What’s In a Name?

 Once you’ve decided which business structure you will use it’s time to pick your business name. Each business structure has its own peculiarities. For example, many states require a sole proprietor to use their own name as the business name unless they formally file another name as a trade name, or “fictitious name.”  

 Of equal importance if finding out whether your name or a very similar name is being used by another business, and if so, what rights they may or may not have to use the name in the area where you do business. Keep in mind that some businesses only file trademarks within their locality, so it’s possible that the same name can be used elsewhere. Remember your business name is an important part of your marketing effort. It is a major component of how customers’ perceive your business.
 

To your complete and continued success!!!!

 

 

 

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Establishing Boundaries in Your Business and Personal Relationships

Establishing Boundaries in Your Business and Personal Relationships

A boundary is a limit or edge that defines you as separate from others.

All relationships whether personal or professional must have established boundaries and it is very important in any relationship to start as we plan to continue. If we start business or personal relationships with no set guidelines then anything goes. However, if we set boundaries and establish guidelines, people know where not to go. Simply put, boundaries establish how far we let people in and how far we let them go. Someone said this about boundaries – a boundary would include the words “Thou shall not”, whereas a standard would include the words “I will not.” If you don’t want people to know your personal business don’t divulge your personal business. If you want people to respect your guidelines then you must set guidelines (not mental guidelines/boundaries) but clearly defined and communicated guidelines. It’s just that simple.

Here are some simple steps to establishing boundaries:  

  1. Define your territory – your personal space (what is allowed and what is not allowed)
  2. Learn to communicate your feelings to others. People will never know if you don’t tell them. We can’t expect others to read our minds. Remembers to communicate without  placing blame or shame on the person or yourself
  3. Understand what makes you comfortable or uncomfortable
  4. Learn what’s reasonable and unreasonable to give in professional or personal relationships
  5. Understand that setting boundaries does not make you a bad person

Remember boundaries are not designed to push people away; they are there to build strong, trusting, respectful and lasting relationships. Also, the actions we take can build or destroy relationships.

To your complete and continued success!

Katina Amoah

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Seven foundational character traits needed to help build your business through networking.

Confidence - Confidence is simply belief in one’s own abilities and if you don.t believe in yourself who will?

Listening Skills - The highest form of respect that we can show someone is listening to what they have to say. We all know how great it feels, when someone takes time to listen to and show genuine interest in our point of view. Also, listening to others allows us to learn from them . even if we learn what NOT to do.

Assertiveness - Ladies it’s ok to be assertive, not domineering but self-assured. Not coy, but confident. How can we effectively network if we are too shy and too timid? Assertiveness is also what is needed when giving a polite but firm no. Sometimes we have to say no.

Trust - assured reliance on the character, ability, strength or truth of someone or something: One in which confidence is placed. People need to be able to trust us and to trust the quality of our work. 

Vision - You must know where you are going and how you are going to get there. So write the vision down and make it plain. Remember, without a vision people (and businesses) perish.

Resilience - Resilience is defined as an ability to recover from or adjust easily to misfortune or change. Ladies let’s face it  there will be times in our business and personal life when are faced with an unfortunate set of events. The business world is always changing and so are we. Change is not only likely it is inevitable and unavoidable. We must ensure we have a change management plan or strategy in place for our businesses.

Perseverance - to persist in a state, enterprise, or undertaking in spite of counterinfluences, opposition or discouragement. Remember in the world of business only the strong survive.

Katina Amoah

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Confessions of an Inspired Entrepreneur

Never in a million years did I ever believe that I would be an entrepreneur.  Although, I must admit that by nature I am a very passionate, driven and determined woman, owning my own business was never something I was truly interested in. I have always been presented with business opportunities, but nothing tugged at my heart nor did it inspire me. However, I’ve always rallied behind other people, made business connections for other people and encouraged and supported people in their business endeavors.

Embracing entrepreneurship was and still is an inspired, passionate and heartfelt journey for me. For example, when I was inspired to start You Can Women in Business, I was at church one Sunday evening and deep within my soul I heard these words so clearly, “YOU CAN.” Guided by nothing but pure inspiration and passion, once I got home that evening, I created a website, hosted my first major event a year later with over one hundred women in attendance and the rest is history.

However, being an entrepreneur can sometimes be long and sometimes lonely journey. When I started You Can Women in Business I went in heart first, without a dime in my pocket, no mentor, no coach, no direction and no business plan. I wasn’t motivated by money; I was motivated by inspiration and passion.   Even to this day money is not my motivator, but all smart business people understand that as business owners, we must be compensated for our intellectual property, time, services and products. 

The Lessons That I’ve learned as an Inspired Entrepreneur:

One very important lesson for me was not to get caught up in comparing myself to other businesswomen. It is very important to understand what methods they used to succeed, but don’t paralyze yourself by comparisons. Also, take baby steps. Don’t try to operate your business on the level of someone that has been in business for ten years when you’ve only been in business for three months.

Another great lesson I learned as an Inspired Entrepreneur is not to wear my feelings on my shoulders. Inspired Entrepreneurs are passionate people, emotional people and people with big hearts. However, our greatest strengths can prove to be our greatest weaknesses. It is important to keep a well-balanced outlook on life and not make business or personal decisions based on feelings alone, because feelings and emotions change… and most definitely do not make decisions out of desperation. That could spell doom.  One has to make sound decisions that will stand when all the hype, challenges and emotionalism has subsided.

Entrepreneurship has also taught me to respect what others are doing. I’ve witnessed so many people demand nothing but the highest respect for what they do, but will blatantly disrespect or show little regard for what someone else is doing and make no apologies for it.

While there are many lessons that I have learned, a very critical lesson is asking for help, which so many women struggle with. I believe we struggle with asking for help because we believe that we are supposed to do it all. There is this perception that asking for help shows some sign of weakness. NOT TRUE!  Asking for help does not mean that you are failing; it does not mean that you are not smart or savvy enough and it sure does not mean that you are weak. The strength is in asking for help. Asking for help simply means that we need assistance and that’s okay. It is very unwise to think that we can do everything all by ourselves. Look at it this way, “Even the helper needs help! The servant should be served, the caretaker should be cared for and the leader needs someone to follow.” Allow yourself to be a client. Invest in yourself.  Entrepreneurs must continue to learn, advance and develop too, and we need people to help us.

Today, I’m still an Inspired Entrepreneur, but I am wiser, smarter and not only acting off of inspiration.

So in closing, whether you are an inspired entrepreneur, an accidental entrepreneur or an entrepreneur that had a well thought- out plan, remember You Can and You Will Succeed in Business! Never Give up… I’m in your corner with a banner held up high with the words “YOU CAN” on it in big bold letters.

To your COMPLETE and CONTINUED success!

Katina Amoah

Posted in Words From a You Can Woman | 5 Comments

Choosing the Right Business Structure

Selecting a corporate structure is one of the most important startup decisions that a business owner makes and choosing the right business structure should not be taken lightly. You want to make sure that your business structure is the best fit for you.

The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

Sole Proprietorships - A sole proprietor is someone who owns an unincorporated business by himself or herself. There is no legal distinction between the owner and the business. All profits and losses are accrued to the owner, and subject to taxation.

Partnerships - A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.

Corporations are the most common form of business organization. It’s given legal rights as a separate entity from its owner, thus keeping its owner from being liable if the company is sued. Corporations are owned by a group of people known as shareholders.

S Corporation is similar to a corporation, in that business owners have limited liability in the company. However, S corporations generally do not pay income taxes, but rather, the business’ income or losses are passed along to shareholders.

Limited Liability Company (LLC) is the hybrid of a sole proprietorship and a corporation. Like a corporation, the owners of an LLC have limited liability, but are also shares the pass-through taxation of a sole proprietorship or partnership (meaning, if you own an LLC, you are only taxed once for your business).

Non-profit Corporation - A nonprofit organization is formed for the purpose of serving a public or mutual benefit other than the pursuit or accumulation of profits for owners or investors. “The nonprofit sector is a collection of entities that are organizations; private as opposed to governmental; non-profit distributing; self-governing; voluntary; and of public benefit.” The nonprofit sector is often referred to as the third sector, Independent sector, voluntary sector, philanthropic sector, social sector, tax-exempt sector, or the charitable sector.

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Why Some Small Businesses Fail

1. No support system

 2. Lack of proper research or planning

3. Trying to do too much too soon

 4. Insufficient funds

 5. Ineffective marketing & self-promotion

 6. Poor people management skills

7. Down playing the seriousness of starting and operating a business

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YOUR TIME TO BLOOM!

Bloom – a state or time of high development or achievement; to mature into achievement of one’s potential; to shine out; to appear or occur unexpectedly or in remarkable quantity or degree.

We have rose bushes in our front yard and I always enjoy admiring them and inhaling the aroma of the roses when they are in full bloom. One morning as I walked out of my home, to my amazement our rose bushes were displaying beautiful red blooms. I thought to myself, wow! When did that happen? I was convinced that just yesterday, there were no buds present for the roses to bloom. As I stared in admiration at the lovely roses glistening in the morning dew, it occurred to me, how our lives represent those roses.

We may feel as though the time we spend planning, developing our business ideas, planting and working effortlessly to achieve our level of success, is all a big waste of time. Just like rose bushes, we feel like our lives are covered in thorns. Sometimes we even ask ourselves, “What good is coming out of my hard work?” “What good is coming out of stretching myself?” “What good is coming out of the time I’m spending away from my family?” But one day our questions are answered when the buds of our commitment, consistency and perseverance take root and BLOOM. Then we realize that all of our work, consistency and perseverance served as the fertilizer for our success. Just like the roses unveiling their beauty in the morning dew, so will we shine and glisten in remarkable ways.

Interesting enough, some of us resist coming into full bloom. Why? I believe it is because we fear the unknown and we don’t want to deal with the thorns that prick us along the way.  Ask yourself, “What thorns am I afraid of?” A friend sent me a quote by Anais Nis, which reads: There came a time when the risk to remain tight in the bud was more painful than the risk it took to blossom. Can you relate to this quote? I can. There is always a battle that rages inside of us, which tries to keep us from blooming, but we must effectively arm ourselves and battle. We must refuse to settle and we must choose to BLOOM!

It’s important to point out that in order for us to bloom we must be planted and fertilized correctly. The definition of fertilize means to enrich or make fruitful. As complete businesswomen we can fertilize our lives and businesses by finding a mentor, by receiving necessary training, by caring for ourselves and by constantly seeking ways to grow and develop. After fertilization we must be pruned. The pruning process is not a pleasant process, but it is very necessary. Prune means to cut off or remove dead or living parts to improve shape or growth; to weed out unwanted or unnecessary things. Pruning requires us to be brutally honest with ourselves and pruning causes us to look at what is working in our lives and what is not working. Thus challenging us to change the way we think and change the way we conduct business as usual.

Now, take inventory of your life. What steps is it going to take for you to blossom into the complete businesswoman that you were created to be? Where do you need to plant yourself, so that you can receive the nourishment, training, education, encouragement and support that you need to BLOOM?

In closing, just as we enjoy the beauty and aroma of lovely fragrant flowers when they are in full bloom, so will we be able to enjoy the beautiful attributes that we will display when we are in full BLOOM.

To your complete and continued success,

Katina Amoah, Founder & CEO

You Can Women in Business!

“Your Authenticity Specialist”

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Four ways you may be sabotaging your business success…

1. Not asking for help – Let’s face it, we all need help and not asking for help is one way to sabotage your business success. Stop trying to do it all by yourself. IF YOU NEED HELP ASK FOR IT.

2. Not embracing change – The world of business is constantly changing and if we can’t embrace change it will be hard for us to embrace business success.

3. Not continuing to learn – As Entrepreneurs we should always look for ways to learn, develop and advance. In doing so we will be better equipped to deal with change and more knowledgeable on how to run our businesses (read a book, attend events, take a business course).

4. Not believing in yourself – Let’s face it, if you don’t believe in yourself or your business who will? Remember, the road to business success starts with you. Believe in yourself and your abilities.

To your COMPLETE and CONTINUED success!

Katina Amoah, Founder & CEO
You Can Women in Business International Inc.
www.youcanwomeinbiz.com

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Punch Back!

Have you ever heard the expression, “I am not going down without a fight?” Ladies, this is the attitude we must have in the wonderful world of entrepreneurship. We must gear up, stand firm, and be prepared to punch back when life throws us blows.

As entrepreneurs, we are well aware that life will throw us experiences of every sort. However, how we respond to these experiences will determine whether we are knocked unconscious, or if we are knocked down, but able to get back up. I had the privilege of meeting a young lady that shared with me how life threw a very ugly situation her way. Already a business owner, she experienced some troubling times. However, she punched back with beauty. This young lady began to create beautiful jewelry and in the midst of her ugly trial, one business folded, but another one was formed. She could have buckled under the stress and strain of having to dissolve one business, but she chose to punch back with the internal resources that she possesses.

I must admit that life will throw us unexpected blows. We will be faced with life changing decisions, unexpected situations, and trials and tribulations.

What does tribulation mean? Tribulation means an experience that tests one’s endurance, patience or faith. As entrepreneurs, there will be many situations that test our endurance, patience and faith, but we must punch back by arming ourselves with a positive attitude, and outlook. Even when we make mistakes in our business, remember with the right attitude, we can look at the mistake as the fuel of creativity. Everyone makes mistakes. Smart entrepreneurs LEARN from their mistakes and move on.

Remember, how we respond to the blows life throws at us will determine our outcome. It is easy to buckle under pressure and to give up, but we must position ourselves to win by punching back with a strategic plan to help us get clarity and focus. Last but definitely not least, keep a Yes, I Can attitude.

To your COMPLETE and CONTINUED success!

Katina Amoah, Founder & CEO
You Can Women in Business International, Inc.
www.youcanwomeninbiz.com

Posted in Words From a You Can Woman | 5 Comments