Successful Women Entrepreneurs Advise Intending Female Business Owners on Growing Their Businesses

Business LoungeNovember 11, 2018

The results of different studies all point to oneconclusion: there is an increase in the total number of businesses that are owned by women. A report recently released by American Express revealed that four out of ten businesses in America are now operated, controlled and majorly owned by women. That number amounts to a total 12.3 million companies. The number is 58% higher than what existed barely one decade ago.

On the other hand, the total number of the businesses that are majorly owned by men or businesses where men have shared ownership rose by 12% over the same period. In 2017, reports have it that about 1,821 businesses owned by women opened up daily in the U.S. The trend change stands as a major indication of progress for female entrepreneurs all across the U.S. There is, however, still room for more improvement.

Even with the successes recorded in the increasing number of businesses, studies show that most of these businesses are not doing so well when some other metrics are put into consideration. The businesses account for the employment of only 8% of the entire private sector’s workforce. Their contribution to the total revenue comes in at only 4.3%.

This implies that there are instances where women entrepreneurs are the only employee their companies have. Also, there are times when getting their annual revenues above $100,000 can be a struggle.

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The important consideration now is how these women entrepreneurs can ensure that their companies perform excellently well. Some successful women entrepreneurs have shared insights that other female entrepreneurs would find useful.

1. Take One Step at a time

The co-founders of Shred415, Tracy Roemer and Bonnie Michel, have advised other female entrepreneurs to take one step at a time. According to them, it is quite easy to get eager whenever you are working on accomplishing a goal.

They advised that all entrepreneurs as of necessity have to remind themselves that starting a small business which would end up successful needs patience and time. It also requires people to take a step back sometimes and always remember that they must handle their goals one after the other.

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2. Do not short-sell yourself

The franchise owner of WIN Home Inspection, Henry Palmer, said that there is a tendency for most women to short-sell themselves. Palmer said a lot of them assume that positively talking about their series of achievements amounts to bragging.

She corrected that notion as she stated that telling people what you are actually good at as well as the success and growth of your business does not amount to bragging if you do it appropriately. She emphasized the need to maintain a level of confidence and to also be comfortable when you are talking about your successes and strength.

3. Maintain A Positive Attitude Towards Rejection

Zakieia Rouah, an Anytime Fitness franchisee,said that female business owners trying to get established will have other people making them feel so small particularly in a business environment that is male dominated.

She advised those women to remain confident and strong and shouldn’t allow that to be l a reason to doubt their abilities. When you attempt something for the first time and it’s rejected, don’t let that discourage you. Ask for explanation for your rejection then you later modify the plans and resubmit the plans.

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4. Be ready to give back

According to Kathy Neave, the owner of Neave Decor, as your presence becomes more grounded in your particular industry so will the level of your connection. You need to respect the people who have been in the industry before you. As others are helping you, it is important that you are also willing to help others who need it.

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5. Be ready to learn from team members

The owner of Expedia CruiseShipCentres, Helen Robertson said that you shouldn’t always be about being the person with the smartest ideas. According to her, a key to building the best team is hiring those who are even more knowledgeable about a particular aspect than you are. Thus, look to employ those who have a wide range of experience and skills and be free to place reliance on them to advice you and shoulder some responsibilities.

6. Remain mindful of your end goal

The franchise owner of Chem-Dry, Kati Buckland, said she strongly believes in always keeping the goals within reach. A good way to do that is to pen down the goals so you remind yourself about them. Considering the different responsibilities you have to take as the owner of the business, you might easily get distracted or even lose focus. However, having your goals expressly written will ensure that you don’t lose focus of the particular goal you intend to achieve.