MONEY

Women entrepreneurs share tips on money, life

Grace Schneider
Louisville Courier Journal
The Courier-Journal hosted its "Coffee with the Courier" focusing on women entrepreneurs at Vint Coffee.

When the audience of mostly women was asked if they own a business or run a sole proprietorship, the response was surprising.

Hands all across the patio filled with 50 people at Vint Coffee on Frankfort Avenue shot into the air Friday morning

As TARC buses, a train and the usual street traffic rumbled by the outdoor patio, the collection of professional women who run retail shops, consulting businesses and new startups shared their insights into the best ways to get a foothold in business in Louisville. It was another in a series of "Coffee With The Courier" events.

If I say so myself (as the host), the discussion hit the mark in many ways. It was steered by two highly regarded women -- Suzanne Bergmeister, CEO of Sunflower Business Ventures and entrepreneur-in-residence at the University of Louisville's MBA program; and A. Holland "Holly" Houston, a lawyer, columnist and co-founder of Greater Louisville Outstanding Women.

Bergmeister, who has mentored dozens of men and women looking to start their own businesses, said she thinks that data (released this month to commemorate Women's Small Business month) suggesting that 9 million women in the U.S. are entrepreneurs is a vast underestimation. Many women have started and run businesses, she said, but they fly "under the radar" and don't search out the limelight.

The reality is that women work differently from men, and they shouldn't try to emulate them. She and Houston strongly urged the women to connect with other women and to seek out their wisdom.

In no particular order, here were insights and tips the two and others offered:

1. Ask a fair price for your work, and don’t apologize for the rate. Men never do.

2. Those looking for financing can find low- or no-interest loans outside of the conventional seed capital and bank financing circles.

3. Get things in writing, Houston said, even if it's a simple agreement signed by both parties and dated. That is enforceable.

4. After getting cheated once out of $1,000 for her work, Bergmeister said, she decided always to charge a retainer fee and to set up a billing arrangement for additional work.

5. Robin Davis Sekula, a social media consultant and writer from New Albany, noted that she found her way to her own consulting business as a way to fit her work and skills around her family's needs. The Internet has allowed many women the flexibility to work from home, from mobile offices, and it's often more appealing than reporting to an office daily and working for a boss.

6. Louisville offers great accessibility, Bergmeister said, noting that invariably business leaders and entrepreneurs are glad to offer advice and expertise when asked. Find someone who is willing to talk with you about your ideas, to focus your plans, she said, and follow through.

7. Embrace social media, but don't let it distract you from getting the day's real work done. Turn off those alerts at times when productivity is crucial. Alice Cash, a licensed clinical social worker and a business owner in her 60s, added that she thinks staying relevant in new technologies is essential. She has multiple Facebook, Twitter and other social media accounts -- and once even wrote 20 blogs. She's trimmed that number to three now, Cash said, but she still loves the power of social media to keep track and amplify her message.

Can you tell it was a huge success? We'll probably do another. So many ideas, so little time to fit it all in an hour. You can find out about other CJ events, including "Coffee with the Courier," on our Facebook page at www.facebook.com/courierjournal.

Reporter Grace Schneider can be reached at 502-582-4082 or by email, gschneider@courier-journal.com.