Want to grow your business to a million or more in revenue? Author Susan Wilson Solovic shares advice from her book The Girls' Guide to Building a Million Dollar Business.
Kimberly Austin: Other Susan Wilson Solovic discusses her book The Girl’s Guide to Building a Million-Dollar Business. Her refreshing end and authoritative book gives within the advice they need to become successful entrepreneurs. Susan you’re right that women are starting businesses at twice the rate of men. Why do you think so many women are starting business today? Susan Solovic: One of the biggest reasons is they corporate America just doesn’t get it. The corporate structure that paradigm of business doesn’t fit the new one says that affect the woman’s life whether you’re raising young children or you have elderly parents you have to take care of. The corporate structure doesn’t fit. So its not that women are starting their businesses to work less. They’re just starting businesses to work smarter. Another reason is because you know women are really smart and when they’re working in some sort of environment they often see opportunities and ways to do things better and then finally they start businesses because there still a glass ceiling in corporate America and unfortunately women’s still aren’t last about 76 cents as compared to men. Executive women even do worst than that. So they’re starting their own businesses because they’re fed up and they want to be able to earn an income that is commencer right with their skills. Kimberly Austin: What do you think is stopping more women owned businesses from reaching the $ 1 million threshold? Susan Solovic: The hardest hurdle is for women to stand up and say I want to make money. I want to create a million dollar business. Women will sit around and talk about sex or menopause or their problems that they’re having with their children but haven’t for a bit that we would stand up and say we want to make money. So that’s one of the obstacles. The other obstacle is really a lack of resources and knowledge. Fewer than 5% of all women in this country get funded by venture capitalist. And if fact most women fund their own companies by using credit cards or their own personal wealth or from friends and family. And you’re not really good to grow a big entity unless you learn how to finance and fund that growth. Kimberly Aust0in: Can you tell us about the four strategic keys for growing a business that you outlined in your book? Susan Solovic: The first one is really very simple common sense. It’s to define the vision. Where do you want to go? How big do you want to be and that’s where you just let your imagination run wild. A lot of people go into business because they’re very good at a particular craft. Do they have a particular skill and they decide. I can go and do this on my own. What they don’t understand and actually I call this having an entrepreneurial seizure is being in your own business is not about your particular craft or your skill. It’s about creating an entity that is bigger than you. So the technician goes into the business and they’re just doing it, doing it, doing it everyday and the business doesn’t grow. So they have to learn how not to work in the business but to work on the business. They have to believe that this company can grow. That it’s a scalable business and then it ramp up very easily. The second thing is you really have to begin to develop the right team. Now when you’re starting a business and it is just you at first. You’re doing, you’re emptying the trash or buying the toilet paper. You’re making the sales calls. You were doing answering phone everything yourself. But as you grow the organization you’ll see that it becomes harder and harder to do all of those task yourself. So you want to start hiring the right people. You want to play-in. You want to think about what the skills that you need. And then you yourself have to begin to think like a CEO. The third thing is marketing, marketing, marketing. There’s an old saying that nothing happens till you sell something that is so true. You have to be able to define what makes you unique. What makes you stand out from your competitors and then you need to do what I call develop a killer brand and when you talk about branding, a lot of people say “oh okay I got a logo, I’ve got letterhead, I’ve got the name from my company.” Branding is so much more than that. It permeates your entire business. You either have a brand by designed or default and I suggest that you choose it by designed. And the final thing is funding. It’s so important for growth to be able to fund your business. As you grow a business you’re going to get in those times that you’re going to be in a cash flow crunch. There’ no doubt about it. The funny thing about bankers is that when you need money, when you need a loan they don’t want to give it to you, when you don’t need it, no problem. So you want to get that line of credit you want to establish that relationship when you don’t need it. So you need to analyze what works for you, what you’re comfortable with that never ever-ever take your eye of the ball of that big vision. Kimberly Austin: The confidence and knowledge, any entrepreneurial woman needs to build and grow her business is within her grasp with The Girl’s Guide to Building a Million Dollar Business.