Boom Time: 15 Tips From Women's Small Business Owners on Leading To Success
Women’s small businesses have increased greatly, especially for Black and Latina business owners.
Celebrating Women’s Small Business Month there is a lot to be positive about in the latest news: numbers are up for businesses’s overall revenue and employment, especially for Black women-owned businesses.
“Positive news for Women’s Small Business Month: numbers are up for businesses’s overall revenue and employment, especially for Black women-owned businesses. #BuyWomenOwned”
New from American Express, The 2019 State of Women-Owned Businesses Report shows the growth from the percent of women-owned businesses, of all businesses, has grown from 4.6% in 1972 to 42% in 2019.
This new report focuses on women-owned businesses, defined as businesses that are at least 51% owned, operated and controlled by one or more females. Between 2014 and 2019, the number of women-owned businesses climbed 21%, to a total of nearly 13 million. Employment grew by 8% to 9.4 million (compared to 1.8 % growth overall) and revenue rose 21% to $1.9 trillion.
“According to @AmericanExpress, between 2014 and 2019, the number of women-owned businesses climbed 21%, to a total of nearly 13 million. #WomenInBusiness #WomenOwnedBusiness”
The great news is the number of businesses owned by all women of color from 2014 to 2019 grew at double that rate of overall growth, or 43%. Parsing out specifics, numbers for African American/Black women grew even faster, at 50%. Native Hawaiian/Pacific Islander grew at 41%, Latina/Hispanic at 40%, and Asian American at 37%. For Native American/Alaska Native women, businesses grew 26 %, more slowly than for women of color in general, but faster than overall women-owned businesses and all businesses.
Read more in Take The Lead on Women’s Small Business Month
At Take The Lead, we took a look at great advice from female small business owners, and gathered it here for you to consider. Here are our favorite 20 tips for small business owners.
“At @takeleadwomen, we took a look at great advice from female small business owners, and gathered it here for you to consider. #CareerAdvice #SmallBusiness #LeadershipBlog”
From Jennifer Holmes, director of fund development and marketing for Make City and Michelle Collett, marketing associate for Make City and the Industrial Council of Nearwest Chicago.
1. “If you have a great idea, go for it. Put everything you can into it, and get the support you need to invest to make it work.”
“Michelle Collett, marketing associate for Make City, says, “If you have a great idea, go for it. Put everything you can into it, and get the support you need to invest to make it work.” #FemaleLeaders”
2. “Talk to someone at the small business development center in your state. They can do market research, and help find the best markets, the best price points, and see if your idea is viable.”
3. “Find out how much time and money it will cost to pursue. Talk to someone objective about your business plan.”
4. “The No. 1 mistake is not evaluating the cost, overhead, how much the materials cost, where to get the materials, and not thinking through the manufacturing costs, time staffing and all the nitty gritty stuff. That is the fastest way to lose money.”
Marina DiDomenico, co-founder of Amora, a subscription-based premium coffee business has more to share than a latte.
5. “It’s important to know what you don’t know. I was fortunate because I had financial expertise, but you have to find somebody you can trust. You have to plan and strategize because the investment goes fast.”
6. “You have to have people you trust on your team. It’s impossible to do everything yourself every day. You have to have a good team.”
7. “You need to be excited to go to work. If you have an idea, especially as a woman, you have to fight harder. We are time impoverished. You take 8-12 hours out of your day, you better love what you’re doing.”
“Marina DiDomenico, co-founder of Amora, says, “You have to have people you trust on your team. It’s impossible to do everything yourself every day.” #Entrepreneur #SmallBusiness”
Michelle Dewoskin, managing broker and owner of Michelle Dewoskin Properties, LLC, has way more to share than a tip on a new property for sale.
8. “Realize you don’t have to stick with something. Do not do things out of desperation. You can use your life to try something better.”
9. “We’re all afraid. But go in the direction that makes you least afraid. Reach out to networking groups, small business associations and start by asking questions without putting too much pressure on yourself.”
10. “Take a step. There are the realities of race, gender and age inequities, but you can still take control of your life and not let the challenges be numbing. Push through them. Everyone started somewhere. See your own strengths and weaknesses and ask for help.”
11. “The value of the work is about the work. It has nothing to do with how old you are, if you have children or not, what you look like or what you’re wearing. It’s about what you’re producing.”
“Michelle Dewoskin, owner of Michelle Dewoskin Properties advises, “Realize you don’t have to stick with something. You can use your life to try something better.” #LifeAdvice”
Arti Bedi Pullins, founder and managing partner of Pundit Consultantz in Chicago, has lots to share for women launching a small business.
12. “Keep your connections and know who are the right decision makers. No matter where you are working or networking, stay up with those people who may be able to assist you and make decisions in your favor. Do not waste your time with someone who is not in a position to offer the funding or make the final decision.”
13. “Find out who you can trust as advisors and mentors. Starting out you have to put the screws to them, and decide if they are a right fit to challenge, support and back you up.”
14. “Learn to say no. Sometimes when you start your own business, you are hungry. You will say yes to a lot. But it’s a skill to say no.”
15. “It’s learning through trial and error. You have to look in the mirror and say. ‘I’m an expert here, not so much here, so I will bring in someone to partner with and develop this piece.’ That’s the learning. I have to know areas where I can provide value, and know areas where I am struggling.”
“@ArtiBediPullins, founder and managing partner of Pundit Consultantz, says, “Learn to say no. Sometimes when you start your own business, you are hungry. But it’s a skill to say no.” #Advice”
Take The Lead reports on additional research that shows that where you are geographically can also impact your success in opening a small business. In a recent report from the Center for an Urban Future with support from Capital One, the number of women-owned businesses in the 25 largest American cities increased by 43 percent over the past five years.
“@takeleadwomen reports on additional research that shows that where you are geographically can also impact your success in opening a #SmallBusiness. ”
Triple digit rates of growth are all in Southern cities, with Memphis having a growth rate for women-owned businesses of 116 percent. Fort Worth came in second with a growth of 78 percent, followed by Atlanta at 65 percent growth rate for women-owned businesses. Houston had a 62 percent growth for women entrepreneurs and their businesses, with Dallas at 58 percent. Dallas had the highest revenues for a woman-owned business at an average of $198,599.
Yet, Take The Lead reports that research also shows there is a glass ceiling for women and minorities in small business.
“Yet, @takeleadwomen reports that research also shows there is a glass ceiling for women and #minorities in small business. #WomenInBusiness”
A recent Bank of America study of female small business owners shows that 79 percent of the women small business owners believed that the glass ceiling exists for women and minorities. But the majority, or 54 percent of the women business owners, said they did not feel more limited by the glass ceiling. However, 46 percent of the women surveyed reported that they did feel limited.
The report states that being a small business owner made 54 percent of the women feel successful, and 49 percent feel powerful.
More power to the women small business owners is a very good thing.
“The report from @BankofAmerica states that being a small business owner made 54 percent of the women feel successful, and 49 percent feel powerful. #WomenInBusiness #EmpoweredWomen”
