If you are the proud owner of a woman-owned business, congratulations on getting the job of your dreams. Many women dream of owning their own business and being their own boss, but it can be a long climb. Only 20% of businesses in the United States are owned by women, but that number is growing each year. If you are a female business owner, how do you continue to help your business grow? We have some ideas.
Don’t Scrimp On Your Funding
All businesses need capital to start, because starting a business is hard. The good news is if you are a woman, and you have a good idea, there are all kinds of grants and loans you can apply for because of your gender. Not sure where to start looking? A trip to your local Small Business Administration Office is a great place to start. You can also ask for help from your mentors in the business community, because they may know of additional funding sources. It also wouldn’t hurt to check to see if there are local women in business organizations in your area you can go to for ideas and expertise.
There are also unique ways of funding in the 21st century that weren’t around 20 years ago. Crowdfunding is a great way to get the money you need to start or improve on your business model. Many successful businesses with a great product and a greater pitch have used crowdfunding to get their ideas off the ground. Crowdfunding has been used to fund movies, television shows, podcasts, and products such as video cameras and personal exercise devices. If you decide to crowdfund, do your research. Make sure that your product and your pitch are solid.
Find Your People
Operating a woman-owned business can be really lonely at times, especially if your support network is small. You need to look for people who can support you, and who you can talk to when the road gets long and difficult. There are women entrepreneur organizations that may be a great place to start. Some social and service sororities are also great for networking. Black sororities such as Alpha Kappa Alpha and Delta Sigma Theta have groups to support Black women entrepreneurs.
Look around your area for business links as well. Find other women-owned businesses and create your own network. Reward each other by buying or selling locally to other businesses owned by women. Recommend businesses owned by women to your customers. Women are particularly good at supporting each other, so draw on that to increase your sales and customers.
Recognize and Celebrate Your Success
While women are really good at building each other up and forming communities, they are not always so great at celebrating and owning their successes. You need to be willing to acknowledge when you have done a good job. This kind of recognition not only makes your company look good, but it allows you to reach out to potential new clients in a larger area.
For example, when you are going to be presented an award in your community at a dinner or celebration, honor yourself. Wear a formal dress that turns heads. If you are making a speech at the awards banquet, be sure and discuss how difficult but rewarding the journey has been, and give yourself a generous pat on the back for your ideas and innovations. After all, without you, there wouldn’t be a successful business at all.
While you are patting yourself on the back--and you should--don’t forget to celebrate your loyal customers and employees. Be sure and thank your customers every chance you get. So often these days, customer service is not seen as important. However, one of the reasons your clients choose to shop with you is for local, personal service. Be sure to continue that service by writing your customers to thank them for their business. Reward your employees often for their hard work that contributes to your success. Even something as simple as a handwritten note with a small gift card shows your employees how much they mean to you.
No matter whether you are just starting out, or you have been in business for a while, you will want to take stock of where your business is, and where you want to be in a year or in five years. Businesses that fail to adapt and change don’t stay around very long. You need to anticipate where your business will grow next. That way, your woman-owned business will continue to be a success story for years to come.
