Posts filed under 'She’s the boss'
…Martha Early of EarlyGirl Designs, purveyor these amazing jewels. Here’s her tale of workplace woe, which she promises me is true.
I was a junior attorney at a slimy personal injury firm. The paralegals won a radio contest about why they wanted to throw their boss (the head attorney — biggest cheese of all) out of a plane at 20,000 feet. The prize was a free skydive for the boss. He acted all brave on the radio but told me in private that he was terrified of heights and I had to go in his place — or else. On the morning of the skydive he faked a back injury and I went. While being broadcast on the radio to the whole city, I crash-landed and sprained my ankle. He didn’t care.
Oh, the irony: A Personal Injury Legal Peon sustains an injury trying to save the (Wimpy) Big Cheese of Ambulance-Chasing from his own bodily harm. Priceless! Thanks for sharing, Martha, and have fun at BizJam. And thanks to everyone else who sent in their job horror stories.
June 7th, 2007
Check out this article on craftistas, mompreneurs, and Etsy. I thought I was reading Bust for a second, but no, it was the Seattle Times. Not that I’m complaining. Way to go, hometown paper!
May 29th, 2007
Nikki writes: I saw you mentioned that you’re working on an article about business plans. I’m working away on my business plan as we speak, and I’d love to read that article before I wrap up the final draft.
Nikki actually sent me this note last month, and the article is now out, in NAFE Magazine, published by the National Association for Female Executives. Sometimes they put the articles online, but this time they did not. It’s a no-no for me to run the article in its entirety here, but you can find it here. And here are some of the do’s and don’ts that didn’t make it into the online version:
Do…
- Flesh out everything but the executive summary of your plan first: the numbers, the competition, the industry trends. If you write the executive summary first, you wind up with a vaguer, weaker document.
- Toot your own horn. Don’t be afraid to promote yourself. It’s not bragging. Leaders list their achievements — plain and simple. Investors will want to see this.
- Be clear and concise. Ensure each section of your plan stays on topic. You want to make it easy for an investor or advisor who’s just skimming it to find the information they need.
- Obliterate all industry jargon from your plan. Likewise, nix all superlatives and adjectives. Prove you’re unique without having to come right out and say so.
Don’t…
- Say that you have no competition. Customers and investors won’t buy it. If there is nothing else like it out there, there probably isn’t a market for it, say the experts.
- Fudge the numbers or present only best-case financial scenarios. Use reliable numbers that are as recent as possible. Investors will challenge your numbers anyway, so you need to be able to defend them.
- Try to hide your weaknesses. Instead, include a “challenges that keep me awake at night” section in your plan to address the bigger hurdles — and your ideas for resolving them.
- Write a tome. If you’re writing a business plan for yourself (as opposed to investors), it can be as short as 10 pages. If you’re writing a plan for investors, keep it under 35 pages.
Some resources that can help with a business plan:
- SCORE.org. Free or low-cost business classes and one-on-one consulting throughout the U.S.
- The Planning Shop. All kinds of bestselling business planning books. They’re also the people behind TitleZ, a highly addictive site for us publishing types.
- Springboard Enterprises. A nonprofit that educates women on landing business funding. Great free resources on their site. (See the Learning Center section.)
- Venture Architects. A woman-owned consulting firm that helps those seeking financing write better business plans.
- Are business plans really evil? After you’ve read all the “rules” from the aforementioned experts, check out this take on more fluid, informal business planning from BootstrapMe — especially valuable if you’re not seeking any big fat financing.
[Tangential note: Nikki and I agreed that English majors should really take some business classes in college so we don't have to play catch-up in our twenties and thirties and forties when we decide we want to work for ourselves.]
UPDATE: Since I first wrote this post, the article’s been posted online. You can read it here.
If you have a question you want the Cubicle Expat to answer, send it my way.
April 11th, 2007
Design*Sponge is offering independent designers a collection of handy-dandy business tip sheets on publicizing your work, dealing with the legal crap that comes up, setting prices, selling wholesale, selling online, manufacturing, packaging, and on and on and on. No charge. Just click and download. (Thanks to Boss Lady for pointing out this tiptastic treasure trove.)
February 24th, 2007
In 2001, Searah opened Early to Bed, Chicago’s first woman-owned, woman-friendly sex toy store. Since then, she’s launched an online store and has worked with many regional and national organizations to promote and support women’s health and sexual well-being. Searah is one of the dozens of cubicle expats featured in The Anti 9-to-5 Guide. Here’s what she has to say about fleeing the cube.
My story: In 2000, I decided that I never wanted to get up before 9 a.m. again, and I was sick of working in an office without a window or fresh air. The people were lovely, but the life drove me nuts. I tended to be the office go-to girl for advice about sex and sex toys, so — lacking any better ideas — I decided to start my own feminist sex shop and leave the safety of the office world behind.
Now, five (long) years later, I have learned to love (and sometimes loath) life off the beaten path, even though I pretty much did it all wrong. In the process, I’ve come up with a few ideas about how to do it right.
Turning my passion into a business: To become a “real businesswoman” I took a class at my local women’s business development center, thinking I was starting off on the right foot. And it didn’t hurt me, but it didn’t really help much, either. The class was full of others who wanted to be their own bosses but had no idea what business they wanted to pursue, and I realized early on that I had a passion for what I wanted to do. That was what started me out ahead of the game.
The learning curve: When I started researching my industry, I found almost no helpful information out there. I thought that I was independent and that I could hack it. But I don’t think that it ever hurts to take a business class or to talk to as many business owners as possible, even if they don’t do the same kind of work. I spent time (and money) in shops that were similar to the one that I wanted to start, and I used the web extensively to see what was going on in the industry. If you can find someone else who is willing to help you, use them! Lots of people love to talk about their businesses, and it never hurts to ask.
The dreaded money dilemma: Everything I read indicated that you really can’t start a retail business with less than $100,000. I had $0. But I did have good credit, which I now realize is so important, and I am super-fastidious about paying bills on time. Even though I was able to start my business on credit and loans from family and friends, I would not suggest that this is the best way. The best financial advice I could offer is that if you are unable to secure a big loan from a bank, it never hurts to mention to your friends and family that you need funding…and then see what happens. That said, I would never ask for or take money from any one person that can’t stand to lose it or to wait years for a payback. Once you get a business started, it eventually all comes down to money. You don’t have to be an accountant (although you should hire one), but you do have to keep on top of your finances every day.
How I ultimately made the leap: It wasn’t easy to find a place that would rent to a sex shop, especially since I hate talking to strangers and feared that they would say no. If I didn’t at least try, though, I knew that I would spend the rest of my life wondering “what if?” I had the support of my family and friends and partner, so even though I was doing this alone, I wasn’t without a support network, which I found essential. If those in my life who knew me the best weren’t there to support me, I don’t know if I would have taken the risk.
So I did it. I took the plunge and opened the doors to Early to Bed five years ago. Since then I have somehow made it work even though I started out with no experience and no money. Sure, I have cried at times and also made some stupid and expensive mistakes, but I loved what did before I even started, and my passion for helping people have happier sex lives has only grown. And…in the past five years, I haven’t once set my alarm before 9 a.m.
What’s that link again? Early to Bed, and yes, you can buy the store’s goodies online.
[posted by Traci Macnamara]
February 5th, 2007
Public figures come and go all the time. But losing Molly Ivins to breast cancer this week makes me especially sad. Women are still a big fat minority in the land of newspaper columns, syndicated or otherwise. Outspoken, uproarious, rabble-rousing, politically charged women who make fun of the president even more so. Here’s a lovely tribute that one of Molly’s editors wrote about her. ‘Bye, Molly. Thanks for your ability to inspire hope and laughter no matter how sucky things got.
February 1st, 2007
In honor of freelance tax day, here’s one more Q&A with my friend the CPA:
Me: Say, Friend the CPA, I’ve been meaning to ask you this last question for a while. On the rare instance that I forget to make one of my freelance quarterly tax payments, what will Uncle Sam do to me? I mean, not that I would ever forget to pay my taxes, but I’ve heard of (ahem) people doing this.
CPA pal: If you don’t have an employer who takes taxes out of your paycheck, the IRS requires you pay your estimated taxes quarterly. In other words, “forgetting” isn’t an option. If you fail to pay your estimated taxes one particular quarter, all-knowing Uncle Sam will swiftly charge you interest on any late payments (though he likes to use the term “penalty”).
Happily, if your income during a particular quarter is nil, you don’t have to make an estimated tax payment for that quarter. However, you would have to fill out a form to prove that you had a dip in income and attach said form to your tax return. Otherwise, the IRS will simply go ahead and charge you the interest/penalty anyway. I do these forms for clients from time to time. But be warned: This is one nasty-ass form, and without impeccable financial records, it’s tough to fill out. Capiche?
Me: Thank you, Friend the CPA. You are wise beyond your years.
January 16th, 2007
According to IRS Form 1040-ES, which is glaring at me from the pile of papers on my desk, the fourth and final of my 2006 tax payments is due on Tuesday, January 16. If you don’t know about quarterly tax payments for freelancers and sole proprietors, this IRS page will get you up to speed. As will this one. And this page from my archives may also shed some light on the situation.
Uncle Sam does offer instructions on how to estimate your quarterly tax payments, but because I have not been mathematically inclined since college calculus, I rely on my friend the accountant to keep me in check. My income last year was a bit different than it’s been in past years (and not in a positive way), so I checked in with my friend the CPA recently to see if I was estimating my tax payments correctly.
I get a lot of Google hits from people looking for info on how to estimate their quarterly taxes, so I thought I’d summarize our conversation. (Know that I am not a legal or financial pro, and you are not my CPA pal’s client, so we take no responsibility for what you do with your taxes. If you have questions, see a tax pro. Seriously.)
OK, now that I’ve covered my hide, let’s get on with the quarterly tax recap.
Me: Is there some magic formula for figuring out how much of a quarterly tax payment I should make?
CPA pal: There’s no precise formula because taxes owed will vary with annual business expenses as well as state income tax. [Anti 9-to-5 note: Income tax varies from state to state. For example, Washington state, where I reside, has none. However, California, where I used to reside, does have a state income tax.] However, here’s a rough way you can estimate:
If your freelance income for the year (minus any major business expenses) is less than $50,000, you would pay approximately 25 percent to the IRS — “approximately” being the operative word here. $50,000 to $100,000, you would pay about 30 percent. And more than $100,000, you would pay about 33 percent.
Me: If I did the work in 2006 but the check doesn’t come till 2007, I pay taxes on that amount in 2007, right?
CPA pal: Bingo.
Me: If I want to hire a subcontractor to help me when times are busy this year, the only tax forms I need to send them are a W-9 to fill out before we start working together and a 1099 come January 2008, yes?
CPA pal: Oh, wise freelance friend of mine, I have taught you well. You are correct again. And for a small fee, I will even send out that 1099 form for you.
January 15th, 2007
While we’re still in new year territory, I thought it was the perfect opportunity to do a little myth busting. If you long to give your job or career a facelift but find yourself riddled with more excuses than the Bush administration, this list — modified from a 2006 Seattle Times article by yours truly — is for you.
Myth: I should do something practical that comes with a fancy title and fat paycheck.
Okay, and I should wear makeup and skirts and try to not swear so much because that’s what “ladies” do. Not. Whose life are you living — yours or your parents’?
Myth: By the time I pay my dues in a new career, I’ll be well over 30, 40, even 50, and too old to start at the bottom.
But you’ll be happy.
Myth: I can’t start a new career now. I’ve already invested so much in getting where I am.
See above. Otherwise, vow to never whine about how you hate your current career again — for the next 20, 30, 40, or however many years you have till retirement.
Myth: I need to succeed before I breed. Once I’m raising kids, it will be too hard to zoom up the ladder or change fields.
Harder, yes, but not impossible. I’ve interviewed plenty of moms who changed careers and/or went solo after having kids, a number of them without a spouse or money in the bank as a cushion. In fact, mompreneurship may be the way to go, given all the workplace bias against mothers out there. (I’m not a mom, so I welcome the moms reading this to weigh in with their two cents.)
Myth: I can’t afford to live on less money.
Life is about choices. Your choices: premium cable TV/new shoes/$15 lunches with coworkers, or a lower-paying but infinitely more rewarding job. (Hint: I don’t miss HBO, that extra pair of black boots that could be collecting dust in my closet, or those greasy, overpriced lunches.) Besides, a starting salary isn’t forever.
January 11th, 2007
Did anyone see the piece about Betty Ford on 60 Minutes Sunday night? I didn’t realize she was such a badass. Besides founding her infamous clinic, she was a leader in the push for the Equal Rights Amendment, outspoken on abortion rights, and frank with the media on everything from battling breast cancer to sleeping in the same bedroom as her husband (pause a moment to imagine a time when mentioning either of these topics was taboo). Betty, had I been old enough to have a clue in the seventies, I woulda had your back.
January 8th, 2007
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