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Women entrepreneurs are fast approaching numerical parity with men. Nearly 50 percent of all privately owned firms -- 10.6 million -- are at least half owned by women, according to the Center for Women's Business Research. Even so, women tend to diverge from the entrepreneurship path taken by men and face different obstacles.
"Women come (to see us) in times of change," says Sixcia Devine, business development and training specialist for the Center for Women & Enterprise (CWE), a nonprofit organization dedicated to helping women start and grow their own businesses.
Divorce, family loss, starting a family, moving and losing a job are typical events that lead women to start businesses, she says. Other motivating factors include the need for flexibility and dissatisfaction with the corporate world.
Such transitions often leave aspiring women entrepreneurs needing support. Devine counsels many women who struggle to reconcile their traditional roles with self-employment ambitions. And without a long history of entrepreneurial sisterhood to guide them, women benefit from strong, female-friendly networking and support systems.
In addition, women business owners' values differ from men's, according to studies by the Center for Women's Business Research. For example, women are more likely to , employ flexible work models and base decisions on .
Are you on the edge of enterprise? Before forging ahead, make sure you incorporate the following advice and resources.
Self-Employment Resources
Recognition of the unique character of women-owned businesses contributed to development of centers for women entrepreneurs such as CWE, which receives funding and guidance from the Small Business Administration (SBA).
At CWE, Devine and a host of visiting, voluntary professionals impart information on the fundamentals of starting a business, developing a business plan, handling taxes and securing loans. Information is tailored to each woman, though business goals are diverse. They receive information about CWE networking sessions, the SBA, the Service Corps of Retired Executives (SCORE) and local resources as well as tips on finding rental space.
CWE helped Eileen LeDonne launch a business for which she had already laid the groundwork. Theatrical and artistic, LeDonne threw her daughter a dress-up tea party. A local parent asked for an encore. With a small starting budget to buy china and dresses at the Salvation Army, Gingerbelle's Parties and Events was born.
Through CWE, LeDonne enrolled in an 18-month program for new entrepreneurs that helped her learn smart business and financial practices. Her business has grown to include airbrush face and body art, equipment rental at private parties, and parties for companies, hospitals and professional sports teams. Clients include the Patriots, Celtics and Red Sox. LeDonne still considers CWE a safety net.
Must-Dos for Solo Success
Follow these 10 steps to boost your business acumen:
- Find a Women's Business Center: Check the US Small Business Administration Office of Women's Business Ownership's list of women business centers online.
- Determine If You Want a Business or Hobby: Make sure you understand the responsibilities of business before jumping in.
- Form or Join a Support Group: Learn systems and strategies for success, swap local information, and seek encouragement.
- Join a Professional Organization: When your business is small, networking and keeping current are especially vital.
- Keep Learning: No industry is stagnant.
- Write a Business Plan: Periodically assess your goals and progress to keep an eye on the big picture.
- Embrace Change: Let successes guide your business growth. Rigidity or adherence to an unrealistic or obsolete goal can be deadly.
- Do What You Love: "If you're selling hamburgers and you're a vegetarian, forget it," LeDonne says. Satisfaction is motivating.
- Be Humble When Necessary: Don't become so confident in your growing expertise that you forget your startup strategies.
- Sell Yourself: Compile experiences, materials and referrals, and be ready to use them to show your worth.