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Women who were heads of household, mothers and caregivers in our community had no paychecks coming in and few got PPP loans. We over-index in some of the industries hit the hardest: retail, the food industry, and hospitality. Women small business owners, and especially WOC, were some of the most heavily impacted by the pandemic.
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We put on free webinars and coached thousands of women to help them stay in business but it wasn’t enough. In the first weeks of lockdown back in 2020, we found out our business model couldn’t serve all the women coming to us for help. But when the pandemic hit, we quickly realized there were thousands of women who needed more help than ever, but had less money to pay for it. Julia: "Before the pandemic, Million Dollar Women was running online business programs for 80-100 women per year. Victoria: "What inspired you to start Million Dollar Women as an online gathering-space and community in addition to the book, online courses, and conference?" And there is a mighty group of women who run our nonprofit arm, the Million Dollar Women Fund, which provides scholarships to WOC entrepreneurs, who face even higher hurdles in scaling up."
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We have an incredible team, plus dedicated mentors, financial advisors, board and advisory council members. We have already reached over one million women with our online courses and summits, and thousands of our grads have reached $1M thanks to our curriculum and the mentors and grads who give back by helping other women get there too. Our goal is to help one million women get to $1M in revenue. I passed the baton of the CEO role at Little Pim, went on to the board, and launched the social venture Million Dollar Women, which I still run today seven years later. The bigger driving force was to close the financial gender and racial gap, one business at at time. That’s when I realized I had a kind of calling to empower women to make more money in their businesses. The book sold over 40,000 copies and women started reaching out to me from across the country for help scaling up. I wanted to do something to accelerate getting more women into the big leagues, so I started teaching other female founders in my conference room on weekends to raise angel and venture capital, which evolved into a partnership with Morgan Stanley and ultimately led me to write my first book, Million Dollar Women. When I reached $1M in revenues with Little Pim after five years in business, I learned that fewer than 3% of women entrepreneurs ever reach the $1M in revenue milestone.
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But making films and making companies have a lot in common: you need a big vision, to communicate that vision to team members, and keep the faith that you’re making a movie/a successful company no matter how many setbacks you have along the way."
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I didn’t go to business school or have a finance background, so I thought the creative world and business world were very far apart. Learning to manage a team, set financial goals and raise capital for Little Pim was when I first started thinking of myself as a businessperson, not 'a creative person who had a business idea.' "That was a big transition for me. With my small but mighty team and highly dedicated board and advisors, we built Little Pim into a multimillion dollar business, with a lot of belly flops and face plants along the way!
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I launched Little Pim with $30,000 in savings with a few dear friends and family pitching in. I wanted my own son to learn French, and I was surprised that there was nothing on the market for little kids. My father created the Pimsleur Method for adults to learn a second language, and was inspired in part by this to make a program for young children, who learn languages with such ease before the age of six. While on maternity leave with my first son, I came up with the idea for Little Pim, a multimedia language teaching program for young children. Fast forward to having my first child, when I wanted to do something less financially risky, that had me on fewer planes and fewer nights away from home. It was a great thing to do in my twenties and I loved the creative thrill of producing, working with talented directors and reaching millions of people with our films. For five years we made feature-length documentaries that were shown on HBO, PBS and in international film festivals. My first company was a documentary film production company with an all-female team based on West 14th Street in Manhattan. I was interested in creating media to inspire people to take action on pressing social issues, such as equal access to good education, and overdue reforms to the criminal justice system. Julia: "I am an unlikely entrepreneur, as I was a film major in college, with a minor in gender studies.
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Victoria: "Can you tell us about your professional journey?"