Following the Path You Know You're Meant to Take While Figuring Out all the Other Hard Stuff
Hi, everyone! 👋🏾👋👋🏼 If you enjoyed Part One of my profile of Indira "Indy" Vega, there's more coming your way. She had so much good advice, I wanted to share her other thoughts and recommendations regarding entrepreneurship in Part Two.
In this issue, here's a sampling of some of the things you'll learn:
🌴 Resources for your small business or small business idea
🌴The right way to approach financial information
🌴What you likely haven't asked of your chamber of commerce
🌴If this is the kind of info you'd like to get delivered to your inbox, subscribe here for free. Feel free to share the article, too (share button is at the top).
SOMETIMES, YOU HAVE TO GO IT ALONE
When Indy Vega came to the U.S. in her early 20s from Colombia, her parents, especially her dad, did not want her to stay here.
She even waited till two weeks before her flight to tell them anything about her plans.
When she finally told her parents, they thought she was going to learn English in the U.S. and promptly head back to Colombia.
Vega's dad, an attorney, made two requests of her.
He told her, “You have to learn the language really well. And you have to learn the laws.”
That’s why it’s interesting that Vega started working as an interpreter in the courts.
That experience led her to eventually open her own interpretation and translation business.
DEVOTION - IN THE BUSINESS SENSE
“I see having my business as an act of love, as you would care for your child.”
Vega likens the devotion she has for her business, CCI Group, to the kind of dedication you might have for your own child.
She says that the kind of obsession a parent has for their kid's health, you have to have with the health of your business and "with your business structure, with how much you learn [and] the knowledge that you bring to your business every day.”
Indy (bottom right) - Modern-day work
Since she’s had her business for ten years, Vega has had time to reflect on what worked and what didn’t.
TIP JAR (tips provided courtesy of Indy Vega)
RECOMMENDED RESOURCE FOR WHEN YOU’RE STARTING FROM ZERO: Prospera (Nonprofit economic development agency for Hispanics)
RECOMMENDED RESOURCE WHEN YOU’RE INTERESTED IN GOVERNMENT CONTRACTING: Florida PTAC (Procurement Technical Assistance Center)
RECOMMENDED RESOURCE WHEN YOU’VE ESTABLISHED YOUR BUSINESS & THE BASICS: UCF Business Incubation Program
Indy embarking on her entrepreneurial adventure about 10 years ago
BE AWARE OF PIVOTAL MOMENTS IN THE PROCESS
Vega says there were two transformational moments.
She says the first pivotal moment happened when she was accepted into the UCF Business Incubation Program.
The non-profit helps business owners either launch or grow their business. It also has a program to help companies, including international businesses, expand into Central Florida.
For Vega, it started with having to come up with a business plan and then do a presentation on it.
“I had no idea what a business plan was.”
INFORMATION AND HELP ARE OUT THERE
She went to Google and downloaded various business plans for reference. Pretty quickly, Vega realized, “This needs a little bit more finesse…”
So she contacted SCORE (Service Corps of Retired Executives) and the National Entrepreneur Center for guidance.
She always remembers what someone told her about a business plan.
NOT "ONE AND DONE" - YOUR BUSINESS PLAN IS MEANT TO BE REVIEWED
“Your business plan is a strategy. And that has to be a live document that you review once in a while.”
The classes she was able to take, at the time, through the UCF Business Incubation Program, made a big difference.
YOU'RE NOT ALONE: PRICING CAN BE DIFFICULT TO FIGURE OUT
One of the topics involved something many small business owners grapple with – pricing.
Vega says she’s no exception.
“We struggle a lot with that because we want to be competitors – competitive in pricing. But, at the same time, we want to be able to, you know, make a living and also provide good opportunities for our employees.”
She says those “good opportunities” include employee training and health insurance.
“You’re only able to do all that, if you have the right pricing.”
(Note: I list a FREE webinar in the “No Need to Go It Alone” section to help you with pricing)
NUMBERS DON'T LIE - SO PAY ATTENTION TO THEM
The second transformational moment for Vega’s business happened when she started paying attention to the finances of her business.
She says you need to know where the money is coming from and where it’s going. Vega says you also need to know which months bring in the most revenue and which months bring in the lowest revenue.
PAY ATTENTION OFTEN
Vega says establishing a yearly budget is key. But you can’t just do it and then forget about it.
“You need to set time aside to look at it. We do it now once a month. We look at how we’re doing with our budget projections.”
She calls the experience eye-opening.
Vega says, “You will see a change when you start paying to the financials.”
ASK, WHAT CAN YOU DO FOR ME?
Vega has also learned to be proactive.
Many people join chambers of commerce to network.
But how many take full advantage of their membership?
She says you can do it by requesting a meeting with the chamber’s board, and then say something like this: “I’m a member. What do you think that I can do to grow my business?”
Don’t be shy.
Vega reminds us that chambers are there to help business owners.
Indy out and about in the community
DON'T FORGET TO BE SUPPORTIVE & ATTEND EVENTS
Keep in mind, though, “They’re not going to help if you’re not active – if you don’t go to their events.”
She says, if you don’t attend their events, it will almost be as if you don’t exist. So get out there and participate.
THE LEARNING NEVER STOPS
CCI Group - Teamwork
In the end, it’s all been a learning experience for Vega.
Even though her company just celebrated its 10th anniversary, she’s still learning.
Right now, she’s in the middle of taking a course with Cornell University. It's, specifically, for women entrepreneurs.
She says her boyfriend asks her, “When are you going to stop studying?”
Her answer?
“The way that I see it is never. If you really want to have a successful business, you can never stop studying.”
Looking back, she remembers how, in the beginning, her dad would call her and ask, “What have you learned this week? Any local laws that you have learned?”
She says, “He was a pain. But it helped. It helped.”
Not only did it serve as the springboard for her business, but it turned into a lifelong appreciation for the inner workings of something many people take for granted, especially if they haven’t lived abroad.
“A lot of what I do is related to languages and the judicial system… I’m fascinated with the judicial system in the U.S. Absolutely fascinated.”
Indy during the early days - Fascinated with the court system from the start
NO NEED TO GO IT ALONE (RECOMMENDATIONS FROM GENERATION SI!)
HELP ON THE OUTSIDE...because we can all use a helping hand:
PRICE IT RIGHT
Talk about timely! Since we were discussing how hard it can be to figure out pricing, I was excited to find this FREE webinar that can help you devise a pricing strategy. What I like about it is that the presenter, Maureen Edwards, designed it to make sure you’re able to not only be profitable, but to receive “what you are worth.” Love that!
SCORE (Service Corps of Retired Executives) Orlando
"Price Your Product for Profit Right From the Start"
Wednesday, July 6, 2022
5:30 p.m. EDT - 7:30 p.m. EDT
Virtual Webinar
FREE
https://orlando.score.org/event/price-your-product-profit-right-start-1
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
PUTTING YOUR PERSONALITY TO WORK FOR YOU – PART 2
I shared with you Part 1 of this webinar that happened earlier this month. Now, in Part 2, Cynthia Blackwell will guide you in becoming more self-aware about your personality to help you increase sales. This workshop also focuses on relationships. There will be a review of Part 1 and then practical ways of putting what you’ve learned into action. Here’s more info:
(NEC) National Entrepreneur Center & SCORE (Service Corps of Retired Executives) Orlando
“How to Leverage Your Personality to Sell More – Part 2 of 3"
Wednesday, June 29, 2022
5:30 p.m. EDT – 7:30 p.m. EDT
Virtual Webinar
FREE
https://nationalec.org/event/how-to-leverage-your-personality-to-sell-more-part-2-of-3/
INSPIRATION FOR THIS ISSUE:
Some people may not be able to relate to how strict Indy Vega’s parents are.
But if you’re a Latina, you likely understand.
I know I do.
When I was in my mid 20s, I remember having a conversation with a fellow Latina, also in her 20s, about how strict our parents were. She talked about how her American friends just couldn’t understand why it was perfectly okay for her to go on a cruise with her friends, but how she would not be allowed to go on a cruise with her boyfriend.
We laughed about how others just wouldn’t understand our reality. I’m one of three girls and no brothers. So my parents were particularly strict and protective.
This is part of why I write this newsletter. I know that fellow Latinas (or Latinos with sisters) can likely relate.
It’s part of our shared culture.
It’s one of the reasons why I wanted to share Indy’s story.
Many of us can relate to the kinds of restrictions and expectations set up by our families.
They do it with love. But it can present challenges.
Sharing how Indy navigated these expectations, and still stayed true to who she is and all that she knew she could be, may be inspiring to others.
I appreciate her willingness to share the personal and professional aspects of her journey.
If it speaks to you, I sincerely hope her story encourages you to continue down the road you know you are meant to take.
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🌴Sending you wishes for a terrific day! #theskyisNOTthelimit 😻
Indy (2nd from right) - On the job doing interpreting for the Department of Defense