One of the greatest frustrations of any entrepreneur or small business is working more in your business than on your business. Working in your business is when you are doing the mundane but vital tasks of running a business, everything from balancing the checkbook to selecting insurance and beyond. By being in the trenches, you can lose the big picture perspective of growing your business, but due to your size and headcount there is probably nobody else to do these things.

This reality of working on your own is the theme of the book Money-Smart Secrets for the Self-Employed by Linda Stern. The book guides the reader through starting their own business, from merely thinking about doing it, to the fears surrounding income to the tasks required to maintain your business. It was written in 1997, and was a recent gift to me from a friend who herself used it as a guide through breaking out on her own. Where some of the specifics are outdated (such as software products) much of the book is still relevant 11 years after it was published.

My greatest takeaway from the book is you need to understand the big picture of running your own business before you do so. There are many things you do when on your own you would not do as an employee of a larger company, such as marketing yourself and hiring people. You may not even know how to do some of these things, but understanding what is involved will help you determine if being on your own is for you, and what to expect to be doing.

My next takeaway from the book is to put together a semblance of a plan for your business and review it. Not every business needs a formal business plan. A comprehensive checklist will do for some, to outline what has been done and what remains. As life changes so does business, even more so when you are working for yourself. A plan is only as good as it is realistic, thus the need to revise it as your business evolves and hopefully grows.

A final takeaway from the book is to document the money. Whether you use a logbook, a spreadsheet or QuickBooks (I highly recommend the latter!) you need to keep track of the money. Not only will this benefit you personally but it will make it easier to deal with at tax payment time, which you will learn quickly is more than just once a year when you are on your own.

Money-Smart Secrets for the Self-Employed was a good read and motivational for someone starting out on their own. As I read it several years into my own business, it served as reassurance to some of the decisions I had made. Even though it came out over a decade ago, I would recommend it for someone thinking of going on their own or just starting, as it can help them with the logistics of their corporate operations.

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It wasn’t until last fall that I realized the power of the blazer. My lovely wife and I were on vacation in Germany and when we checked into our hotel, the Westin Grand in Frankfurt, we found out that night was the hotel’s grand re-opening and as guests, we were invited. The event was going to be posh to say the least, and unfortunately I had nothing to wear. We shopped at a couple of stores for a blazer, but with high prices and extremely devalued US dollar, I decided to pass. Needless to say, I was the only male at the party without a blazer.

It’s not to say I was not presentable, as I had a button-down shirt and slacks and shoes - just no blazer. Even the photographer with the ratty t-shirt and unwashed hair looked more presentable with the blazer he was wearing. I do own a blazer, which at the time was hanging in my home closet, and I frequently wear it to networking events. Not only can a blazer add an extra touch to your attire, but it can be extremely functional as well. Pockets in the blazer allow you to carry extra business cards, separate received cards from your own, and carry schwag from an event… not to mention covering the spilled drink on your shirt.

Though my blazer has worked for me, my wife and marketing consultant have urged me to look for something new and more stylish. Though I always thought I look good in tweed, it is my one-and-only blazer and I agreed it was time to move on and look for another, a quest that was almost painful. My searches through men’s clothing and department stores gave me the same old blazer. In additional to style, I was seeking something very functional – namely more pockets – and wrinkle-free, so it wouldn’t require separate luggage to take it on trips. The more I looked, the more disappointed I got.

It wasn’t until I was on an Amtrak train reading the seatback pocket magazine when I saw it – the blazer I was looking for. It was from Duluth Trading, a mail-order clothing catalog featuring extremely functional clothing, namely for outdoors and hard labor. The magazine featured the Transatlantic Travel Jacket, a microfiber blazer with multiple pockets on the inside, including a separate pen pocket, plus one of the outside pockets zipping closed. Sweet! Though I don’t usually buy clothes online, their generous return policy reduced the risk and I ordered it.

So far so good for the blazer. I have worn it once and have several events where I will really put it to the test, including the Great Chicago Networking Extravaganza. I will also be bringing it with me on my next travels, just in case I need to upscale my look.

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The next likemind coffee will be next Friday, April 18 in dozens of cities around the world. In Chicago, it will be at Gallery 37 Cafe, 66 E. Randolph, at the corner of Wabash in the Loop in the Gallery 37 building. Note it opens at 8, and is right across the street from where it was last month at Intelligentsia.

I call likemind a gathering of creative-minded people, from various disciplines including Internet, advertising, art, et. al.

We will experiment again with some form of social networking. You can follow us on Twitter @likemindchicago. No RSVP is required but is always welcome, and you can by commenting to this post or at the likemind Chicago Facebook group. Announcements • Business • (2) Comments • Permalink

Check out the latest edition of Marketing Over Coffee, the #1 marketing podcast on the planet (at least I think it is). I sent a question to John Wall on the frequency of contacts to attendees of a conference prior to it, and he and Christopher Penn addressed it in this week’s edition.

John and Christopher meet up every Wednesday at 5:30 am to record the podcast, appropriately named for the location recorded – a Dunkin’ Donuts. It is a well-thought out and information-packed weekly podcast that is relevant not only to those in marketing but entrepreneurs and business of all sizes.

Subscribe to it today, and enjoy the coffee!

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I have just registered for the Great Chicago Networking Extravaganza, to be held on Thursday, May 8 in Lombard, Illinois. Yes, I will be venturing out to the suburbs of Chicago for this event, and I am looking forward to it.

This is the seventh such event put on by Lillian Bjorseth and Jason Jacobsohn. I have gotten to know Jason over the last couple of years, first virtually through our own blogs then in person. His blog, Networking Insight, is an excellent resource for information and tips on business networking. He offers straightforward, practical advice without hype, thus making it a popular resource for people not just in Chicago but worldwide.

With those credentials, this event will surely be an effective platform for meeting colleagues. Hope to see you there!

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