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It has been quite a year.  Members of four Boardroom Groups all are working on how to build their Million dollar business.  Even the independant professionals are looking at how to add to their revenue streams beyond one to one services.  For example, some are looking at a web site with memberships, some are engaging sub-contractors to support contract work they obtain,  some are looking at products to sell over the internet, and others are creating a kit - a “how to” package for others who want to easily replicate an exisiting business.

Boardroom Groups in July involved a lot of discussion about the idea behind your product/service.  It’s important to know that what you are selling and what your customer is buying are two different things.  A bakery offers confections made of sugar and flour, but the customer is buying a treat for a special happy family event.  I used to work with a Pepsi-Cola franchise.  We offered a brown fizzy drink, but the customer bought a light refreshment they deserve.  Men’s Warehouse did a great job creating an ad from the idea behind their product.  They sell suits, but the customer is buying: “You are going to like the way you look.”  Have you figured out what the idea is behind your product/service.

Boardroom Groups consist of eight or ten women owners who meet monthly in a facilitated forum to discuss business challenges, issues and opportunities.  They become a board of advisors for each other.  The purpose of a Boardroom Group is to help the owners grow their revenues and profitability at a faster and easier pace. 

Thursday will be an exciting day.  A new Million Dollar Boardroom Group will meet for the first time.  This group will envision and plan the business that could grow to a million in sales revenue.  The plan will be designed for a 24 month period.  Over the years I have learned that many small company owners work toward small increases in sales each year.  They never create the plan for a leap–and a leap is often needed to get to the million mark.  So each owner will identify the service/product that has million capabilities, the business model to grow that business fast enough to create the million in sales in 24 months.  More to come!

According to the Center for Women’s Business Research there are more than 10.4 million firms owned by women (50% or more).  They employ more than 12.8 million people and generate more than $1.9 trillion in sales.

If you look at firm ownership of 51% or more they add up to 7.7 million firms employing more than 7.1 million people and generating $1.1 trillion in sales.

These numbers came from 2006 and they are growing every year.  Other interesting studies show that women business owners in non-traditional industries are more likely than men to have inherited their business from their mothers and are more likely to pass it on to their daughters.

Women-owned businesses with $1 million or more in sales are more likely than a smaller business owner to have large corporations and government as their primary clients.

If you are a smaller business owner and want to have a million dollar business, how would you add large corporations or the government to your client mix?