It's been almost five years now since I cold turkey walked off my news reporter job to blog full-time. Since then, I've experienced so many highs and lows of being an entrepreneur and #girlboss. From overlooking some important business details, to learning (the hard way) to deal with shady clients, losing some of my work benefits and not thinking about financial planning for my later years; I literally had a crash course in becoming a businesswoman.
With entrepreneurship being all the rage these days, so many people only flaunt the glitz and glamour of being in business but forget to share those little nuggets of how to actually make it work. In entrepreneurship, there's a lot of personal and professional business (no pun intended) to handle that can easily be forgotten or missed.
Quitting your job to build your own empire or to bring a passion to life is indeed a risky move to make, but it's also a move that can be both beneficial and fulfilling. Just like everything else in life, you have to weigh out the pros, cons and, "Girl, you sure you wanna do this?" scenarios. Don't be one of those people who quit their job to work for themselves…but forget to build a business!
Keep these four things in mind if you're on the road to entrepreneurship.
Make the business official.
GiphyIt took me fifty-leven days for one company to run me my check and another flat out refused to book me because I didn't have a business license. Sure, I could do the work and in my head it was easy for them to just write a check out in my name. All companies are different and not everyone can just write the check; they all follow procedures and processes unique to them and sis, you don't want to get caught up in all of that. I found that it made being an entrepreneur much easier when I could supply a client with proper, legal documentation on behalf of my company. Not only does it help you to get paid easier it also proves that you take your business and coins seriously.
Benefits? What benefits?
As soon as you say, "I quit!", one of the first things that disappear are your employee benefits. As a woman, it was super important for me to have some kind of health insurance, but the minute I walked out that door, I was on my own. Some companies are great in that they allow past employees to stay in their group plans but make the payments themselves; others just drop you. I've been making the sacrifice for five years now to pay my health and life insurance out of pocket; because of the way life is set up these days, I can't chance it. If this is important to you, make sure to keep this in mind as you journey to entrepreneurship. Will you need new insurance, can you join a group one…do you even care? And then there's the pension plan. How will you save money for retirement? Will you set up your own plan? This is definitely worth the conversation and discussion.
Where’d the money go?
GiphyI'm cheap. And I'm not afraid to admit it. As a freelance writer and TV host and occasional influencer who partners with brands, I know firsthand how fickle this industry can be. I've had partnerships taken away, given the 30-day notice and left to literally count my coins. Learning how to effectively budget and manage money is a great skill to have as an entrepreneur, in any field. All businesses, even the well-off, established ones, experience ebbs and flows in their companies and yours won't be exempt. Buffer those crazy days by saving, budgeting and investing.
It’s not an easy road.
Being my own boss is one of the greatest pleasures I've ever experienced. It's a thrilling journey of highs and lows that stretch you and strengthen you; it's simultaneously fickle and fulfilling, it has its bumpy days and days where everything is going right. More importantly, it's not for everybody. If you've decided though that you can and will do this, you have to commit to the cause and fight through the tough times.
Want more stories like this? Sign up for our newsletter here and check out the related reads below:
Passion Over Paycheck: Why I Quit My Job At 30 To Start Living
How To Cope When You Hate Your Job
These 3 Women Boldly Quit Their Jobs & Changed Careers
I Quit My Job 3 Years Ago And Built A Badass Brand With These 5 Tips
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- Ask Yourself These 4 Questions Before You Quit Something ›
- A Graceful Exit - Before You Say 'I Quit' - What's Next ›
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- How to Quit Your Job Professionally and Gracefully - The Muse ›
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- Quitting Your Job? 3 Ways to Tell Your Boss Gracefully | Robert Half ›
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While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
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The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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