Women-owned businesses have been increasing drastically over the years and are generating trillions in revenue annually making them a major force in the economy. It is only going to continue to increase even more in the next coming year. Below are some of the statistics about the growth of women owned businesses.
- There are over 12 million women owned business in the United States
- Women own 4 out of every 10 businesses in the United States
- Women owned business have increased by 58% since 2007
- Women of color founded 64% of the almost 2,000 new women owned businesses launched every day
- Women are more likely to start a business than men
Although there has been lots of growth in women owned businesses, not just women owned businesses but in general a lot of small businesses fail in the first year and 50% do not survive beyond five years. Here are some tips to avoid falling into this statistic.
Love what you do
You must have a strong passion for what you do, and you will be good at it. If you love what you do, you will have no problem showing up and getting situations handled for your business.
Networking is a great way to market your business and reach people who can help and support your business. When you meet other people you can not only advertise your products and services but you will learn how they have been successful and can help provide some useful tips and tricks that you can implement in your own business. Attending networking events are a great way to connect with other people who share ideas.
Listen to feedback
Be open to both positive and negative feedback. Positive feedback lets you know what is working for your business and negative feedback can help you improve areas that need growth and can make you come up with new ideas to help stimulate your business for the better.
Create an inspiring work environment
Your work environment matters because it can affect your productivity. If you work in an environment that makes you feel unmotivated, you will not produce effective results. Make your workspace inviting, relaxing, cheerful, and inspiring. This will get you not only motivated but also productive.
Capital Access for Women Entrepreneurs
Nearly a quarter of women business owners did not seek a loan or line of credit because they believed they would not get it. This is because lenders approve male owned businesses more than women owned businesses. The good news is that there is a lot of help available for women entrepreneurs and that is free or either comes at a small cost.
For example, the U.S Small Business Administration oversees a national network of more than 100 Women’s business Centers that offer free training and technical help and access to loan programs.
SCORE is another resource what is a nonprofit that offers free counseling for entrepreneurs. There are over 300 chapters across the country and over 10,000 business experts that serve as volunteer mentors for the program.
The gender gap for capital is since women owned businesses are new and small and bankers are not always eager to lend to those kinds of companies. Therefore, the SBA strives to provide capital to more women business owners.
There are going to be even more women-owned businesses in the future despite the gender gap for capital. If you have a passion for your business stick through with it and do not think it is impossible to get capital just because you are a woman. There are several resources available that can help you get the funding you need to grow your business.