Small Business
Success of Small Biz Doing Business and Taxes in This Economy – Town Hall Forums
We at The WIN Companies are pleased that our “Small Business Town Hall Open Forums” have brought about solutions for owners, entrepreneurs, and CEOs of small business about which they were previously unaware. Many of the participants were concerned with increasing current sales, the rising costs of doing business (especially health insurance), effective use of resources, business structure for tax purposes, increasing the value of their business for future sale and more.
It was a pleasure to be able to introduce successful strategies to help these professional get solutions. One solution that has been well received is WINs Business Acceleration program. WIN Business Acceleration, Inc. (found under our Services tab) offers premium, affordable and comprehensive payroll, workers’ compensation, medical, dental, vision, supplemental and commercial insurance coverage to those employers of one or more who have previously been able to only obtain the poorest coverage at the highest rates. By working collaborative to mitigate the risk for insurers and negotiating economies of scale with large volume and premium partners WIN has been able to create this program to level the playing field for small businesses with their larger competitors.
If you have already attended a Town Hall and would like more information, a downloadable .pdf, or to learn about the affiliates program, visit us at WINcompanies.com/Services/WIN Business Accelerator or call us at 949.502.4200. If you would like to attend a Town Hall and find solutions for your business, register at WINcompanies.com or eventbrite.com. Due to popular demand, additional dates will be added at lunchtime and specifically for referral partners.
Collaboration Is King
What is the easiest way to attract great interns, employees, vendor partners, clients and investors with limited resources? There is a simple key to unlocking the treasure trove of resources: collaboration! The key is pooling resources with like minded professionals and sharing resources to gain economies of scale. There are many ways that this can be done (and some that should be used with extreme caution!) Today’s brief article will cover only sharing space as in an executive suite, a shared common space, an incubator, or an accelerator.
First, what’s the difference?
Executive Suites: rent space, generally under long term contract, have a low base rent and from there include significant additional fees for services (often whether you utilize them or not). They are difficult to budget and often times disproportionately expensive to their alternatives. They offer no shared expertise or collaboration. For entrepreneurs and start-ups these are probably best used for mailing addresses only.
Shared Space: again rent space. Their space is generally more utilitarian in design but much less expensive than executive suites. It does allow for collaboration with specific design (i.e. there may be access to peers, but not experts), but has no other amenities to enable you to capture efficiencies in your fledgling business. This space may be good for performing tasks, but will not impress prospective interns, employees, clients or investors.
Incubators: share space as well as provide guidance and/or a structure program for entrepreneurs to help them in key areas that will drive their success. While not all incubators are created equally, they are a step above your first two options by adding in the elements of expert collaboration, feedback, and structure. Be certain to interview the management team and ensure that they understand your vision. Most importantly, be certain that they are there to nurture and support your vision.
Accelerators: accelerators are incubator with funding available. Again, proceed cautiously! Taking on funding too early, marrying only the accelerator’s funding source, being forced to march through a program on a specified timely are all red flags. The best accelerators are working in the best interest of the clients we service. Yes, we have funding available and partnerships with others who may be better suited for your vision. Every business matures on its own timeline – generally 2 to 5 years. Those accelerators with programs that force you out in a short period of time or proffer only the sponsors funding should be used cautiously. Are they acting in your best interest or theirs?
After you’ve found Your Space!
The International Labor Organization (ILO) defined Community’s of Practice (CoP) or co-op’s [collaborative workspace] pursuant to the Asia Decent Work Decade targets in April of 2010. According to the ILO, CoPs:
• Are one of the most cost efficient ways of working
• Improve service delivery and enhance individual and organizational learning
• Increase ownership and help shape policy through sharing knowledge and experiences
• Concentrate energies and resources around niche areas of work
That is to say that the ILO agrees that you can be 40-50% more effective in growing your business if you work collaboratively. It is less expensive, you learn from the expertise of others, and I know you don’t care about this – but it is more fun! We spend a lot of time building our empires as entrepreneurs, it is a marathon, not a sprint…we need to remember every day to live life to its fullest and enjoy the ride. Happiness breeds happy teammates whether they be interns, employees, vendor partners, clients or investors. Happiness will make your business grow exponentially faster.
Researching Your Options
My recommendation when looking for collaborative workspaces is to try to select one with as many of the following key attributes as possible:
• Record of success.
• Strong leadership.
• Interview process for new members.
• Strong positive culture.
• Professional image.
• Expert peers.
• Knowledge of resources.
• Ability to grow with your business.
• Customized Options.
• Flexible pricing.
• No hidden fees.
Cheers to your success!
Virginia Lorimor, Founder, The WIN Companies
WIN Success Centers | WIN Business Accelerator | WIN Innovative Funding | WIN Opportunities
Contact Us: WINopp.com 949.502.4200
The Hidden Costs of Executive Suites
Many new business owners who provide professional services and have children, dogs, get door to door salesmen and/or have busy households (or just prefer to have a separate place to work) opt for Executive Suites. They sound as though they are reasonable priced. When I started WIN Opportunities in an executive suite, my rent, I was told, would be just $800 a month. My first bill was well over $2k. I was charged for use of the Internet, conference rooms, kitchen service fees, cleaning fees (4 of them actually - because even though I was the only one occupying my office, I was told that it had the capacity to seat 4, I later learned); The only line item I couldn’t find on the invoice was toilet paper (which I’m sure was part of the administrative fee).
Executive suites are designed to nickel and dime (or should I say hundred and thousand dollar) businesses out of business! That is why 95% of small businesses FAIL. That is not acceptable! Today’s businesses are bootstrapping. They are self funded and struggling to make ever penny count. They need a better option and WIN Opportunities (WINopp.com) has that. No long term contracts, flat fees w/no hidden costs. Reimburse only your direct costs (long distance and copies). Work together with other smart professionals cooperatively. Turn your rent cost into a revenue center whether you are looking for an executive office, a virtual office, conference center, or day use offices – WIN is the solution. Give us a call at 949.502.4200 to find out how.
Virginia Lorimor, CPA*
Chief Excellence Officer
Networking Overload
We, as business men and women; C-level executives, business owners, and providers know that we must continue to build our networks. Each day I receive dozens of invitations for opportunities to expand my network. Many offer “valuable” content, others are just opportunities to “mix and mingle” (albeit often awkwardly). Each month at my corporate offices in Irvine, California, WIN hosts a mixer as well, covering a topic relevant to us – harried and overworked professionals.
Then I realized something…even I am tired of the same old networking. I have hit NETWORKING OVERLOAD! Yes we are adults and sometimes have to do things that we would rather not for business, but does networking need to be one of them? Well, here at WIN, we have decided that the answer to that question is NO.
So, beginning Wednesday, April 20th we will have our first event designed to build those new relationships in a different way. Our first event will be Strategic Gaming. Playing games is proven to reduce stress, improve memory, and problem solving abilities. It also hones those all too important critical thinking skills: multi-tasking, planning, estimation, strategic and quick thinking! Most importantly, we can build new business connections and make new brain connections while having fun!
Future events will involve PLAY! Perhaps geo-caching (similar to treasure hunting for those of you who are unfamiliar), building contests (with Legos?), line or salsa dancing lessons – the sky is the limit. Please let me know what your thoughts are, we certainly hope to see you at our next fun raiser!
Guaranteeing Success in Starting a Business
According to the Small Business Association, “7 out of 10 small businesses will succeed for 2 years, about half of which will survive for more than 5 years” (that means 15% survive greater than 5 years). Conversely, according to Wikipedia, “historically, 87% of business incubator graduates stay in business.”
Meanwhile, Answers.com provides some of the advantages of joining a business incubtor including:
- Shared operating costs.
- Consulting and administrative services.
- Access to capital.
- Legitimacy in the community.
- Universality of the incubator concept.
- Comradeship of fellow entrepreneurs.
But, is incubation the only co-operative entrepreneurial concept on the market in 2011? The answer is NO! At WINcompanies.com, we offer professional service and high tech firms the ability to conglomerate with other highly talented firms under our Business Accelerator allowing for the following additional benefits:
- Corporate legal counsel.
- Liability coverages.
- CPA and volume discounts.
- Corporate perks.
- Access to large group health insurance.
- CFO services including analysis of: corporate financial package, business plan, cash flow (or burn), forecasting.
- Support of strong management team.
This conglomeration allows a business with several employees, to enjoy all of the benefits of being a business with more than 100 employees. At the same time, it enables the business owner to focus on their product or service and not the business’ overwhelming daily infrastructure needs that detract from the owners primary focus; selling and serving clients. The savings in both dollars and time spent (opportunity costs) are priceless.
Acceptance to the WIN Business Acceleration program is by interview and invitation only. For more information, contact us at info@WINopp.com.
Virginia Lorimor, CPA*
Chief Excellence Officer
The WIN Companies
entrepreneurship, starting a business, business incubation
Follow Us !