starting a business advice

NEWS & UPCOMING EVENTS Happy Birthday to WBDC — It’s been 10 Years! Join WBDC and celebrate! In May we will showcase women owned businesses throughout Connecticut; hosting events at 10 different businesses in 10 different cities in Connecticut; honoring past stakeholders and new supporters at each event. Be part of this exciting 10 day 10 city tour! Contact Mary Laughlin at mlaughlin@ctwbdc.org or call 203-353-1750. Success,Inc. W I N T E R 2 0 0 7 / P U B L I S H E D Q U A R T E R LY VOLUME 8 / NUMBER 1 EXPERT’S CORNER WBDC Offers NEW! Grant Program to Entrepreneurs! • WBDC is now accepting applications for tuition assistance to enroll in one of its 8week FastTrac Programs. Grants of $2500 each will be awarded to eligible individuals and small businesses. FAST TRAC I NEW VENTURE FOR START-UPS • Eligibility Requirements: Must be a Connecticut resident or business with a defined business concept. • Stamford: January 29th, February 6th, 12th, 27th, March 6th, 13th, 19th & 27th. • New Haven: March 15th, 22nd, 29th, April 12th 19th, 26th, May 3rd & 17th. FAST TRAC II GROWTH VENTURE FOR ESTABLISHED BUSINESSES • Eligibility Requirements: Must be a Connecticut based business, in business at least 1 year, demonstrate a track record of one year of monthly sales. • Norwalk: February 17th, 24th, March 3rd, 10th, 17th, 24th, 31st, April 1st & 14th. Registration/materials fee: $150 each program. Grants awarded on first come first serve basis. Starting a Business — A Lawyers Advice As WBDC clients know, there are many decisions to be made and tasks to be accomplished in order to launch a business. The learning curve is steep! But it’s also very motivating and exciting; and with the right advice, good planning, sufficient resources, nerves of steel and a bit of luck, the business launcher achieves success. Getting good legal advice is important. Without it, you are likely to have problems that take your focus away from where it should be, incur unwanted expense, and perhaps even suffer failure. Think of legal advice as insurance against these outcomes. Countless times, people have come to me with problems that are very expensive to solve, that could easily have been avoided with competent and timely legal assistance. People enter into partnerships, promise equity, invest funds, disclose trade secrets, hire key personnel, etc. without having a clear understanding of the commitments they are making. A good lawyer will understand what you need (and what you don’t need) and will help you make informed decisions. The areas where you may need legal advice when you start a business include the following: 1. Choosing a legal entity (corporation, partnership or limited liability company). 2. Forming and organizing the entity, obtaining tax numbers, etc. 3. Negotiating a lease. 4. Protecting your intellectual property. (Do you need to protect your name/ invention/trade secret/idea from improper use or disclosure by others? And how do you go about doing that?) 5. If you have one or more partners or investors, it is essential that you have a written agreement. All the trustworthiness in the world won’t be enough to solve your problem if you had expectations that were never expressed, failed to plan an exit strategy, or simply did not think things through. 6. Drafting employment agreements, including “non-compete” clauses, with key employees. 7. Drafting a good customer contract that clearly describes the work you will do, when and how much you’ll be paid, what happens if you have to sue for collection, etc. (Hopefully your contract will provide for reimbursement of your legal fees.) 8. Advising you when you borrow funds from a bank, private investor or other lender. 9. Informing you about what licenses and permits are required. Do not be intimidated by the list. First, your business won’t need help in all of those areas. In many cases, you start off just by choosing a simple entity, such as a limited liability company, forming it, and getting tax identification numbers. Second, you do not need to become an expert in intellectual property, banking and employment law. That’s why you hire a lawyer. Make sure your lawyer listens well (continued on page 2) The Women’s Business Development Center Main Office: Government Center 888 Washington Blvd., Room 10-30 Stamford, CT 06901 1 877 999 WBDC (9232) 203 353 1750 FAX 203 353 1084 info@ctwbdc.org Bridgeport • Milford • New Haven • Norwalk CLIENT PROFILE Nadia Louyer de Villermay NLdeV Restoration, Westport, CT 2006 winner of the WBDC Deb Ziegler Award for Entrepreneurial Excellence On November 1st in front of more than 150 guests, WBDC presented Nadia Louyer with The Deb Ziegler Award for Entrepreneurial Excellence. Deb Ziegler was a WBDC board member who represented the organization with qualities hard to match. She was an ardent volunteer who raised funds and awareness for WBDC in addition to working directly with clients as a counselor. Deb’s style challenged clients to be the best and that taught them that being successful meant working harder than you ever imagined. The award for entrepreneurial excellence is given to a WBDC client who exhibits these qualities. To best introduce you to the 2006 recipient we would like to share a letter she wrote to WBDC. WBDC changed my life. I am a French antique furniture restorer who moved to Westport with my family. After several months of the classic struggle with Immigration services, I found a restorer position in New York City until the dealer disappeared, owing me several thousand dollars. My profession is not one that hires much and everyone I spoke with advised me to open my own business. I talk with wood all day, therefore, the idea of owning my own business was a real challenge. Financially, I was really struggling, and just when I was accepting the idea of giving up my beloved profession, the wonderful team of WBDC swept me off my feet and registered me into FastTrac, thus beginning the laborious task of turning me into a businesswoman! FastTrac helped me formulate a realistic professional plan. I defined my goals, clientele and my “image de marquee.” Today, I am building a satisfied clientele and tight network of professionals related to my field. I am a member of the Westport Chamber of Commerce and the CT Association of Restorers. I am considering a larger workshop and look forward to the point when I will need to employ an extra pair of hands to share my knowledge and passion for a beautiful and rewarding profession using the skills of the old continent to preserve the heritage of the new. No matter what direction I take, WBDC is and will be there for me, to answer my questions, clarify my doubts, and point me towards the right people to make sure I have the best cards in my hand before dealing. And this is priceless. You may reach Nadia at nadia@nldevrestoration.com We congratulate Nadia and salute our dear friend Deb whose memory remains vibrant in so many of our lives. www.ctwbdc.org BOARD OF DIRECTORS Lisa Arenberg Beverly Aveni Gilda Benedetti Jennifer Boyd Cindy Clark Julie Fritz Steven M. Gold Raisa Grinsphun Pam Kushmeric Sandra Levy The Honorable Andrew McDonald Deanne Murphy David Nelson Michael Pansini Carina Ramirez Margaret Sheahan Ruth Sherman Diana Washington Jennifer Willcox WBDC STAFF Fran Pastore, President & CEO Dorothy Bratchell, COO Mary Laughlin, Vice President Judy Puchaiski, Director Marian Cicolello, Director Wendy Rauch, Program Coordinator Design donated by Regina Design W B D C ‘ S 1 0 T H A N N I V E R S AY EXPERT’S CORNER Starting a Business (continued from front page) Get involved with WBDC’s 10th Anniversary Celebration WBDC’S 10 YEAR SALUTE TO WOMEN OWNED BUSINESSES MAY 1-MAY 10TH 2007 We Can’t Do It Without You We Can Do it With You Calling all WBDC clients and stakeholders — you know who you are! Join us for all or just one day of the WBDC 10 day tour. Travel throughout Connecticut with WBDC visiting women owned businesses and honoring the dedicated people who have supported WBDC over the past 10 years! If you are a woman owned business and would like to participate or know of a woman owned business and would like to pay tribute them, this is your chance to get involved! You do not have to be a WBDC client to get involved. We Can Do it With You Email mlaughlin@ctwbdc.org to learn more. and that there is a clear understanding between you about what he or she will do and how much it will cost. Most lawyers will be very careful with your money, especially when you’re a start up business. Here’s the bottom line: Getting good legal advice at the right time will help to ensure that all of your hard work leads to success. To contact Jennifer please call 203 655 2288 or email her at jnboyd@jennifern.boyd.com MEMBERSHIP PROGRAM NEWS WBDC Launches 2007 Membership Program With New and Improved Benefits. New benefits • Success, Inc. Member Center featuring member profiles, announcements and advertising opportunities • e-member newsletter • member events • member to member business opportunities • program and service discounts • website member listing 2007 Annual Membership fee $75 Current WBDC members will be notified about renewal dates. To become a member email mlaughlin@ctwbdc.org. M E M B E R F E AT U R E Healthful Direction Alison Held With the approach of every New Year, we often turn inward, reflecting back on our journey and looking ahead to new strategies and ways to enhance our well being. New Year’s resolutions are inspiring and beneficial yet often forgotten. In 2007, you have the power to go beyond this yearly ritual and achieve your full potential. As a Nutrition and Health Coach, I work with individuals during every season so that balance and greatness are achieved in each area of life. For me, what began as a personal interest developed into a full-fledged entrepreneurship. My practice, Healthful Direction, focuses on unraveling old patterns and replacing them with new, healthier ones. My work continues to be very satisfying as I guide clients of every age with very different issues to success. I believe we each require unique protocols for optimal results. By customizing nutrition and health programs the client’s preferences and needs are met. My clients build a greater sense of awareness and understanding around their eating habits. Values, goals, and talents are also addressed so that many current life struggles, obstacles and fears are reduced or completely eliminated. Each client moves ahead with renewed confidence and know how to create a meaningful, healthy approach to life’s challenges. During the launch of my business, I discovered the rewards of building community connections and local support networks. Becoming a member of WBDC has connected me to new resources, opportunities and experiences that have been abundantly helpful. I especially value the opportunity to form alliances with other WBDC members who are launching their businesses and seizing new perspectives. My 2007 plan includes further member involvement with WBDC. STUDIO B Vi s u a l C o m m u n i c a t i o n We have ideas We personalize service We find solutions You get results Graphic Design for Print and the Internet… • Logo/Identity Systems & Web Sites • Direct Mail & Manuals • Newsletters & Advertising • Capability Brochures & Catalogs • Trade Show Material, and more 203.838.5734 • info@studiob-ct.com WBDC is partially funded by the U.S. Small Business Administration’s Office of Women’s Business Ownership (OWBO) & The Office of Financial Assistance. The OWBO is established to help women become full partners in economic development through small business ownership. SBA’s cooperation does not constitute or imply its endorsement of any opinions, products and/or services. Reasonable arrangements for persons with disabilities will be made if requested at least two weeks in advance. All SBA programs are extended to the public on a nondiscriminatory basis. Success,Inc. WINTER 2007 VOLUME 8 / NUMBER 1 Non-Profit U.S. Postage PAID Permit No. 883 Stamford, CT 888 Washington Blvd. Room 10-30 Stamford, CT 06901 1 877 999 WBDC (9232) 203 353 1750 www.ctwbdc.org The Women’s Business Development Center is a not-for-profit organization established in 1998 that promotes economic development through entrepreneurship. WBDC’s goal is to increase opportunities for economic independence through comprehensive training, business assistance, networking and access to financial resources. RETURN SERVICE REQUESTED VOLUNTEER PROFILE Demystifying Network Marketing; A Vehicle for Self Employment If you are someone who has always thought about your own business, but would like to have the support and brand recognition behind you, consider a network marketing opportunity. Network Marketing is simply another form of sales and distribution and makes smart small business sense for anyone wishing to start a homebased business. The benefits are many. It costs next to nothing to get started, you get a proven system similar to a franchise opportunity, and you can be in profit in months rather than in years. Choosing a well established company that offers quality products and/or services with an excellent corporate management team and support to their distributors is the first step toward a successful experience. However, the most critical element to your success is your own personal commitment to the company and its products and services with you as a bona-fide user and marketer. When searching for the right fit for my network marketing business my own personal goal kept me on track, making a difference by empowering women while owning my own business. I became an independent consultant for Warm Spirit in 2004. Owning a Warm Spirit business allowed me to share my passion for the products, promote self care and wellness, and most importantly, achieve a financial reward. Warm Spirit is a dynamic network marketing business that markets high quality self care and wellness products through a base of over 24,000 consultants across the country. You are in business for yourself, not by yourself. You earn income three ways: • Selling products at home gatherings, one-on-one, or via your website; • Encouraging and supporting others to sell with you; • Leading, training and developing others to further build their businesses. To grow your business, you have to go out and find people just like you. Believe in your dream and sell that dream to others. Have fun, build relationships and your team will grow. When you work your business, the sky’s the limit! I am happy to say that the programs and services at WBDC can be of great benefit no matter what type of business you start. WBDC provides you with the tools needed to be successful and can help you build your business through contacts, conversations and connections. I am personally grateful to WBDC for all they do for women and have thanked them by offering my time as a volunteer to celebrate their 10th year in business! If you would like to learn more contact Deborah Fields at deborah@warmspirit.org.