A CNBC report shows that women-owned businesses rose to 12.3 million compared to 402,000 in 1972. There has never been a better time for women to start businesses.
Even in financial difficulties, there are plenty of small business loans for women that can get your startup off the ground. This guide highlights all the reasons a woman could need to start a business.
Why being a businesswoman at this time makes sense
Firstly, it gives you the chance to be your own boss. You can create a career while striking the perfect work-life balance while increasing your revenue stream and earning potential.
Secondly, starting a business bridges the gap between male and female owned organizations. Although these women are popping up all over the place, a Forbes report observed they only form 42% of all businesses. Starting a business will help even the score.
The climate is ripe for female entrepreneurs since the same CNBC report shows that annual average revenue for women-owned businesses rose 68% in 2019, the highest it has ever been. That proves the market is warming up to female investors.
Benefits to becoming a woman business owner
There are plenty of reasons for starting a business, namely:
- Women-only funding: there are financing options that specially cater to women and minority women-owned businesses. For example, the Women’s Business Centers provided by the U.S. Small Business Administration (SBA) and GrantsforWomen.org.
- Qualify for contracts: you qualify for more goodies such as 5% of all federal contracts, like the Women-Owned Small Business. Moreover, you may qualify for the 8 (a) Small Business, Historically Underutilized Business Zone Small Business (HUBZone), or Economically Disadvantaged Woman-Owned Small Business (EDWOSB). If you own a small business, you can still apply for a federal contract under the quota.
- Tax incentives: historically, the federal and some state governments offer tax breaks to businesswomen. For instance, Georgia offers tax credits to contractors and subcontractors of female and minority-owned firms.
- Women exclusive training: even if your business chops are not up to scratch, plenty of women-centric educational and training provide industry research and networking opportunities. Examples include The El Paso Hispanic Chamber of Commerce and the U.S. Women’s Chamber of Commerce.
Tips for becoming a successful businesswoman
Without a bullet-proof plan, your business will collapse like a house of cards. A good business plan is a guide to help you navigate stormy financial waters while keeping business pointing in the right direction.
2. Hold yourself accountable
It’s easy to lose yourself once you become the boss since no one dictates what you need to do. Stick to the plan and track your implementation of the process. Constant monitoring should help steer your business to align with market trends.
3. Embrace the challenge
Grow a thick skin because no business venture is a bed of roses.
4. Feed your knowledge
Keep learning from successful businesswomen such as Maria Contreras-Sweet, founder of ProAmérica Bank. This should stock inspiration and enhance tactics for tackling challenges. Part of knowledge comes from learning from your own mistakes.
5. Business loans for women
If you believe in your plan, but some asset is out of financial reach, don’t hesitate to take out a business loan. An investment could be the stepping-stone that bridges your current situation to success.
6. Believe in yourself
It can be intimidating surrounded by all these male-owned businesses backed by years of experience. But, one of the best fuels in the business world is belief in yourself, which inspires confidence and commitment to overcome hardships.
Although the economy dipped in 2020, the overall forecast for businesses is positive. That is especially true for women-owned businesses which had their best financial year in 2019.
To get success, you have to believe in yourself, grow a thick skin, follow the business plan, and keep learning from other successful businesswomen. Follow the link in the introduction section for more information on small business loans for women.