According to Pew Research Center, women are the primary or sole breadwinner in 40 percent of U.S. households with children. But when it comes to economic impact, women focus mainly on business. According to U.S. Census data, women account for roughly 36 percent ownership of all businesses. And 51 percent or more, and another 9 percent are equally owned by women and men.
Women business owners, however, still face many obstacles such as having a grand vision or having more control over their lives. For example, the average funding for women-owned businesses was 45 percent lower than companies owned by men according to a report by Biz2Credit. For any company, the lack of capital can be a challenge. Below are the roadblocks faced by a few successful women.
Put Your Best Foot Forward
Josephine Oria, a former CFO, knew that her Sharpsburg, PA-based company, La Dorita, had to show detailed financial reports and projects to be attractive to lenders. She had the idea for her business late at night, a vision of bringing her Argentine grandmother’s dulce de leche recipe to grocery stores nationwide.
To make a great impression, she used her professional accomplishments and an exemplary business plan to bolster the relationship with her bank. She says marketing your business and yourself is how all women business owners should operate.
Make a smart first hire.
You must find the right people if you want to grow your business. For that reason, Jamie King wanted to be selective with the first hire for her Portland, Oregon yoga studio, Flex & Flow.
She ended up choosing someone who had an abundance of experience as a yoga instructor and a desire to hone her social media prowess. She wanted to find someone who both had teaching experience and who also had a desire to stretch her skills and help grow the business.
Go the extra mile
King says there are many things that she could never have prepared for when starting her business. She says that mainly it’s things you least expect to happen. For instance, her city had experienced a terrible ice storm during the first winter she owned her studio. Instead of losing money and letting down customers by taking a “snow day”, she braved the elements and headed to the studio to generate a full day’s revenue for the customers who came to classes.
She needed to be the ultimate leader for herself and her business. King says even though it is necessary, being the ultimate leader and decision-maker in your business can be daunting, especially early on. This position can test your nerves but for King, the experience has been richly rewarding.