Episode Transcript
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Veronica (00:07):
Welcome to the
Veronica Edwards show where we
have fun financial conversationsthat everyone listening can
apply to their personal andprofessional life.
I'm your host, veronica Edwards, excited to be back for season
four.
I can't believe that.
Here on bizradious V Team,thank you for continuing to
(00:28):
support the podcast atveronicaedwardsbuzzsproutcom and
listening here on bizradious Toall the other fellow radio
hosts, please listen to all theother shows as well on the
station and our goal for seasonfour is to hit 5,000 downloads.
I believe we're only 500downloads away, so I know that
(00:50):
this is a popular segment.
Today's show is our quarterlysegment, small Biz Hot Topics
with co-host and friend to theshow, coo of Cassie Electric,
the only minority female-ownedelectrical business in the state
of South Carolina, ms EbonySullivan.
Welcome back.
Ebony (01:08):
Thank you, friend.
Thank you, glad to be back.
Veronica (01:11):
Yes, yes, yes, yes,
and we were just discussing,
before we came on air, that MsSullivan is now a grandmother
and just celebrated her birthdayabout a week ago, so
congratulations.
Ebony (01:23):
Thank you so much, thank
you.
Veronica (01:25):
Yes, so today's show
will air in October, which is
National Women's Small BusinessMonth, which recognizes the
contributions of womenentrepreneurs and their
businesses.
So today's show we're talkingto the ladies Sorry guys, but
it's all about the ladies and wejust want to provide some
(01:45):
valuable advice specifically forthese women-owned business
owners because, ebony, as youknow, it's a lot at times and,
yes, it's 2024, but there aredouble standards and I think we
just have to say what it is andjust go from there and do what
we got to do.
So, before we get into some ofthese valuable items that we
(02:10):
want to provide to women-ownedbusinesses, let's talk about the
history of Women-Owned BusinessMonth and the stats behind it,
because I know, ebony, you lovethe numbers and love the stats.
So tell us a little bit aboutthe history.
Ebony (02:24):
Sure.
In 1972, there were a littleover 400,000 women-owned
businesses in the United States.
Until 1988, women needed a malerepresentative to post sign if
they wanted to apply for abusiness loan.
Do you know that's also true?
If they wanted a credit card oranything, they had to have a
male representative for thatwanted a credit card or anything
(02:47):
, they had to have a malerepresentative for that.
Veronica (02:49):
That's me, because
that's not that long.
Ebony (02:58):
I would have thought
like 1958, 19, even 1978, girl,
wow, okay, you think about it.
Veronica (03:03):
I was born in 1978 I'm
46 years old, so this was just
a little over 50 years ago thatthis was real.
Ebony (03:09):
This was right that we
needed to 40, 40 years.
I mean that's wow.
Well, 1988 is 36 years ago,right?
So 36 years ago you needed tohave a cosigner to apply for a
small business, for a businessloan.
Um, that same year, the women'sbusiness ownership act
increased SBA access to capitalto provide financial assistance
to organizations geared towardswomen owned small.
The Women's Business OwnershipAct increased SBA access to
capital to provide financialassistance to organizations
geared towards women-owned smallbusinesses.
(03:29):
Since that time, the number ofbusinesses there were 14 million
women-owned businesses in theUnited States as of 2013, 2023,
excuse me which is almost a 40%increase of all businesses.
There is a 13.6% increase from2019.
So we went up in numbers.
(03:50):
Revenue generated is theestimated 2.1 trillion in
revenue trillion with a T in2023.
Women-owned businesses employover 10.5 million people.
Women-owned businesses employover 10.5 million people.
Man talk that talk Right, right,non-employer firms.
There was 12.5 millionwomen-owned non-employer firms,
(04:14):
which is about 42% ofnon-employer firms.
Women-owned businesses createdabout half of all new businesses
for the third year in a row.
About half of all newbusinesses.
For the third year in a row,the growth rate of women-owned
businesses from 2022 to 2023 was4.5 times faster than the
growth rate of men-ownedbusinesses.
Yeah, put a feather in your capon that one lady, right?
Veronica (04:38):
So we basically
represent almost half of
everything you know.
39% of all businesses, 40% ofwomen owned non-employer firms.
Wow.
Ebony (04:51):
And that's just here in
the US.
Veronica (04:54):
Yeah, right, that's
true, because I was looking at
the SBA information to get someof these stats and I just
couldn't believe that growthfrom 1972.
Like you were saying, you know,50 years ago we had less than
half a million women ownedbusinesses in the United States.
Yeah, that blows me away.
(05:15):
So and people listening, I hopethat shows you it takes that
much time to get to where we'reat.
So even now, when we're seeingsome changes in the law, it
could take a couple of decades.
People are setting their waysand unfortunately, it makes it a
little bit more challenging.
But, as you have read soeloquently, we're not just
(05:36):
cracking the glass ceiling,we're breaking the ceiling.
So I just encourage thoselistening that, especially women
, if you have a hobby that isreally possibly a business
that's generating revenue, youcan do it and there's support
out there.
So that leads to one of thetips that we wanted to provide.
We're going to be talking abouthow it's important to build a
(05:59):
supporting network, seekingfunding opportunities,
prioritizing work-life balance,focusing on your personal,
unique brand and perspective and, of course, staying resilient.
I mean I have to share.
You know, when I started mybusiness, I remember saying well
, I don't think I want a pictureof myself on my website, or I
(06:19):
don't want people to not want towork with me because I'm a
female, or I'm a woman of color,and blah, blah, blah.
And I have to shout outJulietta Fumberg, who does all
my headshots and my website.
She goes, but you are yourbrand, she was like.
So why would you not want totell your story?
Why would you not want it to bea picture of you?
I've gotten so used to almostshrinking myself down in the
(06:40):
corporate world because I don'twant to make too much noise.
I don't want to be thestereotypical loud black girl.
I don't want to do this, Idon't want to do that.
All of these things.
And it was so empowering.
Once I started my business, itwas like no, that's what's going
to make you successful.
Ebony (06:56):
That's it.
You said all the things.
You know.
I teach a class doing businesswith intention, and that is all
about empowering women to changetheir mindset about not only
just business but themselves.
You know, remove the limitingbeliefs.
You know, overcoming the fears,breaking through those glass
ceilings and making sure thatyou understand the importance of
(07:17):
your brand and your business isa direct reflection of you,
whether you are on the forefrontof it or whether or not you
have other people out there.
It is going to represent whoyou are always.
Veronica (07:51):
So let's jump into it,
I'm going.
That has the same struggles,the same wins.
It's necessary.
So it's basically like themeeting of the minds.
You know, you want to be aroundyour peers, you want to get
their insight.
Why recreate the wheel if youcan have a network of folks that
has the expertise that canoffer help?
(08:12):
You know, I was pleasantlysurprised that, even though,
like you stated, evany there's,you know, 14 million women-owned
businesses, there's enoughbusiness for everybody.
I haven't come across too manywomen that were kind of like, oh
, you're competition, I don'twant to work with you.
If anything, they're pulling meup and saying, oh no, try this.
Or here's my version of mycontract and these are my rates.
(08:35):
So I just want to shout outDanielle Roche she had just did
a networking event called theGirlfriend Couch and also Miss
Brandy Mill both of these ladiesfriends of the show.
She just did a Woman Strongempowerment event and they have
social media pages.
You know they have differentevents throughout the year and
(09:01):
it's all about having likeminded people together that can
encourage each other.
So, Ebony, with you being afemale in a very male-dominated
industry in construction andelectrical how has your
experience been with buildingthat support network?
Ebony (09:13):
Well, there aren't many
women in my field, so I've had
to use a lot of male mentors inindustry-specific opportunities.
But outside of that, I have avery strong network of women
that are entrepreneurs, who areCEOs and COOs of large firms,
who have definitely pulled me inand wanted to work with me in
(09:36):
whatever capacity in which theycould, and so, even if it isn't
industry specific, findingpeople who believe in you,
believe in the work that you'redoing, want to support you in
whatever capacity that thatlooks like it's important.
So I've got friends that arebankers and attorneys and, you
know, project managers that Ican call and lean on and, while
(09:58):
it may not be specificallyrelated to what I do, they help
lift me up and ensuring that Istay encouraged and providing me
any additional resources that Icould use.
Veronica (10:08):
I'm glad that you
added that, because you're
absolutely right.
You don't have to find likethere's only 5% of
African-American CPAs, so theodds of me finding a Black
female CPA is very rare.
It has happened here and there,but a lot of times they're not
in Western North Carolina.
So you also don't have to limityourself to people who are
(10:29):
physically around you in yourindustry.
Leverage off of these onlineplatforms.
So, Ebony, let's talk aboutsome of these funding
opportunities, because youunderstand, just like me, it is
difficult as a minority-ownedbusiness, and then we're a
double minority being women.
So let's share some fundingopportunities that some of these
women-owned businesses have,Sure Well there's a lot of ways.
Ebony (10:52):
Of course, there's
traditional banking.
You can always go to your bankand seek funding from them for
lines of credit or small SBAloans.
There's a lot of programs thatthe SBA offers, but if you're
looking for some free money,grants are the way to go about
that.
They are super competitive.
There's a lot of grantopportunities for you out there.
(11:12):
One in particular that's thenumber one top grant program is
the AMBER grant.
They typically give out about$25,000 in grant money annually.
They also provide $10,000grants each month based off of
industry specific typecategories.
But there's a website that Iwant to share.
It's called usbusinessgrantsorgusbusinessgrantsorg and on
(11:38):
there you'll find just a wholelist of grant opportunities
there for you.
Believe it or not, the smallbusiness development area does
provide some funding, some grantopportunities.
There are government grantsavailable for you, there's
industry-specific grants andthen there's just foundational
grants.
There are people out there whojust want to support women-owned
(12:00):
businesses and they can't dothat directly through which they
serve in their industry.
So they give money throughtheir foundation to support
programs that do help women withfunding for their business.
So there's a lot ofopportunities out there Amber
Grant for one, but check out theusbusinessgrantsorg and you'll
(12:21):
see a list of grantopportunities that you can apply
for.
Veronica (12:24):
Girl.
I wrote that down.
I was like whatusbusinessgrantorg?
And you're right, I think for along time, even with me being a
CPA and working.
But I worked in corporateAmerica.
So in my mind I thought, oh,only people that get grants are
nonprofits, 501c3s.
And I feel like it was you,ebony.
Some years ago, especially whenCOVID hit, there was even more
(12:45):
of an influx of grants and youwere like no girl, here's a list
and, like you said, it iscompetitive and I haven't gotten
any yet, but I haven't reallyput any energy into it either,
and so that is something formyself.
Personally, I definitely wantto push myself a little bit more
to get this free money, becauseI'm all about a grant that
means you do not have to pay itback.
Ebony (13:06):
You do not have to pay
it back.
That's free money.
Yes, you got to put in somework to get the free money,
though.
Veronica (13:12):
Yes, and they might
ask for a report afterwards
asking how you use the funds andthings like that.
But I'll pay, you can.
You can have my child's reportcard, whatever you got to get I
just need this coin.
And you got to tell your storyreally well.
Ebony (13:27):
So, in applying for
grants, what I've noticed is
you've really got to be veryspecific and to not just what
you're going to use the moneyfor, because they will ask you
that, right, like, what are yougoing to use it for?
And sometimes they don't care.
It could be for operations,payroll you know technology but
you really need to your pointabout branding.
You really need to embrace yourstory.
(13:48):
You really have to tell it well, pitch yourself.
This is a sales pitch, right,you've got to pitch it on paper
so that the person on the otherside, who knows nothing about
you that's reading that story,feels compelled to want to write
that check for you.
Veronica (14:03):
Well, effie let's get
to that.
Let's talk about focusing onyour personal branding and your
unique perspective, because weall know there's other
responsibilities that we have aswomen.
That is just always going to bethe case.
So let's talk about that andembracing it.
Ebony (14:18):
Yeah, I mean embracing
your, your personal brand, is
really just about making surethat you stay true to who you
are.
Don't try to show up and besomebody who you aren't, because
the fakeness definitely showsthat.
Fake it till you make it.
Mentality is good if you arejust trying to get by, but if
(14:39):
you really want people to becomfortable with you.
They love the vulnerability,they love that women get to show
up and really just be authenticin who they are.
You know you have to do a lotof things besides just sit
behind your desk and work.
So getting out there,networking, being active in the
community, is all a part ofleveraging your brand.
Veronica (15:03):
Yeah, and being
consistent.
Ebony (15:05):
Absolutely.
Consistency is key toeverything.
Veronica (15:07):
Yes.
So I think you touched onsharing your story.
There is something about.
I will say I am that person.
When I go to a website, I'mgoing straight to the about and
I do want to know a little bitabout the person.
And I've started with a monthlynewsletter and I always try to
add a little personal side andthat seems to be the piece that
(15:29):
gets people.
Or now I've ventured intoTikTok.
It's typically when I'm just ina row on my couch that I can
tell those views.
It's not being all dolled up andgiving very specific CPA things
.
They just are like again,you're relatable, like oh okay,
this person is doing this, I cando it too.
But also with that, like wetalked about with women, we
(15:52):
naturally have additionalresponsibilities.
We have to prioritize work-lifebalance.
Like you have to set boundaries, you have to prioritize
self-care.
And I feel like Ebony, me andyou have both struggled with
this, but we've worked onautomation, you know, avoiding
distractions.
I think you've mentioned Ebony.
You don't even have socialmedia apps and stuff like that
(16:14):
on your phone because it's adistraction.
Ebony (16:16):
Yep, exactly, I don't
have time for that.
Veronica (16:20):
It's like a rabbit
hole it is and you know, just
delegating it's like yourbusiness is your baby.
So I get, you don't wantsomebody else to watch your baby
, you don't want them doingcertain things, but you cannot
do it all.
So if you can automate thingslike scheduling and payroll and
invoicing, do it.
If you can take those socialmedia apps off your phone or I
(16:44):
put my phone on no notificationswhen I'm working because it'll
constantly be buzzing like yourphone is a computer.
So definitely make that time toprioritize.
And another area I want us totalk about is staying resilient.
So I know that that hits closeto home for you this year, ebony
(17:04):
, if you're willing to share,because your business has hit
kind of not a stopping point inone of the streams of business,
but it's been some delays.
You know you're in construction.
So when you're having thesesetbacks, what do you do?
How do you stay resilient?
Ebony (17:22):
Oh, a lot of meditating,
self-care.
You know a lot.
This is the time when you haveno choice but to stop and pause
and do the things that youprobably didn't want to do
before.
You know where it's a good timeto start working on better
processes.
You know, cleaning up house,cleaning your files, getting
(17:42):
organized, um, and then takingthat time to be with your family
.
You know, you, you run it fastand hard all year round and then
, when you have that time of apause, um be diligent about
spending time with yourself andyour family, reflecting um,
journaling um.
Make sure that you um, investin therapy.
You know, um, making sure thatyou invest in therapy.
(18:04):
You know, making sure that, ifyou have the capacity to take a
vacation, that you take avacation, even if it's a quick
getaway, you know, just sometime to be able to reset
yourself, because it can getvery depressing, you know, with
the uncertainties of what couldhappen, what might happen, you
don't know what to do.
(18:24):
You kind of feel like you'resitting on your hands, but this
is the time when you have tothink about okay, what can I do,
what do I have control over?
And those are the things thatyou do have control over
Meditating, thinking, planning,strategizing, getting ready for
the breakthrough when it happens.
Veronica (18:44):
Absolutely, and taking
that time to see professional
assistants, if it's coaches, ifit's therapy.
I love that you say you got tostay optimistic.
You have to have a positivemindset.
You know, it's just like whenyou buy a new car you see that
car everywhere.
But now if you're always sayinglike I'm just so this or I'm
just so that you're going tostart seeing, you know your
(19:08):
phone and everything's listeningto you All that negative stuff
is going to come on your phone,on your social media.
You're going to start seeing it.
So you, it's really important tohave that growth mindset and
learn from your setbacks andcelebrate your wins.
You know we can get hung up on,you know groceries are high and
insurance and all these things.
But what about the achievementsthat you have made, no matter
how small they are?
You know the fact that you'reable to, you know, negotiate a
(19:32):
contract that you were reallyexcited about, or you're able to
reduce some expenses.
I don't care if it's just ahundred dollars, it helps, you
know.
So don't get so hung up oneverything that's going wrong,
but, like you said, taking thattime to reset, refresh and to
stay resilient.
So, again, we are just reallyencouraging all these
(19:55):
women-owned businesses,especially in October, to really
take that time to.
You know, build a network, lookinto some funding.
You mentioned Ebony,usbusinessgrantorg.
Prioritizing work-life balance.
You know, embracing yourpersonal brand and, for
everybody listening, support awoman-owned business.
(20:15):
You know, if we have this many40% of all businesses are owned
by women I'm sure you can easilyfind a woman-owned business
that you can support in yourarea or online, Ebony.
Is there anything else that youwant to add before we wrap up?
Ebony (20:31):
No, I just I think we
covered a lot of things and that
I just hope that women justcontinue to support each other,
stay positive and just rememberlike hey, we started with
needing a co-signer.
Veronica (20:45):
Right, right, 36 years
ago, we needed a man, a male
relative.
Couldn't be any man, couldn'tbe no bum off the street.
Ebony (20:53):
Right.
Veronica (20:53):
Wow.
Well, we're already to the endof the show, but I would love
for you to plug your consultingbusiness.
We're always talking aboutCassie Electric.
Part of some of the pivotingthat you have been doing during
this reset time is focusing onyou, so please tell us how we
can support your consultingbusiness.
Ebony (21:09):
Sure, thank you for that
.
I have started a smallconsulting firm, ebony
Sullivan's Consulting.
I help small entrepreneurs andhobbyists, as I call them, to
help scale and grow theirbusinesses.
You can find me onebonyssullivancom.
I'm also on social mediaInstagram, facebook, tiktok,
twitter all the things.
Veronica (21:31):
Yes, and shout out to
Ms Jalyn Farr, ebony's daughter,
who just had a baby about sixweeks ago, and she does both of
our social media, so pleasecheck that out.
So I just want to thank youagain, ebony, for making time to
come on the show.
I want to thank the listenersfor tuning into bizradious for
the Veronica Edwards show onWednesdays across all platforms
(21:53):
and if you missed the liveairing, you can listen to all
prior shows atveronicaedwardsbuzzsproutcom.