Biznik Blog

Sterling Peake is one of Biznik’s newest supporting members, and already she’s posted two upcoming events in the calendar. One of the things that struck me immediately when reading her profile and looking at her business’s website, www.greenpawstudios.com, was this: Sterling is on a mission. She knows where she’s heading with her business, and she’s executing on what looks like … a plan. And in fact, when I interviewed her, I discovered that not only does she have a plan, but it’s an award-winning plan. So join me while we learn more from Sterling about her plans…

Q: I read a little about how you started Green Paws on your website, greenpawstudios.com (which is very impressive, by the way). Something that stood out right away was that you won a $10,000 award to start your company. Can you tell me about how that happened?

I’ve been competing in business plan competitions since I was a freshman in high school. It’s a great way to win money and also to understand the big picture of business. You’re forced to step out of your comfort zone whether that be designing, advertising, finance or operations to really understand how the entire business model works. If motivation is difficult, sign up for a local business plan competition. Not only will you get structure for deadlines and an opportunity to win money, you’ll also get excellent feedback from the venture capital judges.

Q: Which do you recommend locally in the greater Seattle area?

The NWEN puts on an event each year called Early Stage Investment Forum and although there’s no prize money, because of their mentoring program for four weeks, you will have a very polished plan and a strong idea of what investors are looking for. UW, WSU and U of O all offer competitions and there are more on this site: www.smallbusinessnotes.com.

Q: I’m going to go out on a limb and guess that you have a passion for dogs. Do you think that it’s important for everyone starting a business to be passionate about it?

I do have a passion for dogs but more than that I have a passion for helping people and creating strong brand identities. I just finished a business plan about umbrellas that is an outstanding investment opportunity and I don’t even own an umbrella! Some people love business for the sake of loving business but having a passion and deep understanding of your product and service can get you a long way even if you don’t have a formal business background.

Q: Sounds like you’ve got a lot of interests. Something I’ve noticed about a lot of entrepreneurial types is that they are idea people - but not so good at executing on their ideas and doing the work required to bring them to life. How do you do things like building brand identities for other people while building running Green Paws?

I made a special exception and did consulting for some friends of mine on their project as long as they let me enter it in the Seattle University competition. I’m presenting tomorrow - eek! It is not something I do often as I don’t usually have the time. You are right though, there is often a huge disconnect between the ideas people and the ones who want to do the day-to-day work. There are ways you can overcome this by setting goals and boundaries as well as hiring someone who is good at the stuff you hate doing. It might be true that many well-intentioned “entrepreneurs” should be in consulting so they can come up with new ideas all the time without having to deal with the drudge of follow-through. The people ideal for starting their own companies are addicted to working. They have the ideas and put in the blood, sweat and tears to make it happen.

Q: You are very up-front about being a Triple Bottom Line business. Why? And I’m also curious why you decided to donate 10 percent of your profits to local organizations.

There is no way around it - business is built on the surrounding community and environment. You may be able to get by without acknowledging them in your financials but you will reach your goals much faster if you employ them in your operations. Throw local events, donate money to non-profits, give away your products and services. You will be amazed at what the planet and your neighbors can do to help you. For me, 10% of my profits and 10% of my time not only keeps me sane by giving me the opportunity to help people but it also builds my business with the kind of people I want involved.

Q: Do you think it’s important for everyone with an indie business to write a business plan?

I think it’s important for anyone with a business to write a business plan. Again it’s so you can understand all aspects of the business but also so you have a clear idea of what your goals are and what you need to do to get there. Joe Shirley, who often gives workshops for BizNikers, can help you set your personal and emotional life goals. This sometimes needs to happen before you can write an honest and effective business plan. Planning is always a good idea and asking for input refines your ideas into winning business models. I encourage everyone to sit down and pencil the next three years out.

Sterling Peake runs Green Paws Studios, a dog training and boarding facility in Seattle. Her website is www.greenpawstudios.com.

This entry was posted on Wednesday, May 2nd, 2007 at 1:07 pm and is filed under Interviews. You can leave a response, or trackback from your own site.