"After I did the trade shows for two years, I got licensed and it changed my life. And all of a sudden, I went from having about $300,000 a year in sales at the time I got licensed, and I was probably taking home about $50,000. The next year I probably had a million-five in sales, and I was taking home $100,000. So the difference was markedly strong. All of a sudden you give up what you were doing – then you're just designing and getting royalty checks. That's sort of where I ended up today. Now I'm in over 10,000 stores, and I have eight manufacturers for a variety of products, so it's definitely paid off. My early story – it was not easy."

Determining if licensing is the right entrepreneurial choice
Licensing isn't for everyone. Lolita advises, "Entrepreneurs need to ask themselves, Do I want to license my product?"

"That's a big decision. A lot of artists think that's selling out. But the way I look at it is, if you're an artist and you really love what you do, and you need to make a living, other people might like what you do too. The more it gets out there, the more you can support yourself. So, there's nothing wrong with supporting yourself – especially for women being financially independent."

Second, do you have something viable? For Lolita, this means, "Do you have something that people want out there? And you have to know that before you license, or you're not going to get a manufacturer to even look at you. You have to know that it sells, you have to know that there's a demand for it now, you have to already have a business that's already doing pretty well. If there are proven sales results, and enough creativity behind it, you can get a manufacturer's attention."

The International Licensing Industry Merchandisers' Association, Inc. (LIMA) is an organization that Lolita wishes she had known about when she first started out and now heartily recommends: "They are a wealth of information. They publish a licensing letter once a month. They'll send you a book and it has every licensing agent in the country and what they specialize in. And it lists manufacturers by product type, and licensing attorneys, which you would need. It tells you when the licensing shows are. It also tells you how you can order consumer spending data. And even if you're starting a business, it's a good organization to join just because of the research that's available. When I started out, I didn't know that there was an organization out there for me that I could go to for resources. I didn't know that I could do the licensing show and rent a booth and show my stuff, and have manufacturers walking around looking for new things to license."

Protecting intellectual property
By the time Lolita was a mere 12 years of age, she had filed for and obtained a copyright for her own cartoon character that, incidentally, she says she's getting ready to relaunch: "It's a little bug. My girls love it."

"Protect and never give away your intellectual property," advises Lolita. "If it was your idea, don't share it with your friend and say, ‘oh, we'll do this together.' Copyright every idea you've got, every sketch. Just protect yourself. Don't ever give away your stock to someone who just helped you out. I'm talking from experience here. You need to be smart about business. Make yourself the 100% owner of the corporation."

Tips for other entrepreneurial Moms on achieving business success

Number One: Passion
Lolita's passion for her craft and for her business is undeniable: "I live and breathe this business. There's not one morning I wake up and don't think about what's going on. Sometimes I'll wake up in the middle of the night, thinking about what I'm going to do … it's definitely because I love it. I'm checking email 9/10 o'clock every night because I'm just dying to know what's going on. I just can't shut it off, and I'm always coming up with new product ideas."

For prospective entrepreneurs, Lolita feels passion is the number one prerequisite: "Don't do it unless you love it. I can tell you that is the biggest thing right there. If you want to start an accounting business and you really don't love it; it's just a way for you to make an income – you might want to think twice about it. Because, in the long run, you're going to be miserable. And so will everyone around you. It's not worth it."

Number two: research and education
"Know the industry that you're getting into, and know your business model. Just go to your local bookstore and look under ‘How to Launch a New Product.' In every one, there will be a chapter on how to build your business model."

"Peter Drucker is one of my favorite marketing writers and I studied him in college. If you're unfamiliar with marketing, and this goes with ‘know your industry,' know your marketing. Read a Peter Drucker textbook, or something he's written, because he talks about the four ‘P's' of marketing, and the Hierarchy of Needs. These are things that you are going to need to understand if you're going into business for yourself.

"Knowing your industry includes knowing your customer. Who is your customer? Identify them. It can be more than one type. Write them down."

Number three: get help where you're weakest
"If you're weak in accounting, hire a bookkeeper; even to help you with your personal books. Get help with the kids. You know, I wish I had done that more … even if it's your local neighbor's kid to come over and be Mom's helper for a little while."

Designs by Lolita – today and tomorrow
Today "Lolita lovers" can find her products in thousands of stores around the country, as well as on her website at https://thelolitastore.com/.

New product lines include Lolita's ‘Love my Candles' collection and ‘Love My Sundae' bowls. The candles collection features candleholders in the shapes of champagne flutes, martini glasses and wine goblets. Each contains a gel candle infused with custom-scents inspired by the design.

The sundae bowls are designed for children, teens and adults, and the themes include ‘Pajama Party,' ‘Paint Ball,' ‘PMS,' and ‘Who Needs a Man.' ‘Lolita Beach' beach towels - and a lifestyle entertainment book – will also be out in coming months.

And Lolita says she's having a ball. "I have a staff of eight full-time people. I have a studio in Savannah, Georgia; a studio here in Providence, Rhode Island. I have a team of graphic designers. Every design I paint on a glass is turned into flat art, which I then put out to my manufacturers to put on various products, which I have full control over. I'm doing everything from designing beach bags and beach towels, designed a line of flip-flops. I'm going to be getting into cosmetics … but the bottom line is, I start every design, I come up with every idea, but I have a great team to help me implement and get the design work out to the manufacturers."

Copyright 2009, Attard Communications, Inc.

Patricia Schaefer is a staff writer for Business Know-How. She can be reached by email at pschaefer@businessknowhow.com