Women in Business Forming Partnerships
By | December 19, 2008
Do you work your business with another person who is an equal owner? Then you are probably functioning as a partnership.
A business partnership is a business with more than one owner that is not legally organized as a sole proprietor or corporation. Working in a partnership structure has pros and cons. As a business consultant I’ve always told people a business partnership is a like a marriage; you don’t really know what you’re getting into until the marriage begins.
Here are some of the pros:
- Partnerships can be a way to share expenses of the business
- You can share duties.
- You can work to your strengths and bring in a partner that has strengths you don’t have
- A partner can cover for the other person when needed.
Here are some cons
- Partners may not always see eye to eye about how to run a business.
- There might be disagreements on how to divide the profits.
- A business plan should be developed by all of the partners involved so you each knows the growth plan
Partnerships can be difficult to dissolve. For instance, if your partner passes away, their spouse or other family member may decide to work in the business with you. If that person doesn’t know the business or you don’t get along it could cause a lot of problems.
Creating a partnership means drawing up legal partnership agreements that outline how the partnership will work, how it will be dissolved and how profits (or deficits) will be shared.
A partnership can be a great way for women to start a business if it’s done correctly from the start. See if your personality and business model works in harmony with another person before starting your partnership.
Topics: Build Your Business, Entrepreneurs | 1 Comment »
Women Business Owners as Adminstrative Entrepreneurs
By | December 19, 2008
An adminstrative entrepreneur is a professional woman in business who is responsible for the daily functions of a business operation. You might be the owner and founder of that business and do the adminstrative work along with your area of speciality. However, some business founders and owners are not the best at also doing the daily adminstration of the business.
In the popular book, E-Myth, Why Most Small Businesses Don’t Work and What to Do About It, author Michael Gerber explains why entrepreneurs don’t always make good adminstrators. Knowing how to do what you love doesn’t mean you know how to run the operations of a business. And even if you can do it, you may not want to.
For example, being a cake decorator could be what you love to do, but having to do the mundane paper work that goes along with taking orders, keeping the books and filing taxes might drive you up a wall. Instead, you hire a business adminstrator to do the work.
One of the best things you can do for your business is determine right away if you are an adminstrative entrepeneur or not. Figure this out when you do your business plan to assure yourself the greatest success in your entrepreneurial venture.
Topics: Build Your Business, Entrepreneurs | No Comments »
Type of Women Entrepreneurs
By | December 19, 2008
Women in business come in a variety of types. Some women entrepreneurs are the founders of innovative companies. For instance, you might be the inventor of a new product that you are introducing to the market. You have filed a patent through the US Patent Office to protect your ownership of your product. Now you are setting up your business plan to introduce this product to people who have a real need for it to make their lives better.
As an inventor entrepreneur, you have surveyed the marketplace to learn about the need for this new product. During a recession, you have the opportunity to assess the market to see what is missing. While the economic downturn will make some people shy aware from developing a business, your creativity only lets you see a need and find a way to invent a product to fill it.
Topics: Build Your Business, Entrepreneurs | No Comments »
Basics of Using an Autoresponder
By | November 30, 2008
Get a 10-Day Wahmcart Trial
Setting up an autoresponder is very easy and it will allow you to stay in contact with your mailing list automatically.
You can find free autoresponders, but they will include ads for other products. You don’t want to send your mailing list someone else’s ad.
Topics: Build Your Business, Internet Business | No Comments »
“My Grace is Sufficient for You!”
By | November 30, 2008
“My grace is sufficient for you, for my power is made perfect in weakness. Therefore I will boast all the more gladly about my weaknesses, so that Christ’s power may rest on me.” (2 Cor. 12:9. NIV)
The verse is a reminder that when you are weak it’s time to boast; not about your strength but about the grace of Christ to give you the power and ability to do what you are called to do in your life and business. Christ provides His power and strength for you to keep going when the going gets rough and you just “Have to do it”!
Topics: Entrepreneurs, Inspiration | No Comments »
How do You Know It’s a Problem?
By | November 30, 2008
Remember that famous line “
This was the tagline used in the movie about the Apollo 13 space flight. It’s a take off on the actually line said by the real Apollo crew. Pilot Lovell actually said: “
The point is that the problem was actually identified in the statement, which meant the ground crew could get to work on isolating the problem and making a decision about what to do.
As a woman in business leadership, you will need to understand how to identify a problem. Problems form the basis for good decision making. We talked last week about the need to be able to make a decision as woman in business leadership. As stated, a decision starts with the recognition of a problem.
A problem presents a situation, issue or condition that will exist in the future, and that is considered undesirable.
It might seem easy to find a problem. But a difficulty some business leaders have is to define a problem by its solution.
For example, someone might say, “The problem is that we don’t have enough staff working on the project to complete it in time.”
The problem however, is not that you don’t have enough staff.
The problem is that the project is behind schedule and not moving along according to the initial projections.
Getting more staff MIGHT be a solution, but until you identify the problem you don’t know that.
So first, identify the actual problem. When you provide a solution as a problem, it takes away the ability to make a good decision. How do you know that more staff is needed?
If the project is not getting done according to schedule, how do you know it’s not because of something else, like a lack of needed resources, or a gap in the knowledge base of those carrying out the task? Perhaps the time schedule was unrealistic and everything is actually on time?
If you go out and hire more staff before identifying the actual problem you will only make the problem worse, not better.
So in this example, a better statement would be: The problem is that the project is not moving according to the projected schedule.”
Now, you have the opportunity to explore various reasons why the project is behind schedule and to use more decision making steps to figure out a solution.
So first, practice identifying the actual problem. If you are having trouble reaching a decision about an undesirable situation, review how you are making a statement of the problem and be sure you are not suggestion a solution right up front.
Topics: Build Your Business, Leadership, decision making | No Comments »
Article Marketing is Not An Option
By | November 22, 2008
Marketing your business through internet articles is no longer a luxury; it is a complete necessity to succeed in online business. Article Marketing is a great tool to use when it comes to adding traffic to your site. If you are not familiar with what it is, Article Marketing is
Your article could end up on hundreds or thousands of websites, and quite possibly, millions of people could end up reading it! Who knows how many people could click on your link?
Topics: Build Your Business, Internet Business | No Comments »
9 Ways to Never Run Out of Topics to Blog About
By | November 8, 2008
Blogging is the topic for the Business & Marketing Strategies Home Study Program for the Month of November. You can purchase the lessons you need the most with this program. Click this link to get on the mailing list, subscribe or just learn more about the home study program http://www.nacwib.org/homestudy.htm
If you are a blogger, writing posts on a regular basis may result in the problem of “blogger’s block”, a condition similar to writers block. It means you get stuck when trying to write your blog posts.
1. A business blog can serve various purposes. It can be a serious place to write about what you do in your business. It can also be a place for you to express your personal voice. No matter the source
of the information you use on your blog, make it related to your work and write in a tone your readers will recognize as unique to you.
2. An easy source of information for blogs is reprint articles. There are precautions to consider before using this form of information. Avoid using a reprint article in it’s original state. You want to rewrite
the content enough to make it original for your blog audience.
3. Another option is to publish the reprint article on your website and create a blog post that links to it, but keep the blog content your own. This will allow you to have an original blog post while providing
readers with more detailed information that let’s them continue to create a relationship with you.
4. Keep blog posts related to what’s going on in the media. Watch the local news, read the paper, or check media websites. Right now, anything related to the recent Presidential election, the economy, even fashions for the First Lady are hot topics. Spin the stories into a related issue for
your readers.
5. Speaking of news resource, you can always keep your readers interested by linking to the original post. If you come across a news clip that features something your readers would find interesting, create a blog post about it. Give your opinion or reflection on the story, then link to the original news source as a convenience for your readers. They may find your post so interesting; they’ll want to read the original story, too.
6. Find something to promote as an affiliate seller and do a blog post on it. This allows you to provide a service to your readers while making some money at the same time. You can do a review of the item, give tips on how to use it, or give other useful information. If your reader clicks on your link and purchases the item, you’ll make money at the same time.
7. Use your blog to promote what’s on your website. Let your readers know when you have made a change to your site, such as publishing a new article. Create a blog post that contains the first few lines of the article to tease your readers, as well as a link to the page that features the full text.
8. Keep your posts timely, helpful and relevant. The holiday season is fast approaching. Right now, you could write posts related to Thanksgiving and Christmas. You can get away from the serious matters and post a new turkey recipe or a how-to post that explains a quick and easy craft to decorate the home.
9. To help your readers stay up to date with the new posts on your blog, install a feed burner. There are different feed services to choose from, including free ones. Once you register, you will be given a small amount of HTML to add to your blog. Your readers can choose to subscribe and have your new posts delivered to their email or computer’s home page.
To learn more about blogging, get the download from the Business & Marketing Strategies Home Study Program on “Your Business Blog.” If you’re not already registered for the program, you can register here: http://www.nacwib.org/homestudy.htm
Topics: Build Your Business, Internet Business | No Comments »
Remember and Bless Your Business Journey
By | November 8, 2008
“Never be lacking in zeal, but keep your spiritual fervor, serving the Lord. Be joyful in hope, patient in affliction, faithful in prayer.” Romans 12:11-12. (NIV)
Recalling your story of being in business is more than just trying to tell others how great you are. It helps you to understand your level of excellence and success to date in doing business and excelling to higher levels.
It is easy to forget what you have learned in your life. You stop recognizing the great skill, talents and abilities God has given you to succeed. If you are moving forward, obviously, you have not given up when the going got tough.
Have you ever stopped to acknowledge that fact?
Journal about your story of being in business. Use this to better understand what your purpose in business could be, recognize how you have grown over the years, and start to understand your purpose to be in business.
After you do this, consider this question: Why did the Lord allow you to be in this position at this time
in your life?
Topics: Inspiration | No Comments »
Tap These 5 Resources to Protect & Build Your Business
By | November 8, 2008
If you are responsible for any type of business, you want to have appropriate resources on hand to keep you out of hot water and to provide good direction on business strategies. Here are 5 professional resources every business woman needs to tap.
1. Business lawyer: A lawyer specializing in business operations would be important at any level. These professionals know all about starting a new business and how to take appropriate steps to grow a business you already operate. It can be well worth asking for an hour to discuss preliminary questions or paying for an hour of time just to ask questions that could save you a lot of expense later.
2. Accountants: A Certified Professional Accountant (CPA), also understand business processes. A CPA is usually going to be less expensive to work with than an attorney. To be sure your financial records are in order from the beginning and to develop necessary financial statements, take the advice of a business oriented accountant.
3. Investors - as Needed: Some professionals make a living by investing in new business ideas. These new ideas can come from businesses that already operate but choose to move to new or expanded areas of operation. If you think your business would be attractive to investors then you can try going to an investor or investor group with your
idea. If these professionals like your business proposal, they will often have a quick process set up to get your company up and running as soon as possible.
4. College or University Business Programs: Business programs at most schools are looking for actual businesses in their local communities to assist. Business
Students spend all their time learning about business, and many of them would just love to help get a real one off the ground, expanded, or diversified. Business students can be a great source of free help and advice when doing research, statistical analysis and other more complex issues for businesses.
5. Industry Associations: Almost every business industry has some kind of trade association, society or union. You should get involved in your industry associations and take advantage of all the resources available for those at your level of business operation. You might find educational tools, consultants, even group insurance policies.
There is an endless supply of help and advice out there for business at all stages of life. It takes some research but the potential savings and possible help you could find is well worth the time spend.
Topics: Build Your Business | 1 Comment »