Resources to boost your business during Women’s History Month
To kick off Women’s History Month in March, Small Business Majority recently hosted a Twitter chat, “Celebrating Women Entrepreneurs” to share tips and resources for women entrepreneurs from business organizations and entrepreneurs around the country. Many of our wonderful partner organizations participated, included the California Association for Micro Enterprise Opportunity (CAMEO), SBDC East Los Angeles, Washington D.C. SBDC, the Women’s Business Development Center in Chicago, SBA’s Nebraska District Office and more. Our National Women’s Entrepreneurship Manager, Geri Aglipay, also participated to highlight some of the great resources offered by Small Business Majority’s Women’s Entrepreneurship Program and our educational portal, Venturize.
Below is a brief recap of the questions and a sample of the great tips and information shared during the chat:
Q1: Why is it important to support women entrepreneurs?
A1: Four out of every 10 businesses (40%) in the United States are now women-owned. These businesses employ 8% of the total private sector workforce and contribute 4.3% of total revenues: https://buff.ly/2TrcnJp #WomenInBizChat
A1: By supporting women entrepreneurs we strengthen the impact of women on the economy by creating jobs, fueling economic growth, and building strong communities. #WomenInBizChat #WBDC #WomensHistoryMonth
A1. In addition to being the fastest growing segment, women-owned businesses' revenue makes up a significantly low percentage (approximately 4%) of total small business revenues. Supporting women-owned businesses means supporting sustainable and healthy families #WomenInBizChat
Q2: How can we close the funding gap for women entrepreneurs?
A2: By connecting #WomenEntrepreneurs to the support and resources they need to succeed! Check out our blog on closing the funding gap for women #smallbiz owners for a list of tips and tools: http://ow.ly/v9wi30nVJOz #WomenInBizChat
Educate lenders around discriminatory practices as it relates to race & gender. Encourage lenders to develop special financing programs & implement best practices that provide support to WOSBs. #WomenInBizChat @NCRC
Q3: What advice do you have for a female entrepreneur seeking debt-based capital?
A3a: Make sure your numbers are solid and that you can speak to them! Here's a worksheet from @SBAgov to help: https://www.sba.gov/sites/default/files/2018-01/Worksheet_Financing_Options.pdf … #WomenInBizChat
A3b: Also, never give up. We've worked with many women #entrepreneurs who went to multiple banks before obtaining the loan. To quote the awesome young female entrepreneur @GaBBYBows: "NO just means Next Opportunity!" #WomenInBizChat
A3: Women need to be careful where they obtain funding from, not all money is good money. Don’t accept the first loan offered to you or the first set of terms for that loan. Work with a business resource program to review your business plan and financials. #WomenInBizChat
Q4: How can entrepreneurship build wealth and financial security for women?
A4: Entrepreneurship is a vehicle to empowerment. When women start their own businesses, they are taking control of their finances and future. Check out this blog from @VenturizeOrg to learn how you can start building wealth today: http://ow.ly/4PZs30nUKgQ #WomenInBizChat
A4: Entrepreneurship is a means towards economic self-sufficiency that results in not only providing stability for their families but also provide sustainable jobs in local economies #WomenInBizChat
Q5: What are some benefits of having a mentor for female entrepreneurs?
A5: Having a mentor allows women entrepreneurs to achieve their goals faster, with fewer mistakes. A mentor lends their own knowledge and expertise to make your journey an easier one. #WomenInBizChat #WBDC #mentorsmatter
A5: Having a mentor allows women entrepreneurs to not only share best practices and learn from other women but also provides access to resources, networking, and opportunities for business growth #WomenInBizChat
Q6: What’s important to know when seeking women-owned business certifications?
A6 The benefits of WOSB certifications depend upon assessing your strategic plan & target markets. Also be ready to utilize the benefits of being a WOSB during your capture management. #WomenInBizChat
A6: Certification matters if it matters to your customers. Certifications may open the door, but you have to be able provide the value. Major corporations look for the #WBENC #WBE certification. However, certification requirements depending on the industry. #WomenInBizChat
Q7: What are some no-cost or low-cost resources for women entrepreneurs?
We are so grateful to our amazing partners who participated in making our Twitter Chat a success! Check out the hashtag #WomenInBizChat to see more of the conversation, and stay tuned for more opportunities to engage via Twitter chats.