Why it Pays to Plan

Recently, due to the G20 Summit, summitting has been all over the news. The goal of the G20 is not about quick fixes for complex problems, rather it's an opportunity to raise issues and plan how to tackle them.

While on a different scale, businesses also have complex problems that require thought and planning. When you own your own business, planning is essential. As a business owner, it’s very easy to drift off-course, reacting to daily business life without thinking about the bigger picture.

We are strong believers in writing a business plan. (Never did one? Take the time now – there are lots of resources online to help you get started, like this one from Ernst & Young.) However, there’s a big difference between a business plan and business planning. Although it's an invaluable exercise, your business plan pretty much becomes obsolete the minute you finish it – targets move, goals change, realities set in. This is where business planning comes in. The only way you’ll keep your business plan alive is with ongoing planning.

At Admiral Road, we didn’t hit our stride right away. There was so much we had to learn just to get a blanket out the door – how to make one, how to ship one, where to find our customers. And while we had spent the time on a comprehensive business plan out of the gate, regular ongoing planning definitely took a back seat. Then, about two years in, we had what we called the G2 Summit. (That would be the two of us!) We sat down and talked about our priorities for the business and began to look at our business in a new way. We made a plan for the coming 12 months and then executed it. A year later, we had another G2 Summit and made a new to-do list for the year ahead. Annual planning was a huge change for us. It helped us clarify our goals, which meant we were better prepared for whatever came our way.

Down the road, we moved to monthly plans and weekly check-ins. We set goals. We assign responsibility. And we move forward. Don’t have a partner? Have a G1 Summit. It helps you learn about your business, how the various parts work together, and how it might evolve.
Running a business is definitely a trip – and we all know that trips are a lot more fun when you’ve got a road map. All you need to do is follow it.

Read more of Amy and Danielle's 'ask and expert' column on SweetMama

What Kind of Business is for You?

So you’re ready to take the plunge into entrepreneurial waters. What do you do next?

Mom entrepreneurs run all kinds of businesses – from boutiques to book stores. We’ve met mom entrepreneurs who invented products such as bibs, barrettes and baby food. Some mom entrepreneurs start online stores, online newsletters or online communities. The list goes on and on, so how do you decide what business is for you?

While the possibilities are endless, there are ways to determine what business is right for YOU and you alone. In order to figure this out, start by asking yourself the following three questions:

1. Can I convert my existing career into a new business? Many mom entrepreneurs draw on their past professional experience to launch themselves into entrepreneurship. Mom entrepreneur Debbi Arnold is one example. Debbi worked in marketing at several companies before striking out on her own. Today she runs her own marketing consultancy and balances work with motherhood. You’ve been putting your skills to good use for somebody else. Perhaps there is a way to parlay your knowledge into your own business.


2. Can I join an existing company? There are lots of ways to have your own “business within a business” and many of these are great options for moms. There are direct sales companies like Discovery Toys, companies that offer licensing programs like WeeHands, and franchising opportunities with a company like SupperWorks. Each of these choices involve different commitments, but joining an existing company can let you experience entrepreneurship without the legwork.


3. Should I start from scratch? You might already have a great idea for a business. Maybe you want to invent the next Bumbo or Bugaboo. But what if you desperately want to work for yourself but you just don’t know what to do? Don’t worry, we know lots of women just like you, and in the coming months we’ll tackle this very issue: how to get to your big idea. You may not know it today, but don’t’ be surprised if your "aha!" moment is just around the corner.

Whether you’ve got a new business idea or not, start thinking about how you’re going to put your skills to use in your new venture. No matter what you’ll be doing, look at this like your favourite pair of shoes - it’s got to be a great fit.

A final word: The mom entrepreneur companies we’ve mentioned above all appear in our upcoming book (HarperCollins, February 2011). Watch out for their stories. We can’t wait to share them with you.

Read other posts by Amy and Danielle on their Sweetspot Ask and Expert page: http://www.sweetspot.ca/SweetMama/expert_work_and_finances/17338/what_kind_of_business_is_for_you/#ixzz0n3vtw9tV

Why Moms Become Entrepreneurs

We know that moms are starting businesses in droves, but what is it about self-employment that makes entrepreneurship such a compelling choice?

We’ve given this question a lot of thought, and we’ve asked around. Ultimately, the reasons women opt to juggle motherhood and business are as varied as the women themselves. We have, however, observed some general categories of reasons.

1. New Boss vs. Old Boss: All moms know that the “real boss” is the child at home. The problem is this new, little boss is making the old boss hard to manage. No workplace boss is going to love that you show up late because you had to change your puked-on suit, miss days of work for ear infections, or nap under your desk Costanza-style from sleep deprivation. The tension between the two “bosses” ultimately drives many women to strike out on their own.
2. Fulfilling a Dream: Many women tell us that they started their businesses in order to fulfill a passion, or because they had a great idea, or because they just wanted to work for themselves. In all cases, these women have used mom entrepreneurship as an opportunity to fulfill their dreams.
3. Big bucks or Pocket Change: Some moms want to make a zillion dollars and believe entrepreneurship is the best way to do it. Many others are would-be stay-at-home-moms who need (or want) to supplement their family incomes. Any entrepreneurial venture is going to be a lot of work, so getting into it for the money is a pretty solid motivation!
4. Identity Crisis: As much as some women want to be home with their kids, many fear that a total immersion means the loss of their own identities. Having a business is an opportunity to remain engaged in the adult working world while still being available to your children. With a foot in both camps, mom entrepreneurship can provide the perfect middle ground.

You probably have your own distinct reasons for contemplating mom entrepreneurship, but odds are that at least one of the above motivations applies to you.

What we believe is that your motivations only need to work for you. Want to make gobs of cash? Excellent! Want to engage in a business project while the kids are small? Also great. It really doesn’t matter what brings you to mom entrepreneurship. But here’s the caveat – and we can’t stress it enough: Know what your own motivations are. Mom entrepreneurship is too hard to juggle without clearly articulating to yourself why you’re doing it.

Whatever your business, it will involve a lot of work and sacrifice. You will come back to your reasons time and time again – so know why you’re making the leap.

Read more of Amy and Danielle's business advice in their monthly column on SweetMama.ca

Social media at work? We encourage it.

I was recently chatting with several older women when I mentioned that part of my job is "social media marketing." Not surprisingly, they didn't know what that meant. They wouldn't be the first ones. A year ago, neither did I.

I've been personally Facebooking, blogging, and social networking for several years. But it wasn't until last fall that we first ventured into the world of social media as a business.

The first step was a Facebook group. At that point there were all sorts of businesses with "profiles," many with group pages, and a few with fan pages. With our group we posted relevant news, links to articles, and photos of little ones. We also had our first ever giveaway where several dozen customers got to take home sample blankets for little ones in their lives absolutely free! Needless to say it was a big hit. We loved being able to do something fun, and good for our customers. Not to mention we found homes for blankets that otherwise might have gone in the trash. However, we still weren't really connecting with people because there was little room for interaction, only promotion.

After the winter holidays last year, we threw our hats into the blogging ring. Our blog, Blanket Statements, was our chance to share our experiences with life, families, and running a blanket business. It also brought us into a whole new world. Blogging allows people all over the world to form communities with people they've never met. Many women use it as a way to get and give advice on families and children, share stories, and connect about personal triumphs and tragedies. At Admiral Road we share stories about funny things the kids say, business experiences, or new name trends.

After a while we saw that the Facebook group was being replaced by the "Fan Page." We were hesitant to make the switch because we already had several hundred group members and the thought of asking them to switch was painful. But we realized that the group was not working for us, or for our customers as we had hoped, and we made the big jump to the page. As it turns out, it was hugely successful. All of a sudden we were hearing from our customers instead of just posting things for them to read about us. And it is so much more convenient as you no longer have to search for the group and remember to check for updates - important updates about sales and coupons go right to fans' newsfeeds.

Finally there was Twitter. I admit, none of us knew how to use it. I cringed when I had to use the verb "tweet" in a business meeting, and we agonized over early posts to make sure we were "doing it right." I was the biggest resistor, mostly because I didn't think we had time to maintain another social media site and still actually run as business. I also couldn't stand the idea of being 24 and having aging U.S. Congressmen understand a new technology better than I did. But Twitter is where the conversation is really at. We discovered interesting people to follow, business contacts to network with, and funny stories that everyday people were sharing.

People knew early on that social media was a revolutionary way to connect with customers on a different level, but it wasn't clear how it was going to work. It wasn't because we didn't know how to use the technology, it was that the technology didn't know how it wanted to be used yet. Facebook wasn't started as a business tool. It was created for elite American college students to presumably network with more elite college students. Blogging has been around for years, but for most of those years it was exclusively a tool for self-expression. These platforms have evolved into what they are today - impossible to ignore pieces of our everyday lives. And with that comes business. But this is a new kind of business where relationships are built, customers get a say, and companies stand behind what they sell. After all, their face is all over it.

So join us in the social media world. Today, October 1, we will be getting the fall season off to a great start with a fabulous giveaway. Follow us on Twitter to find out how you can win.

Admiral Road has been making personalized blankets since 2002.

The G2 Summit

Barack Obama has blazed through his first 100 days as President of the United States accomplishing many "firsts" along the way. This summer, Obama will experience another 'first' as he heads to Italy for the annual G8 summit. The G8 began as an informal way for eight of the world's most powerful leaders to get together. Today the goal of the G8 summit is not about quick fixes for complex problems, rather it is an opportunity to raise issues and plan how to tackle them.

While on a much smaller scale, businesses also have complex problems that require thought and planning. When you own your own business, planning is key. Without planning you are liable to drift off course, at best by being reactive to the minutiae of daily business life, or at worst – whiling away hours on facebook or with Oprah.

After starting our business, Danielle and I spent much of our early years mired in the weeds. Sure, we had done a comprehensive business plan when we started the company (you can’t take the MBA out of the girl!), but there is a big difference between a business plan and ongoing business planning. Although a helpful exercise, your business plan pretty much becomes obsolete the minute you finish it. Businesses are organic creatures, changing all the time. For us, there was so much initially to learn just to get a blanket out the door – how to make one, how to ship one, where to find our customers. Planning definitely took a back seat. Then, about two years in, we had what we called the G2 Summit. (That would be Danielle. And me.) We sat down and talked about our priorities for the business and began to look at our business in a new way. We made a plan and then executed it. A year later we had another G2 Summit and made up a whole new "to do" list for the year ahead. Annual planning was a huge change for us. Up until then, business planning meant looking, at most, three months down the road. Now we understand that by clarifying our goals for the year ahead we are better prepared to deal with issues that arise.

Now we have monthly planning meetings. We set goals. We assign responsibility. And we move forward. Even if you're a solo-preneur, there is so much value in planning. It helps you learn about your business, how the various parts work together, and how it might evolve. I find a lot of comfort in having a road map. All you need to do is follow it.

Now, if we could only plan our next summit in Italy.

Admiral Road has been making personalized blankets since 2002.