I am a native El Pasoan, born and raised. My dad was an active-duty Army he was from New Jersey, my mom was from Camargo Mexico. As the sixth among seven siblings, our family celebrations for Christmas and birthdays were always a big deal in our home. My father’s military career afforded me the opportunity to travel, including stays in Germany and Fort Carson, Colorado, before we settled back in El Paso. I am the proud mother of two daughters, both of whom are married and mothers themselves. I cherish my role as MIMA to six wonderful grandchildren—two granddaughters and four grandsons. I am thankful for the gift of being a grandmother.
The pivotal moment in my life came with the realization of my God-given purpose: to make a meaningful impact on the lives of others beyond just our family. I am driven by a passion to assist women in building their financial, relational, and spiritual legacies. In 2022 I published a devotional for moms to use as a 21 day inspiration they walk through with their daughters. This was inspired by my personal life experiences, and how I overcame challenges as a divorced mother of two daughters.
1. Tell me what inspired you to initiate this business?
After being turned down for a mortgage loan officer trainer role, I felt inspired to establish a coaching business. I realized that I possessed a valuable tool that had helped me succeed for years. Through my research, I discovered that while there are many ‘how to make money coaching’ programs, comprehensive ground-up training for newly licensed mortgage loan originators was lacking.
2. Why did you decide to join EGBI?
I discovered EGBI when I was seeking affordable coaching on how to market on social media. Meeting Monica came at the perfect time. I chose EGBI because of its invaluable support for the small business community and entrepreneurs like me.
3. Did you encounter any obstacles along the way? If so, how did you
overcome them?
The biggest obstacle I faced was myself. While I could clearly outline my business and ideas on paper, I struggled with doubt and fear when it came to selling the service. Although I believed in what I had to offer, I found it challenging to articulate this to others. I overcame this fear through prayer and by intentionally continuing to build and perfect my offering. Every day, I draw inspiration from other coaches who share powerful messages on how to grow a business.
4. How does your business differ from others?
T&T Myers Consulting stands out because we focus on building a strong foundation of detailed mortgage knowledge, ensuring that mortgage professionals can achieve long-term success. Our unique business tool serves as a crucial building block, helping mortgage professionals advance in their careers.
5. Tell us a fun fact about yourself
One of my favorite rainy-day activities is binge-watching Law and Order-Criminal Intent with a bowl of buttery popcorn.
6. Are you happy with what you have achieved?
I would not necessarily say happy, I am shocked with all I have done in such a short period of time. The pressure that has come with stepping out on faith comes with accountability; gifts and abilities I did not know I possessed have been pressed out of me. I am fulfilled, and overjoyed because I know there is more on the horizon.
7. How has EGBI helped you?
EGBI has given me a new appreciation for entrepreneurship. My confidence has grown significantly, and I’ve learned how to approach my business with renewed courage and determination. I’ve met some amazing and creative business owners who are also living their dreams.
EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to know more about EGBI’s business coaching, visit https://egbi.org/coach/ Spanish-(https://egbi.org/es/coach-2/).
Monica Guzman is an Advertising Graphic Designer with her own studio called (MG Design Studio)
Tell us a bit about yourself…
“After working for almost 7 years for a marketing and advertising agency in my country, Peru, I decided one day to take my luggage and leave to reunite with my loving brother. I got to the United States in the year 2003, directly to Miami, a place where I did not last for more than a week. I think I didn’t like it much. My destination at that time was Seattle, where I had to start over, but with the help of my brother, thanks to him, I had the luck to work as a designer in a hispanic newspaper and take a part time in another place, doing something very different from my career. The experience in this part time was interesting, but not much of my liking. I didn’t last more than 3 months when I decided to quit, time passed and me and my brother decided to make a newspaper together, the one that turned into a magazine, “El Independiente” (“The Independents”). This job helped us a lot to make ourselves known professionally in that entire area of the Northwest. After a long time in society I decided to become independent and start my own business, like everything, it was a time with ups and downs. In 2019 we fled the cold of Seattle towards the sun and here I am now, always dedicated to my business and my family. I have a second passion which is art. Since I arrived in Texas I was able to develop a little more in that and I had the opportunity to participate in some exhibitions organized by Round Rock Arts. My focus now is to grow my business and continue learning, I believe I still have many goals to achieve.”
What is your favorite part about what you do at work?
“Definitely leaving with a signed contract is my favorite part. After that I really enjoy sitting in my studio, taking a pencil, paper and starting to sketch before using the computer. Each client is a challenge for me. I know that I have to get that initial sketch approved the first time and that pushes me to always show a lot of professionalism in my work.”
What has been the hardest moment for you in your profession?
“I was lucky to be able to finish my degree in my country and immediately find work in some advertising agencies and at the same time work as a freelancer. I think the most difficult part was when I arrived in the United States, since I had to start over and learn to know a completely different market than my country, in addition to having to learn another language. I was finally able to achieve that loyalty with some clients during the 16 years I lived in Seattle.”
How has EGBI helped you?
“Since I had the opportunity to attend one of the marketing workshops, I realized that there is still a lot to learn regarding how to run your business. There are countless things to develop for your business to become successful in this market. Currently I follow every step that I have been able to learn in these workshops and it has also helped me a lot that I have been advised by a member of EGBI. The truth is that it is very helpful to be able to follow and complete each task in these workshops.”
Tell us a fun fact about yourself
‘’Sometimes I feel like an octopus walking in my house, jajaja, especially when there are days when I have to be a mother, daughter, housewife, salesperson, and designer. I don’t know how I do it but I manage to finish my task and I applaud myself silently.’’
If you had the opportunity, would you change anything about what you have achieved?
“No, I wouldn’t change anything because everything has been learning and I like my profession. Also, I think I’m still missing a lot to accomplish.”
If you could do it all over again, would you still join EGBI? Why yes or why not?
“Without a doubt I would. I believe that few organizations do this great work of helping small and medium-sized business entrepreneurs in English and Spanish. It is a great job that each member of EGBI does, they are a great team.”
What do you like about EGBI?
“I like their perseverance and how professional they are. Since I started going to the workshops I see that they do not stop with this work of supporting entrepreneurs and business owners. They continue to teach and guide the people who attend each workshop.”
EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to know more about EGBI’s business coaching, visit https://egbi.org/coach/ Spanish-( https://egbi.org/es/coach-2/).
Five most common types of insurance for a business. Yes, there’s more to insurance than health insurance.
Woolichooks recently got three types of insurance, and I feel like I’ve entered my teenage years as a business owner. Insurance is something you need to have as another layer of protection. Yes, it may feel like you’re throwing money away into the void. Still, you’ll be glad you have it when those costly, unexpected events happen in your business — an employee gets injured, a client thinks you made an error, or a customer sues you because of your product. Below are the most common types of insurance for a business:
General Liabilities
Workers’ Compensation Insurance
Directors & Officers
Property Insurance
Health Insurance
General Liabilities
General liability insurance covers claims of bodily injury, property damage, and personal injury (like copyright infringement and slander). All businesses should have this insurance as their first policy. If you only have enough money to get one type of insurance, get general liabilities. As you grow, you will continue to add to general liabilities the other types of insurance that make sense for your business.
Workers’ Compensation Insurance
The business will also need workers’ compensation insurance if you have employees. This helps benefit employees who suffer from work-related injuries or illnesses, covering medical expenses and lost wages.
Directors & Officers
Directors & Officers insurance covers the personal assets of company/nonprofit directors and officers if they’re sued for alleged wrongful acts during their board service. All my nonprofit clients have this insurance as a standard yearly cost.
Property Insurance
Property insurance protects your business’s physical assets, such as buildings, equipment, and inventory, from fire, theft, or natural disasters. So, this protects everything in your balance sheet’s current and fixed assets section.
Health Insurance
Health Insurance allows the business to provide the employees with medical, dental, and vision insurance as a benefit of working at the company. It’s always great to provide this benefit as the business grows. I’ll write a deeper post about health insurance in the future as this is an actual benefit that employees can enroll in instead of the other types of insurance listed in this post.
Insurance is a way to hedge against potential risks to the business. Some grants, such as government grants, will require specific insurance so the funders can be assured that the business can cover any potential claims. Application for each insurance type will require you to provide information on your financials, employees, and general business info. Insurance can be one of your bigger expense line items, but it’s the fixed cost of doing business.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
The Vets First Verification Program, managed by the Office of Small and Disadvantaged Business Utilization (OSDBU) within the Department of Veterans Affairs (VA), ensures that businesses claiming to be Veteran-Owned Small Businesses (VOSBs) or Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) meet the eligibility requirements. Verification allows these businesses to participate in set-aside and sole source contracting opportunities with the VA. It’s a great opportunity to leverage your expertise and gain a potential revenue stream.
Here’s a comprehensive guide on how veterans can get started with the Vets First Verification Program, the benefits of the program, where to go to get started, and the potential results of applying.
Steps to Get Started:
Review Eligibility Requirements:
Ownership: At least 51% ownership by one or more veterans or service-disabled veterans.
Control: Daily operations and long-term decisions must be managed by one or more veterans or service-disabled veterans.
Small Business Status: Must meet the Small Business Administration’s (SBA) size standards for small businesses.
Gather Necessary Documentation:
Proof of Veteran Status: DD214 form (Certificate of Release or Discharge from Active Duty).
Proof of Service-Disabled Status: VA Rating Letter if applicable.
Business Documents: Articles of Incorporation, operating agreements, bylaws, meeting minutes, tax returns, and financial statements.
Register and Apply:
Create a Profile in VetBiz:
Visit the VA’s VetBiz portal (https://www.vip.vetbiz.va.gov/).
Create a new profile and complete the business profile registration.
Submit Verification Application:
Complete and submit the VA Form 0877, along with the required documentation, through the VetBiz portal.
Pre-Assessment: OSDBU offers a free pre-assessment tool to help identify potential issues before submitting the application.
Verification Process:
Initial Review: The Center for Verification and Evaluation (CVE) reviews the application for completeness.
Document Examination: CVE examines submitted documents and may request additional information.
Site Visit (if applicable): Some businesses may undergo a site visit to verify operations and control.
Decision: CVE makes a determination and notifies the business of the outcome.
Benefits of the Vets First Verification Program:
Access to VA Contracts: Verified businesses are eligible to compete for VA set-aside and sole-source contracts, providing a significant opportunity to secure government contracts.
Increased Credibility: Verification enhances the credibility and visibility of the business within the veteran community and among contracting officers.
Networking Opportunities: Verified businesses can join the VetBiz Vendor Information Pages (VIP) database, connecting them with other veteran-owned businesses and potential partners.
Training and Resources: Access to additional training and business resources provided by the VA and OSDBU.
How Long Does It Take:
On average, the entire verification process can take approximately 90 to 120 days from the date of application submission to receiving the final determination. However, this timeframe can vary depending on the completeness of the application, the responsiveness of the applicant, and the complexity of the business structure.
Status Updates:
Applicants can check the status of their application through the VetBiz portal. Additionally, the CVE may provide periodic updates via email throughout the process.
Results of Applying:
Successful verification brings numerous benefits. Verified businesses gain access to VA set-aside and sole-source contracts, which can significantly enhance their revenue streams. For example, companies like Veteran Logistics, which secured a substantial VA transportation contract post-verification, illustrate the potential opportunities available. Verified businesses are also listed in the VetBiz Vendor Information Pages (VIP) database, increasing their visibility to potential clients and partners. Additionally, this status enhances credibility and can be leveraged in marketing materials, showcasing the business’s commitment to supporting veteran initiatives.
If an application is denied, the CVE provides detailed feedback, allowing the business to address identified issues and reapply. There is also an appeals process for businesses that believe the denial was in error.
The Vets First Verification Program is a crucial step for veteran-owned businesses looking to access VA contracts and enhance their market position. By following the outlined steps, gathering necessary documentation, and leveraging available resources, veterans can successfully navigate the verification process and unlock valuable business opportunities.
In summary, if you’re a Veteran in need of support to start or grow your existing business located in Austin or any of the seven surrounding counties, we would love to meet with you to learn how we can help you with our services. Get started here: https://egbi.org/services/.
3 ways to separate your business and personal expenses as a business owner
You just opened up your first business. All the money your business makes is yours, right?! I mean, why not? You can use the money for whatever you want. No one can tell you what to do with the money. Right?
Wrong. If this is your thinking, you’re on the fast track to a potential audit and massive headaches when tax season comes around. You must despise your accountant if you decide to run your life this way.
A business is a separate entity from you as the owner. Colluding funds by using business funds for personal expenses not only screws up your financial reports but can also be a flag for a potential IRS audit. You have no idea of the profitability of your business and no control over your personal funds. You can’t plan for retirement because you have no idea the difference between your business and personal money. Below are ways you can use to separate your business and personal expenses.
Mindset shift
Separate bank accounts
Separate business and personal budgets
Mindset Shift
As a business owner, I know you feel that the business is yours to do whatever with. But, you must consider the business as a separate entity with its own life cycle. You can’t see the business and you as one. The business has obligations to your vendors, customers, IRS, employees, and other partners. As an individual, you have obligations to yourself, your family, your hobbies, and the rest of your life. Yes, a tiny part of you works in the business, but it’s not the whole of you. This mindset shift is the most difficult thing I see my clients struggle with. Many small business owners start businesses to fulfill personal goals like buying a house, but now that business entity has more oversight (as a legal business). If you decide to apply for government grants or contracts, this separation is even more necessary because your financials will be under scrutiny.
Separate Bank Accounts
Separate personal and business bank accounts are the fastest way to separate your expenses. If your personal and business accounts are with the same bank, make sure you distinguish between the cards. I’ve had clients mistake a business debit/credit card for a personal one because they look the same. You can put a sticker or customize the background to do something noticeable. It’s fine if personal expenses happen infrequently; you can easily pay the business back if it is a mistake. If multiple personal expenses occur every month in the business account, then a conversation will need to be had to help reduce the occurrence. As the owner, if you aren’t on payroll and want to buy something personal, transfer the money from the business account to your personal. Then, that transfer will be classified as an owner’s draw on the balance sheet.
Separate Budgets
Having separate personal and business budgets will help solidify the differences in expenses in your mind. Having a personal budget will let you know how much you need in owner’s draw or payroll from the business each month to live your life. You need a business budget to understand how your business revenue is spent. At the beginning of your business, you’ll want to make enough net profit to pay yourself your breakeven monthly personal expenses.
It’s imperative that you quickly separate your personal expenses from the business. Any future business growth planning will be useless if your financials are inundated with your personal expenses. It will be hard initially, but this discipline is required from you as the business owner.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
