BUSINESS AND BEAUTY: LEARN, LEAD AND LEAVE A LEGACY WOMEN LEADERSHIP TOUR 2015, DC

STOP

TRANSITION FROM WORKPLACE TO ENTREPRENEURSHIP

By Fayola Delica, BSHSE, BSN, RNAuthor/Speaker/Life and Business Coach/Radio Host

Founder/President/CEO of Fayola Delica LLCFounder of The 360 Evolution Academy

Women Entrepreneurs in America

• Independent Contractors and self-employed individuals has grown by 1,000,000 since 2005

• Women make up 38% of workers considering self-employment to be their main source of income

• Women-owned firms account for nearly 30% of ALL new businesses

• Women-owned businesses have led privately held company job growth in America, second only to publicly traded firms (2007)

Source: Women-Owned Businesses: Carving a New American Business Landscape Report by Center for Women in Business of The U.S. Chamber of

Commerce Foundation, 2014

What industries are self-employed women working in?

0.77

29%

3%

3%

4%

29%

Industries self-employed women are working

Healthcare and social serviceEducationConstructionMining, oil, gas, etcTransportation and warehousingOther services

Source: Women-Owned Businesses: Carving a New American Business Landscape Report by Center for Women in Business of The U.S. Chamber of Commerce

Foundation, 2014

Steps to becoming an entrepreneur

Step 1: Finding Your Passion

Step 2: You are the Solution to a Problem

Step 3: Make sure you know your industry well

Step 4: You are better than the rest, now show it

Step 5: Products and services

Step 6: Business structure

Step 7: Need money to make money

Step 1: Finding Your Passion• Make a list of what you have been said to be good at throughout your life.

• Then choose the one that you have been most complimented on and passionate about.

Step 2: You are the Solution to a

Problem• Keep in mind from Step 1, whatever characteristics that you have received the most

compliment and truly passionate about. Now think about what problem does or can it address.

• That passion will become a solution, now it can be in the form of improving something or a new solution to an existing problem.

• To capitalize on this passion, the solution has to be solving a problem that already exists, making this a need of YOU, the solution!

Step 3: Make sure you know your industry well

• You have to research your industry as well as your solution to the problem you have identified.

• The more educated you are about the industry, the more you are able to know and understand how to build your business in that industry, “space.”

• If you want to be known as the expert in your industry, you need to be able to present yourself as an expert.

Step 4: You are better than the rest, now show it

• After researching your industry, now you need to identify how you are going to make yourself unique in that industry. This is your competitive advantage.

• Your imagination, personality, and innovation is key to building an outstanding competitive advantage.

YOU ARE IT IN A THAT INDUSTRY!!!!

Step 5: Products and/or services• In going back to Step 3: the more you know about your industry through research,

the more you are able to develop products and/or services that will be appropriate for your target audience.

• Your products and/or services are your solution. Your solution should be unique with your special touch.

• How you package your products and/or services is key in being successful in business!

Step 6: Business structureThe main sections of a business plan:

I. Executive Summary

II. General Company Description

III. Products and Services

IV. Marketing Plan

V. Operational Plan

VI. Management and Organization

VII. Personal Financial Statement

VII. Startup Expenses and Capitalization:

IX. Financial Plan

Step 7: Need money to make money

• Costs to keep in mind in starting a business:• Start-up costs

• State registration of your business

• Website

• Start-up operational costs

• Materials, Equipment, etc.

• Various types of financing for your business• Traditional banking loans• Alternative financing:

• Purchase Order (PO) financing

• Investors

• Business partnerships

Why should you become an entrepreneur?

• Have a passion or hobby that you love and can make money from it

• Freedom

• More financial stability

• Better Work/Life balance

• No issues with unequal pay

• Leave the legacy you would like to leave for your family and/or community

• Contribute to building America’s economy

• Help create more jobs

LIVING LIFE ON YOUR OWN TERMS!!!!

SummaryReview of questions to ask yourself as you begin to transition into

entrepreneurship

1. What am I passionate about?

2. Whatever I am great at, how can it be a solution to a problem people are already facing?

3. How knowledgeable am I about the industry my business will be in?

4. What is my competitive advantage?

5. How am I going to package my products and/or services?

6. How am I going to structure my business? What business structure is appropriate for what I am doing?

7. How will I finance/fund the business?

ResourcesUS Small Business Administration (SBA), locate your local office www.sba.govEntities affiliated with SBA-Women’s Business Center, locate your local officehttps://www.sba.gov/tools/local-assistance/wbc-Online Course for Young Entrepreneurshttp://imedia.sba.gov/vd/media1/training/YoungEntrepreneurs/player.html-Veteran’s Business Outreach Center, locate your local officehttps://www.sba.gov/tools/local-assistance/vboc SCORE, free small business advice; locate your local office www.score.orgSmall Business Development Centers, locate your local officehttp://americassbdc.org/ 

The National Federation of Independent Businesseswww.nfib.com The Business Journals, locate your local subscriberwww.bizjournals.com Kauffman FastTrac, various forms of training for new and veteran entrepreneurshttp://fasttrac.org/ Bplans, access to business plan templateswww.bplans.com Entrepreneurship for children:Junior Achievementwww.ja.org Secret Millionaires Club, Warren Buffett’s Kids Business programhttp://www.smckids.com/ 

Contact Info for Fayola Delica• Website: www.fayoladelica.com

• www.the360evolutionacademy.org coming soon

• Email: Fayola@fayoladelica.com

• LinkedIn: Fayola Delica

• Facebook: • Fayola Delica LLC• The 360 Evolution Academy• Finding Your Hidden Treasure

• Twitter: @fayoladelica

• BlogTalkRadio.com: Finding Your Hidden Treasure

• Books: • The Ultimate Speaker’s Manual• The Ultimate Life Coach's Manual

“There is no royal flower-strewnpath to success. And if there is, I

have not found it, for if I have accomplished anything in life it is

because I have been willing to work hard.”

– Madam C.J. Walker, America's first female entrepreneur millionaire