Rise to the Top: Proven Strategies for Aspiring Female Entrepreneurs
In recent years, there has been a significant increase in the number of women starting new businesses. According to American Express, women-owned businesses grew by 58% from 2007 to 2018, more than twice the rate of all businesses.
So what's behind this trend?
Better education: According to the National Women's Business Council, women now earn over half of all bachelor's and master's degrees in the United States. More women have the skills and knowledge to start and run their own businesses.
Breaking down barriers: Along with earning more college degrees, women get these degrees in a broader range of majors. Women now have more significant experience in a wider range of industries than in the past.
Technology: Tech has made it easier for women to start businesses from home or online. Social media and e-commerce platforms have enabled women to reach a larger audience and sell products or services without a physical storefront. Tech has lowered the barrier to entry and allowed more women to start businesses without the need for significant capital.
The Challenges Women Face When Starting a Business
Despite the many benefits of starting a business, women still face unique challenges in the entrepreneurial world.
Access to capital: According to a National Women's Business Council report, women-owned businesses receive only 4.4% of total small business loans. This can make it difficult for women to start and grow their businesses, especially in industries requiring significant capital.
Balancing Work and Family: Women are still responsible for most caregiving and household tasks, making it difficult to devote time and energy to a business. Women starting a business while raising children, caring for parents or relatives, and trying to get a business off the ground face challenges and often lack both family and community support to assist with their caregiving.
Lack of representation and support: Women entrepreneurs often feel isolated and unsupported, making it difficult to overcome obstacles and navigate the business world. Women are underrepresented in leadership positions and face barriers to entry in many industries. This lack of representation and support can make it difficult for women to network, find mentors, and access resources. And women may face push-back from family and friends who don't understand or accept the business venture.
Resources for Female Entrepreneurs
Women's Business Centers: The Small Business Administration (SBA) has 136 Women's Business Centers (WBCs) nationwide that provide training, counseling, and resources to women entrepreneurs.
Women-Owned Businesses and the SBA
National Association of Women Business Owners (NAWBO): NAWBO is a national organization that advocates for and supports women entrepreneurs through networking, education, and advocacy.
SCORE: Service Corps of Retired Executives (SCORE) is a nonprofit organization that provides free mentoring, counseling, and resources to entrepreneurs.
SCORE hosts workshops, webinars, and in-person events.
Women's Entrepreneurship Day (WED): WED is a global movement that celebrates and supports women entrepreneurs with events and resources.
This organization focuses its attention on a global scale, empowering girls and women to start businesses to help eridicate poverty.
Female Founder Collective: The Female Founder Collective is a network of women-owned businesses that support and promote each other through marketing, networking, and resources.
Their goal is to create an ecosystem for women to access content, capital, and learning.
Women's Small Business Ideas and Groups
In addition to these resources, there are many women's small business ideas and networks that can provide inspiration and support. Here are a few examples:
Mompreneurs: Mompreneurs are moms who start their businesses while raising children. Many networks and resources are available for mompreneurs, such as the Mompreneur Media network and the Mompreneur Show podcast.
Social platforms also have many active groups of women in business. Search for a groups that resonate with you. I belong to several groups that are both local to the Boston area where I live and international. You can find your happy place of like-minded women business owners.
Women in Tech: Women are underrepresented in the tech industry, but many women-led tech startups and organizations support women in tech. Some examples include Girls Who Code and Women Who Tech.
Women in STEM: Similarly, women are underrepresented in STEM fields, but many organizations and programs support women in science, technology, engineering, and math. Some examples include Women in Science and Engineering (WISE) and Women Who Code.
Association for Women in Science
Women's Business Networks
There are both local and virtual business networks. Your local chamber of commerce or business network may know of local groups.
There are virtual networking groups that can be as specialized as you wish.
Women Helping Women Entrepreneurs
There are niche groups for handmade goods, baking, tech, sewing, woodworking, gardening, farming, and more.
Next Steps
Challenge yourself to find three networking groups, one local and in-person and two virtual.
Participate in meetings, offer your expertise, and ask questions.
Networking is an under-utilized method to grow your business.
Besides, your entrepreneurial journey will be much more fun with friends.
