How to Rule the World!

I recently overheard a woman talking about how she could rule the world if she only knew how to feel more energetic. Huh? Ruling the world shouldn’t be a goal. Ruling YOUR world should! I always say that everyone is capable of anything- you just have to try!

You can rule your world if you do the following;

1. Know that you can’t control everything. You can, however, control how your respond.

2. Know that you have to have an exit plan. Things happen.

3. Understand that you have to fail before you can rule. As long as you get back up and seek to better yourself, you can take control over your destiny.

Don’t spend time wishing for things to happen or making excuses as to why they are not. You can be better. You can rule your own world.

Until tomorrow,

Twyla N. Garrett

Seeking Capital - Yes.

IME is a minority and female owned company that started as a bootstrap idea and has since grown into a multi-million dollar Homeland Security & Emergency Preparedness company that frequently contracts with the US Government. IME is currently seeking investment capital for expansion by opening up 30% stake to attract private equity investors. The expansion will include escalating our already competitive and aggressive sales team, the purchase a commercial building, and it will facilitate the purchase of a security product – along with similar services firms - to complement our subsidiary services, which include; Management Consulting Services, Life Cycle Acquisition Support, Information Technology (IT) Support Services, Cyber Security & Computer Forensics, and Construction Program Management.

Since IME’s inception over a decade ago, the company has undergone significant growth clearing 2 million in generated revenue last year alone. IME has become a brand within the Homeland Security and Government Servicing landscape. Twyla Garrett, CEO, has been invited to showcase her business experience running IME at The White House, The United Nations, and The New York Urban League- to name only a few.

The challenges IME is currently facing deal with comfortable growth and a need to secure future technology products that will help both the company and its clients advance into a forward-thinking market run by the next generation of global entrepreneurs. By opening up 30% of the company’s stake, IME will be able to seek out complimentary opportunities that will not only create jobs while boosting profit margins, but will further secure the nation by matching our talented staff and future leaders with the right tools and resources to create and implement new technologies.
We’re seeking not to fund the expansion, but to seed the future of our industry by positioning IME as the cornerstone leader with capability to cherry-pick talent based on ability, drive, creativity, and deliverability. The equity stake money will promote the company’s capacity to challenge the boundaries that exist within our market today by properly utilizing capital to navigate potential talent and then reconnoiter it with our signature training methodologies.

IME is known as “the company with a heart.” We’re pursuing a progressive tomorrow that is truly sustainable as technologies and client demands continue to evolve and grow. By utilizing capital appropriately, our company’s ecosystem will add value and open up forthcoming opportunities for partnering businesses, the U.S. Government, contracted employees, undiscovered talent, and our stakeholders.
IME is currently an American Board for Information Security & Computer Forensics Board Member. The company’s founder and CEO, Twyla Garrett, is also an author on the topic of Homeland Security and has won numerous accolades on behalf of IME - including a 2015 Top Woman Entrepreneur nod.

Twyla N. Garrett

Your Legal Status.... Business 101

As we head into the first Thursday of February, I want to refresh you on the different status claims you can obtain for your business-- as well as what the pros and cons are. I've noticed an uptick in private security businesses starting up. I know many of you follow my lead when it comes to the business of security. So, for that reason, please read through these basics and then follow up with your legal adviser on what will actually work for your concept/ idea.

Sole Proprietorship: This type of business does not make a legal distinction between the business owner and the business itself. Although costs can be low (from taxes to licensing fees)the down-side is that you will be personally responsible for any business debt that may occurs, potential law suits, and your personal income tax reflects your entire business' profit.

A General Partnership is the same as a sole proprietorship but with several owners. Again, the set-up costs are low and there are relatively few regulatory requirements. And, again, the owners are completely liable for all the actions and debts that stem from the business.

Limited Liability Partnership(much like a LLC) is very similar to a general partnership. However, there is a separate classification of partners making each person's liability limited. The downside to this classification is it only "limits" a partner's liability, not erase it completely- which is a common myth. Also the filing and administrative requirements are complex.

C-Corporation is only a form of doing business that creates a separate legal entity from the individual owners. This legal entity can act and do business on its own just as a person would do (i.e. borrow money, enter into lawsuits and contracts, etc.).
With a C-Corporation your "owners" are now shareholders who are not personally liable for the actions and debts stemming from the company. However, if a shareholder wants to leave the business then the paperwork involved isn't easy, making a separation a long-one- which in the case of a nasty separation only makes the situation worse. Also, owners (shareholders) are taxed twice.

S-Corporation is a type of corporation but the business is taxed as if it is a sole proprietorship. Its formation is subject to certain legal criteria such as a maximum number of shareholders. The benefits, unlike a C-Corp., include owners only being taxed one time. However, the administrative costs are higher and all owners (shareholders) have to be U.S. citizens.

Many business owners either chose to set-up as an LLC or an S-Corp. Note, I will not advocate for either because you need to discuss your personal situation with a lawyer and a CPA. However, I will state that an LLC may have to pay more self-employment taxes than S-corps due to IRS regulations.

Until tomorrow,

Twyla N. Garrett

Beat Your Business Competition!

People always want to know what the secret to success is. I often get asked how to beat one's competition. It is simple. Have a great product. Products and services that are loved by consumers will sell themselves. That is why you always hear of these bootstrap businesses that started with nothing and made it to multi-million dollar sales status.

Here are my top steps to beat your competition.

First, don't buy into a competitor who is stealing your thunder. Maybe you did have the first idea on a specific service. Months after launching you then notice a new company pops up and is copying your idea. Don't freak out. In fact, don't even worry about your competition. Getting caught up in what the other company is doing, even with your idea, will distract you from moving forward.

Next, stand besides your product or services. Don't discount to meet a competitor's pricing. If you stand by the quality of your products or services, customers will remain or still buy. Why? People prefer quality over a discounted price. Even in this economy women are still buying $20 lipsticks from Macy's. Quality and reputation do mean something to consumers.

Last, love what you do. Some people start businesses to make money, not create a lifestyle or career. Your competition probably is in it for the money. You stay in it because you love what you offer. If you remain passionate, people will pick-up on your enthusiasm. This passion will drive sales, increase customers and allow you to be admired as a leader in the business community!

Have you ever had a business idea stolen by a competitor? Let's talk. Find me on Twitter.