Episode 030: Show Notes
Alrighty babes, today we are getting super nerdy. We are bringing you some stats and some numbers, all in the hopes of giving you a little peek into why we do what we do. Because of what is going on in the world of small businesses, we hope to give you some motivation — a little bit of fire under your booty to keep doing the work, to keep being boss, to keep running your business, strategizing, and continually doing better at whatever it is that you are taking on.
In uncovering what our mission is and why it is what it is, we know that you will come out with a little bit of clarity on getting to the heart of your business and being able to voice it to other people. We have dug deep and done our research, and the bottom line is that there are not enough women business owners out there who are successful enough to be profitable enough to contribute to society, contribute to their families, and contribute to changing the stats across the United States! We hope that hearing these numbers inspires you to find your own mission, and start living out your why.
You Are In Good Company
When we took a closer look at the stats, we found some really good news. As of 2014 there were 9.1 million women owned business. These businesses employed 7.9 million workers and generated over $1.4 trillion in revenue, annually. That is A LOT of money, and tells us that as fellow women in business, we are in good company. The stats showed that in 2014 women were started 1,288 new businesses every single day, which is incredible. We don’t need to convince women to believe that their passion can be a business. Our role comes into play in helping women create profitable and sustainable businesses that will weather the times.
The Reason Behind the Pivot In Our Business
Despite these amazing statistics, when you take a step back, you see that women are not doing their fair share to employ enough people and contribute enough revenue to support the economy in the United States. The fact is, women owned businesses employ only 6% of the country’s workforce and contribute to just under 4% of the business revenues, which is not a ton, and these stats have stayed the same from 1997 to 2014! This is the major reason for the pivot in our business. What it seems like we need to convince you to of is that you can profit from that idea and from that passion.
Mindset Shift Towards Profitability and Sustainability
Oftentimes the stats are being skewed, because some women are running five different businesses, and pulling from all those separate incomes instead of making one conglomerate. Other times, the women behind these businesses also work full-time jobs and run their businesses on the side. Being able to focus solely on your business and putting all of your time and energy into it will make a HUGE difference to your profitability. Now, this does not mean that we are telling you to go quit your job and sacrifice all of your family time just to grow your business. The key is to find the time that you do have, and be the most productive that you can be within that window, no matter how small it is. You absolutely have to make the mindset shift that your passion, your creativity, and your talents can be turned into a full-time, financially rewarding, profitable, sustainable business.
Making A Difference Through the Online Teaching Platform
The fastest growth over the past 12 years has been in educational services. It’s up 128%, specifically in women owned businesses. Now, we are not telling you you need to pivot and do education. However, there is a big need for it and other business owners are seeing it and jumping into that market, including ourselves. The incredible fact about this is that as teachers in the online platform, we can boast that there are educator colleagues of ours making multiple six figures and doing massive amounts of productivity and profitability from their online teaching business, where you cannot make that anywhere else in teaching. There are so many things to teach, and the key is finding your people, providing value, and making it unique to you.
No Such Thing As a Self-Made Millionaire
According to the stats, 89% of women owned business make less than $100,000. Only 9% of all businesses in the entire country make over $500,000, and only 4% of those are women owned. There is no such thing as an overnight success story, and no one single person in this world is a self-made millionaire. Getting to that level requires a network, a team, support, education, and trial and error. It is never just one person getting to their goals. Making your business profitable and sustainable in the long run calls for a hard work and really hustling. Don’t be so hard on yourself; you can do this. Just find the right support, be willing to put in the work and make the sacrifices to get there.
Finding The Why of Your Why
When days get rough and you are constantly bombarded with ads that make you feel unworthy or unqualified, perhaps “not good enough”, you have to stick to the why behind your why. For a long time we felt lost and mystified as to our purpose. We knew that we liked to teach and we saw other people getting amazing results, but the fire was missing. So we dug in deep to discover this fire so that we knew, even on our worst days, we were not going to give up! It is so critical to figure out the why behind your why and let that fuel you when things get hard so you can keep going and be included in the stats forever.
- Hear the stats on women owned business as reported in 2014. [00:05:34]
- Discover the reason behind the pivot in our company, to help women build sustainable businesses. [00:09:35]
- Find out why the numbers are skewed and the mindset shift that needs to happen for most women. [00:12:33]
- Learn how women business owners are making an impact in the online teaching world. [00:15:02]
- Understand why there is no such thing as a self-made millionaire. [00:23:22]
- Discover what it means to find the why behind your why, and the significance of it. [00:30:02]
Identify your revenue goal and the reason behind it. Dig into the why behind your why.
Make learning and understanding new strategies a priority to up-level your business.
- Let go, put your guard down, and communicate your why so that people can get behind your mission.