Finance

What Women Should Know When Starting a Business

Published

11 years ago

July 31, 2014

According to the Small Business Administration (SBA), women-owned companies are growing much faster than every other segment of new business in our economy. Many of these companies started small, started by females seeking the interesting and potentially fulfilling experience of “being their own boss” while carrying out something they enjoy. If you’re considering starting your own business, you’ll need a sound plan, a little imagination, personal dedication, and probably some form of financial investment

“Before you make the commitment to starting your own company, you’ll need to determine whether it’s the right move for you,” says Martin Walcoe, EVP of David Lerner Associates.

Here are a few crucial factors to consider.

Personal investment

Why do you want to start a company? Generally, you should believe you have a great idea that you are passionate about. Giving your company a chance to be prosperous will call for a personal dedication and probably some sacrifices. Are you prepared to invest the time, money, and personal resources to get your business started?
As you might imagine, there’s a lot that goes into starting a business. You’ll have to do some market analysis to determine the potential size of your market, identify the competition, and set the price of the goods or services you’ll offer. You should develop a written business strategy, research the best legal form to use for your business, and understand what licenses and/or permits you’ll need. And you’ll have to figure out how much capital you’ll need to start your company, and where that capital will come from.

Type of business

What type of company do you want? Do you have a unique idea, or do you want to get involved in a kind of business that already exists, like a franchise? What services or products will your business provide? Have you identified your target market? Who is your competition, and what will separate your business from your competition? According to the kind of business, how long will it take before your products or services are available to your target market? How big and how quickly do you want your business to grow?
The kind of business you choose should not only match your talents, abilities, and interests, but it also should have a viable place in the market, based upon your competition and the prospective demand for the products or services your business will offer. Understanding this information will take while and effort, but many businesses fail simply because they’re in the wrong market or the competition is too strong.

The business plan

It’s one thing to have a great idea for a business, but it becomes much more real when you put it on paper. A business plan is essentially the story of your business: the name of your business, what your business does, how you came up with the idea for your business, what markets you serve, what differentiates your business from the competition, where your business is now, and where you see it down the road. Not only should your business plan serve as a plan to a successful business venture, but if you’re going to seek financing for your business, you’ll probably be asked for a business plan. There’s generally no set form for use in establishing a business plan, but most plans cover these essential elements:

•   An executive summary, which briefly explains your company as a whole and touches on your business’s profile and goals.
•   An in-depth explanation of the history and development of your company.
•   A summary of the items and/or services you provide.
•   A customer description, market analysis, and competitor analysis.
•   A description of your business’s legal structure (e.g., corporation, partnership, sole proprietorship) and management organization.
•   An explanation of your marketing plan and sales strategy.
•   A capitalization plan including projected revenues, cash flow projections, pro forma financials, and an explanation of how you’ll use funds.

Selecting a business form

One of the first decisions you’ll need to make is what form of legal entity your business will take. If you’re starting a business from square one (as opposed to buying an established business), your options are many. The type of entity you select is important because it can determine the types of permits you’ll need, where and how your business should be registered, the extent of protection from personal liability each kind of entity affords, and the amount and form of taxes that may have to be paid. While it’s a great idea to consult a financial or legal professional before selecting the type of entity for your business, here’s a brief description of the more common forms of business structures.

Sole proprietorship: A sole proprietorship is the most straightforward way to structure your business entity. As a sole proprietor, your business is simply an extension of you. Sole proprietors are liable for all business debts and other obligations the business might incur. This means your personal assets could be subject to the claims of your business’s creditors.

Partnership: A partnership is a business entity where two or more people enter into a business relationship for mutual profit. Partnerships are organized in accordance with state law. In a general partnership, all partners can act on behalf of one another in furtherance of partnership business, which means each partner is personally liable for the acts of the other partners, and all partners are personally liable for the debts and liabilities of the partnership. Limited partnerships and limited liability partnerships may provide some liability protection for partners according to the state law where the partnership is formed.

Corporations: There are several different types of corporations. Generally, two advantages of corporations are that they provide a shield from individual liability and are the easiest type of entity to use to raise capital. Some common types of corporations are S corporations and limited liability corporations or companies. A C corporation is taxed as a separate entity, whereas S corporations and most limited liability corporations pass income, gains, deductions, and losses of your business through to the shareholders.

Financing your business

Your business plan is in place. Now you have to figure out where you’ll get the funds to set your dream in motion– and sustain it. The first step in determining your financing needs is to develop a line-item budget, projected over a period of months and/or years.

Next, you’ll need to figure out how to finance your business. The two general categories of financing available for businesses are debt and equity. Debt requires repayment of a loan. Equity involves raising capital by selling parts of the business to investors.

One place to search for capital may be your own assets. You may have the ability to raise money for your business from your savings or borrow against a retirement plan, life insurance policy, credit card, or the equity in your home.

Another common source of funds for new businesses is what’s called “friends and family.” However, such funding is most likely to be successful if it’s structured in a businesslike way, with clear regards to repayment or ownership participation.

You can apply to banks or credit unions for loans. The Small Business Administration has a website devoted to women-owned businesses at www.sba.gov/content/women-owned-businesses. There you can find resources to help you start and finance your business. Also, your local chamber of commerce may have the ability to refer you to state and local agencies that provide financial assistance to new businesses located within your geographic area.

Anything else?

There are plenty of other things to consider, including taxes, licenses, fees, and permits. You’ll need to think about where to locate your business and how you’ll market it. Will you have employees? Will you add a retirement plan? If so, you’ll have regulatory requirements and tax obligations, as well as possible workers’ compensation to consider. But you don’t have to go it alone. There are experts available to serve as mentors or counselors. Check the Women’s Business Resources section of the Small Business Administration website at www.sba.gov for information on locating a mentor.

* Source: “Women’s History Month: A Bright Future For Women-Owned Businesses,” Small Business Administration, March 11, 2013.

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. Member FINRA & SIPC.

– See more articles at http://news.davidlerner.com

Related Topics:business Martin Walcoe start

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AI and the Future of LinkedIn: How Technology is Redefining Professional Networking

Published

2 months ago

August 29, 2025

Good Life Guide

The tech industry has always been a proving ground for new tools and ideas, and right now one of the most powerful forces reshaping the way professionals connect is artificial intelligence. From the way companies recruit talent to how thought leaders build influence, AI is changing the rules of the game on LinkedIn and beyond.

Smarter Recruiting
Hiring managers no longer sift through stacks of résumés. AI-powered systems can analyze skills, career paths, and even cultural fit to recommend candidates. On LinkedIn, predictive recruiting tools help companies identify prospects before they start looking for a new role. The result is faster hiring and better matches between employers and employees.

Personalized Content Feeds
LinkedIn’s algorithm has grown into more than just a filter. It now functions as a learning engine that studies professional interests and behavior. For tech companies, this means employees and executives can reach the audiences that matter most. A thought leadership article, a product update, or even a short post can now land in the feeds of potential clients, investors, or collaborators with remarkable accuracy.

The Rise of Automated Outreach
Sales and business development teams are experimenting with AI-assisted outreach. Instead of sending hundreds of generic messages, companies can use tools that analyze profiles, identify key talking points, and create personalized introductions. While this raises questions about authenticity, it also makes networking more efficient and effective.

Data as a Strategic Asset
LinkedIn’s real strength lies in its data. Millions of profiles, skills, and career shifts create a powerful resource. With AI, companies can analyze that information at scale, spotting workforce trends, predicting which industries are about to grow, and even identifying where the next wave of innovation might emerge. For tech leaders, this kind of intelligence can shape everything from hiring strategies to market expansion.

Balancing Human and Machine
The challenge is keeping professional networking personal. AI can accelerate connections and refine the process, but relationships still depend on authenticity, trust, and shared experience. The tech industry, more than most, will need to find the right balance between automation and genuine human interaction.

As AI becomes part of the digital networking fabric, LinkedIn is evolving into more than a résumé platform. It is becoming a predictive, personalized ecosystem that reflects the future of work. For tech companies, learning how to use this shift to their advantage may be just as important as the innovations they are building.

Finance

PR and SEO Best Practices for Law Firms, Dentists, Wellness Companies, and Chiropractic Offices

Published

2 months ago

August 29, 2025

Good Life Guide

PR and SEO best practices for law firms, dentists, wellness companies, chiropractic offices

These days, your reputation often begins online before a client ever walks through your door. Whether you run a law office, a dental practice, a wellness brand, or a chiropractic clinic, people are searching the web to find answers, compare options, and decide who they can trust. That is where public relations and search engine optimization come together.

PR shapes your story and builds credibility. SEO makes sure the right people actually see it. When the two are aligned, they create a cycle of trust and visibility that fuels growth.

Why PR Matters for Professional Services
Public relations is not just about getting your name in print. It is about shaping perception. A thoughtful media mention, a quote in an article, or a published expert opinion can position you as someone worth listening to. For a lawyer, this might mean explaining a high-profile case in plain language for the public. For a dentist, it could be offering preventative care tips during National Dental Health Month. Chiropractors might focus on wellness and posture awareness, while wellness companies can shine by connecting their products to lifestyle conversations.

“PR is about storytelling,” says Mike Falkow, CEO at Meritus Media. “For industries like law and healthcare, it is often the difference between being just another listing online and being recognized as a trusted voice.”

How SEO Brings People to You
PR helps you look credible. SEO makes you visible. If you want new clients to find you when they type into Google, you need smart SEO strategies. That includes clear keywords, easy-to-navigate websites, local business listings, and reviews.

A law firm in Los Angeles that wants more personal injury clients has to show up when someone searches for “Los Angeles personal injury attorney.” A Tampa chiropractor has to be easy to find when someone types in “back pain relief near me.” It is not just about ranking higher, it is about meeting people right at the moment they need you.

Blending PR and SEO
Here is where the magic happens. When you land a feature in a credible publication, that mention often includes a link back to your website. Google sees that link as a vote of confidence, which boosts your search rankings. On the flip side, a blog post that is written with SEO in mind can get picked up and shared if it is timely and tied to bigger conversations in the media.

According to Meritus Media, “The mistake many professionals make is treating PR and SEO as separate projects. The truth is they amplify each other. Press mentions bring credibility and backlinks, and optimized content helps that coverage travel further.”

Best Practices for Each Industry

Law Firms: Build authority through thought leadership. Comment on relevant legal issues and create content around the cases and topics people are searching for.
Dentists: Focus on education. Share preventative care tips, encourage reviews, and make sure your practice shows up in local searches like “dentist near me.”
Wellness Companies: Lean into education-driven PR. Announce new research, highlight expert voices, and optimize for lifestyle searches such as “natural ways to boost energy.”
Chiropractic Offices: Become the go-to local expert. Host workshops, engage with local press, and use SEO to highlight treatments tied to specific conditions and locations.

The Takeaway
A strong digital presence requires more than just a website. It requires being seen, being trusted, and being remembered. For law firms, dentists, wellness companies, and chiropractic offices, the smartest approach is one where PR and SEO are not competing, but working together.

As Meritus Media puts it, “It is not enough to have an online presence. You need to be discoverable, credible, and memorable. That is the sweet spot where PR and SEO intersect.”

Finance

A Smarter Way to Save: Real Strategies That Actually Work

Published

2 months ago

August 4, 2025

Good Life Guide

Saving money often feels like something we should be doing, but somehow never quite master. Not because we lack discipline or financial know-how, but because most of us were never taught to approach saving in a way that feels organic and sustainable.

Forget the lectures about willpower. Think of saving more like tending a garden. You don’t expect a harvest overnight. You plant, water, and trust that something is growing under the surface.

Why Saving Feels Difficult

At its core, saving is about delayed gratification. You put money aside today for something you won’t enjoy until tomorrow. That can feel abstract and unsatisfying in a world where we’re used to quick wins.

Add to that the wear and tear of everyday decision-making. By the time you’re deciding whether to stash a hundred dollars or buy something impulsively, your mental energy is already spent. The easier option usually wins.

It’s not a character flaw. It’s a missing system.

Common Pitfalls That Derail Saving

One of the biggest traps is not knowing where your money is actually going. Subscription services, late-night shopping, and small indulgences add up fast.

Then there’s the issue of unclear goals. If you’re just “trying to save more,” it’s too vague to build momentum. Without a target, it’s hard to feel like you’re making progress.

Finally, many people treat saving as something they do only when it feels convenient. And as we all know, those moments rarely come around.

Simple Strategies That Actually Work

Start by making saving automatic. Set up recurring transfers to a separate account, even if it’s just fifty dollars a month. According to David Lerner Associates, automating your savings creates consistency without requiring daily effort. You don’t have to think about it—it just happens.

Next, tie your savings to something that matters to you. A trip. A safety net. A home project. As Martin Walcoe, CEO of David Lerner Associates, explains: “Saving works best when it’s connected to a goal you care about. Whether it’s building financial security or planning for something joyful, people are more likely to stick with it when it feels personal and meaningful.”

Small wins also build momentum. Consider using a round-up app that sweeps change from purchases into savings. Or throw spare change into a jar. These little actions remind you that progress doesn’t have to be dramatic to be meaningful.

Make Budgeting Feel Less Like a Chore

Instead of thinking of budgeting as a restriction, think of it as guidance. Look at your spending once a month. Track where your money goes. Treat savings like a bill—something you pay no matter what. Then adjust as needed.

Financial planning, like nutrition or exercise, is more effective when it fits into your natural rhythm rather than disrupting it.

Think Long-Term, Even in Small Steps

If you’re carrying debt, make a plan that works without pressure. Focus on understanding your terms and building a slow but steady path out. Saving and repaying can happen side by side. As Martin Walcoe puts it, “Finding the balance between repaying student loans, saving for the future, and investing is possible. With a proactive approach and the right strategies, you can tackle your loans while laying a strong foundation for financial growth.”

Even modest investing can pay off if you start early. Time does a lot of the heavy lifting. You don’t have to do it all—you just have to start.

Your Environment Shapes Your Habits

Surround yourself with people who share your mindset. Having a spouse, friend, or coworker on a similar journey can make saving feel more like teamwork and less like sacrifice.

And don’t overlook the importance of rituals. A monthly money check-in. A progress tracker. A celebration when you hit a milestone. These things help make saving part of your lifestyle rather than something separate from it.

Final Thought

Saving doesn’t have to feel like denial or discipline. When it’s tied to your values and built into your everyday life, it becomes a natural act of self-respect. Like nourishing your body, saving is an investment in the kind of life you want to live—not someday, but starting now.