Women Entrepreneurs on the Rise

Regardless of how a small business gets started, entrepreneurs will take similar paths: a business idea is born, business plans are made and the entrepreneurs will then go out and raise money. A business will get its start and ultimately the economy grows.

Whether these business owners are men or women, some will take similar paths but recent statistics have shown that women are really emerging as very skilled entrepreneurs. From the 2013 “State of Women-Owned Businesses Report” commission by American Express, it found the following:

• Women own 8.6 million businesses in the U.S, up 59 percent since 1997.

• These businesses account for 7.8 million employees and $1.3 trillion in revenue.

• Women-owned businesses are the “the only bright spot” as they have added 175,000 jobs since 2007.

These numbers have been so encouraging that the National Association of Women Business Owners (NAWBO) called 2013 the “Year of the Female Entrepreneur.” The future looks bright for these female business owners and 85 percent of these businesses see women becoming entrepreneurs this year, more so in the past.

But they will face hurdles as they open their businesses. Here are a few things they can do to advance these female-centric numbers.

Find a mentor: Have them believe in you and invest in your success.

It can be very helpful to seek out a family member or friend who may either have previous experience in this similar small business or just a lot of experience as a business person. Find someone as your sounding board and ask them questions about family and friends funding, legal assistance, and investments such as employees, office needs and payroll.

A mentor will help you develop as a small business owner while your business grows. And we all know two heads are better than one.

Discover customers who share your passion for the small business’ products and services.

A second way for female entrepreneurs to advance is to get customers to share their passions for their products and services. Web.com executive vice president and chief people officer, Roseann Duran said via NAWBO.org, “Women business owners are laser focused on reaching new customers, and their strategy for doing so is focused on improving their businesses’ online presence. This is great news for time-strapped consumers, as they can expect to have an improved and more socially engaged online experience with many of their favorite businesses in 2013.”

As noted, this can come from a small businesses’ well-designed and informative website. Add in a good marketing plan, social media outreach such as LinkedIn, Facebook and Twitter, as well as getting involved in the local community and employing email marketing, online ads and SEO.

It sounds like a lot but one step at a time. And if you’re unsure how to do some of these tasks, this is a great opportunity to speak to your mentor or ask for help (see below).

Form a partnership, ask for help

Success can also be found in women-owned businesses when the entrepreneur forms partnerships. Or, we also like to say, asking for help.

There’s a number of ways to do so whether it begins with family and friends, an expert recommended by this group or forming a partnership with an investor to take more than a financial role such as managing a business aspect. By having someone help your small business, from his/her expertise, you can focus on your strengths and grow the business.

There are a number of success stories from women entrepreneurs. Some will be a familiar name (Debbie Fields of Mrs. Field’s Cookies) while others may have you thinking, hmm, a woman started that company?

One name is Robin Chase, who founded Zipcar. If you live in a large city, you’ve either heard of this or even you’ve used this company to meet your short-term transportation needs.

Zipcar enables people to rent a car through a community-based pool. Rental locations are typically all over one’s neighborhood for pick up. This can include walking just a few blocks from home and getting into your car.

As a customer through this member-based service, you make the transaction online. Whether it is renting the car by the hour or for a day, Zipcar’s concept is based on sharing and community.

Some of Chase’s efforts to raise funds from the company came from her personal efforts. Since her success with Zipcar, she has founded additional companies including Buzzcar, GoLoco and a new venture in Portugal.

Chase is one of the many talented and dynamic female entrepreneurs finding success. There’s many more like her taking advantages of opportunities for this group. Keep your eyes open for new businesses in this evolving bright spot.