Joanna Coles & Alexa Von Tobel: Inspiration

Last night I attended the first of a series of Marie Claire women at work discussions at Ruth's Chris Steak House.  

The guest of honor was Alexa Von Tobel of Learnvest. She was interviewed by the fantastic Joanna Coles of Marie Claire, and the discussion was positively enlightening.

Now, I'm already an avid LearnVest reader, and you all know I'm already taking budgeting to a new level this month.  But there were some fantastic tips and comments that Alexa made directly to the entrepreneurs in the room.

There was one comment she made that completely rang true to me about entrepreneurs:

"If you knew what it would take, you never would have started."

I've said this before and I'll say it again.  I've risked A LOT becoming an entrepreneur.  Namely, a chunk of cash that could have been spent on vacations, dinners, and shoes...oh...and TIME. I have zero of that as well.  But the point is, things are always harder than we expect - but often - they have the best outcomes.  Alexa dropped out of Harvard Business School and took the huge risk to start LearnVest.

What surprised me the most is, SHE DID IT ON HER OWN!  After all of my whining about being a "solopreneur" and how the tech industry often doesn't take me seriously because I don't have a "team" - here is a fantastic example of a woman who started her own business, raised $1m on her own, and now has a thriving company that has raised over $25m in capital and is now valued at over $100m.

And Alexa said it flat out - "It was so EASY to raise my $20m round - it took 2 weeks.  But the first $1 million?  It took a little over 6 months, it was grueling, and definitely, the worst part about starting up."

Boy can I commiserate.  It IS grueling.  It's draining and it's exhausting.  Even though Happily Ever BorroWED has proven sales and traction, it's still a major push to pitch your business over and over, defend yourself, prove your passion and sell yourself on a daily basis. 

But being the eternal optimist that I am - here is a shining beacon of hope: Alexa Von Tobel!  She put it all on the line.  She painstakingly tried to prove her concept and raise money all on her own.  And she did it.  And she's thriving. She BELIEVED in her concept, and trusted her instincts...and now...she's succeeding.

I love attending events like these because just when you feel drained, and helpless and tired...you feel enlightened again.  Hearing different women's stories of success is thrilling and inspiring! It ignites that little flame inside of you to a full on BONFIRE!

But also - on a more budgeting note - Alexa mentioned her 50/20/30 rule.  This applies to your salary.  50% should go to rent, groceries, transportation and essentials.  20% should go towards your future, or paying off debt and 30% goes towards fun.

Well...in looking at my salary - this is about how mine breaks out.

My rent ALONE is 49% of my take-home salary...gee.  $22,200/year
well then groceries are about $50/week x 52 weeks/year - $2600
subway pass - $104 x 12 = $1248
2 cabs per week = $30 x 52 weeks = $1560
= $27,608/year on ESSENTIALS

That is 61% of my take home salary.  SO that means I have to give up 11% of either debt or fun...and guess where that comes off of...

So - 20% - $9100/year should go towards paying off debt.  Well - if this includes personal AND business debt? We're in trouble here.

Which leaves the 30% of fun - 11% of over spending on essentials = 19% = $8645/year. Which is $720/month.

$720 a month on FUN?! Have I been spending that?  We'll see at the end of the month! 

Thanks to Alexa Von Tobel for providing some insight on how I should be budgeting.  I don't think most women have their own business debt - which is what has put me in this tricky situation of saving every penny.  But I am lucky to have a FT job - I am lucky to have little personal debt (besides school loans) - and I am lucky to have this FIRE inside of me that is ROARING to succeed.

And since I truly believe in my Inten-Sati mantras: "Every Day, in a very true way - I co-create my reality"

Juggling a FT job & a start-up (hint...it's not easy)

A short post to describe how miserable I am since I'm missing out on the #wefestival going on right now.  I was accepted...and elated!  What a wonderful opportunity to learn from my idols & meet with other aspiring entrepreneurs.

Unfortunately, as some of you know, I'm heading off to Paris on Friday with my FT company for market.  We've been swamped here (...we're talking 9am-1am days swamped) and it would be totally irresponsible of me to take off a day, just two days before we jump on a plane and have 2 full on crazy, busy weeks.

Enter the boo/hisses here...I know...nobody feels bad for me - I'll be in Paris for 2 weeks.  I assure you, I'll be working non-stop and I won't be skipping down streets with a crepe in hand and a beret on my head. (well...maybe I'll do that on my one day off)

This whole ordeal made me think about "the juggle."  I was fortunate enough to attend Arianna Huffington's keynote address last night for the event and was able to mingle with some entrepreneurs for the night.  The number one question I was asked was:

"How do you do it? Juggle both a FT job and your business?"

The short answer is INTENSE organization & little sleep.  But I'll elaborate.

When I first started working on "SBNY" I was bored at my current job.  I found that weeks 1 and 2 of the month were busy and for the remainder of the month, I was left twiddling my thumbs.  The idea for Something Borrowed NY was conceptualized in 2009 when my 2nd oldest sister was married.  However, it was now 2011 and I needed a project. Ok - let's get SUPER real.  I had just gone through an AWFUL break-up (we lived together...so that creates a mess), and I knew I needed something to get my mind off of my depressing romantic state. So I researched, I read, I took classes at GA, I enlisted my best friend and we started.  I coded the site myself, I took frequent long lunches or personal days to have meetings with designers, entrepreneurs & investors, and we launched. 

I took a deep breath.  Once the site was up and running - maintaining and juggling both became much easier...but not for long.

Social media is KEY to building a business.  I was spending my days tweeting non-stop.  That's when I started to hire interns.  They were creating blog posts, tweeting & facebook(ing) for us. 

and then...I was offered my current job.

I wasn't looking - but it came along knocking...and I had to take it.  It was a fantastic job, great benefits, a huge promotion...but could I still juggle?

I'm working through it now.  There are certain things I need to miss, such as the WEfestival today.  But, I still try to go to at LEAST 2 networking events a week after work.  The business keeps growing, the orders keep coming, and BOTH jobs get better and better every day.

Can I do this forever?  No. But I don't need to make that decision yet. 

Here's a few tips of how I "do it all":

• Make a list...and check it way more than twice - I have reminders for EVERYTHING;  laundry, gym time, networking events, SBNY shipments, dinners with friends etc.  It's all in my iPhone and I'd be lost without it.  Organizing your time and being able to check things off, keeps you sane.
• Keep one day to yourself - We all need to unwind.  For me, I try to make Mondays my night off.  After I get home from my FT job, it's a free night. (Admittedly, to watch the bachelor) Point is, no more hustling, it's a night to do what I want to do.
• Enlist people to help - I have 3 interns who help me with all of my social media needs.  In exchange for school credit, they help me with social media, and I try to help them gain new experiences in the bridal industry.  Or...find a co-founder!
• Positive Thinking - I can't express enough how important this is!  For me, I attend an Inten-Sati class. It helps me complete two tasks, working out & positive re-affirmation.  No matter how you do it - just remind yourself that you can do it.  There is no success without failure.