On today’s show, we’re pleased to welcome back Melinda Emerson aka the “Small Biz Lady”. Melinda is the Founder and CEO of Quintessence Multimedia, and best-selling author of “Fix Your Business: 90-Day Plan to Get Back Your Life and Reduce Chaos In Your Business.”
According to the latest data from American Express, women continue to make huge strides in the entrepreneurial space. In fact, there are now 13 million female entrepreneurs nationwide which now makes up 50 percent of the market. Half of that 50 percent is now comprised of women of color as well, and they are starting businesses at four and a half times the rate of any other group.
However, 88 percent of women business owners still don’t make more than $100K in revenue. This earning discrepancy can be attributed to a variety of factors including access to capital, lack of scalable business models, and gaps in opportunity. Melinda says this issue needs to be addressed especially in terms of capital investment.
Melinda then discusses some of the most common reasons why businesses fail, and the ways in which entrepreneurs can prevent that from happening. She recommends avoiding banks for small business loans and trying to utilize investor potential. She also says bootstrapping and belt-tightening are essential while you seek capital, and make sure your business has a solid model and well-conceived plan.
To hear more advice and insight from “Small Biz Lady” Melinda Emerson, be sure to watch our entire interview above.
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This has been a JBF Business Media production.