The Veronica Edwards Show
The Veronica Edwards Show
Small Biz Chat with Ebony Sullivan - Celebrating Women's Small Biz Month
Ever wondered how women-owned businesses have surged from 400,000 in 1972 to an astounding 14 million in 2023? Join us as we celebrate National Women's Small Business Month with Ebony Sullivan, COO of Cassie Electric, uncovering compelling statistics and historical insights into this remarkable growth. Ebony shares the foundational pillars for success, emphasizing the importance of building a supportive network, seeking funding opportunities, and maintaining a work-life balance. Discover how these businesses now generate an estimated $2.1 trillion in revenue and employ over 10.5 million people, proving that women entrepreneurs are a force to be reckoned with.
Unlock the secrets to securing crucial funding for your business with insights from Ebony, founder of Ebony Sullivan's Consulting. Learn about essential grants like the AMBER grant and vital resources such as usbusinessgrants.org. Ebony offers practical advice on maintaining work-life balance, setting boundaries, and leveraging automation to streamline processes. We also dive into the importance of personal branding and staying authentic. Plus, hear a special shout-out to Ebony's daughter, Ms. Jalyn Farr, for her stellar management of their social media. Tune in for an inspiring episode packed with actionable tips and empowering stories aimed at helping women entrepreneurs thrive.
Links: https://cassyelectric.com/
FB & Twitter: Cassy Electric
IG: CassyElectric
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Welcome to the Veronica Edwards show where we have fun financial conversations that everyone listening can apply to their personal and professional 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 support the podcast at veronicaedwardsbuzzsproutcom and listening here on bizradious To all the other fellow radio hosts, please listen to all the other shows as well on the station and our goal for season four is to hit 5,000 downloads. I believe we're only 500 downloads away, so I know that this is a popular segment. Today's show is our quarterly segment, small Biz Hot Topics with co-host and friend to the show, coo of Cassie Electric, the only minority female-owned electrical business in the state of South Carolina, ms Ebony Sullivan. Welcome back.
Ebony :Thank you, friend. Thank you, glad to be back.
Veronica:Yes, yes, yes, yes, and we were just discussing, before we came on air, that Ms Sullivan is now a grandmother and just celebrated her birthday about a week ago, so congratulations.
Ebony :Thank you so much, thank you.
Veronica:Yes, so today's show will air in October, which is National Women's Small Business Month, which recognizes the contributions of women entrepreneurs and their businesses. So today's show we're talking to the ladies Sorry guys, but it's all about the ladies and we just want to provide some valuable advice specifically for these women-owned business owners because, ebony, as you know, it's a lot at times and, yes, it's 2024, but there are double standards and I think we just have to say what it is and just go from there and do what we got to do. So, before we get into some of these valuable items that we want to provide to women-owned businesses, let's talk about the history of Women-Owned Business Month and the stats behind it, because I know, ebony, you love the numbers and love the stats. So tell us a little bit about the history.
Ebony :Sure. In 1972, there were a little over 400,000 women-owned businesses in the United States. Until 1988, women needed a male representative to post sign if they wanted to apply for a business loan. Do you know that's also true? If they wanted a credit card or anything, they had to have a male representative for that wanted a credit card or anything, they had to have a male representative for that.
Veronica:That's me, because that's not that long.
Ebony :I would have thought like 1958, 19, even 1978, girl, wow, okay, you think about it.
Veronica:I was born in 1978 I'm 46 years old, so this was just a little over 50 years ago that this was real.
Ebony :This was right that we needed to 40, 40 years.
Ebony :I mean that's wow. Well, 1988 is 36 years ago, right? So 36 years ago you needed to have a cosigner to apply for a small business, for a business loan. Um, that same year, the women's business ownership act increased SBA access to capital to provide financial assistance to organizations geared towards women owned small. The Women's Business Ownership Act increased SBA access to capital to provide financial assistance to organizations geared towards women-owned small businesses. Since that time, the number of businesses there were 14 million women-owned businesses in the United States as of 2013, 2023, excuse me which is almost a 40% increase of all businesses. There is a 13.6% increase from 2019. So we went up in numbers. Revenue generated is the estimated 2.1 trillion in revenue trillion with a T in 2023. Women-owned businesses employ over 10.5 million people. Women-owned businesses employ over 10.5 million people.
Ebony :Man talk that talk Right, right, non-employer firms. There was 12.5 million women-owned non-employer firms, which is about 42% of non-employer firms. Women-owned businesses created about half of all new businesses for the third year in a row. About half of all new businesses. For the third year in a row, the growth rate of women-owned businesses from 2022 to 2023 was 4.5 times faster than the growth rate of men-owned businesses. Yeah, put a feather in your cap on that one lady, right?
Veronica:So we basically represent almost half of everything you know. 39% of all businesses, 40% of women owned non-employer firms. Wow.
Ebony :And that's just here in the US.
Veronica:Yeah, right, that's true, because I was looking at the SBA information to get some of these stats and I just couldn't believe that growth from 1972. Like you were saying, you know, 50 years ago we had less than half a million women owned businesses in the United States. Yeah, that blows me away. So and people listening, I hope that shows you it takes that much time to get to where we're at. So even now, when we're seeing some changes in the law, it could take a couple of decades. People are setting their ways and unfortunately, it makes it a little bit more challenging. But, as you have read so eloquently, we're not just cracking the glass ceiling, we're breaking the ceiling. So I just encourage those listening that, especially women, if you have a hobby that is really possibly a business that's generating revenue, you can do it and there's support out there. So that leads to one of the tips that we wanted to provide. We're going to be talking about how it's important to build a supporting network, seeking funding opportunities, prioritizing work-life balance, focusing on your personal, unique brand and perspective and, of course, staying resilient. I mean I have to share.
Veronica:You know, when I started my business, I remember saying well, I don't think I want a picture of myself on my website, or I don't want people to not want to work with me because I'm a female, or I'm a woman of color, and blah, blah, blah. And I have to shout out Julietta Fumberg, who does all my headshots and my website. She goes, but you are your brand, she was like. So why would you not want to tell your story? Why would you not want it to be a picture of you? I've gotten so used to almost shrinking myself down in the corporate world because I don't want to make too much noise. I don't want to be the stereotypical loud black girl. I don't want to do this, I don't want to do that. All of these things. And it was so empowering. Once I started my business, it was like no, that's what's going to make you successful.
Ebony :That's it. You said all the things. You know. I teach a class doing business with intention, and that is all about empowering women to change their mindset about not only just business but themselves. You know, remove the limiting beliefs. You know, overcoming the fears, breaking through those glass ceilings and making sure that you understand the importance of your brand and your business is a direct reflection of you, whether you are on the forefront of it or whether or not you have other people out there. It is going to represent who you are always.
Veronica: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 the meeting of the minds. You know, you want to be around your peers, you want to get their insight. Why recreate the wheel if you can have a network of folks that has the expertise that can offer help?
Veronica:You know, I was pleasantly surprised that, even though, like you stated, evany there's, you know, 14 million women-owned businesses, there's enough business for everybody. I haven't come across too many women that were kind of like, oh, you're competition, I don't want to work with you. If anything, they're pulling me up and saying, oh no, try this. Or here's my version of my contract and these are my rates. So I just want to shout out Danielle Roche she had just did a networking event called the Girlfriend Couch and also Miss Brandy Mill both of these ladies friends of the show. She just did a Woman Strong empowerment event and they have social media pages. You know they have different events throughout the year and it's all about having like minded people together that can encourage each other. So, Ebony, with you being a female in a very male-dominated industry in construction and electrical how has your experience been with building that support network?
Ebony :Well, there aren't many women in my field, so I've had to use a lot of male mentors in industry-specific opportunities. But outside of that, I have a very strong network of women that are entrepreneurs, who are CEOs and COOs of large firms, who have definitely pulled me in and wanted to work with me in whatever capacity in which they could, and so, even if it isn't industry specific, finding people who believe in you, believe in the work that you're doing, want to support you in whatever capacity that that looks like it's important. So I've got friends that are bankers and attorneys and, you know, project managers that I can call and lean on and, while it may not be specifically related to what I do, they help lift me up and ensuring that I stay encouraged and providing me any additional resources that I could use.
Veronica:I'm glad that you added that, because you're absolutely right. You don't have to find like there's only 5% of African-American CPAs, so the odds 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 limit yourself to people who are physically around you in your industry. Leverage off of these online platforms. So, Ebony, let's talk about some of these funding opportunities, because you understand, just like me, it is difficult as a minority-owned business, and then we're a double minority being women. So let's share some funding opportunities that some of these women-owned businesses have, Sure Well there's a lot of ways.
Ebony :Of course, there's traditional banking. You can always go to your bank and seek funding from them for lines of credit or small SBA loans. There's a lot of programs that the 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 grant opportunities for you out there. One in particular that's the number one top grant program is the AMBER grant. They typically give out about $25,000 in grant money annually. They also provide $10,000 grants each month based off of industry specific type categories.
Ebony :But there's a website that I want to share. It's called usbusinessgrantsorg usbusinessgrantsorg and on there you'll find just a whole list of grant opportunities there for you. Believe it or not, the small business development area does provide some funding, some grant opportunities. There are government grants available for you, there's industry-specific grants and then there's just foundational grants. There are people out there who just want to support women-owned businesses and they can't do that directly through which they serve in their industry. So they give money through their foundation to support programs that do help women with funding for their business. So there's a lot of opportunities out there Amber Grant for one, but check out the usbusinessgrantsorg and you'll see a list of grant opportunities that you can apply for.
Veronica:Girl. I wrote that down. I was like what usbusinessgrantorg? And you're right, I think for a long time, even with me being a CPA and working. But I worked in corporate America. 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 when COVID hit, there was even more of an influx of grants and you were like no girl, here's a list and, like you said, it is competitive and I haven't gotten any yet, but I haven't really put any energy into it either, and so that is something for myself. Personally, I definitely want to push myself a little bit more to get this free money, because I'm all about a grant that means you do not have to pay it back.
Ebony :You do not have to pay it back. That's free money. Yes, you got to put in some work to get the free money, though.
Veronica:Yes, and they might ask for a report afterwards asking how you use the funds and things like that. But I'll pay, you can. You can have my child's report card, whatever you got to get I just need this coin. And you got to tell your story really well.
Ebony :So, in applying for grants, what I've noticed is you've really got to be very specific and to not just what you're going to use the money for, because they will ask you that, right, like, what are you going 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 point about branding. You really need to embrace your story. 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 other side, who knows nothing about you that's reading that story, feels compelled to want to write that check for you.
Veronica:Well, effie let's get to that. Let's talk about focusing on your personal branding and your unique perspective, because we all know there's other responsibilities that we have as women. That is just always going to be the case. So let's talk about that and embracing it.
Ebony :Yeah, I mean embracing your, your personal brand, is really just about making sure that you stay true to who you are. Don't try to show up and be somebody who you aren't, because the fakeness definitely shows that. Fake it till you make it. Mentality is good if you are just trying to get by, but if you really want people to be comfortable with you. They love the vulnerability, they love that women get to show up and really just be authentic in who they are. You know you have to do a lot of things besides just sit behind your desk and work. So getting out there, networking, being active in the community, is all a part of leveraging your brand.
Veronica:Yeah, and being consistent.
Ebony :Absolutely. Consistency is key to everything.
Veronica:Yes. So I think you touched on sharing your story. There is something about. I will say I am that person. When I go to a website, I'm going straight to the about and I do want to know a little bit about the person. And I've started with a monthly newsletter and I always try to add a little personal side and that seems to be the piece that gets people. Or now I've ventured into TikTok. It's typically when I'm just in a row on my couch that I can tell those views.
Veronica:It's not being all dolled up and giving very specific CPA things. They just are like again, you're relatable, like oh okay, this person is doing this, I can do it too. But also with that, like we talked about with women, we naturally have additional responsibilities. We have to prioritize work-life balance. Like you have to set boundaries, you have to prioritize self-care. And I feel like Ebony, me and you have both struggled with this, but we've worked on automation, you know, avoiding distractions. I think you've mentioned Ebony. You don't even have social media apps and stuff like that on your phone because it's a distraction.
Ebony :Yep, exactly, I don't have time for that.
Veronica:It's like a rabbit hole it is and you know, just delegating it's like your business is your baby. So I get, you don't want somebody else to watch your baby, you don't want them doing certain things, but you cannot do it all. So if you can automate things like scheduling and payroll and invoicing, do it. If you can take those social media apps off your phone or I put my phone on no notifications when I'm working because it'll constantly be buzzing like your phone is a computer. So definitely make that time to prioritize. And another area I want us to talk about is staying resilient. So I know that that hits close to home for you this year, ebony, if you're willing to share, because your business has hit kind of not a stopping point in one of the streams of business, but it's been some delays. You know you're in construction. So when you're having these setbacks, what do you do? How do you stay resilient?
Ebony :Oh, a lot of meditating, self-care. You know a lot. This is the time when you have no choice but to stop and pause and do the things that you probably didn't want to do before. You know where it's a good time to start working on better processes. You know, cleaning up house, cleaning your files, getting organized, um, and then taking that time to be with your family. You know, you, you run it fast and hard all year round and then, when you have that time of a pause, um be diligent about spending time with yourself and your family, reflecting um, journaling um. Make sure that you um, invest in therapy.
Ebony :You know, um, making sure that you invest in therapy. You know, making sure that, if you have the capacity to take a vacation, that you take a vacation, even if it's a quick getaway, you know, just some time to be able to reset yourself, because it can get very depressing, you know, with the uncertainties of what could happen, what might happen, you don't know what to do. You kind of feel like you're sitting on your hands, but this is the time when you have to think about okay, what can I do, what do I have control over? And those are the things that you do have control over Meditating, thinking, planning, strategizing, getting ready for the breakthrough when it happens.
Veronica:Absolutely, and taking that time to see professional assistants, if it's coaches, if it's therapy. I love that you say you got to stay optimistic. You have to have a positive mindset. You know, it's just like when you buy a new car you see that car everywhere. But now if you're always saying like I'm just so this or I'm just so that you're going to start seeing, you know your phone and everything's listening to you All that negative stuff is going to come on your phone, on your social media. You're going to start seeing it.
Veronica:So you, it's really important to have that growth mindset and learn from your setbacks and celebrate 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 achievements that you have made, no matter how small they are? You know the fact that you're able to, you know, negotiate a contract that you were really excited about, or you're able to reduce some expenses. I don't care if it's just a hundred dollars, it helps, you know. So don't get so hung up on everything that's going wrong, but, like you said, taking that time to reset, refresh and to stay resilient.
Veronica:So, again, we are just really encouraging all these women-owned businesses, especially in October, to really take that time to. You know, build a network, look into some funding. You mentioned Ebony, usbusinessgrantorg. Prioritizing work-life balance. You know, embracing your personal brand and, for everybody listening, support a woman-owned business. You know, if we have this many 40% of all businesses are owned by women I'm sure you can easily find a woman-owned business that you can support in your area or online, Ebony. Is there anything else that you want to add before we wrap up?
Ebony :No, I just I think we covered a lot of things and that I just hope that women just continue to support each other, stay positive and just remember like hey, we started with needing a co-signer.
Veronica:Right, right, 36 years ago, we needed a man, a male relative. Couldn't be any man, couldn't be no bum off the street.
Ebony :Right.
Veronica:Wow. Well, we're already to the end of the show, but I would love for you to plug your consulting business. We're always talking about Cassie Electric. Part of some of the pivoting that you have been doing during this reset time is focusing on you, so please tell us how we can support your consulting business.
Ebony :Sure, thank you for that. I have started a small consulting firm, ebony Sullivan's Consulting. I help small entrepreneurs and hobbyists, as I call them, to help scale and grow their businesses. You can find me on ebonyssullivancom. I'm also on social media Instagram, facebook, tiktok, twitter all the things.
Veronica:Yes, and shout out to Ms Jalyn Farr, ebony's daughter, who just had a baby about six weeks ago, and she does both of our social media, so please check that out. So I just want to thank you again, ebony, for making time to come on the show. I want to thank the listeners for tuning into bizradious for the Veronica Edwards show on Wednesdays across all platforms and if you missed the live airing, you can listen to all prior shows at veronicaedwardsbuzzsproutcom.