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For the past 11 years government statistics and non-profit research groups, show women starting up more businesses than men. In fact, the estimated growth rate, in the number of all women-owned firms, was nearly twice that of all firms (17% vs. 9%). Women of color owned businesses an estimated 1.4 million privately owned firms.
What happened to create this surge of women's business startups? And what makes them so successful when other businesses are floundering?
Over the past decade...
Women have been "off-ramping" in great numbers. Slowly leaving day jobs and starting their own businesses. Forced retirement, job elimination, lack of promotions, pay freeze's, cutbacks, loss of benefits just a few reasons why. Plus the "glass ceiling" is still firmly in place; preventing them from rising to higher positions with better salaries and benefits.
So women are turning the tables. Quitting long-held jobs. Taking their training and experience, even customers, with them. In short, they know what they can do and how good they are. Even if corporations and their old bosses don't. Plus, they know they're more capable of providing better products and services - at a better rate - independently. Many creating scaled down but better versions of the day job they once held. Offering clients additional and more fine-tuned services or products. Some, even becoming high paid consultants to the very companies they dumped. On the other hand, many others, determined to create a better life, are taking a different road. Starting something new and more challenging. Which more uniquely fits their needs.
Here's 5 Important Things women starting up a business today are doing:
1. Networking with other women helps provide valuable resources, references and professional help.
Networking comes easy to relationship oriented women. And starting out it's easier to join and network with like-minded women.
With so much in common, they can confidently discuss their business needs. This gives women who own businesses an immediate and comfortable forum to regularly participate in. Allowing her to consider, and use, the best ideas and info presented from a wide variety of experience and backgrounds. To a woman starting her own business, or even with an established one, this type of brainstorming, and loyalty, can be invaluable in helping develop a business, faster.
2. They're willing to utilize a variety of financial strategies to grow their businesses.
A woman-owned business is more likely to use a variety of financial strategies to grow her business. Especially if the business brings in revenues of $1+ million annually, or is approaching it. For example, they'll use business loans and lines of credit, equipment leasing, as well as other strategies to negotiate more advantageous terms for accounts payable and customer payments. And eagerly investigate new strategies. Very importantly - if experiencing financial problems - are unafraid to contact vendors and work out new repayment plans.
3. Women-owned businesses eagerly embrace international markets.
Taking the plunge into the international market takes time and patience. There's tons of rules, regs and necessary paperwork to fill out. Which can take six months to a year to get in order.
Reports and statistics show women business owners aren't stopped by the hoops needed to jump through to reach this lucrative market. In fact, more than 15% of women-owned businesses, with revenues in the $1+ million range, characterize their principal market as international. It's a huge and eager market they're clearly profiting from. And one which, carefully developed, can provide long term success. Even when other business are floundering.
4. Government Contracts
Like the international market, bidding for and obtaining government and corporate contracts takes time and patience. Yet a greater number of high revenue producing women-owned businesses are likely to have one, or several, lucrative and long-term corporate and/or government contracts. Contracts which sustain them during unique economic times.
5. Women diversify faster
In his book "Think Two Products Ahead", author and marketing guru Ben Mack talks about the importance of allowing yourself, even your customers, to "try seeing things (your products) in more than one way".
Since women are more adept at getting to the heart of the matter, it's easier to discover a client or customers related needs. To diversity and provide solutions to those needs. In fact, a woman whether with her new start up business, or even an established one, will always be looking for greater ways to serve her customers. Bottom line: She's more successful, at diversifying her business, because she's quicker and more eager to expand her own products and services. Rather than branch out in other, unrelated, directions.
Jean L. Serio. Are you one of the 1.2 million women tired of working the 9-5 grind, sick of worrying about making ends meet? As you know, starting up your own business still remains one of the best strategies for providing you financial freedom. Visit us and discover how the Tips, Techniques, Strategies and Best Practices which brought our Women's Experts Outrageous Success - Can Fast-Track You to Success Easily and Safely! To insure you receive all the details FREE, and learn how you can network with, and harness the power of other successful women, plus receive hundreds of must-have resources to start your own successful business, first sign up for your Free Newsletter "Women Start Up a Business". "Join. Learn. And Network with Experts".
http://www.womensmarketingandbusinessnetwork.com
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