WBF President’s Message - December 2013
Mastering A Million
I read somewhere recently that the majority of women business owners earn less than $30,000 per year and that very few take their business to the $1 million revenue mark. These statistics make me nuts. If you know me, you know I am REALLY passionate about women succeeding in their businesses and the fact that I like to put my goals out there. So here it goes: I plan to break into that small percentage of $1M women-owned businesses. And, I think that just saying this – publicly – is going to help me get there; now I'm accountable to you ;).
This is an excerpt from my blog post 2 years ago that inspired the launch of the WBF Mastering a Million Professional Mastermind. Please continue reading here to learn how staying fit, getting support, setting goals and sharing them, working with a mentor and joining or starting a mastermind group can help you with your business.
See you at a meeting soon, and as always, please contact me with your ideas about how the Women's Business Forum can best support and inspire you to build your successful business.
Catherine Cavella - Protecting your Intellectual Property
Graciously filling in for the previously scheduled WBF’s speaker, Catherine Cavella, a trademark law and patent advisor attorney deftly informed the WBF’s assembled members about the three things every business owner can do to make more money and avoid lawsuits. They involve developing a custom patent, copywriting trademark and trade secrets and enforcement issues.
Catherine informed us that 95% of startups fail in the first year due to a lack of planning. She personally experienced this growing up with an entrepreneurial father who started many businesses but was never a success. Through this experience she came to see the three things that are essential to strong business development and growth: insurance, contracts and trademarks.
Catherine advised that insurance is an inexpensive way to protect a company’s cash flow by covering the cost of litigation, especially advertising injury which fights liability. External contracts need to be adequate containing a Non-Disclosure Agreement. They should be tailored to you and your business situation and not boilerplate. Internal contracts, which are those between partners or friends starting a business together, help protect your relationships and clarify what you expect to get and give in the partnership. Defining each participant’s role leaves no guesswork as to whom will assume various responsibilities and actions.
Finally, a trademark, which is her first love in law, protects your investment. Your trademark is not necessarily your name but your brand and needs to be thoroughly and comprehensively researched. Doing this research at the start of your business is essential because Catherine states, “after you are successful changing your name/brand is costly, not only in monetary terms but in trade.” Catherine feels that getting your customers to follow you after a name change is a precarious situation and the potential for lost business is great. When the search is completed and your title is clear she suggests securing the trademark immediately. This puts you on the other side of the lawsuit, the winning side.
We asked and you answered.
What the WBF Survery Questions Revealed
First, A big Thank You to everyone who responded to our brief survey in September.
Our Committees will be using this information to identify monthly speakers and to develop programs that will help you meet and surpass your business goals. Here’s what you shared:
Your top 3 business concerns:
Your top 3 reasons for being involved with the WBF:
We also learned that half of our WBF members are solopreneurs, and nearly 25% work with a team of 1 or more employees with the balance working part-time on their business, employed by a company or are in transition.
Thank you again and we look forward to seeing you at our next monthly meeting. WBF's mission is all about educating and inspiring you at every stage of your business from startup to your vision of success!
Check Out the Women's Business Forum Website!
Great Benefits for You
This website is for YOU! Get to know how it can help you with your business:
And so much more!! Access the following presentations and guides to help YOu get started with all your member benefits on the new site: