Collaborations, Joint Ventures and building relations can be a good thing
What good is it to cross the finish line & win if no one is there to celebrate it with you.
 
Let’s define a few things:  Collaboration: is the process of two or more people or organizations working together to complete a task or achieve a goal. Collaboration is like cooperation.
 
Joint Venture or Teaming:  Is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to access a new market, particularly emerging markets; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.
 
There are so many businesses that have failed due to the lack of stepping out on faith and trusting your gut to work with others.  Me, My and I are a thing of the pass for the is NO I in the word TEAM.  In this century we must learn to work together to meet a common goal or the BIG GUYS will chew us up.   Even if you must learn while being a part of the subcontract crew or working on the inside to get to know others and a way of doing so it works for you and them.   

In the biblical sense faith comes by hearing and work comes by knowing.   You can’t do what you don’t know, and you can’t be all you can be if you don’t learn to try.  

Case in point in my construction business, I have collaborated with my other GCs – General Contractors to offer our services yet learn their way of approaching projects.   Which is benefited the business in the long run.  Yes, there are many software programs they help along the way, yet there is nothing like being on site and learning firsthand.
 
So, I emphasis standing on the sideline and not even trying or attempting to at least take a step towards the goal or a leap of faith you will never get there or on the course to success .
 
 

Saving Money is good for your complexion, No seriously saving money is good for your bottom line.

Saving money is one of the most important factors in growing a small business. Business owners should make sure they are saving as much as possible when purchasing goods and services for the company. Some people may think it’s common knowledge but many entrepreneurs aren’t actually aware of how they can save money in their business
Creative Ways to Save Money
The following are some easy tips that will help entrepreneurs save money in running their businesses.
Use Comparison Sites
Small business owners can use comparison sites to help them choose which products and services to purchase for their business.
Comparison sites gather the data and relevant facts of each product and present them in a way that is easy to understand and compare. Entrepreneurs can choose their right product or services without spending so much time for their search.
Barter Instead of Paying Cash
Bartering is the exchange of products or services from an individual with other products or services from another individual without money involved.
For example, a mechanic who needs plumbing repairs could offer auto or appliance services as a form of payment.
Bartering is a great way for businesses to save on cash. Try to find bartering or swapping websites in the localities.
Buy Used Office Equipment
Businesses that are about to furnish their offices or just add some equipment and furniture can save money by buying slightly-used instead of new items.
If they search local newspapers or social media pages for going out of business sales they will most likely find all the equipment and pieces of furniture needed to furnish the entire office on a budget. If they know how to choose, they will find items that are just as serviceable as the brand new ones.
Outsource As Much Work As Possible
Business owners don’t just spend for their employees’ salaries but also for office space, insurance and other benefits which make up a big chunk of a small business’s budget. Georgette Pascale, the owner of PR Firm Pascale Communications, keeps her full-time staff to a minimum and outsources work that her staff cannot cover to independent contractors.
Save Money for More Profit
Business owners should be smart in spending money. Those that can successfully avoid unnecessary spending can grow their business sooner and earn more profit.

Webster’s definition of the word sacrifices is a loss of something you give up, however usually for the sake of something better.  A better cause, a loss to gain an objective ‘

What is your objective, just like someone would ask what is your five-year plan?  Do you need to take a course or sign up or workshops or webinars? We want to approach this by encouraging you to think that sacrifices can prove to be for a better outcome.
On a personal note you might need to set aside a block of time to concentrate on your Business
Plan which would include the following:

Executive Summary – which is the last portion of your business plan to summarize, yet the first to introduce what your business is about.

Marketing /Advertising Plan your approach on how you plan to market and advertise your business (FB – Facebook, Instagram and generating a website, etc.) How you will also generate Sales to pitch your business to gain additional exposure. This also includes research on your competitor(s) who they are, there niche versus your special.  How will you stand out among the rest and the plans to do better.

Location – a place where you can get noticed.  If you have plans to have visitors, applicants to stop by, is it close to public transportation (trains, buses) and to look for a location with plenty of parking, etc.

Budgeting - getting your financial house in order.  How much will have to have?  How much to I need as a startup or to grow the business. (rent, phone, material, computers and furniture, etc.

Management and Personnel – as you begin your plans to start a business it always good to think of short- and long-term goals which is the number of staff members you plan to bring on board.  As sole proprietor with no staff, virtual staff (off site) of course things would be different however with in-house staff, managerial staff (management, supervisor foremen’(s), etc.) or Personnel (administrative, field operation staff on payroll or contracted (1099s).  Either way you decide a job description, related education and experience is needed.  Also think would they be needed full time or part time or if you would be interested an intern.  Nonetheless think short or long to grow your business.

A personal sacrifice is the devotion of time allotted for your business or idea.   Nonetheless it is needed if you keep working on what you want and your vision and what you shall be will manifest in your life.

Personally, these sacrifices come with open communication to family and friends to let them know you love them and care for them, however, you need this time to accomplish your goals and objectives. 

​Be sure to create a timeline for how many days and hours you can devote time, energy and keep peace yet to focus.  We suggest you might need three to four times a week as a startup to truly get things up and running. 
 
Philippians 4:11-13 

By Gloria Durham, 

 
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To start a business or to plunge into entrepreneurship you might be in a place where you are still employed or been down sized and or unemployed for several years.
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Whatever the case maybe if it is time for you to fulfill that dream, follow your vision, write that novel or design the idea yet, you need to make a sacrifice, avoid the naysayers and distractions and move forward. But you must be PREPARED - Prepared to Grow- Prepared to Serve and Prepared to Lead.

When speaking to individuals and many women’s groups who are conflicted or puzzled about their next move, I stated (SUE) – Sisters United Enterprise is here to help coach and navigate you through these steps.

Listed are initial steps we recommend which is this Acronym of AIA –

1.  A- an Attorney or legal advisor to ensure the steps you are taking is sound for the business you are pursuing or if this is not an affordable approach we recommend you might want to consider signing up with LEGAL SHIELD which offers a far lesser expense than an attorney to help formalize your business.  (Sole Proprietor, LLC or LLP)
2. I - is for Insurance.  This will protect your assets, GL – General Liability, W/C – workers compensation to cover your employees if an accident or injury should arise or if you do not have staff at this time (non – employees 1099s) check with a broker what is required.  You might also be in a business that requires product liability to cover your product design or patent and if in a commercial business with vehicles auto insurance is required for your personal vehicle as well. 
3. A – is an Accountant, to ensure your books are in order, to generate income statements, work with your bookkeeper or to work with your payroll company when quarterly and annual tax filing reports are required.

 
Nonetheless, the traditional route is to  obtain an initial (EIN) Employers Identification Number, register the business with the Department of Consumer Affairs and if required to get contracts as many certifications you need such as:  

WBE – Women Business Enterprise, MWBE – Minority Women Business Enterprise, DBE – Disadvantage Business Enterprise or 8a – Ownership Diversity Certification. 

While you are following these initial steps make sure you work on generating a business plan or fine tune it which should not be hard to complete. For know one knows your business better than you.   It starts with your story and your plan to achieve and succeed. 

Finally, this is Series One of our blog on making a sacrifice to become an entrepreneur.  State tune for Series Two which we’ll address Personal Scarifies.    
 
By GW Durham, ED - SUE