Woman-owned businesses are making more and more economic contributions at rates that are higher than the national average. As of 2016, there were over 11.3 million woman-owned businesses in the US (a 45% increase since 2007), according to The 2016 State of Women-Owned Businesses Report from American Express. These businesses employed about 9 million people and generated more than $1.6 trillion in revenues.
Getting officially certified as a woman-owned business has its advantages. For female business owners, there are certifications like the Woman-Owned Small Business (WOSB) and Economically Disadvantaged Woman-Owned Small Business (EDWOSB), which give women entrepreneurs access to resources and government contracts.
Steps to Grow Woman-Owned Businesses
Between 2007 and 2016, the number of woman-owned businesses grew by 45%, compared to a 9% growth among all businesses. It’s no surprise that female business owners face challenges when trying to get approved for business funding for their companies. Based on recent data, from the total companies that received funding in 2016, only 4% were owned by women.
To be able to easily get access to working capital, women entrepreneurs should apply to a reputable alternative online lender and processor like First American Merchant. FAM is an award-winning business funding provider that has an A+ rating with the BBB, specializes in the high risk industry, and provides exceptional business funding to women-owned businesses.
With firstamericanmerchant.com, you can get unmatched financing opportunities for your woman-owned business, as well as enjoy exceptional rates and terms to take your business to the next level smoothly.
Here are several important tips that can help women entrepreneurs grow their small business successfully:
- Focus on SMART Goals
SMART means Specific, Measurable, Achievable, Relevant, and Timely. Set these goals and stick to them. A SMART strategy can help you close more deals.
- Share Your Solutions with the Right People
Share your solutions with those who are already on the lookout for them. This way, you’ll create awareness of your products and services.
- Reach Out to Right People
Pick your refreshed marketing materials and turn directly to contacts at companies with which you’d like to do more business.
- Build and Nurture Relationships
You can’t do without establishing and nurturing relationships. Take steps to build those relationships without delay.
- Head Towards a Bright Future
Following a SMART marketing plan, reaching out to the right people at the right companies and establishing strong relationships can lead to new and lucrative opportunities for small business.
Based on recent data, women-owned businesses generate on average 15% less revenue and have 21% higher operating expenses. According to Vonda White, serial entrepreneur and founder of Camp Pillsbury, a Minnesota-based boarding school, the reason why women-owned businesses make less revenue isn’t associated with the fact that these businesses belong to women. White thinks the reason has to do with the fact that female entrepreneurs usually choose to create businesses that they’re encouraged to create, and these businesses are frequently smaller and less profitable.