Women In Business: Thoughts from “The Restaurant Diva”
by Annette Fazio

With all the information out there about business, have you ever really looked at the strong and growing segment of women in business? Have you secretly harbored thoughts of owning your own business, restaurant or any other business in the hospitality industry?

As a group, women are stronger than ever. Why? Funny you should ask. According to the Center for Women’s Business Research in 2004, an estimated 47.7% (10.6 million) of all privately held businesses in the U.S. were 50% or more owned by women. The women owned businesses generated almost $2.5 trillion in sales and employed 19 million people across the country, spending an estimated $546 billion a year in salaries and benefits.

Nearly two-thirds (66%) of women business owners in nontraditional industries have started their business themselves, at a rate equal to men. Women are creative and most of you have multitasking down to a tee. Women in nontraditional industries are more likely to purchase (24% vs. 13%) their business than women in traditional industries.

Collectively, women business owners create more jobs for U.S. workers than all the Fortune 500 combined. They are taking risks, beating the odds, shattering glass ceilings, and redefining the meaning of success. Is it is still a struggle? Is there anything worth having that is not a struggle to some extent? There is a certain satisfaction about being the owner. For most it’s being able to engage our ability to achieve. Make no mistake, any business you own will be a challenge and if it is not, than consider it a hobby. Owning your own business is taking risks and the food business is at the top of the list. Restaurants, catering, take out stores are demanding and there is nothing nine to five about most food businesses. Make no mistake, owning a restaurant or any food business has its own special challenges.

No whining allowed, mostly because there is no time. It’s the time women stepped into their own greatness and followed their dreams. There are a few commonalities and general statements about women that I believe are true and should be examined.

I believe first and foremost that women do not step out there and put themselves on the line until they have done some research and are sure the job will be done right, not perfect but close. Men on the other hand traditionally say yes first and do the research immediately after they accept the opportunity. Women are usually very modest about their accomplishments, toning their praise down instead of turning up the volume and basking in the sun. In my opinion, women don’t really see what they have already accomplished, they see it as everyday occurrences and don’t honor the challenge they have come through or the effort, talent and spirit it took to make it through with grace.

Perhaps I am coming from my own history. When I started my restaurant in nineteen eighty six, I had no restaurant experience what so ever, no cooking experience either. I had no business starting a restaurant but I had encouragement and financial support. Maybe my lack of experience was the key ingredient because I had resilience and did my research as I began to pull the pieces together. I attended workshops, visited restaurants a fair distance away so I could learn from them and would not be a threat to their business. I believed it was something I could do and looking back today, it was a perfect example of the law of attraction. Everything fell into place. Was it a major challenge? Oh yes, the phrase “What was I thinking” was a mantra not just a passing thought. It was years before I realized what a monumental feat I accomplished because my research didn’t stop there. I continued to learn from the trade magazines, I went to trade shows and I attended and graduated from The Cambridge School of Culinary Arts in Cambridge Massachusetts. The learning never stops.

The failure rate for restaurant failure is ninety five percent. It’s a good thing I didn’t know that number when I started.

You need to think big, even if it is a small business that you have in mind or you’ve started, if it is still in business two years later it’s a major accomplishment. Businesses will go out of business when not managed well and diligently watched over. It takes good planning, good business practices, competent marketing, careful budgeting and serious multitasking.

Don’t limit yourself to the obvious, look deeper into other options for instance there are more and more women entering the technical fields and they are not just existing but thriving. There are approximately seven hundred members of W.E.S.T. (Women Entrepreneurs of Science and Technology). A Massachusetts based organization which is devoted to technical and life science business.

Think of the inherent advantages women have going for them. Women are natural networkers. On average, women are terrific communicators and with the information age upon us and being highly competitive, I think it’s a perfect time to explore those avenues. Companies need more skilled communicators involved in all aspects of business. Good, clear communication is critical to generate revenue, control expense, and build a loyal customer base and staff. Being an independent contractor is an excellent option.

Rapid change in technologies requires more flexibility. Women have extensive multitasking abilities as evidenced by women who manage business and families at the same time.

If you are considering starting a business, give yourself the gift of seriously looking at what you have done in the past and honoring it. It’s not important what others think you have accomplished or should do. It’s how you feel about your own journey. Write it out, put it in black and white and own it. Zero in on what jobs or tasks made you feel great and gave you a sense of fulfillment. What jobs did you hate and why? Sometimes it is as important to know what you don’t like more than what you do like. Has it been a secret desire to do something but you are being held back by the committee (me, myself, and I) because you don’t know enough or you’re not that good at it yet? There is only one way to get better at anything and that is to take the risk, put yourself out there and get out of your comfort zone. Comfort zones are nice but they are better to come back to and visit, than to live within. Step out in small stages, but step out there. I started with a seventy seat restaurant and a staff of eight. It grew over the course of 20 years to a three hundred seat restaurant and a staff of 60. Believe me I wouldn’t be writing about the experience if I had entered the game big. An exceptionally successful friend of mine, Mark LaBlanc says, “done is better than perfect”. Get out there and start!

Annette Fazio is an author, a restaurant consultant, and speaks throughout the country and internationally to small business and independent restaurant owners on resilience, why “Starting a Business is Not the Same as Staying in Business,” leadership, and creating a strong presence in today business environment. Annette was an independent restaurant entrepreneur for over two decades. Visit Annette Fazio, The Restaurant Diva, at www.therestaurnatdiva.com

Women In Business – Fazio – 1-15-08