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| The Make Mine a $Million program launched with a press conference and kick off in Washington, DC. Key partners and supporters present at the launch included (left to right): Susan Sobbott of OPEN from American Express; Darlene Daggett from QVC; Nell Merlino of Count-Me-In; Rep. Nydia Velázquez (D-NY); and Sen. Hillary Rodham Clinton (D-NY). |
It has become a well-known fact among those who track the progress of
women’s entrepreneurship in the United
States. For the past two decades, women-owned
firms have grown their businesses at twice the
rate of all firms. One in 11 adult women is an
entrepreneur. And there are now 10.4 million
firms owned by women (50 percent or more),
employing 12.8 million people, and generating
$1.9 trillion in sales. Women own one-third of
all businesses worldwide.
With those dynamic facts provided by the
Center for Women’s Business Research, we
might be tempted to prop up our feet and take a
well-needed break. But hold the phone just a
moment. Despite this fabulous growth, only 3
percent of women-owned companies generate
revenues in excess of $1 million annually. Three
percent. In comparison, more than twice as
many men-owned companies have passed this
important milestone.
Seeing an opportunity to make an impact on
these numbers, Count Me In for Women’s
Economic Independence, a nonprofit online
lending organization, has developed a program
with an impressive goal: help one million
women-owned companies reach one million in
revenues by the year 2010. The organization’s
founder, Nell Merlino, enlisted top-notch help
with this goal. Partnering with OPEN from
American Express, and with national retail marketing
support from QVC, and technology partner
Cisco Systems, the program is now in full
swing.
Make Mine a $Million (known as M3)
launched in five cities in 2005 — Dallas,
Chicago, Long Beach, Atlanta, and New York.
Business owners were asked to submit a business
case to be evaluated by a panel of local
entrepreneurs. Finalists presented their growth
plans at competitions in each city and judges
selected the most promising companies as
awardees. Each received the help of a team of
business coaches, up to $45,000 in loans from
Count Me In, and marketing and promotional
support from OPEN.
Enterprising Women spotlights three of the
Make Mine a $Million awardees in this issue and
explains how you can get involved in the program.
If you have already surpassed a million in
revenues, there are opportunities to get involved
as mentors — helping another woman surpass
that important million dollar mark.
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As the president of Dallas-based MarketExpo.com, Denise Houseberg created a successful mini-version of Amazon.com that showcases entire product lines of 34 manufacturers. Items ranging from home hardware to furnishings and more. Decorative switch plate covers are her number one seller. She was the first Make Mine a $Million awardee to reach the million dollar mark — passing this milestone just six months after receiving her award.
— Photo by Tadd Myers |
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Saundra Charles runs a company that creates metal products and performs mechanical maintenance for large industrial, marine and commercial companies. BI Group, LLC serves the New York and New Jersey waterfronts, oil refineries, utilities, manufacturing and pharmaceutical firms. This M3 awardee hopes to surpass a million in revenues by year’s end.
— Photo by Ron Levine |
Denise Houseberg
MARKETEXPO.COM | DALLAS, TX |
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Saundra Charles
BI GROUP, LLC | BLOOMFIELD, NJ |
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When Denise Houseberg launched MarketExpo.com in 1999, she knew she had a winning business idea. She just needed a little extra help to propel her business to the next level.
The Internet and e-commerce had always interested her. So, when a customer approached her about the difficulties he was having reaching his customers with a product line of decorative switch plate covers, Denise took action: “I took all 2,500 of them online.” Building what has now become a mini version of Amazon.com, Denise developed an online storefront for more than 30 manufacturers representing thousands of home and garden products. Her biggest seller? It’s still switch plates. Last year, she sold over $400,000 of them and was the top single-location vendor for Jackson Deerfield.
Obtaining the financing Denise needed to build her business wasn’t easy, but she never gave up. Attributing that resolve in large part to being a cancer survivor, Denise set a goal of topping one million in revenues. When she learned about the Make Mine a $Million program, she knew it was a perfect fit for her. This past November, Denise became the first M3 winner to pass the million dollar milestone, just six months after receiving her award.
OPEN from American Express partnered Denise with another OPEN customer, Gay Gaddis, the owner of T-3, a technology company in Austin, TX. Gay encouraged Denise to spend more time focusing on marketing and sales, and less time on technology. So Denise contracted with a technology partner to manage the transactions on MarketExpo.com. She invested in Internet marketing and redesigned her Web site, streamlining product categories and adding functional search features. She also added a section with decorating ideas and an e-mail newsletter.
With the exposure Denise’s company has gained from winning the award, she has attracted new manufacturing partners and is reaching more consumers than ever before.
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BIGroup opened its doors in 1998, but Saundra Charles continued to work for an insurance company for four years before venturing out full-time with her business. Her company creates metal products and performs mechanical maintenance for large industrial, marine and commercial companies. On any given day, her welding team could be installing boilers, designing and insulating piping, or repairing heating and cooling systems, among other jobs.
As a mother, chemical engineer, MBA graduate, and small business owner, Saundra is used to juggling many balls in the air. When she heard about the Make Mine a $Million program through a local women’s business group, the coaching aspect of the program appealed to her most. Having someone with whom she could discuss her business issues seemed like the most valuable component of the program.
Visiting the Make Mine a $Million Web site, she learned that the deadline for applying to be a part of the New York program was just around the corner. More than 300 small business owners attended that competition, but Saundra was chosen along with nine other finalists.
As one of the newest winners of M3, she is now busy meeting with her coaches to plan the next steps for her companies’ evolution. She plans to break into new industries, build her client base, and add to her staff. Her goal is to surpass $1 million in revenues by the end of this year.
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Julie Tucker and Jennifer Elias founded SmartsCo in 2002 to create fun, approachable, easy-to-use gifts, games and guides that help you learn more about some of life’s greatest pleasures, including wine, food, sex, chocolate, beer, coffee and more. The San Francisco M3 awardees have already been featured in a new OPEN from American Express advertising campaign as a result of their participation in the Make Mine a $Million Business program.
— Photo by Andy Freeberg |
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KEY FACTS ABOUT
Make Mine a $Million Business
What Is It?
Make Mine a $Million Business is a national movement with a goal of inspiring one million women entrepreneurs to reach one million dollars in revenue by the year 2010. The program was developed by Count Me In for Women’s Economic Independence. OPEN from American Express joined Count Me In as a founding partner, and QVC has joined the program as national retail marketing supporter. Cisco Systems is the technology partner.
Why Do We Need It?
Women-owned businesses comprise 48 percent of the small business sector in the U.S. and are the fastest growing segment. Yet, only 3 percent of all women-owned companies generate revenues of one million dollars or more.
How Does This Program Help?
Through a combination of loans, marketing opportunities and business mentoring from a team of advisors, the Make Mine a $Million Business program provides women entrepreneurs with the “3 M’s” they need to break the million-dollar threshold: Money, Marketing, and Mentoring.
How Does the Program Work?
In 2006, 40 women entrepreneurs from the United States will be selected to receive one year of mentoring from a team of business advisors; up to $45,000 in loans from Count Me In and eligibility for a line of credit from OPEN from American Express; and exposure through marketing opportunities that can help increase business visibility and access to a network of successful businesswomen on both a local and national level. Runners-up will be eligible to receive up to $20,000 in Count Me In loans.
Who Qualifies for the Program?
Businesses need to be women-owned with high-growth potential and in business for at least two years. Finalists in each region will be selected to “make her business case” before a panel of successful entrepreneurs at Make Mine a $Million Business events. Panelists will select twenty winning businesses at the conclusion of each event.
Where Do I Get More Information?
Interested women business owners who would like to break the million-dollar barrier can learn more about the award criteria and apply by logging on to www.makemineamillion.org. On the Web site, women business owners will also be able to declare their intent to build million-dollar businesses. Declaring their intention is the first and most important step toward owning a stronger enterprise and generating more revenue. Declaring their intentions to grow their business allows women to learn the necessary steps to building a million dollar business; join the Make Mine a $Million Business community; make connections that will alter their life; and get resources, links and coaching references. |
Julie Tucker and Jen Elias
SMARTSCO | SAN FRANCISCO, CA |
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Wine, food, sex, chocolate, beer, and coffee. They are among life’s greatest pleasures. But, can you build a business around helping consumers learn more about each of these pleasures in a fun way? Yes, you can, and Julie Tucker and Jen Elias have done just that.
In 2002, Julie had an idea for developing a wine game. Jen had started taking wine classes and developed a unique flash card system to help her remember the details of the new information she was learning in class. Introduced by a mutual friend, the pair realized they shared not only an interest in wine, but a desire to turn that interest into a business. Holding their first business meeting over a glass of cabernet, they developed a business plan, hired a designer, and found a printer. WineSmarts was born.
The trivia game features a series of fun multiple-choice and true-or-false questions about wine, and the pair had an immediate hit on their hands. It sold more than 8,000 copies within a few months.
Soon to follow was CoffeeSmarts, ChocolateSmarts, and BeerSmarts. Now, the duo has been featured in a new OPEN from American Express advertising campaign and showcased in national magazines like InStyle and Food & Wine. Since winning the award, and securing access to capital and lines of credit they needed to grow the business, product development plans have been expanded.
As the product line has grown, distribution channels have also been expanded. The products are now selling in the U.K., Europe and Asia. With more than 10 titles, close to 1,000 outlets that sell their products and more than 90,000 games sold, the sky is clearly the limit. |
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Nell Merlino
The Architect of Make Mine a $Million Business
Count-Me-In President and CEO Nell Merlino led the team creating and producing the Make Mine a $Million Business — in partnership with OPEN from American Express. In the five years since Nell launched Count-Me-In for Women’s Economic Independence, the organization has helped thousands of women with business information, online education, loans, and mentoring in all 50 states. Count-Me-In has been supported by companies like American Express, Google, MetLife, and Office Depot, along with family foundations and thousands of generous individuals. As the first organization to make micro-business loans available online, Count-Me-In has broken new ground with its program to help women business owners grow their businesses to over a million in annual revenues.
Nell is the founder and president of Strategy Communication Action, Ltd. (SCA) in New York City, a firm specializing in the creation of public education campaigns that motivate people to act. Since 1988, she has been motivating millions of people to take action. As the creative force behind Take Our Daughters to Work Day, Nell designed and produced the program on behalf of the Ms. Foundation for women in 1993. Over 71 million Americans have participated in the day.
Prior to founding Count-Me-In and SCA, Nell worked in two state governments, was an advance woman in presidential politics, a union organizer, and a Fulbright Scholar. The recipient of numerous awards, she was inducted into the Enterprising Women Hall of Fame in 2004, recognizing her lifetime of achievements. She is a member of the Enterprising Women National Advisory Board. |
Also of interest:
(This article is reprinted from Vol. 7, No. 4 of Enterprising Women magazine. Copyright 2006, Enterprising Women Inc. Reproduction in whole or part is prohibited, except by express permission of the publisher.)
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