Monday, March 4, 2013
Woman Business Enterprise
Recently, I was asked if I was registered as a WBE, a Woman Business Enterprise.
The implication was that if I were a WBE, the person who inquired would be able to refer business to me. I politely explained that I am the sole owner of my Personal Concierge service and I handle each of my clients personally, and I am a woman.
Now, I know that based on my current business model, I can only handle a certain amount of people at one time. I am completely okay with that. In fact, I prefer it that way at this time.
So, what is a WBE?
Woman Business Enterprise means a woman (or group of women) is in control of 51% of a company.
Why is this important?
There are a lot of government agencies and programs, as well as publicly-held corporations and private companies that strive to do business with certain minority groups and by having the proper certification, such as WBE certification, you prove that doing business with your company allows them to meet their obligations.
If you are a business that is looking to do business with large corporations, being a WBE may be the right thing for you, but it's not something I would spend money on until AFTER I'm sure it's a requirement to gain the contract.
I am currently not a service that caters to that magnitude of clientele. My clients are individuals - entrepreneurs, executives and celebrities. I don't take on too many clients at a time because I promise personalized service, tailored to meet the needs of each individual I serve, and I deliver it, personally.
This is what works for me, and my clients, at this point. I am always open to referrals and new clients, but, a deal that would require me to be WBE certified would probably not be a good fit for my business.
My advice to you: It's important to understand what you want, who you want to serve as well as what you can and cannot do. Otherwise, you can spend a lot of time (and money) running in circles, chasing after something that isn't best for you or your business. Once you know what's right for you, stand firm in that.