Wealthy & Wise: More Women Are Becoming Entrepreneurs

About the Video

Female entrepreneurship is on the rise!  Research shows that women now account for 41% of the global workforce and control more than $20 trillion in annual spending. Predictions are that this number will go up to $28 trillion in the next few years. If you’re thinking about starting a female-owned business, watch now as Cort Christie, CEO of NCH, and Shannon Hymas, Senior Business Consultant, discuss how women are continuing to break records in business start-ups and revenue.

Prefer to read? A full transcript is provided below.

CORT:

Hello and welcome to another edition of Wealthy and Wise. I’m your host, Cort Christie. And today we are going to be talking about women in business and what a woman needs to know when they’re starting a new business. And obviously I’m not a woman. So, I brought in an expert for us today and our Shannon Hymas is here. Shannon, welcome to the program here today.

SHANNON:

Thank you.

CORT:

You Shannon is one of our senior business consultants who works with individuals from all around the United States, helping them launch new businesses and new ideas that they have in their businesses. And, Shannon, you know, you are talking to men and women all day long, obviously, not just women. You know what are some of the differences you find in the line of questioning that you have or some of the concerns that women have when they’re thinking about starting a new business?

SHANNON:

You know, it’s really funny that you bring that up but everybody thinks about it as like, well, as a woman or as a man, the questions are the same, whether it’s a guy asking them or a girl asking them about what they’re going to do. The answers are pretty much the same. But when I do talk to a woman, they’re coming from a different place than a man.

CORT:

OK.

SHANNON:

And so when I’m speaking with women they’re more , I don’t want to say emotional, but they’re really looking at how they’re perceived.

CORT:

OK.

SHANNON:

So when I am talking to women, it’s more I get to enjoy having that empowerment conversation and letting them know that it’s about time.

CORT:

Right.

SHANNON:

And they like to procrastinate, just like men do. But when women procrastinate, they make lists. So they make longer lists. So, the biggest thing that I think about when I talk to women and I talk to men is that, just do it. Don’t put it off. Just take a step forward. Because if you don’t take a step at all…

CORT:

Right.

SHANNON:

You’re not going to get anywhere. So, when I do get to talk to them, they’re in that process of picking their foot up, where they’re not sure if they want to put it down. So, I just help them firmly plant their foot in the forward direction.

CORT:

So, you’re kind of facilitating the business idea that they have. They’re trying to get all their ducks in a row and you’re like, hey, this is an important first step. We can help you with this first step. We can’t run your business for you, but if you don’t take this first step, that business is never going to get started. So, they can see that where that’s so important because they need somebody like you to help them feel confident about that decision, know that they’re making the right decision. Like, for instance, whether it should be an LLC or a corporation or how should they be taxed or be as a C corporation, an S Corporation, a disregarded entity, all the different terminology that’s out there. And, you know, we kind of have this path. It’s pretty simple for most folks where we’re going down this particular, you know, direction. And most people kind of funnel into one way at the end of the day and, you know, and so that makes a lot of sense. It’s not about whether you’re a man or a woman. It’s about, you know, getting the support that you need. And just making sure that you’re making the right decisions. But most importantly, it’s getting going, getting the start to happen. So as you’re talking to them about the business ideas that they have, whether they’re real estate investors or just people starting something brand new, how do you kind of go through the process with them? How do you unpackage what they’re trying to do and then identify their needs and then come back around to like, here’s my recommendation. How does that work?

SHANNON:

Well, it sounds really difficult.

CORT:

Yeah.

SHANNON:

But here’s a secret. You ask a question and you listen to the answer.

CORT:

OK, that’s really simple.

SHANNON:

Because if you don’t listen to the answer, I’m not going to be able to help you. So, it’s really, really simple. Go through, tell me what you want to accomplish, and I’ll show you the best way to do it.

CORT:

Is there a lot of fear, you know, with people as you talk to them?

SHANNON:

Sometimes, and but a lot less than you would think. So, when I’m talking to people or when I’m talking to people, they’re usually a lot more comfortable because I like to let everybody’s guard down. Don’t worry. I’m here to help. I’m not going to use all the industry lingo and all the big words that nobody understands. I’ll use those, but that I’ll tell them that I’m going to use the Shannon-isms. The words that I use to make it easy to understand.

CORT:

Right.

SHANNON:

And remind them not to ask their attorney what that word means. It’s just something that I make easy to understand. And that fear fades away because once you make somebody feel comfortable with what they’re doing, then they know that each step that they take and each choice that they make is something that they’ve made with an education behind it. So, guiding them so they understand, makes them less afraid because they know they’re on the right path.

CORT:

So, you’re really like a trusted advisor. I mean, you know, I know your title as a consultant, but you’re there to help simplify the process. And I know that, you know, you can be listening to other YouTube videos that are out there. There’s a lot of legal ese, and they start getting into complicated tax matters and when it just comes to starting a new business, you just want to do it the right way and you want to make sure that you do it with the right protections in place. So that then in the event that something happens in your business or it doesn’t succeed or there’s a lawsuit, at least you’ve got some, you know, sort of a fortress or a wall around you with the business structure that you utilize. And so is it, you know, are these lengthy conversations that you’re having or how long are those conversations normally?

SHANNON:

It depends, they can be really lengthy if you want to get into and really have a lot of questions. But for the most part, no they’re, I don’t know, sometimes they’re 15 minutes, sometimes they’re 20 or an hour. It just depends. Some people have a lot more complexities that they’re not quite sure about. And the longer conversations more often come from the ones who have been down the rabbit hole of Google trying to find this and what applies to me and what doesn’t apply to me. Those are the conversations that tend to be a little bit longer because of the information super download overload that comes with it. And they generally want to overcomplicate things. When you boil it down and it’s really very simple. Cover your assets, and that’s all there is to it.

CORT:

That’s pretty simple, right?

SHANNON:

Keep it simple.

CORT:

Cover your assets. Very simple. So, as you’re having a conversation with somebody and they’re thinking about forming an LLC, let’s say, for their business, and then you bring up the whole Nevada idea like, does that throw people off? Like, why would I form a Nevada LLC versus, you know, my Florida or California LLC?

SHANNON:

Sometime as it does. But for the most part, people are actually coming to me and asking me about it.

CORT:

So, they have to know about it.

SHANNON:

Yeah. And they’re confused about it. But they’re not confused about it. So again, they try to over complicate what it is. And when it boils down to it, Nevada law protects you wherever you’re operating. And that’s powerful.

CORT:

Yes.

SHANNON:

Especially with, we’re not like back in the day we stayed in the same house for a bajillion years, you never move. People move, their businesses move. Nevada law will protect you wherever you’re at.

CORT:

Right.

SHANNON:

And, it is the strongest amount of protection that you’re going to have or so many other states out there where the protection is very weak. Or, if you make simple mistakes that really are in fact, mistakes, that they don’t know any better because you don’t know what you don’t know.

CORT:

Right. That’s so true.

SHANNON:

And people can wind up being sued over things like this. So, the wonderful thing is the power of Nevada law and the protection that it affords you and in making sure that you are covered. And we make sure that you’re not only covered, but you also know what it is that you can do and what you can’t do.

CORT:

Right. Right. So, you’ve got a support team behind you…

SHANNON:

Exactly.

CORT:

After you get that business going, too. And you mentioned people moving around. Right? And, you know, having this structure, this LLC in Nevada, that’s there to work with you no matter where you go. I think of the economy that we’re in right now, you know, people are doing consulting work on the side. The giga economy where people are freelancing, working at home, maybe working for a company in one state, but they’re now sitting in their living room in another state. You know, where they could be sort of an independent business doing support services or whatever they’re involved with. But this structure, you know, can protect them wherever they are bouncing around to. And, you know, and then you look at products or selling products on Amazon or eBay or, you know, whatever platform, Shopify, they might be using this is a structure that will support them with all of that for their businesses. So as you as you talk to someone who is in that fact, finding mode there, they’re trying to figure out if this is right for them. And you mentioned, you know, procrastination. How do you help somebody get off of that, you know, place where they’re not quite ready or you’re hearing they’re ready, their idea is ready, but they’re not quite ready to take the plunge? You know, how do you get them to take the plunge?

SHANNON:

Well, some will. Some won’t.

CORT:

OK, yeah.

SHANNON:

But on top of that, they called me for a reason. And if I do what I said in the beginning and I listen, I ask you questions, and I’m going to listen to your answers. You are going to tell me what your time frame is whether you speak it out of your mouth…

CORT:

Right.

SHANNON:

Or, you’re telling me what the rest of the story that you’re telling me. And I hear that. And some people will tell me, I need you to be my cheerleader. I need you to be the person who pushes me. I need you to tell me not to procrastinate. And if they tell me that, with all due respect, this is what you asked of me. I’m here to support you. And you told me you didn’t want to procrastinate.

CORT:

That’s right. So, you become their coach?

SHANNON:

This is where we’re at. Exactly.

CORT:

Their parents. You know, they’re you’re pushing them along down this path.

SHANNON:

Yeah.

CORT:

You’re not really helping people make the right decision. You know, I’ve always said over the last 30 years, nobody makes the wrong decision forming a Nevada LLC, for instance. Because we’ve been through every type of business imaginable and it’s always worked for all the companies, the hundreds of thousands of companies that we helped form and get going and launch. And, so as people think and overthink and think some more, it’s like, get over that. Go after your idea. Get your idea moving. Get it going. So, when somebody wants to know from you, then Shannon, like, OK, how quickly can you help someone? How fast does this process happen?

SHANNON:

Well, great thing that you ask that, because I do hear that a lot. You’re like, OK, well…

CORT:

How long does it take?

SHANNON:

I put It off and I put it off. But now all of a sudden, I needed it yesterday.

CORT:

Of course, right?

SHANNON:

Well, we talked about this yesterday. We actually guarantee to have the Nevada entity formed within 24 hours or it’s free.

CORT:

OK, so you do it in 24 hours or it’s free if you don’t. So, it costs them nothing if you don’t get it done within 24 hours. That’s crazy.

SHANNON:

That is crazy. And what’s even crazier…

CORT:

Yes.

SHANNON:

Is, 24 hours seems like a really short period of time. Well, a wonderful thing is that we have the most amazing professionals that work with us. 33 plus years of experience, not just, you know, one person, but that everybody on top of that for all those years. So they’re very, very good at what they do. And I say they because they’re part of my team, but I’m not the one actually doing it. They’re fulfilling my promises. And when we set it up, I have actually had clients who put it off, and then they’re like, I need it done now. Had everything done within 2 hours.

CORT:

Wow. OK. That’s got to impress the heck out of them.

Like, what the heck out of them? They’re already ready to get rolling.

SHANNON:

Yeah.

CORT:

And you know, you’ve got a team behind you to help support you through that process. But, you know, I don’t think most people listening believe that this can happen in 24 hours. And I think for the procrastinators out there, don’t wait, you know, because you never know. Get it done now ahead of time so that you have the rest of the things in place because there’s more than just filing the LLC. You know, there’s more things that they’re going to end up needing. And when you describe the support and the additional services that NCH offers, you know, what do you tell people? Like, it’s not just here you go, here’s your LLC, it’s done. Goodbye. Good luck.

SHANNON:

It’s kind of funny that you mention that because of the way you were talking earlier that I’m their mom and everything else. So, when I go about explaining this part I kind of say it’s like a kid, because having a business, you’re forming a new entity.

CORT:

Yes.

SHANNON:

It gets its own Social Security number and EIN.

CORT:

It’s a baby. It’s a new baby, here you go.

SHANNON:

When you go have a kid, they’re like, here you go, have fun. See you later. And you don’t get any owner’s manual. You don’t get any of that stuff. Here at NCH, we work with you every step of the way and we provide you with expert guidance and support. And everyone in this industry in our office has been there, done that, seen that. So, you can call us with tax questions. You can call us with payroll questions, estate planning, business credit, business plans, just about, tax, everything. There’s so many things. If you have a question about your business, pick up the phone and call us. And, the beauty of having that lifeline like, phone a friend that knows me, and knows all about my business because guess what? They set it up. That is worth its weight in gold. The fact that we can do things in 24 hours is amazing. But the fact that we not only do that, but we hold your hand all the way through and want to see you grow, want to see you evolve. We want to see what your next idea is.

CORT:

How cool is that?

SHANNON:

What’s the other one? I get goose bumps thinking about it because we get to be a part of their lives. We get to see them grow. It’s amazing.

CORT:

You know, when we think about a relationship, and this is what we have with the people that we’re working with. You know, some companies use the term customer, right? A customer is somebody that buys from you, just might come in off the street and grab something off the shelf and walk out the door. That’s a customer. But, you know, at NCH, they’re called clients. You know, it’s a relationship that’s established when they first come through the door, working with you or on the phone. And then that relationship as a client goes on for years and years and years as they start a new business or the business that they have evolves and gets rooted well and they come back for additional services that they need. And it’s so interesting as you talk about, you know, as you’re supporting the needs of our clients, this kind of one stop shop model that we have for startups at NCH, I think about the people that still call me today, you know, 33 years, I don’t have any that are still calling after 33 years, but I do have people that call from 25 years ago and 20 years ago and they’re like, hey Cort, do you know an attorney that could help me with this? Or, I’m changing my CPA and I’m looking for somebody that’s, you know, a higher level CPA that can really help me save on taxes because I’ve done really well, and now I want to be able to hang on to more of my hard earned profit in my business. And it’s just like that relationship, as that business is gaining momentum and succeeding, they keep coming back for more things that they need. And then, I think about the real estate investors. You know, they’re buying more real estate all the time. If it worked to have three or four properties well then why not have ten properties? And so, I love the fact that, you know, you’re available to help support them through that launch. You’re available as a resource for them later on. And, you know, it’s just like, we’re there for as long as you’re going to be in business. And I think most people started off hope that it’s going to be 33 years or longer, that they stay in business, maybe they get lucky, maybe they sell it, they can retire on the beach and be done. And, like a lot of our clients, you know, they find other people to run their business and they can sit on the beach and enjoy life. So, it’s a lot of fun. And I know you know that the people that talk to you really enjoy your thoroughness and that’s really important. Is there one thing you’d kind of like to close this out with? Like people that are listening that are still in that place of like, you know, can I trust this company? Is this the right move for myself? What do you have to say to them?

SHANNON:

Just do it.

CORT:

Just do it.

SHANNON:

You can do it. You’ve thought about it long enough. What have you lost in not doing it already? Because you could have already been so far ahead of the game because you waited this far. So, what’s stopping you? What is really stopping you from moving forward and creating your dream?

CORT:

Awesome. Awesome. Thank you, Shannon, one of our top business advisors at NCH. Thank you so much for being on the program here today.

SHANNON:

Thank you.

CORT:

And for all of you listening in, hopefully you gain some new insight into, you know, why you shouldn’t procrastinate, why you should take some action and get started. And if you’re a woman listening to the program today, you know, hopefully you’ve got some insight that there’s really nothing different between a man and a woman in business other than sometimes it’s just that feeling to have the right person to talk to, to know that you’re making the right decision. And Shannon is always available for everyone who has any questions about getting started and forming a Nevada LLC. So, thanks for tuning in to another episode of Wealthy and Wise. Have a great day.

Subscribe to our YouTube channel!