Women who launched a business for less
You've seen the sad sacks on Dragons' Den - the ones who mortgaged their homes or borrowed huge sums from family to chase a dream that has little chance of turning into a real business. It's enough to scare any would-be entrepreneur. But launching a business can actually be a pretty low-risk affair - if you learn to take it slowly. (Or choose the best franchise!)
"Most women mitigate the risk by starting service-based companies without a lot of overhead," says Lara Galloway. She mentors "mompreneurs" through her own business, Mom Biz Coach, now based in Bloomfield Hills, Mich. "Women often begin by doing it part-time, just to test the waters." (Read four reinvention success stories.)
Galloway stresses that it can take a couple of years or more to understand your target market, your competition and how the day-to-day work fits into your personal life. You need to analyze those things before making a big financial investment - especially with borrowed money. "I typically work with women who don't seek funding until their businesses have grown to a certain point, after a few years of work. That approach is so much better than going out and borrowing $50,000 and then trying to figure out how to invest it properly."
Can you really launch a business with almost no start-up money? Absolutely. We spoke to four women who made it happen.
Karyn Climans, Toronto
Tail Wags Helmet Covers
Karyn Climans' business plan began with a near-death experience. Eight years ago, she was skiing with her family when her son called out from behind. She glanced backward and skied full speed into a tree. "It shattered my helmet," Climans remembers. "The ski patrol told me without the helmet I would not be alive. I'm passionate about what I do today because I know first-hand a helmet can save a life."
Climans, now 51, launched Tail Wags Helmet Covers in 2006. She used her experience in costume design to come up with patterns she knew kids would love: a bunny, a raccoon, a princess, a red devil. "I've had parents email me to say their child, who was reluctant to wear a helmet, is now wearing one - in the car, in the house - because now it's play."
Next page: The investment she had to make
