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'Make Mine a Million Dollar Business'

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    Nell Merlino shows women entrepreneurs how to grow and overcome funding challenges

  • Duration 6:36
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Britain -- -- the CEO of -- me and you can tweet her at.

Nell Merlino.

Many know -- -- because she is the founder of what everybody knows and still does every year that famous take your daughter to work day that's even really -- In the business of of getting women up up and running getting their businesses out there and US initiative.

Is make mine a million.

Dollar business.

That's right we are working with women across the United States to help them take their micro business and growing to a million plus enterprise threat we've been doing this for about six years and have the big event coming up actually in New York.

July 31 -- -- -- college so anybody who wants to apply who's got a business already.

-- please do because we have women who worked with us -- gone -- like a 100000 revenue who are now at thirty million.

So we have figured out I think a really great formula and program to help them grow their.

And a million dollars is a psychological mark for many small businesses right it's kind of like -- -- oh million dollars it is in sounds like a lot of money so when they hit that mark.

When they didn't have market it it means something of one because they're only 243000.

Women in the United States who are at that level so.

It's Yates is you're timing before less than 3% of business absolute aren't owned by women and then -- of those means smaller number.

Right in mind I'm -- that's right small it's it's it's just so so there's a big opportunity for women who get there.

It's also when you really get to be the CEO of your company because you can hire enough people when he hit a million.

To really be out -- selling and and and building your business and January job creator you are you absolutely need that right now certainly do you provided us with some excellent tips for small businesses out there to overcome funding challenges so let's go through -- -- really quickly.

Okay indeed did the very first one is when you're going to ask for money from a bank killer Angel investor.

You have to talk about money.

Yes -- to -- hello -- but often people go talk about their idea.

And the money is like an afterthought -- you're asking someone for money so -- -- -- go -- -- -- finance rich conversation with them.

That's how you gonna make money -- you gonna pay them back or how they're gonna make money -- you're an investor you find that women are not as punitive with the money talk as men.

I I I I think there are problems.

On both sides I think women often are less likely.

It's like an afterthought to talk about how they're going to work with the money.

They -- ask for the money may be but they don't necessarily give a finance rich conversation.

About how that this is gonna make money.

Where they know their markets are those kinds of things right so getting comfortable with a financially rich conversation about your business in your business model is I think number one got it.

Number two is to.

-- -- local bank well absolutely community banks particularly I think in this climate since the recession mostly women that we know.

In -- they already had a relationship with a big bank have been very successful at getting money from the local community bank why is local community key here.

Local community they have a real investment an interest in local business is doing well so that they want and they're they're often your neighbors so so they are interested in seeing businesses growing jobs created in the local community where the bank in the yes.

And yet yes of course -- that's right right yes.

The the the third piece I think that's really important is if you're going to an Angel investor.

You really need to be clear that they have the same values and a similar vision of your business that you do.

-- -- -- you can take money from someone who really has a different vision of your business and it may end up not being what you want to do.

Is where you have the idea top first Seagate your money and that money Angel investors steps and that's when you share your ideas and you set forth what -- really envision.

Yes and if they don't share that vision.

And -- they are saying no we like that but we want to do XYZ.

Right he explains he could be absolutely the right thing to -- I'm not saying don't do it but sometimes the EYPD.

That is not that way that you had envisioned it right you've got to be really honest with yourself and then about what do you wanna -- the XY -- because you -- wanna wait.

And get money from someone who shares your vision right the last thing that's really important so important for women.

Is that your relationships.

And what you do with your money can really affect how or whether you're able to access financing.

-- -- business because if you have a divorce.

Or your co signing loans for someone -- brother president daughter who ever and they don't pay back the loan.

That hit your credit score.

And it hits you and it makes you an undesirable person to lead to even though.

It's not you that's doing it to your private finances you know really do affect you this -- public for the first three years that your business and -- -- longer they look at your personal credit score.

So taking care of your credit score and making sure that it is.

Accurate -- and that it strong.

Is more important today than ever.

And I would particularly say -- -- we see we see people on.

All the judge shows all the time about you know they -- dad cosigned a loan for a boyfriend to buy a car and the boyfriend doesn't pay back the loan.

And you end up not being able to buy a house get along for business so I would just heads up to women just you know be careful with your money your credit score.

And your relationships right.

Now what.

In this instance -- executives that you speak to what.

Concerned about in terms of what's going on in politics in the political climate in the big question mark that surrounds.

Spending cuts and taxes and perhaps -- new administration.

-- Today's comment -- some of don't think about I think those that do I think elections often.

Make people put things on hold them because they're waiting to see what's gonna happen -- with with with Health Care Reform or width.

Any new initiative they wanna see what's gonna happen to decide how they're gonna spend their money right but I would say for many women business owners they are not yet at a level.

Where they're they're getting to the place where those are concerns of -- Most small business owners -- trying to you know keep the doors open you know get a new product out there increase their sales.

And I don't know how much politics influences that at some point.

Obviously it does but I would say for millions -- not in the very beginning -- now -- now CEO of count me in.

Thank you for joining us -- answer any.

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