Category Archives: Women Entrepreneurship

ChallengeHER Success Story In Progress: Carolyn A. Schultz Marketing & Communications Gets Involved

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By Carolyn A. Schultz

Starting and maintaining a business by yourself is an overwhelming process. I’m not afraid to admit it, because I know that’s a normal feeling and many of us have been there.

CAROLYN SHULTZ.jpgAs a longtime marketer and writer, but a recent newcomer to the women entrepreneurs “club,” I’ve been inspired to get involved in ChallengeHER and WIPP, and I appreciate this opportunity to introduce myself with a thank you message and a plan.

 

I am a marketing consultant and writer, and started my own business in 2015, after 15+ years putting small businesses and nonprofits on the map. With Carolyn A. Schultz Marketing & Communications, I provide personalized services from start to finish for articles, proposals, brochures and other winning marketing materials.

 

While I have helped numerous other businesses navigate and win multi-million-dollar project proposal processes and contracting with local, state and federal governments, and I look forward to continuing helping others, I am also determined to help myself and my own business grow. Starting everything from scratch on your own is tough, but doable with the right support system and guidelines that work for you and your goals.  

 

That’s where ChallengeHER and WIPP come in. ChallengeHER’s program in New York in November was a helpful, inspiring call to action that jumpstarted idea development for my business, and introduced me to a new powerful network of government resources and fellow women entrepreneurs in a variety of fields. The “Give Me Five” webinar program with WIPP has also been extremely helpful, as I’ve discovered recently. Wherever you are, you can hear words of wisdom from experienced experts during hour-long presentations that help us divide and conquer the many steps needed to win work and grow our businesses.

 

During my 15+ year career and during the first two years of my business, one of the most important marketing lessons I’ve learned is that new opportunities don’t always come to you automatically. While chance and good luck certainly play key roles, success is usually something you have to work for, as you make your own opportunities. That’s a big reason why networking and learning through ChallengeHER and WIPP have become key strategies for growing my business.

 

I look forward to seeing you at an upcoming event soon, and continuing our journey together as women entrepreneurs building our businesses!

WIPP Works in Washington: The Complicated Business of Changing Investment Behavior

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I don’t know if you watch the Oscars, or like me, go to a party having barely seen any of the movies. I am usually pretty bored with the thank-you speeches from the winners, but this year one acceptance speech got my attention. It was the speech from the winner of

Anne Sullivan

Ann Sullivan, WIPP Chief Advocate

Best Actress, Frances McDormand, for her role in “Three Billboards Outside Ebbing, Missouri.” Referencing women in the audience who “had stories to tell and projects to finance,” she said, “don’t talk to us at the parties tonight, invite us to your office in a couple of days…and we’ll tell you all about them.” She asked the women to stand and told Meryl Streep, “if you do it they’ll all do it.”

The speech caught my attention because women entrepreneurs in all industries including Hollywood share the same vexing problem—access to capital. A damning statistic, women only receive 4% of all commercial loan dollars and 2% of venture capital, shows women entrepreneurs struggle with obtaining adequate capital. Yet, over 36% of businesses are women-owned and are growing at four times the rate of businesses owned by men, so it appears there is no shortage of women seeking operating or investment capital.

Asked why women get so little VC money in Fortune article, Julie Wainwright, founder and CEO of a consignment website The RealReal, thinks it comes down to the lack of female VCs. “When you have different businesses that aren’t proven that may appeal more to a female [customer], a female investor is going to be able to evaluate that” better than a male investor could, she says. “I think in general, most VCs are trying to do their jobs, but there are a lot of unconscious biases.”

A study from Harvard Business Review also points to an additional reason for this deficit—male and female entrepreneurs are asked different questions by VCs, which in turn affects the level of funding they receive. According to the study, when investors asked male entrepreneurs questions they used a promotion orientation, meaning they focused on their hopes and achievements. Alternatively, when questioning women entrepreneurs, they mostly used a prevention orientation, which focused on questions regarding responsibility, security and vigilance. Researchers found that this has a substantial impact on funding outcomes, thus helping to explain the large disparity in VC funding for women entrepreneurs.

Given these barriers, why are so many women starting businesses? It seems to boil down to two reasons: they were either inspired or frustrated. Inspired because they had a good idea, built a better “mousetrap” or decided to create wealth for their families by taking the risk of entrepreneurship. Frustrated because they weren’t getting equal pay for equal work, were tired of a hostile work environment or saw no ability to advance.

A case study by the National Women’s Business Council highlights both of these. The study examined reasons why women become necessity entrepreneurs and of the nine women interviewed, eight cited gender-specific issues, thus making entrepreneurship a necessity. The study also highlights the financial need as the driver to start businesses. “I can relate to many of these women because I’m a prime example of a necessity entrepreneur,” said Kari Warberg Block, NWBC council member and founder and CEO of EarthKind®. “I was fresh out of alternatives with no job options, and I had to do something, anything, to take care of my family. I had an idea to create a safe, natural option for pest control, and 10 years later that has turned into a $20 million-dollar business.”

What are some of the solutions to this vexing problem? Unfortunately, there is no silver bullet but rather a host of solutions necessary to turn this tide. For starters, investors and lenders can start asking the right questions and including women in their review process. Women who sit on the boards of these companies can monitor lending/investing in women-owned companies. And on the policy front, WIPP’s Economic Blueprint suggests a host of policy changes that will help.  They include understanding the data from lending institutions with respect to lending to women, freeing up a regulatory environment that discourages smaller banks from lending to small businesses and developing a track for women to become investors through government backed programs like the Small Business Investment Companies. Lastly, Congress should require a comprehensive review of the Small Business Innovation Research program, which awards only 16% to women.

Even though access to capital for women business owners requires changing cultural biases and policies, all of us can start by educating those around us. If one of us stands up, everyone will stand.

SBA: Tell us Which Regulations Bother You

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The SBA Office of Advocacy is continuing to host small business roundtables to hear firsthand from small businesses how they are facing regulatory burdens. WIPP encourages you to consider which regulations are problematic for your business and share them with the Office of Advocacy. The best way to do that is to attend one of their meetings!

Roundtables:

Detroit, MI – March 13 – Register HERE

Milwaukee, WI – March 16 – Register HERE

San Antonio, TX – March 19 – Register HERE

Houston, TX – March 20 – Register HERE

Philadelphia, PA – March 22 – Register HERE

Atlanta, GA – April 10 – Register HERE

March Policy Update

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Policy Upate Graphic.pngSCOTUS Punts on DACA (For Now)

Last week, the Supreme Court sent the Trump Administration’s appeal on the President’s order to cancel DACA back to the 9th Circuit Court of Appeals, leaving the program’s March 5 expiration moot. Dreamers will remain protected from deportation until the Court of Appeals renders a decision, which could take months.

Breaking the Bank: WIPP Weighs in on Access to Capital

The Senate continues working through amendments to bipartisan lending legislation today that would lighten regulations imposed on small and mid-sized banks through Dodd-Frank. WIPP has advocated for ending the “one-size-fits-all” approach by calling on Congress to enact legislation to address the regulatory relief needed for smaller lending institutions, thus freeing up capital for small businesses.

Read the Economic Growth, Regulatory Relief, and Consumer Protection Act here. Read WIPP’s Breaking the Bank platform here.

WIPP Urges Expansion of Association Health Plans

In January, the Department of Labor issued a proposed rule that would expand participation in Association Health Plans for small businesses and the self-employed. WIPP urged the department to implement a program that maximizes the number of businesses that can participate in the plans, so that women business owners can provide more choices for affordable health insurance.

Read WIPP’s comments here.

NLRB Reverses Joint Employer Standard

Obama’s legal standard for determining whether joint employers could be held liable for an intertwined business’s workplace issues is back due to a conflict of interest of a board member who did not recuse himself from the case. NLRB granted the parties in the original case the ability to appeal and could rehear the case later this year.

Read the NLRB’s press release here.

This Women’s History Month, Show the Power of Women Business Owners

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Happy International Women’s Day—let’s celebrate by showing our might online! March is Women’s History Month, and throughout the month WIPP will be coordinating a Twitter campaign that highlights those who make the women’s business community an economic powerhouse. Join us in demonstrating how important women business owners are by tweeting about women business owners you find inspiring, either from history or the modern day, and tagging @WIPPWeDecide. We’ll amplify your post with our audience. Keep an eye on Twitter as WIPP members discuss the women they find inspiring. There are sure to be some great stories!

Speaking of inspiring women, we want to give you the opportunity to get to know WIPP’s board better. We’re starting with Board Chair Lisa Firestone. Here is a short Q&A with Lisa.

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Lisa Firestone, WIPP Board Chair

Q. How long have you been a member of WIPP?

A. I have been a member of WIPP since 2009.

Q. Why did you join WIPP?

A. In 2005, my company Managed Care Advisors, won its first government contract and it quickly became very clear that contracting with the federal government was incredibly complex—from understanding its culture to navigating its regulations and best practices. After receiving certification through WBENC, I was told WIPP was “the organization to belong to if you were interested in government contracting.” I went to my first WIPP annual meeting and was immediately impressed with the speakers, the caliber of women who attended, and resources that are available. I knew that if I had time to get involved with one organization, WIPP was it!

Q. What about WIPP is most beneficial for your business?

A. When I first joined, I needed to get educated in federal contracting. WIPP provided me with educational resources, access to technical experts and introductions to other women business owners who were experienced contractors and willing to mentor, educate and guide me. In addition to becoming well-versed in government contracting, I had the opportunity to work with WIPP members with expertise in cyber security, contracting law and government relations. They all played significant roles in the continued growth and maturity of my company. Personally, WIPP has also given me the opportunity to do things that I would have never dreamed possible—testifying on Capitol Hill, meeting legislators, and mentoring other entrepreneurs.

WIPP has not only supported the growth of my company, it has supported my growth and confidence as a leader. This organization is special—its culture is supportive, positive and uplifting and one of advocating on behalf of ALL women entrepreneurs. At WIPP, you are among people who you truly enjoy and trust and you are in an environment where you will celebrate each other’s success.

Yvonne Ballard: Construction Mode

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I graduated from Turner Construction’s 12-week Construction Management Course on November 15, 2017. It was a great accomplishment for my brand!

The program refreshed important aspects of the industry that I learned in college about 12 years ago, and it’s good to know that some of the same rules apply. Plus, I was able to learn a lot about new and improved safety measures, validating contracts, teamwork and project management. And I loved the feeling of good intent from others!

As a minority, I’ve seen a lot of programs that say they offer support, but in truth there are a lot of risks: bad customer service, unlimited loopholes, and being degraded for asking for help.

Turner, on the other hand, has a genuine team that is motivated by good will, and a support system to help my brand sustainability. The class had a culture of diversity and offered business opportunities to partner for more work. This was an awesome experience especially since my goal is to align my brand and expertise with like-minded developers so I can style the interior spaces of new structures.

During the months leading up to graduation, I attended another great event called ChallengeHER. I wasn’t sure how I would apply it to my business, but the name grabbed my attention. The September 2017 ChallengeHER event was held at the Cincinnati Metropolitan Housing Authority (CMHA), a familiar place that supported me years ago. The program offered a plethora of education for women-owned small businesses, procurement leads and a directory of face-to-face supporters. The link directly related to my certifications and gave me the confidence to approach new business ventures.

Looking back, it reminded me of when I began activating my gift into a career mindset in 2004. Initially, the odds were against me. At the time I was a young mother of three children with very little income. I enrolled in the Section 8 program at CMHA; this gave me the opportunity to attend college. I also qualified for daycare vouchers to send my children to school. It was the beginning of a great start for my independence, education and a better outcome for our future success.

We rented a little purple house at the time. The owner initially didn’t want to accept the Section 8 voucher, but I shared the benefits and promised to be a great tenant. We closed the deal. I practiced my design projects in that house. I later purchased a bigger home from the same owner with the assistance of the Section 8 homeownership program.

I was the first of my immediate family to own a home and complete college. I majored in interior design. My mindset was, and still is, “If I get an opportunity for support subsidies, I don’t use them to get comfortable but use them to further my education or improve my family situation—use them to improve our livelihood.” Even having faced discrimination, I maintain by focusing on the outcome.

Having a mindset to acknowledge support as an opportunity to propel forward and not as a crutch to get comfortable has afforded me nothing but success as a wife, mother, homeowner, college graduate, and entrepreneur. My objective is to be an inspiration to my family and community. That, in turn, enhances my drive.

Yvonne Ballard

President/Owner of NOVE home&body decor LLC

novedecor.com/about

Tax Withholding Guidance Released

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Taxes 2.jpegThe IRS recently released a notice providing the 2018 income tax withholding tables, showing the new rates for employees. The tables reflect changes made by the tax bill that was signed into law last month, including the increase in the standard deduction, repeal of personal exemptions, and changes in tax rates and brackets. They are designed to work with the Forms W-4 that employees have already filed with their employers.
The IRS is directing employers to implement the new withholding tables as soon as possible, but no later than February 15, 2018. This guidance is the first of several items that the agency plans to release this year in order to simplify the transition of the new rules.
For the IRS’s FAQ on the Tax Withholding Timetables, click here.

Proposed Rule Issued to Expand AHPs

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Healthcare.jpgIn October, the Trump Administration issued an Executive Order directing the Department of Labor to expand access to Association Health Plans (AHPs).
On January 5, a proposed rule was published that would expand participation in AHPs for small employers and the self-employed. Specifically, the proposed rule would:
  • Treat AHPs as large employers (flexibility on pricing and products)
  • Relax the requirement that associations must exist for a reason other than offering health plans
  • Relax definition of “commonality of interest” as:
  • 1) Being in the same trade, industry or profession; or
  • 2) Being in the same principal place of business within the same state or common metropolitan area (even if the metro area extends across state lines) to make it easier for employers to group together
The proposed rule would also adopt non-discrimination protections that bar all health group plans from conditioning eligibility, benefits or premiums on health status.
The deadline to submit comments to the Employee Benefits Security Administration within the Department of Labor is March 6. Comments can be submitted here.

Need For 7(a) Lending Addressed in CR

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WIPP and SBALinda 2.jpgAdministered by the Small Business Administration, the 7(a) loan program is a loan guarantee program designed to encourage lenders to provide loans to small businesses that might not be able to otherwise obtain financing. During the first half of FY17, the 7(a) loan program saw an increased demand with approvals 9% higher than in the first half FY16. This lead Congress to include an appropriations provision to increase the program’s authorization limit to $27.5 billion for FY17 from $26.5 billion in FY16.

The just passed continuing resolution to fund the government included a provision on the program. It authorized SBA to use more funding so they could administer the 7(a) program with increased demand.

Government Shutdown Comes to an End

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capitol building.pngAfter a three-day shut down, Senate leaders reached an agreement to fund the government through February 8. The Senate voted 81-18 to pass the measure, shortly followed by the House, which passed it 266-150. The deal was based on a commitment by Senate Majority Leader Mitch McConnell (R-KY) to find a solution for Dreamers to remain in the U.S. until February 8. The agreement includes:

  • Authorizes the Small Business Administration to shift funding to administer increased 7(a) loan demand
  • Delays the re-implementation of the Obamacare medical device tax through 2019
  • Delays the re-implementation of the tax on “Cadillac” health plans through 2022
  • Suspends the Obamacare tax on insurance providers for 2019
  • A provision to provide back pay to workers who were briefly furloughed
  • A six-year extension of the Children’s Health Insurance Program (CHIP)

The continuing resolution (CR) includes other provisions which can be found here.

This is the fourth CR for FY18. As a reminder, a CR funds the government at current levels, in this case, FY17 levels. Having trouble keeping track of the CRs for FY18? See below.

CRs for FY18

  • September 30, 2017: First Deadline for FY18 – CR extended funding through December 8, 2017 (passed by Congress on September 8)
  • December 8, 2017: Second Deadline for FY18 – CR extended funding through December 22, 2017 (passed by Congress on December 7)
  • December 22, 2017: Third Deadline for FY18 – CR extended funding through January 19, 2018 (passed by Congress on December 21)
  • January 19, 2018: Fourth Deadline for FY18 – CR extended through February 8, 2018 (passed by Congress on January 22)
    • Note: The House passed a CR on January 18 to fund the government through February 16. After House passage, the Senate amended the CR by changing the expiration date from February 16 to February 8 and including the back-pay provision. The Senate then passed the amended bill yesterday afternoon, with the House following suit on January 22.  President Trump signed the bill into law that night.
Members Answer WIPP’s Call to Action!
On January 19, as the Senate was trying to find a way to keep the government open, we issued and Action Alert asking WIPP members to contact their senators about the shutdown. We’re proud to report that the Action Alert resulted in nearly 50 letters sent to Senators urging them to keep the government operating and telling them that shutdowns are bad for women business owners.
Thank you for making your voice heard and watch for future opportunities to engage!