How to Make Your First Dollar

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How to Make Your First Dollar

Episode #5 – July 26, 2019

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Alejandra Y. Castillo and Dee Claxton in the recording studio

Host: Alejandra Y. Castillo, CEO, YWCA USA
Guest: Dee Claxton, Director, Washington DC Women’s Business Center

Across the country, more and more women are becoming entrepreneurs and breadwinners. Despite strides in women’s empowerment and economic advancement, there is still plenty of work to be done: last year, 25% of women were likely to seek financing for their business, compared to 34% of male entrepreneurs; more women use credit cards, while more men use equity investors. 88% of women-owned businesses generate less than $100,000 in revenue—and this group is growing at a rate faster than that of larger women-owned companies.

In the latest episode of “Organize Your Butterflies,” YWCA USA CEO Alejandra Y. Castillo talks with Dee Claxton, director of the Washington DC Women’s Business Center, a business development organization that empowers women to start and grow sustainable businesses. They discuss landing your first check during the start-up stage and operating a successful business, including debunking myths about financial options that are available to help entrepreneurs start, manage, and grow their business.

The Numbers

According to the 2018 State of Women-Owned Business Report by American Express and SCORE’s Megaphone of Main Street: Women’s Entrepreneurship, Spring 2018 report:

  • Women own 4 out of every 10 businesses in the U.S.
  • 62% of women entrepreneurs depend on their business as their primary source of income.
  • Last year, 1,821 net new women-owned businesses were launched every day. Women of color founded 64% of those new businesses.
  • 1.7% of women-owned businesses generated more than $1 million  in revenue, an increase of 46% over the past  11 years compared to 12% for businesses overall.