Category: Entrepreneurs

Article Contributed by Michele DeKinder-Smith
Launching a product is an important step in growing a business. If you’re already in the business of selling products, it’s an opportunity to expand into a new market. If your primary business is in services, offering a product is an opportunity to get beyond the “dollars for hours” trap and begin creating residual income. In either case, launching a product, or even a new service, takes time, forethought and a great deal of investment. And, while it’s exciting, it can be stressful, too.
A new study from Jane Out of the Box, an authority on women entrepreneurs, recently revealed there are five distinct types of women in business. Each of these five types has a unique approach to running a business—and as a consequence, each of them has a unique combination of characteristics and factors. This article profiles two important Jane “types” and the things they should keep in mind as they plan for (and launch) new products.
Jane Dough is an entrepreneur who enjoys running her business and makes good money. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women fall in the category of Jane Dough.
If you’re the Jane Dough type, chances are good you feel totally confident about this launch. You’re a big picture gal, and you probably believe this launch will benefit your business. But before you go ahead with it, here are some things to think about:
* Staying focused on the big picture means you may fail to truly analyze all the potential risks and benefits of your new product or service. Although you make good business decisions and are able to separate your business from your emotion, sometimes you move so fast you forget to consider all the angles.
* Have you adequately assessed your market? Do the parameters and features of price points associated with the product need to be tweaked? Are you reaching your target market with the right message? You’ve got plenty of business coming in and plenty of other plans in the works. That doesn’t mean you don’t need to yield to those caution signs. Slow down and analyze all the intricacies, colors and patterns that make up the big picture you love so much.
* What about the system around your launch? Have you taken the time to explain to your team what they need to do to make the launch a success? Having a system in place can prevent problems before they happen–and just thinking about that system can make you slow down enough to consider all the angles.
By taking the time to understand exactly how this new launch fits in—rather than staying focused on the big picture vision, and forging blindly ahead—you’ll be able to learn from possible mistakes before they happen.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, and also one who tends to be struggling with cash flow. As a result, she’s working long hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.
If you’re the Tenacity Jane type, you’re no stranger to challenge. But that doesn’t mean you should create another one for yourself. Before launching a new product or service, ask yourself some questions:
* Is adding a product or service a smart business decision, or is it just something you just really want to do? Tenacity Janes tend to love what they’re doing so much, and want it so badly, that emotions sometimes get in the way. The deep and abiding faith you have in your business and in yourself as an entrepreneur is what keeps you going–but it won’t launch a new product and keep it off the ground.
* Is the timing good for adding another output for your business? For Tenacity Jane, finances are an issue. If this product launch fails, will it put you out of business? Is this a risk you can afford to take right now, or should you put it off until your business more stable? A product launch can boost your business–but it also can suck your resources dry.
* Have you done enough research and planning? For some Tenacity Janes, their business results from a great concept but a poor plan. For others, they have a great idea but no clue how to run a business. Make sure all your ducks are in a row before you launch a product. What if your product takes off? Are you equipped to handle a huge increase in business? Remember, if things go well, you’re going to be swamped with more work. And if they don’t, you’re going to be out a lot of money. Either way, you need to be prepared.
* Are you looking at this possible product launch as just another challenge? Well, it’s not! Launching a new product is a big deal. Make sure you’re giving it enough thought, time and attention. We know you’re familiar with struggles, but launching a product has the potential to take up even more of your time, use up even more of your money and cause even more desperation. Make sure you’re ready!
Each Jane presented here–Jane Dough and Tenacity Jane–has several things to consider before launching a new product or service. Each entrepreneur must decide whether this is the right thing to do for her business–and for herself. Because in the end, isn’t that what this is all about? Asking herself the right questions and thinking about the right issues will allow every Jane, when the time comes, to move boldly forward in the future.
About the Author
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com.

Are you prepared for explosive growth? What will you do when it happens?
Does every entrepreneur seek growth opportunities? Growth can mean more customers, more income, or more opportunities to explore new ideas. Although exciting, growth also brings its challenges, and can spiral out of control if it’s not handled properly, causing a setback as big as the potential expansion. Our research shows that the five types of female entrepreneurs have very different attitudes toward business growth (some want it, some don’t!) and each will respond to growth opportunities differently. This article will examine the attitudes and reactions of Jane Dough, Merry Jane, and Go Jane Go.
Jane Dough is an entrepreneur who enjoys running her business and makes good money. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women fall in the category of Jane Dough.
Because Jane Dough is business-minded and pragmatic, she probably has a plan in place for handling growth. In fact, business growth is something she’s striving for, with most Jane Doughs saying they want to grow significantly within the next couple of years. As a result, she has no doubt delegated individual tasks to specific team members, putting her team and her business in an ideal position to take advantage of the appropriate opportunities that come her way. She has a system – and it’s in place and ready to roll.
Although Jane Dough’s systematic approach is one of her many strengths, there is a flip side to high levels of delegation. Sometimes Jane Dough relies too much on the system. She moves quickly to fuel her business growth, so she may not always be in touch with what’s happening within every functional area. When large opportunities come knocking while Jane Dough is distracted, weaker parts of the system can break down.
The solution: When massive growth arrives – and it will – a Jane Dough entrepreneur should gather her team for a quick check-in, making sure everyone and every system is aligned and ready to do its part in creating success. In doing so, she’ll make sure resources are allocated appropriately and can create plans to strengthen any weak spots.
A Merry Jane tends to be “building a business on the side”—in addition to a day-job, or a focus on family or other pursuits. She doesn’t have a high personal income from her business, but she also tends to be working less than 40 hours a week, and she loves the freedom her business affords her.
Because Merry Jane’s focus is more on time freedom than on “big money,” major growth opportunities can be a daunting proposition. While many women in this group dream of a day when they land the mega-customer, Merry Jane does not. Although many know they are capable of building a much larger business, now is not the time. During interviews, when asked what they would do if faced with the chance to take on a big new account, most quickly came to the conclusion that unless they could manage the account in their own way and time, they would let the opportunity pass them buy rather than disrupt their lives.
However, many Merry Janes admit they would like their business to be more profitable, wanting more money without much additional work. Therefore, when faced with a growth opportunity, Merry Jane can consider several options:
* She can hire someone to take over some of the more mundane, day-to-day business chores, like bookkeeping and responding to customer e-mails, freeing more of her time to pursue the new business without taking up more time?
* She can pursue the new opportunity at higher rates, therefore increasing her profit. This may mean letting go of less profitable customers or delegating their care to someone else.
* Or, she can stand firm, turning the immediate opportunity down, knowing that at some point in the future, she may have more time available for new customers.
Whatever she decides, Merry Jane should stay true to the reasons she loves her business now so that she doesn’t add undue stress and time-pressure to her already busy life.
Go Jane Go is passionate about her work, and has no problem marketing and selling herself, so she has plenty of clients—but she’s struggling to keep up with demand. She may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and may really struggle saying “no”. Because she wants to “say yes” to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and possibly others who are important to her.
Overall, most Go Jane Go women don’t seek out growth opportunities because they are already fairly busy. However, when an opportunity crosses their path, they will feel compelled to “make it work somehow.” Go Jane Go truly wants to help those who need her products or services, so it is difficult for her to turn them away. And because she’s excellent at multi-tasking, this Jane may underestimate the time that will be required or may justify sacrificing personal time in order to help someone else.
This is why Go Jane Go must be careful not to overwork herself. When faced with a growth opportunity, Go Jane Go will want to think critically about the amount of work she already has scheduled and either “say no,” attempt to postpone the project, or delegate some or all of the work. If she is not willing to do so, she will eventually face serious burn out – so it’s very important that this Jane be realistic about her available time and energy for new opportunities.
While every female entrepreneur dreams of growth, when it really comes, it can seem like a huge challenge – and though it may be, handling it the right way can create a huge payoff.
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

Growth. It’s a word whispered through the lips of female entrepreneurs as they dream about their businesses. But even though you’ve dreamed of it since you hung out your shingle, are you really ready to handle it when it shows up on your doorstep? Research by Jane Out of the Box, an authority on women entrepreneurs, reveals five distinct types of businesswomen – and five ways they may handle growth. This article details the way two of those “Janes” may handle growth.
Accidental Jane is a successful, confident business owner who never actually set out to start a business. Instead, she may have decided to start a business due to frustration with her job or a layoff and decided to use her business and personal contacts to strike out on her own. Or, she may have started making something that served her own unmet needs and found other customers with the same need, giving birth to a business. Although Accidental Jane may sometimes struggle with prioritizing what she needs to do next in her business, she enjoys what she does and is making good money. About 18% of all women business owners fit the Accidental Jane profile.
Accidental Janes often rely on word of mouth and deep relationships to build their businesses. Massive growth opportunities may catch her off-guard because she’s not typically seeking growth, feeling content with where she is today, overall. Therefore, a significant growth spurt might feel overwhelming. It’s important to first remember that you do have choices – you don’t have to seize every opportunity that comes your way. Consider whether you really want the opportunity, or whether you’d rather you’re your business the way it is.
If you decide you desire the growth, remember that you have several factors working in your favor. First, you are a consummate professional – so your new clients/project will undoubtedly be a success. Secondly, you’re very well-connected. Reach out to your friends and associates in the business and “share the wealth.” Explore ways to partner that get the work done effectively and well, without keeping you busier than you prefer to be. Finally, because your business is generally supporting your financial needs, now may be the ideal time to hire a part-timer to help with some of the tasks you least enjoy, whether that is handling your books, cleaning your house, or doing the filing.
Whether you pursue the opportunity or not, make sure to periodically check in with yourself to make sure you’re still happy with what you’re doing. One of the most wonderful qualities of Accidental Jane is that she is content, overall, with her business and her life. So make sure massive growth is handled in a way that ensures you maintain your balanced life.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, but who tends to be struggling with cash flow. As a result, she’s working long hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.
As a Tenacity Jane, huge growth may seem like the ticket to the place you always imagined your business would go. It may be your dream come true – so to take best advantage of it, make sure you create a thorough plan and carefully examine the finances before jumping in with both feet.
Planning and budgeting go hand-in-hand when growing your business. Much of the planning for massive growth has to do with ensuring timelines are reasonable and there is sufficient profit to make the work worth it. Consider this example: You sell a product for $100 that costs you $80 to make and takes 30 minutes per order to customize. You’ve got sales of $5,000 a week (50 units X $100). You’re working on orders 25 hours a week (50 units X 30 minutes) and clearing $1,000 a week (50 units X $20 profit) – for hourly “working time” pay of $40/hour.
A retailer has just called to say they want to order in bulk. They want an additional 100 units a week, and they want you to reduce your cost to $90, which they will mark up to earn their profit. It’s thrilling to think about doubling your volume with just one customer – but can you create a financial plan that makes this work?
* You’ll need an extra 50 hours a week in product customization. You clearly can’t do that yourself, so you plan to hire 2 people at $15/hour for 20 hours per week, each. This is going to cost $600/week. And, you’ll do an extra 10 hours a week yourself. Managing the two people on your team will take an additional 5 hours of your time each
week.
* Your weekly revenue will now be $14,000 ($9,000 from the 100 new units at $90 each, plus your existing customers at $5,000/week) – massive growth!
* But your income per hour of your time actually diminishes. You “clear” only $1,400/week (your original orders of $1,000 plus only $400/week on the new customer orders after you pay your team and because the new customer wants you to reduce your rate). Remember, too, you’re working an extra 15 hours – so your hourly rate falls to $35/hour. And you’re busier than you’ve ever been.
Another planning consideration is cash flow. When will you pay your two people? When do you pay your vendor(s) who provide the materials for the product you’re making? And, importantly, when will you be paid?
Your out of pocket costs for materials to make the product will triple, because you’re now making 150 per week instead of 50 units. If you have to front those costs and if you pay your team members weekly, costs will really build up. In a four-week month, you will “front” $50,400 for your business. If your customer is going to pay you on 30-day terms, do you have the $50,400 you will need to keep the business afloat while waiting for the cash to flow in?
This exercise isn’t meant to be bleak – it should be empowering! By breaking down the plan and budget, you’re now in a position to really negotiate with this customer. All of the following are options:
* Tell the customer you can’t sell to them for $90, but you can for $95. (This would boost your hourly rate to $47.50 and clears $1,900/week.)
* Tell the customer you can only negotiate on price if he/she pre-pays monthly (ensuring you have cash flow).
* Hire a 3rd person at $15/hour to do half of your work. (This will add an additional $300/week in expense, but your hourly rate will increase to $55/hour even under the $90 pricing scenario – and you’ll have more time than you do today to find another big customer.)
As you can see, taking the time to plan and budget will ensure that your massive growth doesn’t break the bank. Knowing the parameters of profit and loss will help you make smart decisions and give you strength when you negotiate. Take the time to make sure you have a solid understanding of the system that will sustain your growth so your
business can thrive.
Whether you’re an Accidental Jane or a Tenacity Jane, growth can be a pleasant surprise and a great opportunity to make more of your business. It can be the chance you’ve been waiting for to achieve the dream you’ve been dreaming – just make sure you accept on your own terms!
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com