Why The Millionaires Club Will Soon Have More Women
Posted by Amanda DiSilvestro on September 5, 2011 in Business Start Up Advice [ 0 Comments ]
If someone asked you if you wanted to turn your business into a million dollar business, chances are you’d say count me in. Whatever it takes, count me in. Even if it takes a few years, count me in. I have to work really hard? Okay, count me in. Last Friday, September 2, 2011 women everywhere celebrated those who said “count me in,” and showed their support for women who have begun to take the extra steps in growing their business to a level only a few have found possible.
Count Me In for Women’s Economic Independence is a leading non-profit organization that supports women entrepreneurs. Nell Merlino, Founder and President of Count Me In, rang the Opening Bell of the New York Stock Exchange (NYSE) on Friday to help celebrate the many accomplishments of her program “Make Mine a Million $ Business” (M3). Standing with Merlino as she rang the bell were five women who found success through the M3 program, members of the M3 1000 National Steering committee, and other supporters of the program.
Events like the one this past Friday give women the opportunity to pitch their business before a panel of judges and win a $1,000 American Express gift card and six hours of individual coaching. “At these events, you can present a 90 second pitch about your business with information such as your current revenue and business plan. We then select a large number of winners through these events; then look at their business financials to see who is really in a position to grow their business. Those who seem ready will then work with a coach twice a week to help make their business plans reality,” Nell explained. And this organization practices what they preach when it comes to setting your goals high. In 2011, Count Me In is hoping to bring 1,000 women to the $1 million mark. If successful, this goal will allow for $1 billion in economic impact.
The Numbers and The Answers—Why Are Women Still Behind When It Comes to Million Dollar Businesses?
According to the US Census statistics, almost 50% of privately held companies in the US are owned by women, yet only 2.6% of those businesses earn over $1 million in annual revenues while 6% of businesses owned by men find themselves meeting that benchmark. While Count Me In’s program helped bring this number up with 28% of program participants having reached the million dollar mark, there is always room for more women to set their sights high.
When asked why women seem to have a more difficult time reaching this goal, Nell explained that there are three common barriers that women face. “First, you cannot have too small a vision of your business. Women often work really hard delivering their product and delivering their service but are not thinking in larger terms. Second, you need to make sure they appreciate the help in their business—whether it be employees or contractors, there is a limit to how much you can grow alone. Lastly, you’ve got to look at numbers regularly and understand what’s paying off.”
How to Get Started Becoming A Millionaire with M3
Count Me In will have another M3 event in Philadelphia September 25-26, 2011 for those that missed the excitement in New York. The great thing about the program and the organization is the fact that you do not need to have a million dollar business plan to benefit from the event. If you think you may someday want to expand your business, or even start your own and are not sure how to begin, Nell explained that there will “probably be 150 women pitching businesses and you can sit in and watch people do that so you know that’s what I have to do. It is a relaxed, safe environment—very collegial, comfortable, fun atmosphere.”
If you are unable to attend, you can sign up on the Count Me In website and come to their webinars. The webinars are generally very well attended and happen weekly, so even if you are not heading the east coast anytime soon, no one has to count you out.
Top Photo Credit hercampus.com