Just finished reading this great New York Times Article about several women entreprenuers that are making upwards of $100,000 on their etsy websites. Wow! It’s an interesting piece because for me it brings out two very poinant discussions first,  what happens when your hobby turns into a business? and second, can creative businesses really bring in the bank for women?

The recent report released by the Center for Womens Business research indicates that although women owned businesses are starting at a faster rate than male owned businesses they are not achieving the same levels of success. 12% of women owned businesses are making 86% of the $12 billion dollars that women owned companies contribute to the economy. That means a disproporate number of women businesses are broke. Why? Stats say:

1. Women start businesses for lifestyle and not money
2. Traditional gender conditioning of male vs. female roles hold women back
3. Women often lack the self confidence to grow the business
4. Women are often working alone with no emloyees or are distracted by family obligations which prevents them from putting in the time/energy needed
5. Women lack the mentors and training needed to grow

Well these etsy success stories prove that women can make money from their craft. The key point that these entreprenuers in telling their story make it clear that they realized that they IN FACT had a business that was NO LONGER just a hobby and they had to treat it as such. This means doing several things:

1. Book keeping (weekly, remove the fear of numbers and find a good book keeper)
2. Marketing (daily, weekly – without it there are no sales)
3. Customer Service (on time, effecient, and with a smile)
4. Operations processes (you can’t do it all alone, put the superwoman cape down)
5. Building a Team (Success does not happen in a bubble, you need others to get there)

Do you think Esty presents false hopes? Can Women become more financially successful entrepreneurs? I’m going to set up a site and find out myself and If I make a $100,000 in the process. Don’t hate

Esty success stories:

Caroline Colom Vasquez – Paloma’s Nest $120,000

Yokoo Gibran – Yokoo Scarves $140,000

Morgan Peterson – Eliza + Axel