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Joan E. Champagne

White and Champagne

Joan Champagne is a 42-year-old SWPF with no children and no pets, but with two thriving plants. She currently lives in Fishers, Indiana, and was raised in Carmel, Indiana. Joan concentrates on family law and estate planning, and earned her B.S. in Business from the Kelley School of Business, and her Doctor of Jurisprudence from Indiana University School of Law—Indianapolis. She began her law career in the Marion County Prosecutor’s Office in Indiana, and then went on to serve as counsel for UAW members and their families assisting them in estate planning, bankruptcy, divorce, guardianship, paternity, custody and child support services. She also returned to prosecuting in Jefferson and Switzerland Counties and then worked for a large insurance company prior to founding her own firm with partner, Tess White. She loves music, movies and eating out (but not cooking).

White and Champagne is a law firm on the northeast side of Indianapolis, Indiana. The firm practices family law, personal injury law, criminal law, and general civil litigation. The website of the firm is: www.whiteandchampagne.com.

Could you describe your firm in one sentence?

It is a woman owned law practice providing simple answers and efficient resolutions to your legal issues.

What advantages do you think you have as a single solo business owner that married people don’t have?

I think the biggest advantage I have is that my time is very flexible, and I can be available seven days a week, 24 hours a day, if necessary.

What about disadvantages?

See above.

Do you think business ownership has led you to remain single?

No, I didn’t start my business until I was 40, and was single when I started. I don’t think if I was still working for a firm that I would necessarily be married by now either.

What advice would you give another single woman who is thinking about starting a business?

Make sure you have (some) money saved, and make sure you have a game plan in case your business does not succeed.

How much money saved is enough, in your opinion?

I really think that in an ideal world, you should have enough money aside for your living expenses for 1 year. I had saved around nine months’ of living expenses, but money was really tight in those last few months because it took about a year to finally get back to something close to my previous salary.

Do you think there are advantages/disadvantages to being a single business owner? Do you think it is harder, or easier?

The freedom is great, but not having a partner to rely upon financially during “lean” months is very stressful.

What about being a single WOMAN business owner?

Do you think it is easier, the same, or harder than being a single man starting a business?

I don’t think it is more difficult for a single woman to own a business than a single man or a married man. I think it is about the same.

What was the best training you received to prepare you as a business owner?

I talked to several people in solo and small firms. Also, I have learned from both my successes and failures in my business. An example of a success for us was that we built our own website. That saved us a ton of money. As far as failure, we overspent on a logo, business cards and letterhead that we really didn’t need. At the time, we didn’t realize that spending $4,500 on our business materials was unnecessary and that we didn’t have to use a big company to develop our logo. We could have hired a freelancer for much less. Also, we have no administrative help—no secretary, billing manager, or any office help, so we had to learn how to work around all the administrative issues. Most of all, we had to learn how to keep a careful eye on billing and accounts receivable and be vigilant about retainers. It is especially difficult to collect from clients who didn’t get the result they wanted with their case.

Did you, or are you running your business as a part-time or full-time venture? Why?

Full-time—that’s how the bills get paid!

Do you think having a business partner made it easier to start your business?

It has made things easier; two heads are better than one.

If you had to start another business, what have you learned that you might do differently—either about yourself, or about how to run a business in general?

I would have saved more money prior to starting the business, and I would have networked more, especially during the first year. Networking is how I get most of my referrals.

How important were mentors in your entrepreneurial career?

Important. It is essential to have some “go to” people in your life. For example, I have a friend who is a solo practitioner in law and who was seminal in helping me learn how to market my firm, deal with client payment issues, attract more clients, even how to handle administrative help issues. She’s been instrumental as a mentor to me for the nuts and bolts of running a business because she’s been in practice much longer than me. I also seek out mentors in my area of practice in law. For example, I practice primarily family law, so I have a mentor who has been practicing family law much longer than I have, whom I can call upon when I have a question about that area of law. It’s important to have another professional who can help me because my partner in the law firm works in a completely different area of law than I do. It’s important to have people who I can call upon who are experts in my practice area. Some have been very generous with their time, knowledge and resources.

Did you start your business with your own personal capital?

My law partner and I started our business with our own capital.

Why do you think more single/divorced and widowed women start more businesses than men in their respective categories, and does your theory match your own rationale for starting a business?

The flexibility and the income potential, and yes, this matches my own rationale.

What is your personal definition of success, and have you achieved it?

My personal definition of success is loving what I do on the “good” days, tolerating what I do on the “bad” days, and making enough money to pay the bills and put a little away for a rainy day. In general, I think I’ve achieved it.

What other advice or issues would you like to share that weren’t asked?

The big factor for me has been the scariness of being an entrepreneur. Going back to my mentor with a solo practice who is very successful and having this conversation with her serves as a perfect example. I was talking to her about money one day and sharing that I was scared about the money issues associated with being a business owner. Some months you can make good money, and what if you have a bad month and just don’t make enough? It is not like I have a Mr. Joan at home ready to help me out—it’s just me. My mentor replied that she had been a solo practitioner for 15 years and that she too has been scared every day of her life and is still scared. She also shared that you just have to judge how long you are OK with being scared.

I’m still adjusting to this as a new entrepreneur—the fear. That was one good true blue thing while working for someone else: a regular paycheck, and the security that came with it. I had it for the first 40 years of my life. I’ll do what I have to do. I’ve always been single and I’ve risen to the challenge. If I needed to get a second job, I could. If my company went under, I could go back to working for someone else, but I hope that’s not the case anytime in the near future.