Inspirational Women – Amanda Steadman – Founder – Weathbabes

What made you decide to set up your company?

I have always had an entrepreneurial spirit. At 7 I was selling Blakes 7 wristbands that I had made to other infant school pupils…Mrs Vousden wasn’t impressed! I did start a coaching practice in 2001 alongside my corporate role and went fully self employed in 2004. Myself and a partner started Movo Group a Personnel and Resourcing Consultancy. Wealthbabes the wealth success company I founded in came out of an organic need for many of my clients, their clients and people that I met who wanted to find out more about running their own business, investing in property, creating wealth and being successful. So Wealthbabes was born! I also saw a need for women to learn in women-only environments and to be able to open up and discuss what was really going on without having to pretend to be superwoman all the time! Also, because I had invested myself and started businesses I was keen to share all my knowledge to ensure people didn’t make the same mistakes I did.

What have been your biggest challenges so far in the company?

Trying to do too much myself! Delegation did not come easily to me. Being able to grow as fast as I want to. I have a tendency to be impatient! I did try to do everything myself in the beginning but now I have learned (despite being a Virgo) that you DO have to delegate and get help as soon as your profit margin allows you. I am now looking at putting in more systems to make our clients interactions with us even more clear, smooth and enjoyable. Thank the stars for PA’s. The other biggest challenge has been technology – including websites and internet marketing/pr. We have invested a lot of time in finding good people who can do this better than us and I am lucky enough to have mentors who have shown me the way and helped me avoid numerous mistakes. Again – whatever you do not have time to do (technology is a never-ending learning curve!) do outsource to someone who knows what they are doing (ideally recommended) and can help achieve the objectives of you company.

If there was one thing that you could say was a great success, what would it be?

I would have to say the results of our clients – so it’s not one in particular. We have one client who has recognised her own value, quit a board role that didn’t suit her, set up her own company doing what she loves and looks 10 years younger! We also have another lady who we have worked with for over 12 months. She was originally a Food and Beverage Manager in a 5* Hotel. This week she started working for a millionaire. We think she is amazing! I just love what I do!

How do you see the market performing in the next 12-18 months?

Our market is expanding as women want to take more control over their OWN economy, career, business and finances and hence want information on how to do this in the best way possible. We are still investing in property – particularly the USA and the internet is unlimited! We have even arranged a Business Cruise for January 2010 so we are very positive and watch this space! I have the view that the market will do well and those that see opportunity and are looking for it will find it. You get what you focus on. I have been very lucky to spend time with very wealth and successful individuals over the last few months and they always say this when I ask them about what people should be doing now. They are all investing like crazy and expanding their businesses whilst others are cautious. We have clients that have been made redundant and are encouraging them to start their own business or find something they really love doing. It’s a great time to re-evaluate what you REALLY want, not what you think you want. I believe that the market in its ‘larger economic sense’ will ‘allegedly pick up within 12 -18 months and this is echoed by my network of contacts who are supposed to be in the know! We are continuing to invest in property, primarily in the US.

If you could go back to when you started the company would you change anything?

I would have focussed on getting a relevant mentor sooner and obtained more information on branding and marketing as well as investing much more in technology! I also would have looked at how to systematise everything.

When and if you get the time, what do you like to do in obtain a life balance?

I absolutely love what I do so the lines between work and play are very blurred! I love to go walking with my gorgeous French fiancé or spend time with him at home. Otherwise I love going out to eat with friends and family….just loving the food! I’m an awful cook…

Can you share any tips for any members wishing to start out on their own?

Ensure that whatever you go into you LOVE. There is a lot of hard work that goes into getting a company off the ground. If you aren’t prepared to put those hours in, and you don’t like the arena you are going into – don’t do it for the money!! Ask yourself WHY you want your own business. It’s not for everyone! There are ups as well as downs. In my opinion the ups far outweigh the downs.

If you are in a role already. Start doing all your research, who would your target market be? How are you going to monetize the business? Where will you get your profit from. Who are you trying to help? What are the problems of the market that you want to help? Ensure it’s a viable business before you quit. Maybe you could even go part time if your company allow it. For those who are a bit more risk averse this is a good way to go. Many businesses now can be run from home and even done in the evenings.

Save up at least 6 months expenses.

Get a mentor/coach who has done it before – yes we can help!

Surround yourself with lots of successful people who have done it before and learn everything you can from them!

When you link your passion with your purpose – this is when businesses really succeed and the ‘money’ is the lovely by-product. I love what I do and working for yourself is an amazing way to live. I am a lifestyle entrepreneur.

I wish you luck in all your endeavours!