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Wednesday, April 8, 2015

5 Ways Women-Owned Companies Can Break the $1 Million Mark

5 Ways Women-Owned Companies Can Break the $1 Million Mark

What entrepreneur wouldn't want to reach that $1 million level in revenues! But only 2 percent of women who own their own businesses are able to reach it. On the other hand, companies owned by men are 3.5 times more likely to hit the $1 million mark. What's up with that??

How to break through the ceiling

Since women own 30 percent of all the businesses in the U.S., it is a hard pill to swallow when only 2 percent are the ones reaching the $1 million mark. So, one women has developed a program to help boost those numbers and has had good success; business owner participants in the program have experienced increases of 65 percent. The program is the creation of Lisa Schiffman, a director of brand marketing and communications at Ernst & Young. Her advice to women entrepreneurs?

  1. Be a leader - to be successful and grow, you need to be a leader, not a worker. Hire good and capable people, and then lead the way by sharing your vision for the company with them. As Lisa explains, "you can’t grow if you can’t see where you’re going."
  2. Don't underestimate your growth potential - this is a real weak link with many women-owned businesses. Women need to be confident about their ability to make their businesses grow.
  3. Let others know who you are - make sure you are speaking about your company in public. This means attending industry and public events which pose an excellent opportunity for you to let others know about your business and you.
  4. Seek advice - no ones knows it all, so seek the help and advice of others who may have more experience and are willing to serve as your advisory team.
  5. Network with other entrepreneurs - you would be amazed at how much valuable information you can learn from other entrepreneurs. Form those connections and build long-lasting relationships that will benefit you, your company and other entrepreneurs.

For more information, visit www.forbes.com/sites/eilenezimmerman/2015/04/01/only-2-of-women-owned-businesses-break-the-1-million-mark-heres-how-to-be-one-of-them/
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