Small Business Getting a Boost in Chicago – Compliments of Goldman Sachs 10,000 Small Businesses

For those of you following this blog, you know that the WBDC is a proud partner of the Goldman Sachs 10,000 Small Businesses program in Chicago.  As the first cohort of program participants heads toward graduation, we’ve heard incredible feedback about their experiences.  The business education is highly interactive and engaging, equipping business owners with the tools to take their business to the next level.  Key areas of education include:

-          Understanding business financials

-          Creating sales and marketing strategies

-          Becoming a “bankable” business

-          Developing true leadership skills

Additionally, through this program you have the opportunity to interact with other business owners looking to learn and enrich their businesses.  So not only will you be gaining valuable lessons on business from top business educators, you will also be networking with key connections in the Chicago area!

Are you:

1. A business poised for growth?
2. Committed to growing your business and creating jobs?
3. Having a business model that could scale to create more jobs?
4. Seeking practical business and management education, access to capital and business support services?

If you answered yes to all these questions, then you should APPLY for the Goldman Sachs 10,000 Small Businesses program today!

For more information on specific eligibility requirements and to hear from Goldman Sachs 10,000 Small Businesses program representatives, attend one of the WBDC’s informational events March 20^th at Illinois Institute of Technology or March 21^st at the WBDC.

Mayor Emanuel visits with 10000 Small Business scholars

This great opportunity is offered in Chicago by partner organizations including the WBDC, City Colleges of Chicago, Chicagoland Chamber of Commerce, Chicago Urban League and Illinois Hispanic Chamber of Commerce.

Hedy Ratner- Addressing Women’s Issues from Here to South Africa

Recently, Hedy Ratner sat down with Womenetics for their “Global Women’s Initiative: The Ripple Effect” to discuss women’s roles in business globally and locally.  As co-president of the Women’s Business Development Center (WBDC), Hedy works diligently every day to bring more opportunities to minority and women-owned businesses.  In these videos Hedy touches on topics ranging from the global position of women to what she does to balance work and personal life  Take a moment and be sure to write down important points touched on throughout the videos to help enrich your life and “feed your soul.”

New NAICS Code Size Standards for Small Businesses

For the first time in about 25 years, the Small Business Administration recently changed its definition of “small business” in a variety of industries (see chart below). The end goal for these changes is to increase access to federal contracts and access to capital. “It allows small businesses to retain their small-business status and contracting officers to have a larger selection of small businesses to choose from for contracting opportunities,” said a SBA spokesperson.  The changes go into effect March 12,2012.  How do you think they’ll impact your small business?

Chart provided by: Cherry, Bekaert & Holland, published originally here.

NAICS Codes	NAICS industry title	Current size standard ($ millions)	Proposed size standard ($ millions)	Revised size standard ($ millions)
541110	Offices of Lawyers	$7.0	$10.0	$10.0
541191	Title Abstract and Settlement Offices	7.0	10.0	10.0
541199	All Other Legal Services	7.0	10.0	10.0
541211	Offices of Certified Public Accountants	8.5	14.0	19.0
541213	Tax Preparation Services	7.0	14.0	19.0
541214	Payroll Services	8.5	14.0	19.0
541219	Other Accounting Services	8.5	14.0	19.0
541310	Architectural Services	4.5	19.0	7.0
541320	Landscape Architectural Services	7.0	19.0	7.0
541330	Engineering Services	4.5	19.0	14.0
Except	Military and Aerospace Equipment and Military Weapons	27.0	27.0	35.0
Except	Contracts and Subcontracts for Engineering Services Awarded Under the National Energy Policy Act of 1992	27.0	27.0	35.5
Except	Marine Engineering and Naval Architecture	18.5	25.5	35.5
541340	Drafting Services	7.0	19.0	7.0
Except	Map Drafting	4.5	\1\	\1\
541350	Building Inspection Services	7.0	19.0	7.0
541360	Geophysical Surveying and Mapping Services	4.5	19.0	14.0
541370	Surveying and Mapping  (except Geophysical) Services	4.5	19.0	14.0
541380	Testing Laboratories	12.0	19.0	14.0
541410	Interior Design Services	7.0	7.0	7.0
541420	Industrial Design Services	7.0	7.0	7.0
541430	Graphic Design Services	7.0	7.0	7.0
541490	Other Specialized Design Services	7.0	7.0	7.0
541511	Custom Computer Programming Services	25.0	25.5	25.5
541512	Computer Systems Design Services	25.0	25.5	25.5
541513	Computer Facilities Management Services	25.0	25.5	25.5
541519	Other Computer Related Services	25.0	25.5	25.5
541611	Administrative Management  and General Management Consulting Services	7.0	14.0	14.0
541612	Human Resources Consulting Services	7.0	14.0	14.0
541613	Marketing Consulting Services	7.0	14.0	14.0
541614	Process, Physical  Distribution and Logistics Consulting Services	7.0	14.0	14.0
541618	Other Management Consulting Services	7.0	14.0	14.0
541620	Environmental Consulting Services	7.0	14.0	14.0
541690	Other Scientific and Technical Consulting Services	7.0	14.0	14.0
541720	Research and Development in the Social Sciences and Humanities	7.0	19.0	19.0
541810	Advertising Agencies	7.0	14.0	14.0
541820	Public Relations Agencies	7.0	14.0	14.0
541830	Media Buying Agencies	7.0	14.0	14.0
541840	Media Representatives	7.0	14.0	14.0
541850	Display Advertising	7.0	14.0	14.0
541860	Direct Mail Advertising	7.0	14.0	14.0
541870	Advertising Material Distribution Services	7.0	14.0	14.0
541890	Other Services Related to Advertising	7.0	14.0	14.0
541910	Marketing Research and Public Opinion Polling	7.0	7.0	14.0
541921	Photography Studios Portrait	7.0	7.0	7.0
541922	Commercial Photography	7.0	7.0	7.0
541930	Translation and Interpretation Services	7.0	7.0	7.0
541940	Veterinary Services	7.0	7.0	7.0
541990	All Other Professional, Scientific and Technical Services	7.0	7.0	14.0
811212	Computer and Office Repair and Maintenance	25.0	25.5	25.5

“The United States Small Business Administration (SBA) is increasing 37 small business size standards for 34 industries and three sub-industries (“exceptions” in SBA’s table of small business size standards) in North American Industry Classification System (NAICS) Sector 54, Professional, Technical, and Scientific Services. SBA is also increasing the one size standard in NAICS Sector 81, Other Services, which it did not review in 2010. These size standards are all receipts based. SBA is retaining the current standards for the remaining industries in NAICS Sector 54. This rule also removes “Map Drafting” as the “exception” to NAICS 541340, Drafting Services. As part of its ongoing comprehensive review of all size standards, SBA has evaluated every receipts based size standard in NAICS Sector 54 as well as the one previously unreviewed size standard in NAICS Sector 81 to determine whether the existing standards should be retained or revised.” – from Federal Register

Valentine’s Blog: What do you love most about owning your own business?

Valentine’s Day is a day spent showing the one we love special attention by sending flowers, chocolate and other trinkets of affection (hopefully all from a locally-owned establishment).  Let’s not overlook the love entrepreneurs have for their businesses.  This year we asked the question “What do you love most about owning your own business?” through Facebook, Twitter and on LinkedIn.  Check  out the responses below and leave a comment with what you love most!

“It is intoxicatingly fulfilling to realize a dream and feel a sense of accomplishment and purpose that I have never felt before”

Linda Quarshie is a recent WBDC FastTrac Graduate and owner of AOAactivewear. Learn more about her active wear line here and follow here @AOAactivewear.

“I love that I can think ‘outside the box’ to find a solution to unique needs as they arise without going through other channels for approval.  My business potential is only limited by my imagination.”
Robin Frank is a Long Term Care Analyst & Planning Strategist.  You can find out more about her business here or here.

“I love the politics of owning a love-driven company, I love the feeling that I can do something meaningful with my life by lifting other entrepreneurs, I love the freedom to create and explore new business opportunities, I love the dedicated people with whom I work – like the peeps in this group and I love the entrepreneur spirit.”

Lennie Rose is CEO of The Big Ooga, a Chicago-based small business and entrepreneur networking community.  Learn more here, or follow Lennie @BigOoga.

“I love the fact that it gives me the flexibility to do charitable work and spend quality time with my family without feeling guilty or like I’m undermining my career.”

Max Elliott is a Wills, Trusts, Estate Planning Attorney located in the Chicago area.  Learn more about her business here and follow her @maxelliottlaw.

“The ability to chose who I work with so they align with the beliefs and ethics of how I want business portrayed.”

Lori Johnson is the President of Ladies, Start Your Engines! LLC.  Learn more about her business here or follow her @LSYE.

“I like that my business is a reflection of me.  I like being able to push myself in ways I didn’t think I could.  Sounds trite but it’s absolutely true.”

Cynthia Collins Cieckiewicz is the owner of Uptown Soda Bread, learn more here or follow her @UptownSodaBread.

“I love that my business provides jobs for others!”

Adela Red is a product & service company that coordinates events, offer set and show services, as well as apparel and accessory products. Learn more about Adela Red here.

“I love being able to spend quality time with my family and still be able to use my type A personality to help other businesses succeed.”

Kimberly Loftis provides a broad range of financial management and business consulting services to a variety of clients as well as individuals. Learn more about Loftis Consulting here.

” I just sent out 2011 tax forms to my employees. I love providing jobs!”

Lauren Milligan is President of ResuMAYDAY, which provides resume development, interviewing skills coaching, networking coaching and everything that job seekers need to conduct a high-impact job search.  Learn more here and follow her company @ResuMAYDAY

“It’s the next best thing to giving birth! Creating your own business and watching it grow is amazingly fulfilling, particularly if your “baby” helps others grow within the industry as well.”

Jill Glaser is a Freelance Media Makeup Artist at Make Up First, LLC in Chicago.  Check out her company here and follower her @makeupfirstschool.

WBDC’s $100,000 Technology Makeover Winner Announced

Have you ever won $100,000 in business boosting prizes? Jennifer Bias, winner of the WBDC’s Third Annual Technology Makeover Competition, knows just how it feels to win this level of products and services to invest in her business.
Jennifer, president of Ficek Electric & Communication Systems, Inc., was awarded the technology prize package in a ceremony hosted at the Women’s Business Development Center in Chicago last week after pitching her company’s needs and vision for the materials.

Jennifer Bias, Winner of the Third Annual Technology Makeover

“The judges were moved by Jennifer’s passion for her company’s mission, as well as her incredible entrepreneurial spirit,” said Hedy M. Ratner, co-president with Carol Dougal of the WBDC.
Click here to read the full article from the Chicago Sun-Times to learn more about the prize package and how Jennifer plans to use the materials.
Take a look at these great ceremony pictures from the event showcasing the finalists and judging panel.

13 WBEs/WBOs from the Women’s Business Development Center (WBDC-Chicago) Nine-State Region Being Honored in FL

Each year Enterprising Women magazine honors women business owners based on the revenue growth of their company, their leadership and the way in which they have given back to the women’s business community.    This year’s awardees will be honored at the 10th Annual Enterprising Women of the Year Awards Celebration in Fort Lauderdale, FL on March 12-13, 2012 .  For a complete list of awardees, click here.  As part of that event the WBDC and Enterprising Women are presenting a match-maker event for women business owners, sponsored by Office Depot.  For more information on the match-maker, please click here.

Not Pictured: Lee Tkachuk, Keystrokes Transcription Service, Inc., Yorkville, IL

Notes on the International Council on Women’s Business Leadership inaugural meeting

Tuesday morning, January 24, 2012, Secretary of State Hillary Clinton hosted the inaugural meeting for the International Council on Women’s Business Leadership.  Members were invited by Secretary Clinton and include leaders of American and foreign public and private sector organizations.

For those that could not watch the live broadcasting, WBDC marketing assistant, Bethany Hartley has provided some notes from the meeting’s discussion.

First, what is the International Council on Women’s Business Leadership?

“The Secretary of State’s International Council on Women’s Business Leadership (ICWBL) serves the United States Government in a solely advisory capacity concerning major issues and problems in international business and economic policy, including the effective integration of business interests and women’s economic empowerment into overall foreign policy; the role and limits of international economic institutions from a gender-specific perspective; and the Department of State’s role in advancing and promoting the role of women in a competitive global economy.”

-from the Secretary of State website

Objective for the meeting:

“What are the ideas that we can promote that can help women be able to fulfill their own potential. How do we widen that circle of prosperity which will lift the entire global economy – women and men alike – and how do we, within our own organizations, do more to train and promote women to positions of leadership?”  Secretary Clinton

The meeting targeted issues currently impacting countries around the world.  Hot topics included:

1. Child Care Options
   For Sweden’s Maud Olofsson one of the main problems hindering financial growth and business leadership for women is the lack of child care options available to women.  By sharing parenting duties between parents and allowing for child care to be more easily accessible and financially feasible, women would not be derailed from their career.  South Africa’s Wend Luhabe affirmed these challenges.
2. Insurance Offerings for Women
   South Africa’s Wendy Luhabe also raised the issue of insurance offerings for women.  It is Luhabe’s belief that women are not covered nearly enough, stating examples of families being destroyed from having to repay medical bills when children fall sick and a need for further coverage for women when a divorce takes place.
3. Building Wealth Through Sustainable Credit and Grassroots Programming
   India’s Meera Sanyal discussed how there is no overt gender discrimination in India, yet constantly changing policies for credit cause confusion.  There is a need for basic savings methods because if women keep the money in their home they will spend it on their family.Jamaica’s M. Audrey Hinchcliffe discussed her country’s problem being that of a small, wealthy few control the less fortunate larger population.  It’s a pyramid that needs to be altered by implementing programs to provide training and financial assistance to the large base and thus creating a more stable economic standing for the whole country.
4. Innovative Program Models
   Wanda Engel, Executive President, Unibanco Institute, discussed Brazil’s Bolsa Familia program where funding is provided for families with children as long as children are attending school on a consistent basis.  Brazil has a high number of uneducated people which creates a poor economic situation.  With this program, children are becoming educated and potentially able to achieve a higher economic standing than their parents through professional work.  Many of the other countries representatives at the meeting expressed interest in adapting the Bolsa Familia program in their homelands.
5. Women on Boards – About 3% of United States CEOs are women

“One fact is already clear, including more women at the top of organizations, businesses and the public sector- it’s not just the right thing to do, it is the smart thing to do.  It’s good for business, it’s good for results” –Secretary Clinton

Overall, the meeting was inspiring and thought provoking.  Essential topics were discussed including access to capital, women helping women and getting more business education out there to promote women in leadership roles.  These are all issues we look at every day at the WBDC and the reason we continue to provide the support we do for women.

What do you think?  Did you watch the meeting?  What would you ask the members?  Most importantly, do you think anything will come of this council?

Supplemental Links:

Cherie Booth Blair’s foundation: MWomen Initiative

Secretary Clinton’s September speech at APEC

List of Members: ICWBL Council Members

Introduction of Meeting: Secretary Clinton

The Business Behind Child Care

The WBDC offers a Child Care Business Program (CCBP) unlike any other.  You already love children, now we can teach you the business side of child care.  You learn solid, tangible skills to build a foundation for a prosperous business, and all of the CCBP options are available in both English and Spanish.

How can the WBDC CCBP help you?

1. Training: Between workshops, seminars and conferences we equip you with marketing, financial and other business skills.

• If you’re just starting out, take 10 weeks to learn how to launch and sustain a successful home or center-based child care business. Sign up now for the next workshop series!
  
• Workshops are also available for established business owners looking to understand the Business Administration Scale Program and other advanced business topics.

2. Counseling: Our professional team of business counselors provide free individual and group counseling

3. Networking Opportunities: Our Child Care Business Expo is an annual event providing a platform for all levels of child care providers to network with other child care providers, hear from industry professionals, including  Tom Copeland, and connect with suppliers to meet your purchasing needs.

Don’t miss these opportunities to grow your skills on the business side of child care. Take it from Allison Perkins, WBDC client and owner of Allison’s Infant and Toddler Center,

“It’s not what people think it will be.  As the administrator you make sure the children are able to have the experiences they need.  Make sure you’ve done your research and have a solid business plan.”

Read more about Allison’s story of successful business ownership here.  Whether you’re thinking about starting as a home-based business or leasing a space for your child care center, the CCBP provides you with information about all your options.

Tools for you:

1. Child Care Business Plan Template
2. Sample Revenue Assumptions
3. Sample Start Up Budget

Want more information about the program or have questions about the CCBP?  Contact Janice at jlopez@wbdc.org.

Four Follow Ups to Your Business Plan – Group Consultations

You developed an idea.  You researched the field you want to break into. You have support of friends and family. You wrote your business plan. You revised your business plan. Your personal finances are in order.  Now what? Has anyone read your plan? Have you met with any banks to discuss funding? Where are you in your planning, really?

If your face has become a scrunched up question mark, maybe you should consider group consultations.  A group consultation is a great way to bounce your ideas off of other peers in the same situation as you, with the help of an experienced business counselor to keep you on track.  Here are the four reasons why group consultations might be just what your business plan needs:

1. Your Cloud: Just like Apple developed the iCloud, you develop the BusinessCloud.  You have already created a cluster of ideas, notes and projections for your business, and it’s all floating around with a clear path seemingly hard to find.  By creating this cloud of content you are laying the foundation for great ideas to come, and with the help of others, you can pull out the good and toss the bad.  It’s amazing to see what people have floating in their minds, and group discussions can focus in on the ideas that could make your business great!
2. Building Business Relationships: Is your business going to do business with other businesses?  Chances are at some point it will.  Whether you’re knitting scarves to sell at a farmer’s market or creating software to save the world, you’re going to deal with other business people.   Being involved with a group can teach you how to perform in the business world.  You can learn to see the big picture of how others may see your business and what’s out there for businesses in the current economic climate.
3. Feedback: One of the biggest perks of group consultations is the quantity and quality amount of feedback you’ll receive. Instead of one business counselor giving you an opinion, you’re getting the reactions of multiple people.  Unbiased opinions are hard to come by in this day and age, especially with technology.  People are often looking for feedback online about their businesses. For instance Yelp! is an entire website devoted to feedback.  However, when you’re starting out, you may not want all the feedback to be public, nor do you want feedback clearly coming from competitors seeking to bring you down.  The controlled setting of an in person small group is ideal for start-ups.  Be sure to feed off the feedback, don’t just take answers from others and run, give your opinion about their business plans too.
4. Expert Knowledge: Typically speaking, group consultations have a facilitator who is knowledge in business development.  They are a great resource for planning out the next steps of your plan.  Often times it’s difficult to find a setting where you can be comfortable bouncing ideas around, and it’s important to find the right fit for you.  Maybe it’s at a Bank Branch or maybe…the Women’s Business Development Center.

It’s critical to see all sides of your business box, not just your perspective.  Keep these four things in mind as you work on your business plan.  And if you’re looking to join us for a group consult, the next one takes place January 11, 2012 at the WBDC in Chicago, call us at 312.853.3477 x 0.  Oh, did I mention they’re free and limited to five people?  Not sure if you’re ready for group consultations? Download this free resource, “Developing Your Business Plan” from the WBDC.

12 Women’s Words for 2012

Isn’t it always the trend to start the New Year with great goals, aspirations and overwhelming motivation?  When the calendar reads January 1, we all attempt to start a new chapter in our lives, may it be as insignificant as making the bed every morning or something more substantial, like starting a new business.  Regardless, as the year moves forward, we may find that the momentum starts to fade, which is why you should bookmark this post.  Use these twelve slides as motivation to keep working toward your goals.

12 women

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