Owners: John L. Wright, Tammy Wright

Location: Waldorf, MD

Product: Gym and fitness center that offers personal training, group exercise classes, nutritional guidance, weight training area, and fitness boot camps

Fitness Services Launch: 2006

Fitness Center Launch: 2009

Launch Costs: $200,000

2009 Revenues: $70,000

2010 Revenues: $140,000

2011 Revenues: $160,000

Projected 2012 Revenues: $210,000

Now: Fitness training facility in addition to on-site child care, nursing lounge for mothers, and classes for lifestyle change; community outreach focused marketing and promotions

Next: Form strategic partnerships by contracting services to government agencies, churches, and local business, including offering organizational memberships

When John L. Wright’s neighbor grew frustrated with the lack of progress she experienced while working with a personal trainer, she turned to him for guidance. Wright, a former semi-professional bodybuilder and former dietician in the U.S. Army Reserves, took on the task of creating a customized fitness and dietary regimen. “We changed her nutrition and we made her accountable,” says Wright, who had been laid off from his managerial position at a food and facilities management company.

That chance business proposition between Wright and his neighbor eventually birthed Anointed Body of Christ (ABC) Fitness Center & Day Spa L.L.C.
(www.abcfitnesscenter.com), a Waldorf, Maryland-based gym that Wright, 50, runs with his wife, Tammy, 40, a member of the National Guard with more than 21 years of military service.

ABC Fitness has grown organically over the years, with the Wrights testing the needs and wants of their customer base. The couple initially launched their fitness training business in 2004 by offering mobile service, which included nutritional guidance and one-on-one personal training, to clients in the comfort of their homes. Customers were charged up to $65 per hour with the average session lasting one hour and with most clients signing up three times per week.

In 2008, the Wrights opened a small studio, allowing them to provide group training classes. By 2009, thanks to an aggressive grassroots community-based marketing strategy, the business grew to occupy a 5,000-square-foot facility located 45 minutes outside of Washington, D.C.

Today, the couple’s ABC Wellness & Fitness Center offers group fitness, one-on-one personal training, nutritional guidance, and weight training stations, in addition to on-site child care, a nursing lounge for mothers, and classes for lifestyle change. Tammy says the gym is not religious-based, but it is driven by the belief that the body is a temple, and it should be taken care of.

“At least 70% of our members have come from community [outreach],” she says. For example, the husband-and-wife duo hosted a cancer awareness gala in 2010 to bring attention to the different forms of the disease impacting their community and offer preventative measures after someone they knew was diagnosed with breast cancer. Tammy also teaches Zumba classes throughout the community to spur brand awareness and get the community moving.

The couple’s total capitalization for their brick-and-mortar fitness center was $200,000, of which $50,000 came from personal savings and the other was $150,000 from a community bank loan backed by the U.S. Small Business Administration’s 7(a) loan program. The couple admits that at the time the odds were not in their favor. Indeed, between 2008 and 2010 small-business loans from large- and medium-sized institutions dropped by more than 8%, according to the SBA.

It was ABC Fitness’ agile beginnings that positioned the company to receive a loan. “[With a mobile business], you have a proven track record, you ‘sold’ the business before you built it so you know there’s a market, there’s a demand,” says Carol Roth, business strategist and author of The Entrepreneur Equation (BenBella Books; $24.99). The Wrights’ proven track record as a mobile business demonstrated a sustainable and viable business model.

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ABC Fitness generated $70,000 during its inaugural year at its physical location and $140,000 in revenues in 2010. It closed out 2011 with a 14% increase, bringing in $160,000. The Wrights project the business will reach $210,000 in revenues this year as they aim to expand their membership base from 125 to 200.

To grow the business, the Wrights will continue with their aggressive marketing efforts, hire two 100% commission sales reps, and form strategic partnerships by contracting services to government agencies, churches, and local businesses. They also intend to focus more on providing organization-wide discounts on annual memberships and/or fitness boot camps. Their target “organizational” audience is police departments, fire departments, and local businesses.

Tammy, who holds a Master of Science degree in information resource management from the University of Maryland, is responsible for the overall strategic planning and direction of the business.  Her husband, who became a certified personal trainer through the American Sports and Fitness Association in 2009, is responsible for the day-to-day operations. He also manages recruitment; the company currently works with four independent contractors due to the costs associated with hiring full-time employees.

The Wrights have three major competitors in the surrounding area who offer fitness equipment, personal training, nutrition, and one of them also has on-site child care. David Washington, Ph.D., owner of Washington & Co., a business consultancy, says the couple needs to boost their brand in order to continue to grow the business. One way to do this, he says, is to white label products (offering other manufacturers’ goods affixed with your company’s private label or logo) to generate additional revenue.

The Wrights currently private label sports water bottles, key chains, and other items but Washington recommends that the couple expand to include nutrition bars and nutrition plans, which other manufacturers have already developed. He also advises the couple to incentivize customers to boost word of mouth. For example, Washington says, customers can receive a small discount for bringing a friend or telling a friend, who would also receive a small discount for actually showing up at the gym.

The Wrights are clear that when it comes to marketing and promoting ABC Fitness, people and community involvement will be key to their long-term success.

Location: Harlem, NY

Product: Tonsorial and Spa Services

Launch: 2006

Closed: November 2009

Reopened: January 2011

2007 Revenues: $192,000

2008 Revenues: $253,600

2009 Revenues: $239,700

2011 projections: $200,000

Now: Barbering, hairstyling, and spa services for men. BBRAXTON Grooming Academy is training the next generation of barbers.

Next: An annual membership and customer loyalty program to reward current patrons. A shop in Atlanta is in the works.

It all seemed so simple to Brenda Braxton. After  flipping through a men’s magazine, she and her then husband, Anthony Van Putten, were inspired to open an upscale salon and day spa targeting men of color. In 2006, the couple opened BBRAXTON Exceptional Grooming For Exceptional Men. Located in a “green” development in Harlem, the salon offered barbering services, hot towel shaves, manicures, pedicures, facials, an Ike Behar custom shirt service, VIP transportation, and a well-stocked bar.

At the time, Braxton was starring on Broadway in a revival of the musical Chicago. But the actress’s dream soon turned into dismal reality when she was forced to close the salon in November of 2009 because of mismanagement. Improperly logged hours and rising costs plagued the business.

Though Braxton and Van Putten shared the same vision, she says they both lacked business management skills. “Neither of us was prepared for the day-to-day pressures of running our own business,” says Braxton, who spent most of her time performing in Chicago. “My husband and I went into it with a ‘you and me against the world’ attitude, thinking we would learn as we went along.”

When Braxton first opened the salon, she tapped into the equity in her Harlem brownstone for startup capital. Initially the gamble seemed to pay off. BBRAXTON was featured in the August 2007 issue of black enterprise as the Best Male Spa in our “Guide to the Best of Everything.” The salon generated $253,600 in revenues in 2008 and for most of 2009 averaged 2,000 clients.

But because of overspending, Braxton was soon scrambling to pay her mortgage, landlord, and creditors as well as make payroll, forcing the business to close at the end of 2009. She also lost her brownstone. But Braxton remained determined. In January, less than two years after closing shop, BBRAXTON was reopened, its owner now armed with intrepid optimism, myriad lessons learned, and a fresh strategy.

Through close friends and personal connections, Braxton found a private investor who infused more than $100,000 in the business to help her rebuild. Moreover, by keeping in contact with her landlord, she was able to reopen at the same location and to work out a payment plan. “We made sure to keep our landlord in the loop when we realized we were having cash flow problems,” says Braxton. “He appreciated our honesty and was willing to work with us.”

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One of her most important lessons: You’re not hiring employees, you’re building a team. She now manages the day-to-day operations and has put a team in place that can help grow the business. “We’ve secured a team of financial, marketing, and management specialists,” she says. She’s also established an organizational structure that ensures accountability in budgeting, and hired a financial officer to audit monthly spending and create a spending plan to curb unnecessary expenses.

While Braxton is more hopeful about success this go-round, she is also more strategic—something that’s key for any business to grow. “It’s like starting all over,” she says. In 2007, BBRAXTON averaged $16,000 per month in revenues with barbers, nail techs, and therapists. Today, the salon has five full-service independent contractors. “With a reduced number of contractors, our gross revenues have already outpaced 2007 numbers.” Braxton estimates that 2011 revenues will reach $200,000.

The reopened salon still offers barbering, spa services (manicures, pedicures, facials, massages), and cocktails, but added to the menu are natural hair services, including locking, twisting, braids, and cornrows. What’s new: the BBRAXTON Grooming Academy, a nonprofit that provides complimentary grooming services to senior citizens through its 26-week barber apprentice program.

WEBSITE DEVELOPER
The number of Web pages cropping up has grown exponentially. There were 21.4 million websites added last year, a total of 255 million as of December 2010, according to Royal Pingdom, an Internet monitoring company. The number of Internet users rose 14%. WordPress, a popular content management system, powers 14.7% of the top websites in the world. Obtaining client  referrals will go a long way. Look at websites such as iFreelance.com, which allows members to sell their services by way of a bidding system; and Guru.com.

MOBILE APPS DEVELOPER
At least 182,000 new jobs have been created by businesses in the U.S. making apps for Facebook, according to a study by the University of Maryland. This app economy has generated a value of about $12.2 billion in wages and benefits to U.S. workers. While there is money to be made developing mobile apps across platforms (iPhone, Android, BlackBerry, etc.), it’s also a costly process. Check AppsGeyser—a program that simplifies the development process and read Starting An iPhone Application Business for Dummies (For Dummies; $24.99).

SOCIAL MEDIA MARKETER/COMMUNITY MANAGER
You can offer your social media expertise to startups or small business owners looking to outsource these duties. Forrester Research estimates that $716 million was spent on social media marketing in 2010; that figure is expected to reach $3.1 billion by 2014. There’s more to managing your social media strategy than just updating your Facebook fan page. Understanding goals, key metrics, analysis, and engagement is important for a successful social media campaign and presence. Use monitoring or activation tools such as HootSuite or Seesmic and develop a plan to connect with clients.

DIGITAL MANAGER
Consider managing e-commerce, social websites, and analytics. If you have a thorough understanding of the digital space, you can coordinate between small business owners and Web designers, developers, and online vendors, breaking down jargon and maintaining these relationships. While one-third of small businesses use cloud-based or software-as-a-service solutions, another third don’t understand the technology. An ability to sift through providers and solutions can make you a valuable asset.

eBAY POWERSELLER
If sales is your passion, becoming an eBay PowerSeller may be up your alley. With revenues expected to grow 9.4% between 2011 and 2016 for online auction and e-commerce, according to the industry research firm IBISWorld, selling on eBay could be a lucrative business. PowerSellers are ranked on the basis of their monthly sales. Find a niche retail area such as designer goods. Check out eBay Income Advanced: How to Take Your eBay Business to the Next Level—for PowerSellers and Beyond (Atlantic Publishing Co.; $24.95).

1. Consider adding value before raising prices. With inflation on the rise, 15% of small business owners reported raising prices during the month of May, according to the National Federation of Independent Business. But Barnes Creekmur cautions against doing so without first creating added value. “Figure out if there are additional services you can offer with that same product that will cost you a minimum or no extra investment,” she says. She recommends explaining to the customer the additional service that will accompany the rise in price, which will either enhance customer experience, the product, or service being offered. For instance, technology companies may consider offering more frequent upgrades or integrate new automated services to existing offerings.

2. Don’t forget to innovate. With technology in a constant state of advancement, early adopters of new innovations may reap the financial rewards. For Barnes Creekmur, making sure AllHipHop.com was an early adopter of mobile technology was essential to its growth. “There’s usually an 18-month lead time on new technologies. This would give me time to see how we could fit this into AllHipHop’s core offering,” says Barnes Creekmur. She spent time attending conferences hosted by CTIA, a global wireless organization, to get a jump-start on the competition and latest developments. “Try to provide a service before your customer knows they need it,” she adds.

3. Partner up. Does another business offer a service or technology that would enhance your business or help reduce expenses? Barnes Creekmur urges businesses to consider strategic partnerships. This is a symbiotic business relationship that serves to propel each company in whatever capacity their terms are built upon, she explains. The key to a successful strategic partnership is understanding your business, and what you need to reach those higher goals, she explains.

4. Plan accordingly. Failing to set goals, to constantly assess and reassess your current positioning, and to establish clear, defined objectives for your business could spell doom. “A lot of small business owners I come across want to have that million-dollar idea but don’t always understand the investment or sacrifice it takes to get to that point,” says Barnes Creekmur. Key performance indicators or established metrics will help track your day-to-day performance to ensure that your business meets that end.

5. Understand that communication is essential. It’s cheaper to keep a loyal customer than to acquire a new customer. While customer retention and loyalty programs may be a good way to boost sales from current clients, for Barnes Creekmur, communication is at the heart of any of these initiatives. “Loyal customers have an emotional connection to your brand,” she says “and word of mouth is the best revenue driver.” She also advises entrepreneurs to under-promise and over-deliver on the entire customer experience. This may be in the form of follow-up phone calls to see how satisfied the customer is with the product or service, or simple best practices such as making a note to remember each customer by name.

Optimizing your digital strategy to drive functionality, underscore business objectives, and ultimately produce sales or brand awareness is crucial in an online space filled with noise.
Google is the No. 1 place U.S. consumers look online for information about local businesses, according to a study by Harris Interactive Inc., a New York City-based custom market research firm. With more consumers turning toward the online space to find local companies, your strategy is imperative. But it can also become costly. On the next few pages, Black Enterprise compiles a list of low- fee and no-fee tools to help small business owners strengthen online visibility.

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WordPress
Website: WordPress is not new to the scene; however, the content management system (CMS) is a favorite among small and large businesses alike. If you’re looking for better Google indexing or to develop a more complex website, consider switching to www.wordpress.org—which does not include free hosting, unlike www.wordpress.com. Aside from easy theme customization, the open software CMS is popular among developers, which means a growing availability of plug-ins that can increase your site’s functionality. With numerous hosting providers available, getting set up on WordPress.org should cost no more than $100.

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Google
SEO: While Google Analytics is one of the most popular search engine optimization (SEO) tools, as you grow your business, it should not be your only tool. Empower your SEO strategy by linking your Google Analytics page to Google Webmaster Tools. The service allows users to submit sitemaps, provides analysis about how your website is crawled by Google, and displays searches that are related to your website.

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Mailchimp
E-mail Marketing: If you’re looking to give your e-mail marketing strategy a boost, MailChimp may be just the kick. Customize e-mails and integrate social media tracking and Google Analytics, all within your MailChimp account. Perhaps one of the most useful features for small business owners may be its interactive graphs that displays bounce rate; deliveries; and the number of e-mails actually opened, forwarded, and clicked on. Combine this feature with its “A/B testing” which allows users to categorize, subscribe, and customize e-mails based on the subscriber group.

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Postrank
Social Media: Social media metrics and analytics are a growing concern among many businesses as they try to gauge its return on investment. PostRank is one of a number of tools that help businesses monitor mentions across dozens of social media platforms including forums, blogs, and YouTube. The tool allows entrepreneurs to measure and track social media deliverables and collect consumer engagement data. Easily create dashboard views that show profiles, influencer ranking, and buzz volume in real time. For $15 a month, small business owners can begin to dive deeper into their social media presence.

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Mobify
Mobile: With mobile becoming a leading means by which consumers access the Web, a dedicated mobile site is imperative. Among the tools to help business owners establish a mobile strategy is Mobify, a free service that makes WordPress, Drupal, and other websites mobile-friendly. Mobify allows users to customize their mobile site and adapts to more than 5,000 devices. SmallBizGoMobile.com’s Armstrong also recommends AppMakr for a free and fairly seamless way to create your own iPhone app. “The program walks you through turning your site into a mobile app,” he adds. The downside is the built-in advertising and lack of customization.

“When I bought ConocoPhillips, I didn’t feel it was as good of a value as I would have liked it to have been,” says Murphy, who bought the stock at around $66 per share in December of 2010. He sold at about $77 a share. “I believe my other exposures to oil and gas will provide a better risk-return.” About 18% of his portfolio is in the energy sector.

Knowing when to part with an asset is essential to any successful investing strategy. In the last few months, natural disasters and political unrest have caused a surge in market volatility. These ups and downs may cause even the most confident investor to act out of emotion. Indeed, those nervous impulses were evident leading up to the March 2009 bottoming of the Dow. Investors withdrew a total of $225 billion from U.S. based mutual funds in 2008, according to TrimTabs Investment Research. Considering that the market has risen some 80% since spring of 2009, many investors may have pulled out too soon.

A sound plan of attack can help stem emotional waves and grow returns. Clear understanding of your present financial picture and future goals should determine how you manage your options, says Imari Love, equity research analyst at Morningstar.

Building the Foundation
Murphy began building his nest egg while he was in college. With a significant time horizon, and an aggressive agenda, he opted for a portfolio comprised solely of equities. He says the portfolio yields an 8% to 10% return annually. While Murphy may have a greater risk tolerance than the average investor, given his longer time horizon, he still likes to be strategic about managing his risk.

“When you find an investment option that meets your needs, research it, evaluate it relative to all your other investment options, and invest in the one that gives you the most attractive profile,” says Love. The same process holds for developing an exit strategy. “One of the reasons someone would sell is because the company-specific reasons you bought the stock either have changed or never materialized,” he explains.

No Sudden Moves
With escalating unrest in the Middle East, Japan recovering from the deadly tsunami and earthquake, high U.S. unemployment, and a housing crisis, investors are skittish. While broader market events can have a tremendous impact on a stock’s price point, Love says you need to determine whether the stock’s price is falling because it’s moving in sympathy with the rest of the market or because the company’s business has fundamentally changed in some way. Research all the factors that made you believe it was attractive in the first place—revenue structure, market positioning, innovation, management team, target returns, etc.—and take note of any changes. To guard against major surprises and disappointments, diversification is key, says Jesse Abercrombie, financial adviser at Edward Jones Investments. “Keep each stock to less than 5% of your equity portfolio. When it exceeds 5% it may be time to sell it,” he adds.

A shift in competitive landscape or a flaw in the key themes you built your investment case around can all be causes for concern and a reason to sell your stake. But sometimes, your relationship has matured and reached its maximum potential. “Ultimately, whenever you enter into a stock with a long position, you should be doing so because you believe it to be priced lower than what it’s worth,” says Love. “Once it reaches [a level of appropriate value], never be ashamed of taking a profit.”

Able to withstand the recession, and then thrive during the recovery, the entrepreneurial spirit goes unmatched. Honing a seemingly innate passion for advancement, innovation, and serving the global marketplace, small business owners still stand as the backbone of the U.S. economy.

The annual Black Enterprise Small Business Awards recognize those entrepreneurs who have not only emerged as solid enterprises, but also are agile enough to stay well ahead of the curve in their respective industries. The winners of the 2011 Small Business Awards will be announced at the Black Enterprise Entrepreneurs Conference + Expo hosted by Nationwide, May 22-25 in Atlanta.

From teens to tech and from next to now, check out this year’s 12 outstanding finalists:

TEENPRENEUR AWARD NOMINEES
This award recognizes entrepreneurs, age 19 or younger, committed to the tradition of Black business achievement.


Leanna’s Inc.
Type of business: Hair care products
Founder/CEO: Leanna Archer
Location: Central Islip, New York
www.leannashair.com

Launched in 2005, Leanna’s Inc. manufactures a line of natural hair products. With only word-of-mouth marketing and little advertising, the homegrown hair company experienced revenue growth for three consecutive years. The line of moisturizers, conditioners and hair treatments start at $10. The 15-year-old’s products, which generated $175,000 in sales, can be found in beauty supply stores in New York, New Jersey and Florida.


Creative Jewelry by Bridgeia’ LLC
Type of business: Custom designed, handcrafted jewelry manufacturer
Founder/CEO: Bridgeja’ Baker
Location: New Orleans
www.creativejewelrybybridgeja.com

After discovering a latent love of handcrafted jewelry during an emergency trip to the orthodontist, Bridgeja’ Baker, 13, developed a signature line of custom jewelry. Made from sterling silver, gold, gemstones, pearls or Swarovski crystals, Creative Jewelry by Bidgeia’ specializes in one-of-a-kind “center of attraction” pieces. For 2010, the company generated $10,000 in revenues. With nearly 30 beading classes under her belt, Baker, who started the business in December 2008, looks to create one-of-a-kind pieces specifically for fashonistas and middle to upper-class women.


AJ’s Hawaiian Iceez
Type of business: Flavor shaved ice cream and frozen deserts vendor
Co-Founder/CEO: Adam N. Holland
Co-Founder/COO: Jonathan K. Holland
Location: Brandywine, Maryland
www.ajsiceez.com

Originally founded during the summer of 2008 to help with their younger sister’s school tuition, 15-year-old Adam and 14-year-old Jonathan Holland’s frozen treats business is now a fledgling family-run enterprise. The Holland brothers sell authentic shaved ice treats at public and private events. With start-up capital from their parents – which was paid back with interest – the brothers generated revenues of $36,000 last year. They now own three ice machines and a trailer that serves as a mobile unit. The two are currently in talks to franchise their business to other teens.

BE NEXT NOMINEES
This award is presented to the fearless young entrepreneur age 21–35 tapped to be a future business leader.


Volt Energy LLC
Type of business: Green power installation firm
Co-Owner/Director of Business: Gilbert G. Campbell III
Co-Owner/Director of Operations: Simon Antonio Francis
Locations: Winston-Salem, North Carolina and Washington, DC
www.volt-energy.com

Volt Energy installs solar photovoltaics, solar thermal, and wind systems for governments, businesses, school systems, nonprofits, and utilities in North Carolina, Pennsylvania, and New Jersey. Owned and operated by Gilbert G. Campbell III and Simon Antonio Francis, both 31-years-old, the company secured lucrative contracts with big name companies, including Duke Energy, with whom it has a contract to sell energy for 8 cents per kilowatt-hour over a 15-year agreement. Volt Energy has seven full-time employees and generated $1 million in revenues last year. To keep the momentum, the company looks to expand into South Africa; a country the duo says has a high demand for renewable energy.


Roadstarr Motorsports Inc.
Type of business: Automotive customization company
Co-Founder/Co-President: Hassan Iddrissu
Co-Founder/Co-President: Hussein Iddrissu
Location: Los Angeles
www.roadstarr.com

Hassan and Hussein Iddrissu found away to capitalize off of America’s love of luxury and speed. In 2003, the brothers launched Los Angeles-based Roadstarr Motor and quickly caught the eye of Hollywood’s elite, including, John Travolta, Ralph Lauren, Kevin Spacey and Akon. The 15-person automotive customization company creates one-of-a-kind body works, tires and accessories as well as serves as a top shop for servicing European vehicles. The 33-year-old twins, identified as Black Enterprise’s 40 Next, generated $11 million in 2010 and after expanding their business to Europe and delving into the petroleum business in Ghana, the Iddrissu’s stand to make $16 million in 2011.


The Bulsard Group LLC
Type of business: Business process re-engineering firm
Founder/President: Latoya L. Wall
Location: Houston, TX
www.bulsardgroup.com

The Bulsard Group’s mission is to help businesses large and small do more with less. Founded by Latoya L. Wall, 30, the company uses data analytics and statistical analysis to streamline and make the business process more efficient. A Master Black Belt—the highest level for administering Six Sigma compliance—Wall’s clients include Chevron’s Gulf of Mexico Business Unit and Raytheon, a defense and homeland security company. The 40 Nexter’s firm generated $500,000 in sales last year.

INNOVATOR OF THE YEAR NOMINEES
This award is given to the business flourishing in an innovative industry or approaching entrepreneurship in a groundbreaking manner via their products or services.

Interventional Nephrology Specialists Access Center
Type of business: Interventional nephrology center
Co-Founder: Dr. Omar Davis
Co-Founder: Dr. Natarsha Grant
Location: Memphis, Tennessee
www.lifelinevascularaccess.com/locations/memphis.htm

Launched in 2007, Dr. Omar Davis and Natarsha Grant run an interventional nephrology center which provides patients suffering from kidney failure the necessary medical treatment and technology. Interventional nephrologists like Davis, 37, and Grant, 42, play a crucial role in helping patients who have undergone hemodialysis—drawing blood so it can be cleaned of toxins and then returned to the body. The Memphis-based facility services about 2,400 patients each year. The company estimates topping $6.5 million by year-end.

Street Smart LLC
Type of business: Footwear accessories
Founder/CEO: Eric Jackson
Location: Glen Burnie, MD
www.locklaces.com

Frustrated with uncooperative shoelaces, Eric Jackson invented Lock Laces, a patented elastic shoelace fastening system. Finding a core demographic, kids, seniors and the physically challenged, the company has seen steady revenue growth over the last three years and brought in $500,000 in 2010. Jackson established Street Smart LLC in 1999; the 42-year-old says customer service is a major factor in building the company’s brand awareness. With sales in excess of 250,000 units last year, the laces, which retail for $4.95, are gradually making their way into global markets including England.

MagnoGrip Inc.
Type of business: Manufactures magnetic tool storage gear and accessories
Founder/CEO: Andre Woolery
Locations: San Francisco, California and Shenzhen, China
www.mdgtools.com

With haphazard hands when it came to home repair, 35-year-old Andre Woolery eventually developed and patented the Magno Grip magnetic wristband in 2005. Designed to fit on the wrist comfortably, a magnetic strip within the band holds on all drill bits, nails and minor tools while do-it-yourselfers get the job done. The band along with a line of magnetic tool accessories is sold at several large retailers across the nation including Lowe’s, Home Depot and a test launch in 80 Wal-mart stores this summer. Last year, Woolery estimated he’s sold over 400,000 units since launching the product and earned revenues of more than $1 million in sales.

SMALL BUSINESS OF THE YEAR NOMINEES
This award is presented to the small business owner whose efforts or entrepreneurial pursuits exemplify the passion and commitment needed to overcome adversity as well as attain success.

ALL(n)1 Security Services
Type of business: full-service security firm
Founder/CEO/President: Mary Parker
Locations: Atlanta
www.alln1security.com

Founded in 2001, ALL(n)1 offers security personnel and technology, traffic control, and law enforcement services primarily in Georgia, Mississippi, and Alabama. The company employs full-time and part-time security officers as well as technicians with experience in low voltage cable/wiring and installation of burglar alarm systems. Among the firms clients include Hartsfield-Jackson Atlanta International Airport and only a few months into 2011, Parker inked a five-year-deal with the city of Atlanta. ALL(n)1 was also selected by Coca-Cola to provide security for its 125th year celebration where the soft drink company welcomed 8,000 guests to Atlanta. The 250 staff firm closed out last year with $8.5 million in revenue.

Coalescence L.L.C
Co-founder/SVP and COO: Ian Y. Blount
Co-founder/CEO: Angela N. Cauley
Type of business: Custom food ingredient manufacturer
Location: Columbus, Ohio
www.coalescencellc.com

Coalescence custom blends spices, seasoning and nutritional premixes for national fast food chains such as Wendy’s, and companies offering prepackaged foods. Blount, 41, who serves as the company’s senior vice president and chief operating officer and his wife (company president), 39-year-old Cauley, founded Coalescence in 2005. Though high start up costs were the main entry to barrier into the industry, with the help of an angel investor and a lot of perseverance, Coalescence has inked deals with Kellogg’s, PepsiCo, Tyson and Wendy’s among others. Blount and Cauley expect revenue to reach $28 million in 2011 as the money hit its own record high in 2010 generating $24.5 million.

Monif C. Contemporary Plus Sizes
Type of business: Fashion line for plus-sized women
Founder/CEO: Monif Clarke
Location: New York City
www.monifc.com

Running a brick-and-mortar as well as operating an e-Commerce site, Monif Clarke, 32, tapped into an often ignored but highly visible demographic: full-figured women. Launched in 2005, the New York-based entrepreneur’s wide selection of apparel for plus-sized fashionitas generated $585,000 in 2010. The company opened a small boutique inside of its showroom in 2007. Clark also sells to independently owned shops in Atlanta, New Orleans, Milwaukee and even Australia, Bermuda and Jamaica. Optimizing its digital presence, Clark formed strategic partnerships with online retailers such as Overstock.com and Ideeli, both of which carry the line. These deals accounted for 42% in sales in 2010; the company anticipates year-end revenues of $1 million.

Join us in celebrating our 2011 Small Business Award nominees at Black Enterprise’s annual Entrepreneurs Conference, taking place May 22-25, 2011 in Atlanta, Georgia. Visit blackenterprise.com/ec for more details. As an incentive BE is offering you a discount on early registration: Just enter code BEDG295 and receive $200 off. Don’t miss this opportunity to receive valuable strategies and resources to help take your business to the next level.

• Do the choices in your employer’s 401(k) plan leave you wanting…more? We spoke to Dawn Brown, senior financial adviser at New York-based wealth management firm Altfest, to get a few tips on how to convince your employer to make a change, and expand the company’s selection of investment options.

• 1) Express your concerns, and be solution oriented: If employees are not satisfied with investment options within their employer-sponsored retirement plan, feel free to express concern to your employer. However, cautions against merely complaining. “Go with an outline of what you would prefer,” says Brown. “Is there a larger number of choices a different provider or different investment options?” To get a sense of alternatives, Brown suggests canvassing friends who work for other employers about their 401(k) plan choices.

• 2) Take advantage of in-office financial briefings: It’s not uncommon for companies to hold an annual meeting with employees and the 401(k) provider. Employees should take this time to inquire about additional plan options, advises Brown. Since employees cannot initiate a meeting with the provider, this is an opportune time. From there, address your concerns with your human resource department, which is traditionally responsible for handling any issues with the plan provider, adds King.

• 3) Seek buy-in: Consider banning together with colleagues to make a request or petition. “An employer will likely want the employees to be happy with the plan as it will increase participation rates,” says Brown. Low participation rates could spell trouble for employers as the retirement plan may become “top-heavy” – that’s when more than 60% of assets in a plan belong to “key employees” or employees earning more than $160,000 annually.

• 4) Know your rights: Investment plans are overseen by the Department of Labor who oversee ERISA, the law that governs defined contribution plans. While companies are not obligated to provide retirement plans, those that do offer them are obligated to maintain detailed rules of the plan. “By providing a 401(k) plan the employer has a fiduciary role,” says Brown. “This includes choosing the investment manager, choosing investment options and monitoring the performance,” The investment options your company offers should be diverse.

• 5) Think twice before exiting: Even if your options remain limited, you may want to reconsider completely withdrawing from a company-sponsored 401(k) plan. A 401(k) allows you to save funds tax deferred, up to $16,500 each year (with a catch-up for those over 50), explains Brown. Keep in mind that even though IRAs offer more flexibility in investment choices, they have much lower tax deferral amounts.