Answering the question: What Does it Take to Run a Women-Owned Small Business?
Behind every successful women-owned business enterprise is a story of passion, resilience, and stubborn determination to overcome challenges. Heck, behind all female entrepreneurs, it’s not enough to break the glass ceiling. Running a women-owned small business requires shattering stereotypes, embracing creativity, and uplifting one another to take dreams further than ever! So we ask the question, “What Does it Take to Run a Women-Owned Small Business?”
Ready to get your feet wet? Let’s answer the question of just what it takes while celebrating the unique qualities that make these businesses stand out.
Get to Know the 3 Ps of a Woman-Owned Business
Purpose, Passion, and Persistence for Woman-Owned Small Businesses
Not much is achieved without passion and purpose at the heart of it all.
Oprah is quoted as saying, “Follow your passion; it will lead to your purpose.”
And this includes running a business, especially being a female in a historically male-dominated working environment. Many of the women behind successful companies also started with a purpose. Before the grand ideas and long hours of hard work is a woman’s passion. Progressive fashion trends, female justice, family dynamics, inspiration from faith, cultivating happiness, or helping those in need all surface and well up inside. Then, she takes action!
This passion becomes the driving force that sustains them through the ups and downs of female entrepreneurship. It’s not just about making profits– it’s about making a difference and leaving a mark on the world.
Of course, passion alone is not enough. Persistence is the key to overcoming the hurdles that every entrepreneur faces. And as you know, women-owned businesses often encounter unique challenges, ranging from gender bias to access to funding. It’s a purpose and persistence that allows women to fight against adversity. They refuse to be defined by limitations and view challenges as opportunities for growth and learning. -Woot, woot!
A Solid Network for Support
Building a strong and supportive network is another critical factor in running successful women-owned businesses. Women-owned companies significantly benefit from a carefully crafted network because they value lifting each other up, sharing experiences, and guiding others on the same path.
A robust network provides emotional support and connects women business owners to potential customers, small business loans, and opportunities to collaborate with local governments.
Want to know a few places to go to find that support? Here you go:
1. We Are Women Owned – A women-owned small business directory.
2. Women Owned – Go through a short certification process to join networking platforms and support one another through sales.
3. Social Media Platforms – Go to Facebook and Instagram and join groups to support other women and their businesses.
4. National Women Business Owners Corporation – A place to connect, get support, and more.
5. Small Business BC – Another fantastic way to connect and gain support.
The only thing more powerful than a women-owned business is a community of collaborating women-led companies that work together to make a difference.
Flexibility and Adaptability
Flexibility and adaptability are crucial for women business owners. These key survival skills are almost mandatory in a rapidly changing business environment. Unsurprisingly, women-owned businesses often demonstrate a remarkable ability to change when market trends fluctuate, whether embracing new technologies or taking a fresh approach. This adaptability allows women-owned small businesses to thrive even during uncertain times, ensuring they can continue to meet the needs of their potential customers and maintain regular working hours.
“Whatever it is that you think you want to do, and whatever it is that you think stands between you and that, stop making excuses. You can do anything,” – Katia Beauchamp, CEO of Birchbox.
A woman’s resilience and willingness to learn from successes and failures make her an excellent business owner!
Female Business Owners Encourage Diversity and Inclusion
A women-owned business thrives on diversity – after all, it is what we were created for! Nothing yields better results than combining different perspectives to create something no one has seen before! – That’s the stuff of genius!
There is no one-size-fits-all in this world, making diversity and inclusion vital components of any business plan, regardless of industry.
My suggestion? Try reaching out to people of different races, economic backgrounds, faiths, and more. Learn how to connect with women from other countries and gain a wealth of knowledge and beauty. It is one incredible journey when you step out of your day-to-day operations and meet new people and cultures.
Small Business Financial Skills
Financial know-how is crucial, and women-owned businesses in the United States are no exception. Even when access to funding is challenging, women entrepreneurs demonstrate outstanding financial management skills. Overcoming financial obstacles is proof of their resourcefulness and determination and how well they understand the importance of budgeting, strategic investment, and financial planning.
Private companies and federal programs like Amber Grants can provide much-needed support. Check out these options and gather the required documents to ensure women business owners can secure the necessary funds to grow and sustain their businesses.
For grants and financial support, try these:
1. AARP – Supporting women-owned businesses with grants and more.
2. US Chamber – Funding opportunities for female-owned small businesses.
3. Federal Award Management Certification – More financial resources through the Federal Government.
4. U.S. Small Business Administration – Assistance and guidance for all small business solutions.
Balancing the Business Demands of a Small Business
One of the most remarkable qualities of women entrepreneurs is their skill in balancing the demands of running a business full-time with their personal lives. Without consistent and adequate self-care, work begins to suffer. Women tend to value self-care differently than men, often resulting in more satisfaction with their business and life balance. And that is good news in my book. Let’s take care of one another, shall we?
“Aerodynamically, the bumblebee shouldn’t be able to fly, but the bumblebee doesn’t know that so it goes on flying anyway.” – Mary Kay Ash, founder of Mary Kay Cosmetics.
Whether finding time for relaxation, exercise, or spending quality moments with loved ones, women business owners recognize that success requires a balanced approach to life. Balancing these demands also involves effectively managing marketing materials, site visits, social media traffic, and ownership interests. Women’s business wonders (Like Mary Kay) often seek educational resources to enhance their skills and knowledge, ensuring they remain competitive and on the cutting edge. By valuing both their personal well-being and professional growth, women-owned business leaders create a holistic approach to achieving success and fulfillment in all aspects of their lives. And that is another win-win in my outline for success.
Achieving Optional Women-Owned Business Certification
Obtaining a women-owned business certification can open doors to new opportunities and resources for women-owned businesses. The application process involves meeting specific eligibility requirements set by organizations like the Women’s Business Enterprise National Council (WBENC) and the U.S. Small Business Administration (SBA). These certifications can provide access to government contracts, corporate supplier diversity programs, and various support networks.
The small business certification process typically requires submitting detailed documentation to prove the business’s ownership interest and control by women. There may also be an application fee involved. The U.S. Small Business Administration (SBA) and other small business associations offer guidance and resources to help navigate this process. Certification validates the status of women-owned businesses and enhances their credibility and visibility in the market.
Women-Owned Small Business Sucess
It’s no mystery that running a women-owned business is a career path that demands many skills and traits, like the 3 Ps: adaptability, a commitment to diversity, financial skills, and work-life balance. This is how women have broken barriers, created connections, and left a positive mark on the local markets in the past and how they persist today! Small business owners, especially women, rely on strategic business plans, small business loans, and community involvement to break through and soar above the glass ceiling of entrepreneurship.
As women entrepreneurs continue to pave the way, their stories inspire the next generation of business leaders to dream big and embrace the endless possibilities of owning and running a business.
May I encourage you to take some time to celebrate the women who lead with grace, determination, and a belief in their dream to make a difference? Whether through local governments, federal programs, or private initiatives, support for women-owned businesses ensures a bright and prosperous future for all.
Ready to connect with the team at Simply Sunni? We thought so; it is a great start on your way to developing your support network. Contact us HERE!Â
