Woman-owned businesses that will inspire YOUR big idea

Startupnation.com, a site for entrepreneurs, was seeking the leading moms in business with their recent contest. Winners will be announced on Oct. 5 so you should check out the site to whose idea was voted the best. But in the meantime, here's a link to all the moms who entered. You can browse to see what other women have done and, perhaps, find inspiration for YOUR great idea.

Maybe next year YOUR business will be a winner!

What do you think of the Small Business Jobs and Credit Act?

Earlier this week President Barack Obama signed into law the Small Business Jobs and Credit Act 2010 (H.R. 5297). The bill aims to boost small business - the sector most agree is the economic engine of this country - by providing incentives and tax credits. Good news for most small businesses, although some say the bill is just another hit to our already strained budget.

Whatever your position, the new legislation has some hard-to-ignore benefits. They include:

- $30 billion in funds that will be funneled to community banks to lend to small business, thus easing the credit crunch

- Higher loan limits for SBA loans and loan fee waivers

- 100% capital gains tax exclusions for those investors that fund small business ventures

- Double the allowable deduction for startup expenses, from $5K to $10K

- Allows self-employed individuals to deduct their own health insurance costs

It's time to get your tax accountant involved because there are more technical tax incentives than this blogger can adequately explain (or understand!).

So, what do women business owner think? How will this impact their businesses?

Kira Bruno, president, Fortis Resource Partners


Kira Bruno says that the type of business you run will determine if you will benefit from the the legislation.

"There is not much in this Act for me as a small business owner of an employee intensive business," says Bruno. " Companies that are more asset intensive will have a greater benefit from this new tax law. The cell phone is a small benefit, but most people have been disregarding the listed property rules anyway. The new equipment, etc. rules will help companies that buy assets to grow their businesses.

On another note, and something that is not part of the new federal law, my company gains the greatest benefit from hiring individuals that have been out of work more than 6 months; we get a new employee tax credit on the federal side and if we have net greater wages as a result of new employees on our total payroll over prior year we gain a tax credit on the state side."

Cathy Daugherty, owner, Trademark Insurance


Cathy Daugherty suggests those that are impressed with the increase in SBA loan limits should check the latest statistic about the amount of SBA money NOT taken currently because of the strict bank regulations. She calls this " ... a frequent PR opportunity" by the Feds to raise the amount offered to the SBA. " It really does not matter," she says.

Second, Daugherty stresses that while credit may be easier to obtain, "I still need to consider paying it back with current business volume (which is) very unstable."

If you're a woman business owner, what are your thoughts?

Citibank can help fund your startup - for FREE!

I heard yet another radio commercial for Citibank on the way in to work this morning. Really, you almost HAVE to take advantage of this deal. Think of it as access to capital to fund your business.

I've posted the fine print below, but basically, you deposit $500 into a new checking account, do as little as pay five bills online, and voila, they send you a prepaid $250 debit card. Imagine what you could do with that? Order your first set of business cards? File your DBA? Take your first prospect out to lunch?

Women have launched businesses on less than $250 of their own money. It'd be even sweeter to do it on someone else's dime.

Here's the link to the info.

Here's the fine print:

$250 prepaid card issued to new customers who open a CitiBusiness Streamlined or CitiBusiness Flexible Checking account by 10/31/2010 and perform the following activities within 60 days of account opening: deposit at least $500 into the new business checking account, AND do one of the following: (1) sign up for Citi Merchant Services, or (2) sign up for CitiBusiness Payroll Manager, or (3) sign up for Remote Check Deposit, or (4) make 5 bill payments using CitiBusiness Online. Customer will receive $250 prepaid card within 120 days of meeting the terms of the offer. Limit one prepaid card per customer. Offer can be modified or withdrawn at any time without notice, expires on 10/31/2010, is not transferable and cannot be combined with any other offer. Existing business checking customers are not eligible. Speak to a Citibank Business Specialist for more details.

Making a business of memories

Kayli Pearsall didn't know what to do with all those old t-shirts she'd collected over the years. Each held some special memory and she didn't want to just toss them. So she stitched together a quilt using the artwork on each shirt. What she didn't realize at the time was that she was also about to sew some real profits. She created the woman-owned business: shirtquilts.com

For somewhere between $75 and $150, she'll create a quilt from YOUR memories. In my case, we're a baseball family and we have dozens upon dozens of team jerseys. There would be no shortage of material for any quilt that I would order!

After meeting Kayli in person at the Make Your Mark event recently, I brought the idea to OC Family and Inland Empire Family magazines and they featured the quilts in the September issue. You can see the article here.

Here, Kayli answers questions about how she turned the idea into a business:

When did you decide to make a business out of this idea?
The business was created about 11 years ago. Right out of college
my mom and I came up with the concept to create the business.
But it has taken many years to get it right. I took it on full
time after I had my second child and decided to see if I could make
it a profitable venture.

What has been your smartest move so far in growing your business?
Contacting editors of magazines and newspapers. I have received the biggest response when there has been a blurb about ShirtQuilts.com placed in a magazine or highlighted in the newspaper.

What has been your biggest mistake?
Small ads. For some reason, when I place a simple ad in a magazine it never results in orders. It is expensive and it doesn't generate any business for me. With this business there needs to be something more to the placement, like a small article connecting people to the concept.

Can you give me an idea of the size of the business?
My business revenue is still very very minimal. Maybe $6,000.00 annually. appx. 50 to 65 quilts a year. I am busiest
at Christmas and graduation. The goal is to create steady business month to month. Instead of a feast or famine kind of thing. The easy part is creating excitement about my business. Everyone I tell thinks it is such a great idea and finds it quite unique.
My dream and goal is to make this a profitable business in which I can contribute to my family's bottom line.

Kayli enjoyed some TV news coverage recently.