MBE/WBE/DBE certification

[PintoBean]

Hello PSers!

Have any of you gone off and started your own business as WBE/MBE/DBE - women owned/minority owned/disadvantaged business enterprise?

What was the process like? Any good sites with good resources?

What adjustments did you make going from an employee to a business owner? I am anticipating things like insurance through DH, etc.

I think that this would be the right direction to go for me professionally, but I feel like I can't discuss these plans in the "real world" without risking myself professionally, so I've turned to my fellow PSers.

 

[aviastar]

I don't have any special distinction for my business, so I can't speak to that.

But as far as going from employee to self-employed? The biggest shift for me was two-fold:

1) You have to do everything. I know that sounds like common sense, but the definition of everything can catch you off guard. I answer phones, take out the trash, plan all my own events, design all my own graphics, sweep every day, field all the donation requests, do my own taxes, reconcile accounts, attend all networking things, address every email, keep track of all the utilities- including merchant services, which you should seriously have a PhD in if you want to understand the contracts- cause they have a way of meandering and you have to constantly keep on the companies about your bills, holiday decorations. Hell, I clean my own bathrooms and wash my own windows. I have a retail location and you may not, so some of that won't apply, but a million other little things will. And none of that has much to do with the actual services/products I supply, so there's all that, too. Think about all the departments a large company has: Accounting, HR, marketing, materials & supplies, sales, building maintenance and housekeeping, admin, executive, customer service, QC, ...and all the subsets of each of those departments. You are now all of them.

It's funny, both in an odd and a ha-ha way, what exactly you do every day as a small business owner. I've been asked to please help someone find an apartment (no, I'm not in real estate ) and I've had someone ask if I could help them buy grapefruit from Florida (not in produce, either!). I'm asked to work for free all the time. All. the. time. I've gotten very good at gentle ways to say no that don't include profanity.

2) Comes out of 1; I work so much more than I ever used to. I get to work barefoot, cause it's my shop and I want to, and I get to work from home sometimes in my pj's, and I can close early for events, and choose which holidays to be open, and it's super rewarding overall. But, you don't really get days off or vacation- forget paid vacation! If you don't work there is no income, so there is no paid time off. I can take a week and close up shop, and I do if it's important, but it's much more time on the other end to pick back up and catch up again, so there's a distinct drag in the timeline of income. I answer email at home, mail packages on the day we're closed, discuss business at dinner with my husband. I heard someone once say, I wish I could be self-employed then I could work half days! To which my smart friend answered, Yes! Any 12 hours a day you like! And it's so, so true.


I wouldn't change it; I don't think I could ever work for a boss again. But it is a totally and completely different lifestyle.

 

[sarahb]

I don't have a retail operation as Aviastor, but some of the issues are quite similar, as in: you do Everything. Soup to nuts. Mine is also a Me, Myself & I, Inc.

I too, would never work for someone again, this is pure bliss. Others may not like it, but for me it works beautifully. I work from home. It has its obvious advantages, as well as disadvantages. Like cabin fever. Just go out for coffee, lunch, whatever, this an easy fix. I have no need to receive office visitors. & when I have, we just meet elsewhere at a restaurant etc.

Right now, its 6p & I have a few more things to get done for the day, but didn't start until 11, but worked straight through the day, no interruptions, or distractions. For me, working at home just plain works. When I have an idea no matter the time or day of week, can go grab my laptop & flush it out--work has become almost a hobby, truly love it.

Just go get yourself a tax ID number, I chose to became incorporated (just decide which type of tax organization you want) & hired an accountant. I drop my monthly stuff off to her, she cranks out all the necessary tax stuff/payroll/banking etc. I do have an office helper, he's a retired executive VP of Prudential, & this is his play job--about 4 hours a month. It works for both of us.

I encourage you to take the leap--you can always go back if you don't like it. There is a certain sense of accomplishment to be had. Its wonderful to put the pedal to the floor & stretch yourself.

In 2016, it will be 20 years. At 57, I don't think I'll quit any time soon. I need to figure out a bling piece to signify 20 years. Hmmmm....

 

[sarahb]

Pinto Bean, as far as transitioning, it varies so greatly-- I guess its hard for me to formulate a helpful response.

Suffice to say, not having anyone to answer too or work with can be liberating. Others may find it difficult to not have an organization around you. Look at it as an opportunity to create an organization that fits your goals,& your needs & ultimately that of your business.

In terms of focus, it can be hard. In the very beginning, you just have to put the blinders on & have an iron constitution regarding what is a priority to the business & what is not, & stick to it. Its sure hard during those beautiful summer days though! If you take yourself off the field, the entire system grinds to an absolute halt. But on the other hand, when obligations have been met, you can step out for a bit. A tremendous amount of give & take. In many ways I might add.

There are organizations out there that help & mentor small businesses, & not knowing what you intend to do & your background, it may be an opportunity to seek out...maybe google small business support or small business mentoring in your town & see what comes up.

Its an exciting time for you, I hope it all goes well!!

 

[PintoBean]

Aviastar - thank you for writing such a thought provoking and detailed response. I did over look a lot of things you mentioned! You are absolutely right about doing "everything". For example, HR stuff. Yes, I don't reach out to my HR department much at work, but I HAVE and know that they are available if I have questions - where's my W2? Can I change my HSA amount? etc. I will be my own HR dept!

Sarahb - I get where you are coming from since i currently work from home. I was surprised at how much more efficient I was without the distractions of the "bull pen" lifestyle. And yes, when I am craving human contact, I will step out at lunch, or take a supermarket run. And the beauty of working from home - if I get frustrated, I can do something to temporarily divert my attention and cool off, like bake a cake during my lunch hour.

What surprises me the most is how hesitant I am at my present point in life. I am more cautious with each passing year. The me from 10 years ago would be aghast with my present self - where did your cajones go, Pinto Bean?

But what I love most is how both of you love being your own bosses.

I'm sorry my responses are so brief, but I have been given a lot to think about with your responses. I'm re-reading and mulling. Good stuff!