When we, Starla and Lateva, first started our businesses, there was SO much we didn’t know about…all the things—the finances, the legal structures, the insurance requirements, and more. As we grew, we were fortunate to be introduced to women like Leslie Bailey who shared vital resources and expert guidance that helped navigate our businesses forward. We quickly realized there weren’t many spaces where we could ask those “Am I the only one who doesn’t know this?” questions without feeling embarrassed or insecure. That’s why we created Create. Connect. Collab.—to provide a safe space where women entrepreneurs can ask ALLLLLL the questions and get the answers they need to succeed.
In our community, there’s no such thing as a “silly” question. We believe that asking, learning, and growing is the key to scaling a business, and we actively foster an environment where vulnerability is met with encouragement and support. Over the years, we’ve partnered with incredible women who are ready to answer these tough questions, and genuinely want to help you succeed.
One of the most impactful partnerships we’ve built is with PNC Bank, where B.A.I.L.—Banking, Accounting, Insurance, and Lawyer— was coined by Pat Gamble-Moore, a long-time partner and board member of Create. Connect. Collab. Through this collaboration, we’ve connected our members to the expertise they need in these crucial areas, making it easier for women entrepreneurs to navigate the complexities of running a business.
Building Strong Foundations for Your Business: The Essential B.A.I.L. Pillars
During the start-up phase in your business, having the right foundation in place is critical to the long-term success of your business. That’s where **B.A.I.L. Money**—Banking, Accounting, Insurance, and Legal—becomes essential. These pillars provide the necessary structure and protection to help you navigate the complexities of entrepreneurship.
Banking: Having a reliable banking partner helps you manage cash flow, secure business accounts, and gain access to loans or lines of credit when needed. It establishes your financial credibility and helps keep personal and business finances separate (NO co-mingling), which is vital as you grow.
Accounting: Proper accounting ensures your business runs efficiently, keeping track of income, expenses, and taxes. Setting up accurate financial systems from the start can save you time, money, and a lot of headaches when tax season rolls around.
Insurance: Insurance is your business’s safety net. Whether it’s liability, property, or workers’ compensation, having the right coverage protects you from unexpected events that could otherwise put your business at risk.
Lawyer: Legal services are crucial for protecting your intellectual property, drafting contracts, and ensuring compliance with regulations. Setting legal foundations early ensures that you avoid future conflicts and have the proper documentation in place for your business.
As a new business owner, focusing on these four areas gives you the stability and peace of mind to focus on growth, knowing your business is protected, structured, and set up for long-term success.
P.S.: Here are a couple rec’s for you!
Banker
- PNC Bank:
- Sherry Boudoin
Accountant
- E. Zenai Savage, CPA The Savage Advantage: Outsourced Services
Insurance
- Karen Lyles Farmers Insurance Agent in Indianapolis, IN
Lawyer
Connect with us to learn more about how we navigated these waters. Email us at Hello@createconnectcollab.com.
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