Less than 2% of women-owned businesses hit the 1 million dollar revenue mark in a calendar year.
I wondered why this was the case. Most women-owned entities start as hobbies like pillow making or other grass-roots favored businesses. They sell to friends or have a limited online presence. Despite the success one may have it takes a lot of sales to hit the million dollar milestone with low cost items with no real volume sales in sight.
Women are great multi-taskers. Most manage families, schedules and work as well. When one finds a path to growth, success isn’t far off. Nothing against male counterparts as many earn their way to the board room fairly, but the wow factor is that the table in the board room isn’t always set equally for one reason or another.
One of the women may be in the token woman seat or the token diversity seat in the board room. I hate to address the elephant in the room but it’s true. With my current project I set a lofty goal for myself. I wanted to see if I could do it my way. From the ground up. No board approval. No favors given.
I wanted to be the underdog. The one who rose from nowhere to make a statement. There were many along the way who doubted me. That’s okay. They ironically motivated me. There were some who snubbed me for various reasons. That’s okay too.
I did it. I made my statement, my way. I was never seeking public approval. I was instead challenging myself to chip away at a revenue goal. My revenue goal. The pie in the sky number that many women won’t attempt to tackle. I did it with my small but dynamic team. I am one of the select few who made it to 1 million dollars. I joined the club so to speak in 2019 with one entity. Much earlier in the year due to some good luck and hard work, and I might even hit the multi-million dollar mark which is the gravy on top.
I can actually say hard work pays off and I am ever so proud of the time investment I made to become certified as a women-owned small business. My careful thought and planning afforded me the opportunity to participate in government bidding opportunities set aside for a business classified as women-owned, helping me reach my lofty goals quickly.
Learning how to leverage all tools available to your business is a very important step in business planning. Remember, without a plan you don’t know where your are going or what you are trying to achieve.
Engaging resources is also important. Finding the right business partners. The right vendors. The right social network. It all plays a part of one’s successes or one’s failures.
Be you for you. Don’t let others define your success. Wait for the right time to peak. Take all the lessons you learned in life and apply them to your business plan. Form a great leadership team and move forward. Continue to grow and shift as your market requires. Never stand still. Complacently is the death of struggling businesses.
Add a little luck. Add a little hustle. Add some good timing. And then the magic happens. Opportunity knocks and you have to be ready to take hold of it when it’s available. Don’t hesitate. Take the risk! Fortune favors those who are bold.
Long days. Late nights. Weekends. 24:7 availability means personal sacrifice. Lots of sacrifice. I made it. I made it the to the one million mark and beyond. The numbers scribbled in my Wonder Woman journal as a dream are taking shape.
Remember, I said it’s hard work. There were many bumps along the way. My husband wanted to kill me many days I am sure. It’s time to turn the page and set the next set of challenges. Where will I go? What will I accomplish? Who will I take on my journey? Will I fail? Will I succeed?
I must circle back again to celebrate me. Not only did I hit the number, I reached well beyond. Millions more is in sight but I’m not holding my breath or putting a specific time frame on the number. I am a firm believer that if I put in the work / effort, the rewards will follow. It may not be a revenue number this time around. It may be a strategic account. Or maybe a new connection with a key influencer. Those steps are part of the growth process. Connecting the dots so to speak.
As I reflect on the million-dollar achievement there is so much to be thankful for. All the people in my life who support me. My amazing but small work team. My family who motivates me to be strong and fight through thick and thin. It truly takes a village to be at the top of your game. Whatever your game is, you were inspired by others to seek the higher ground.
Now that I am here, I like to savor the moment and reflect. See what went well but where the opportunities are for improvement. Sometimes making slight modifications in operational efficiencies is far more important than the next revenue milestone!
As I write this post I know some will perceive my celebration as a sign of arrogance. Well, there may be a hint of that but the motivation is to share this with other aspiring business people who are reaching for the stars.
I am a growth coach for those entering entrepreneurship for the first time as well as those trying to find their spot in life. In order to be a good role model for those I mentor, I leave sprinkles or nuggets of my development online for others to read. I don’t need a New York Times Best Sellers list number to validate my growth. I just want one person to be motivated to reach to the stars because my stories inspired them.
Write the lofty goals. Chip away at the goals. You will get there. Hard work pays off. Be consistent. Be confident. Be prepared.
For now I will stay in the moment. I will take great pride in what was accomplished and be ready for what’s next.
And what’s next is part of the #1095 Days project. What’s next is always a new story. Stay tuned for the next chapter.