Six Ways to Help Women-Owned Businesses
The steady rise of women entrepreneurs could not present a better scenario. In the US, more than 11 million US businesses were owned by females in 2017. According to the National Association of Female Business Owners, these organizations employed 9 million people, generating $1.7 trillion in sales. The figures seem encouraging, but the ground surface is quite contrasting. Women face many hurdles when they set up their businesses.
The biggest hurdle comes in the form of mindset. Female entrepreneurs face a bias in all spheres. They are presumed to be nonserious, lacking commitment, and are non-trustworthy regarding finances. These psychological barriers dampen the spirit of those females who are trying to make it in the already overwhelming world of entrepreneurship.
A woman can be supported in many ways during her entrepreneurial journey. Women can be outstanding entrepreneurs due to their creative problem-solving skills, ability to not bow down to extreme pressure situations, and excellent interpersonal skills. A woman trying to make her way into entrepreneurship should be supported and encouraged in every possible way to create a great pool of resources. This gives a kick to the economy as well as the social fabric.
Supportive Organizations helping Women
There are organizations that help women entrepreneurs in many ways. The first is funding. Finance is one of the major areas of concern for a woman getting into the business. From financial advice to actual funding, female business owners gain tremendously from organizations catering to female entrepreneurs. There are government-supported organizations and even private ones that are committed to female entrepreneurs. US Small Business Administration is one such organization that helps women launch new businesses and compete in the marketplace.
Women Supporting Women
Gone are the days when women did not see eye-to-eye. This is an era of sisterhood. Women supporting women is the way forward. Thankfully, many females have realized it. To foray ahead in the male-dominated world, females encouraging and supporting each other bring excellent results. There are communities and platforms where females can promote their products and organizations. These communities also encourage female business owners to network with each other and seek support. It is seen that females are more comfortable collaborating with other females as stakeholders. It is the natural ease factor that keeps females in collaboration more relaxed, productive, and vocal.
Special Schemes and Incentives
To help women entrepreneurs rise, it is essential to offer incentive schemes. Again, there are government schemes and private organizations that lend support to women. In many countries, including the US, there are many special grants available. Such incentives boost the morale of women business owners. Grants help women entrepreneurs overcome initial hurdles over securing finances.
Specialized Mentorship Support
Mentorship is important for every entrepreneur. Women entrepreneurs gain greatly from mentor support. A mentor will guide the female business owner through each step, including product planning, financial planning, hiring and structure support, etc. A mentor is a much-needed guiding light for decision-making and conflict resolution. With the experience, knowledge, and specialized skill sets, a mentor helps a woman entrepreneur set up the organization without dreading the bottlenecks.
Childcare Support for Women Entrepreneurs
A woman who decides to plunge into entrepreneurship is often faced with the challenge of juggling between family and work. Since both are equally demanding, many women business owners give it up due to a lack of support. Childcare, especially during the pandemic, emerged as one of the main reasons many female entrepreneurs left their journey midway. Planned and hygienic childcare, which is supported by well-trained and vaccinated staff, can again prompt female entrepreneurs to restart their business journeys.
Distribution Support
Many women with excellent and original business ideas remain discouraged due to a lack of distribution support. They are not able to develop a robust distribution network to make their products available to the customer. Due to online platforms, this issue is addressed to an extent. If a woman can access an efficient distribution network, she will be able to deliver and reach her goals quickly. For small businesses run by females, a neutral distribution platform that understands the specific needs and concerns of a woman entrepreneur can bring ultimate success.
End Thoughts
Women’s entrepreneurship activity rates are more significant than men’s in very few countries, including Vietnam, Madagascar, Philippines, Vietnam, and Panama, a study by International Centre for Research on Women reveals. The study further says that 163 million globally were starting or running new businesses in 74 countries (2016). Still, women entrepreneurs find it hard to continue the path of entrepreneurship due to a lack of support. If supported well, we can see a rise in the number of women business owners and consequently an upliftment of many families.
A print and digital magazine for businesswomen focusing on leadership, business, and entrepreneurship that made its debut in 2017 has WomELLE Magazine.
