipment Rental
Tip 35: Inventory
Tip 36: Balance Sheet
Tip 37: Reading a Profit and Loss Statement
Tip 38: Break Even Analysis
Tip 39: Income Projections
Tip 40: Cash Flow Projections
Tip 41: Documenting Important Milestones
Tip 42: Tax Returns and Preparation
Tip 43: Licenses and Legal Documents
Tip 44: Important Paperwork to Keep on File
Tip 45: The Importance of Vision
Tip 46: Maintaining Standards
Tip 47: Keeping Integrity

5) Marketing

An introduction to marketing, based on interviews and advice from established marketing and PR professionals that cater to minority women.

Tip 48: Define Your Message
Tip 49: Print Advertising
Tip 50: Web Advertising
Tip 51: Radio Advertising
Tip 52: Self Publishing
Tip 53: Earned Media
Tip 54: Charity, Community, and Pro Bono Work

6) Networking
An introduction to the benefits of networking, with reference to BNI, Toastmasters, women’s groups and trade associations.

Tip 55: Benefits of Networking
Tip 56: Groups to Join
Tip 57: How to Be Helpful to Others
Tip 58: Referrals
Tip 59: Online Networking

7) Internet Tips
An introduction to using your website effectively, referencing my book “Fifty-one Ways to Build Your Community of Clients Online.”

Tip 60: Your Website’s Importance
Tip 61: Quality Content
Tip 62: Resource Links
Tip 63: FAQs
Tip 64: Blogs
Tip 65: Video Logs
Tip 66: Pictures, Sounds, and Movies
Tip 67: E-commerce
Tip 68: Security
Tip 69: Privacy
Tip 70: Terms and Conditions
Tip 71: Search Engine Optimization
Tip 72: Opt-in E-mail Lists
Tip 73: Social networking
Tip 74: Maintaining your Website

8) Evaluating Your Progress

An introduction to effective evaluation and benchmarks for the business. References to NAWBO, the Center for Women’s Business Research papers, and management resources.

Tip 75: Setting Attainable Goals
Tip 76: Reaching Benchmarks
Tip 77: Collecting Data
Tip 78: Mid-course Corrections
Tip 79: Quarterly Reports

9) Expanding Your Business

An introduction to common issues around expansion. Referencing Fortune, Forbes, Entrepreneur and CNN Money articles.

Tip 80: Policies and Procedures
Tip 81: Real Estate Issues
Tip 82: Employees: Hiring and Firing
Tip 83: Self-Assessment and Your Management Style
Tip 84: Demonstrating Leadership Skills
Tip 85: Obtaining Legal Counsel
Tip 86: Thinking Global, Acting Local
Tip 87: The One-Million Dollar Mark
Tip 88: Rewarding Yourself and your Staff

10) Exit Strategies

An introduction to the last steps in the business growth: when the owner sells, retires, or moves on.

Tip 89: Family-run businesses
Tip 90: Selling to a new owner
Tip 91: Employee ownership
Tip 92: Converting to common and preferred stock
Tip 93: Moving Forward

11) Common Issues

A review of common issues in the day-to-day life of the business owner.
Tip 94: Charitable Work
Tip 95: Community Participation
Tip 96: Health and Wellness
Tip 97: Life-Work Balance
Tip 98: Relationships

12) Conclusions
Tip 99: Mentorship
Tip 100: Coaching
Tip 101: Goalsetting and Continuous Feedback

I look forward to working with you to refine these tips and make them applicable to your current situation.

Warmly,
Monica S. Flores