Fewer than 2% of women-owned businesses ever reach the $1 million revenue mark; compared to about 6.2% of their male-run counterparts, according to Inc.. However, female-led enterprises are increasing: in the past decade, the number of women-owned companies increased by 42%.
To address how to break the $1 million revenue milestone, we spoke with three women currently running multi-million dollar companies to give their best advice for entrepreneurs.
Ohio native Faithe Dillman Parker founded Marbaloo Marketing, a Nashville-based creative and marketing agency, in 2010. Seven years later, Marbaloo Marketing has grown to include four companies and 40 employees. They oversee digital marketing for some of the biggest names in entertainment, including Miranda Lambert and Tim McGraw.
SF: Faithe, you’re a fourth-generation entrepreneur. What lessons did you witness growing up that stick with you today?
Faithe: Always do what you say you will do regardless of the consequence, was — and still is for my father — a non-negotiable personal and professional mantra that I have watched him live out since I was playing with highlighters under his desk. If you give someone your word — client, employee, friend — no matter the cost to you financially, physically, emotionally — you follow through.
SF: Crossing the $1 million revenue mark is a milestone. What was one of the earliest obstacles you encountered?
Faithe: As a marketing executive who became an entrepreneur, scaling our operational staff was the biggest challenge I came up against. Finding the right finance staff, recruiting resources, HR softwares, CRM vendors, benefits providers, etc. was difficult because I hadn’t done it before, but also because it wasn’t my passion place.
SF: Now that you’ve got a team of 40 employees, how do you prioritize to make sure your most important tasks get done each day?
Faithe: I touch base with my leadership team daily, but I trust them to prioritize their needs, their staff’s needs, and the client needs. Hiring great people and trusting them to communicate and prioritize appropriately is the only way at our size and with our growth trajectory for us all to keep sane.
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