3 Tips on Business Success

My Health and Money, ID-100178758, Stuart Miles via freedigitalphotosdotnet

Sarah Wilcox and Evelyn Enger, co-founders of My Health and Money, saw the need for a community to educate and inform healthcare consumers of all the options available to them and used their extensive backgrounds in healthcare and finance to create a service that is quite literally a one-stop-shop for lowering medical costs.

MyHealthandMoney.com acts as a single location to shop, learn, converse with peers and consult with experts for advice on a medical or financial question. Members who pay only $6.99 a month can access deals that save them hundreds of dollars in out-of-pocket healthcare costs.

The consumer response to the service has been phenomenal, and the business is thriving. Sarah and Evelyn offer these tips to young entrepreneurs who are eager to succeed:

  • Find a business partner with the opposite skill set. The co-owners are compatible because they are experts in opposite but complementary fields, giving them the ability to look at a problem from different perspectives. Sarah’s entire career has been in healthcare while Evelyn, who is a certified public accountant, is experienced in finance, business management and technology.
  • Aim for a diverse clientele. It is essential not to put all your eggs in one customer’s basket. A diversified customer base will insulate a business from the loss of a single large customer and help the business grow.
  • Implement easy to use software and services platforms for your clients. Part of My Health and Money’s success is attributed to the hassle-free and easy-to-use online experience. Sarah and Evelyn employ an experienced IT expert to build and maintain a use-friendly website.

As a business owner, what other insights can you offer to help businesses survive and flourish?

Emilia_DiMenco

About Emilia DiMenco

Emilia DiMenco is President and CEO of Women’s Business Development Center and Retired Executive Vice President BMO Harris N.A. Emilia DiMenco was named president and chief executive officer of the Women’s Business Development Center (WBDC) on August 1, 2013, a transition from co-founders, Hedy Ratner and Carol Dougal. Emilia joined the Women’s Business Development Center as chief operating officer in July 2010 after completing a 30-year career as an executive vice president with BMO Harris N.A. Emilia had P&L responsibility for 80% of her career and managed budgets in excess of $200 million with revenues multiples greater. Her responsibility included leadership and management for 600 commercial banking employees.