WAHMs - Never Doubt Your Clout!

The National Association of Women Business Owners estimates 10.1 million companies nationwide are owned by women, accounting for $1.9 trillion in sales and employing 13 million people.

Those are not typos. That's 10,100,000 companies; $1,900,000,000 in Sales; with 13,000,000 employees. And that ain't nothing to sneeze at.

And that is truly just the beginning. Then there are all the work at home moms (and dads) who have single person, at home businesses. These smallish businesses get overlooked in surveys because most statisticians consider them inconsequential, or, at best too hard to locate. WAHMs and DAHMs know better. These are not inconsequential businesses. But, ok, they are probably hard to locate. How do you call up every home in the country and ask if anyone has a home based business? It can't be narrowed by any demographic group because these WAHMs are everywhere, rich and poor, big homes and small, young and old. I personally know several hundred of them, and the only thing that seems to be a common denominator is their desire for a business at home.

Many of these WAHMs have internet based businesses. Some sell products. Some sell services. Some are artists. Some are financial wizards; some aren't. Some are website gurus; some don't know what "SEO" means.

But each and every one of them is successful in her own right, whether she is earning $100 a month or $100,000 a month.

WAHM businesses have taken on more significance since the economy became so unstable and women found themselves without reliable income, or any income at all. Their own creativity and ingenuity has become their stock in trade.

The growth has been driven, too, by a deeper desire to be there for our families, to create an atmosphere of warmth at home -- and still make a living. It has been a long time in coming, but women are finally learning how to successfully combine work and home so that both are successful.

And the world is starting to note.

Small Business Is Too Big To Fail! Business Planning For The New Age

Business planning just got easier for many small businesses. In his address Saturday, President Barack Obama said small businesses have created nearly two-thirds of the nation's new jobs over the past decade and a half.

"They must be at the forefront of our recovery," he said.

This year's $787 billion economic stimulus package made $5 billion in tax breaks available to small business and cut the costs of Small Business Administration loans, Obama said. Last week, he asked Congress to increase the size of some SBA loans and announced a plan to provide low interest loans to small banks that agree to lend more money to small businesses.

So many times it feels like government just doesn't "get it". The trickle down economics that has been popular for so long just doesn't trickle down to the businesses can really jump start the economy. It is essential for government to provide assistance directly where it will do the most good: to the small businesses themselves. Small business can -- and will --be the catalyst to ignite our struggling economy if they are given half a chance.

There are a lot of reasons why the government's money should go directly to small business, not the least of which is that small businesses are just more agile, more able to adapt, than big businesses, without the bloated salaries and bonuses. Small business owners are dependent on the success of their companies, unlike their large business counterparts, and are therefore much more inclined to put the money where it will do the most good, and not in their own pockets.

Business planning for small business means having the ability to NOT plan everything, to be open to shifting economies and trends, to see ahead of the curve. And this is where small businesses really do excel.

And did small businesses really provide two-thirds of the new jobs in the past fifteen years? My guess is that we provided much more. I don't think that statistic takes into account the millions of new entrepreneurs on the web, or others that are just so "small" that they fly under the statistical radar. And many of these businesses are hugely successful by any measure.

It is good to see the financing flow to small business. Very good indeed.

Small Business Marketing Research Turned Upside Down

Suppose you had a potential market of over a billion people? Nice, eh?

Well, suppose that potential market didn't have much money. Not so nice, eh?

Wrrrrrrrrrrrrrong.

Indian inventors have taken that basic information and turned small business marketing research on its head. Consider these products:

• A wood burning stove can make more heat at a cost of $23.
• A refrigerator that runs on batteries sells for $70.
• Heart monitors and baby warmers for clinics have been redesigned to be built for about 10% of their western counterparts.
• A new car goes for $2,200.

And there is a potential market of over a billion people for each of these inventions. It is kind of like inventing the paper clip -- I wish I had thought of that one.

If western products are going to prosper over the next decade, this is the type of thinking we need to do in our marketing research. Reduce the number of parts. Cut manufacturing costs. Create products out of cheaper materials. Get creative.

It is nice when you've got the next biofuel formula waiting for a patent. But if I had my 'druthers, I'd take cell phone service for $2 a month.

Government Contracting -- 7 Ways To Get Your Foot In The Door

The government is immense. You are not. So how do you bridge that gap? Here are some tried and true approaches to contracting with the government:

1. START SMALL. Yeah, it is nice getting a great big huge contract. But if you are the new kid on the block, odds are that it won't happen. So go after the smaller jobs. Prove yourself. Get that recommendation from your contact person, then forge on ahead to a slightly bigger one. Before you know it, you will be able to go after those biggies, and succeed.

2. NICHE IT. No company is good at everything. Know what you are good at, and bid just on those projects. Your specialized knowledge can take you a long way on a government contract.

3. PLAN IT. The bid may not ask for your business plan, but be sure you've got one handy, just in case. If you do get a chance to talk with anyone, a well thought out, well-documented business plan will go a long way to make up for other deficiencies.

4. REGISTER. Go to Central Contractor Registry: www.bpn.gov/ccr and register as soon as you are ready to start bidding. Make sure your website is up and ready too.

5. PERSONALIZE IT. Bidding is still a person to person task, especially with smaller bids. Approach the agency that you believe you can serve. Get to know the people there. The smaller the bid, the more likely you can swing it in your direction when you know the right people.

6. LOOK LOCAL. The US government is only the beginning of government contracting. There are still state governments, county governments, city governments, and a gazillion different agencies that are possibilities. Let your imagination be your guide.

7. FOLLOW EVERY LEAD. Even if the lead doesn't pan out, get your name out there. The more people who know about you, the better.

Hundreds of thousands, if not millions, of businesses prosper on government contracting work. It is probably the most overlooked source of business that there is. No matter how esoteric your business is, odds are that there is a niche somewhere in the government for your services.

The 3 Things You MUST Do To Capture SBA Loans, In Good Times And Bad

Yooooooooooooooooooooooo hoooooooooooooooooooooooooooo, SBA. Here we are! Thousands upon thousands of small businesses need your help. Where aaaaaaaaaaaaaaaaaare you?

The Small Business Administration's fiscal year ended in September, showing a drastic drop in 7(a) loan approval -- fewer than half as many loans were approved in 2009 than just two years earlier.

Half. Drat it, that's a lot. Even in a bad economy that's a lot.

So if you feel the pinch of not being able to get SBA loans, you are in good company. My guess is that slews of great small businesses cannot get SBA loans right now. And that's not good.

So what do we do? There are no miracle answers. But when you need an SBA loan, you need an SBA loan, so try some of these:

1. Write a very good business plan. "Spectacular" isn't needed. "Professional" isn't needed, and is often counter productive. But "Good" will get you a long way, and "Very Good" will likely hit a home run. Entrepreneurs have simply forgotten how important written business plans are to banks, and how to write them. So if yours is very good, it will stand on the top of the stack.

2. Get an experienced bookkeeper or accountant to review your projections. Entrepreneurs tend to be optimistic, so get the real scoop from someone else -- and listen to their advice.

3. Document, document, document. Bankers by nature are conservative. It is a gene they carry. That means they aren't going to take your word for much of anything. The more you can document your stats, the better off you are. If you can include testimonials or establish a strong advisory board, those are really big plusses too.

Look to alternative funding as best you can. The more you can garner from elsewhere, the less you have to go begging to the SBA to provide. Odds are that you will still need a solid business plan, but your odds of success increase exponentially as you draw in more sources of funding.

Business Financing for Women: Start Your Engines!

Key Bank is an amazing resource for women entrepreneurs. It has already loaned $2 billion to women owned businesses, and is planning to lend another $3 billion. That's no typo: that is "B" as in "billion".

There are now over 10 million small businesses that are female owned, and the number is growing. We suspect that number is low because it probably doesn't include all the WAHMs (Work At Home Moms), and that is a very substantial number, many of whom earn substantial incomes. Women owned businesses now generate over $2 trillion in sales each year.

Ladies, we've become a force to reckon with!

BusinessPlanMaster has long supported the accomplishments of women entrepreneurs. When we first put a page on women entrepreneurs five years ago, we put it into our "minorities" section. Well, we aren't really a minority any more. We are a dynamic force, if not a dominant one.

Business financing for women has continued to evolve with amazing programs like those at Key Bank. We thank everyone who has contributed to the success of women entrepreneurs. And, ladies, pat yourselves on the back, too -- you've come a long, long way.