What would it take for you to lead your business to $1m in earnings? According to one program for women entrepreneurs, a little healthy competition goes a long way. Nonprofit organization Count Me In provides everything a new business would need- from mentorship to microloans- as part of the Make Mine a Million $ Business M3 Race.
According to the program, even though there are 10.5 million women entrepreneurs in the U.S., only 3% have cleared the $1m revenue mark. The M3 race aims to drastically increase these numbers- the goal is to help 1 million women business owners reach $1m in revenue by the year 2010. If your business has earned at least $250,000 in annual revenue for the past two years, you’re eligible to join the race. Prize awards include free products and business services, but everyone who participates is a winner in her own right- over ¼ of last year’s participants hit the $1m mark.
Part of the reason that the M3 race is so successful is because it gives women the tools they need to take a business from startup to profitable company. The M3 race offers practical advice: When do you need a website, and how much should you pay for website design? Should your business incorporate? How do you find the right lawyer, accountant, CFO, or office space? While many of these resources are provided by partner organizations (Resource Nation is one) support is also provided by the online community of women entrepreneurs. Whether you need a loan, or a graphic designer, chances are you’ll be able to get real-world advice and excellent recommendations.
For more information about Count Me In and the M3 race, check out their website. This is one race where everyone who enters finishes a winner.