Barbara De Baere Poppy, CPA

Tax and Health Care Consultants

Starting my own business was not a deliberate choice. It is what had to be done when I found myself with an employer who did not believe in providing excellent client service. The managing partner said many times, "show me the money first, and then I'll do the work." That was hardly a client friendly attitude, and the work was never done to the client's satisfaction. 

My clients were precious and I had to find a better way of serving them. Starting my own business was the only way to accomplish this but I had no start up money. 

The Dad of a very good friend and client suggested that I start my own firm when I was bending my friend's ear about the poor client service of my employer. He went so far as to suggest that my friend lend me the start up capital. That she did, so then I had no excuses. I could go off onto my own. 

This was a very expensive route as I had to pay my former employer a huge sum of money to get out of a non-compete agreement. Even though my former employer could not serve the client base I had personally built up, that was not the issue. I signed a non-compete in exchange for the opportunity to have a firm behind me in starting a niche professional practice and when I found that firm to be less than desirable for the kind of work I was doing, the only way out was to negotiate a settlement that essentially paid back a third of the salary I earned in the four years I was employed there. 

So money was a tough issue with paying that non-compete. The IRS immediately audited my first year business return because they said CPA's don't lose money and I had. Those start up losses created tax refunds which helped to keep things afloat those two years of the non-compete payments. 

To make matters worse, I became pregnant with my first child after one year in business! That was even tougher because if I wasn't working, there was no income. I made those diaper changes stretch as long as they could to save money. And the only time I took off was when the babies were being delivered. While at the hospital, I was making phone calls while in labor, and taking a pause in the conversations when the labor pains hit. I went from the hospital to the office and the board room with the babies! Yes, I even did it twice, and those children attended many a business meeting to the amazement of the three piece suited crowd. One thoughtful gentleman remarked that I might be doubling my rate as there were now two of me. Today the children are 9 and 6, and my husband now stays home to take care of all those things that need a parent's attention with children in school. 

My advice to women who want to start their own professional service firm is first of all to know yourself and what you want. The right personality and aptitude combination are critical to beginning a business. You need to be flexible, competitive, internally motivated and strive for recognition by taking risks. A sharp, analytical mind is necessary to think on your feet, pay attention to the details and see the whole picture at the same time. Sensitivity to the thoughts and ideas of others will also help to provide excellent client service. 

The next issue is to get training in something you don't know. For me as an accountant, I was weak in personnel hiring and development. I found a management psychologist who has acted as somewhat of a coach for helping me with personnel AND personal development in the past 10 years. Now I see it is the latest fad to have a personal development coach. I have learned so much in understanding myself and my employees with his guidance and employment testing tools. The right professional is well worth the cost. 

The last most important issue is to remember that you are not alone. Share ideas with friends, clients, and peers in your profession. Help each other out and you will be helped too when you need it. After all, that is what FOD is all about.