Like many entrepreneurs, Beverlee Rasmussen had outgrown her place of employment and decided to venture out on her own to start, what would become a multi-million dollar award winning travel business.
E-Myth Scholar Beverlee Rasmussen
She would soon learn that just because you are a great travel agent doesn’t mean you automatically know how to run a travel agency business. After being introduced to The E-Myth, Why Most Small Businesses Don’t Work and What to Do about It, written by Michael E. Gerber she started working ON her business instead of being her best selling employee.
After 7 years was able to sell her business, Somerville Travel Inc, on her terms at a time when you could not give a travel agency away.
Beverlee went on to work for Michael E. Gerber and has assessed over 3,000 small businesses, giving her unique insights into the systems and mindset you need to have in place to start and grow a successful business.
Today, Beverlee is the Founder and CEO of PACE Strategic Business Systems Design, a small business consulting firm that walks clients through the process of creating a rock solid documented strategic plan and then building the efficient streamlined systems that will eliminate recurring frustrations and increase profits for entrepreneurs, start-ups and established companies.
WomanzWorld: What were you doing before you started your own business?
Beverlee Rasmussen: I was a travel agent working as an outside sales representative for a name brand travel agency. I was a single mom raising a 5-year-old on my own. I couldn’t see how I could make enough money to ever send him to university unless I took on full employment somewhere. I wanted a job where I had freedom to take him to school and be the one to pick him up again. Starting my own business gave me the freedom and earning potential I was looking for.
What was the catalyst that made you turn your ideas into action and start your first business?
The owner of the travel agency that I worked out of was opening a second location and I was helping her with the logistics. I suggested we become partners in future ventures. Because I was a single mom, she snipped: “Where would you get money from?” Well, that was just the incentive I needed to seriously consider my options! Regardless of what my social status was at the time I believed that with the right attitude, resources, education and pure guts anyone could start their own successful venture. Just a few months later, I left the company and headed out on my own.
How did you engage other people to buy into your business idea?
I met with several bankers, lawyers, accountants and entrepreneurs – and told them I was starting my own business. Many of them were my existing customers. I then asked them to connect me with people they knew who they thought could help me get started. I was introduced to my landlord that way who ended up investing in my business.
Luckily I was a travel agent with an excellent reputation for quality service. My clients believed in me and gave me a lot of excellent referrals. They helped push me towards my dream of having my own travel agency.
What was your biggest challenge in getting funding for your business?
Beverlee and son Joseph
I remortgaged my little house with a loan from a mortgage broker to fund my business. Then, when I went to deposit the funds with my bank manager, he made me give the money back and offered me instead the exact same funds at a 50% less interest rate! I’d quit my job, leaving me with no income. I also had no child support. But even then, the bank was willing to give me a chance.
In my experience, I’ve come to realize that women often don’t ask for money or pursue financing, but money is out there if you need it.
What qualities do you draw on when things aren’t going to plan in your business?
People would describe me as overly optimistic. I usually see the big picture and am able to break bad situations down to smaller manageable problems that can be handled step by step. If I have 9 hoops to jump through then I have 9 hoops that I have to have a plan for and I jump them one at a time.
I also view my life in relation to other women in the world who literally have nothing, with no resources to even protect and care for themselves or their children, so how I can complain? Living in a country like Canada is a dream that we often take for granted.
Do you have any daily success habits that keep you focused and moving towards your goals?
People always say “You do too much, you’re so busy!” but I’m able to accomplish so much because I take care of myself. I carve out “me time” every day. I buy and prepare healthy food that gives me energy and getting my hair and nails done are no-compromise family budget items.
I know what I love to do and I know what drains my energy so I get help with things like housework and tutoring grade 7 science. I focus at least some attention every day on making sure my husband and kids know how important they are to me, and in exchange they support whatever project I’m working on.
Are there any female entrepreneurs you consider sources of inspiration?
My friend Kristan Ash built a hugely successful home care company based on her passion for helping seniors. After being bought out by a multi-million dollar home care company, she quickly became their COO. I always call Kristan when I need to talk business or just need a shoulder to lean on. She’s a family-first mom who has a passion for making the world a better place, and I admire that.
I also look to women who are doing what they love, women like my naturopath Cathy Carlson-Rink, who was the first Canadian doctor to be both a naturopath and a midwife. I’m in awe of her brilliance and of the tireless energy she gives to training new doctors and to us her mainly woman patients. Because of her, I was able to have one of the greatest experiences of my life giving birth to my third son naturally at home.
What are the 3 top books you’ve read that have influenced you and why?
Beverlee's original copy
1) “The E-Myth Revisited: Why Most Small Business Don’t Work and What to do About It” by Michael E. Gerber. It’s a brilliant blueprint for running a successful business. I used the book to build, run and then sell my business and years later met Michael. He was so impressed by my story that he personally hired me to work on his international sales and marketing team, which I did for 4 years.
2) “How to Win Friends and Influence People” by Dale Carnegie. This all time treasure of a book taught me how to listen, the single most important skill in life and business.
3) “The Wealthy Barber” by David Chilton. From David I learned that it’s not what you make, it’s what you save. Having a consistent, no-compromise savings plan even when things have been tight has given us a sense of security and confidence and has allowed us to take advantage of some cool opportunities.
Do you have any advice for WomanzWorld readers who are starting their first businesses are growing their existing ones?
Set aside some time for strategic thinking every single day. Use this time to make decisions for your business, and document everything. This is the foundation of a solid system for growing your business.
Put people first. Pull your power team together. Include a banker you trust, an accounting-type person who can help you with the numbers and who you are completely comfortable asking “stupid” questions to, and a good lawyer. I made friends with key players in my industry by offering to participate in industry forums, groups or associations.
And finally, always safeguard your credit rating. You absolutely must protect your credit rating at all costs – this really helped me grow my first business and start and grow my other subsequent businesses.
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