Women In Small Business

Kris Miller & Tia Ross      Friday, June 22, 2018

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According to The 2016 State of Women-Owned Businesses Report from American Express, the number of female-owned businesses has skyrocketed 45 percent since 2007. Women entrepreneurs have had a huge impact on our country’s small business sector, and those numbers only keep growing.

 

If you aren’t a natural born businesswoman, don’t worry, we can all lend each other a helping hand. I’m no stranger to having to balance a tight household budget and managing a budding business. I am dedicated to helping teens and adults become influential leaders through strategic decision making and coming up with innovative methods to encourage community involvement. Keep in mind, while others are investing in your success, you should do them the same courtesy; whether it be hiring your neighbors as part of your staff, or creating volunteer initiatives that benefit local charities and boost community morale.

 

The following tips can help manifest your dream of running an e-commerce website as a small business owner, or simply help improve your financial literacy. Whatever your needs, our goal is to make being part of the rising 45 percent possible.

 

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Every business venture must start with a blueprint. Writing a business plan sounds difficult, but it’s much simpler than you’d think. There are hundreds of online templates that are simple and straight to the point. Here are some basics any business plan requires:  

 

  1. Name of Business

  2. Mission— keep the mission and vision short. Shoot for keeping it under 10 words; the golden number is 6.

  3. Vision—where do you see this business going? Do you see yourself staying local or expanding to a wider audience?

  4. Goals—financial goals and building your customer base goals, walk the business idea out to the end... 5 years, 10 years 20 years from now... Then create your goals moving backwards from the end result.

  5. Objectives.

  6. The Plan/Outline.

  7. Tasks with by when’s.

  8. Accountability—add in an accountability system to keep you focused. If you are building by yourself you should get a close friend or peer to hold you accountable to your own by when’s.

 

As women, wearing the hats of provider and businesswoman can wear on you. It’s important to be aware of time management. Taking care of everyone else before we do ourselves is a natural instinct, but it comes at a cost. Here are some other tips you should know before starting your business to help ensure a smooth start:

 

  1. If you don't set an intention and share it with your family they will not know how to support you.

  2. ASK for HELP! Don’t try to do everything on your own. 

  3. Be clear and firm in your decisions.  

  4. Women owned businesses have increased in generated revenue over the years, and this is definitely the first wave of fair and equal pay in comparison to our male counterparts.

 

The road to entrepreneurship isn’t an easy one, and there will always be hindrances along the way, but don’t let them deter you from the goals you’ve set. However, there’s always a silver lining to each issue you stand to face. The support of women-owned businesses is unmatched, and it encourages other women to become financially liberated. Here are some ways women have been given the upper hand when it comes to running a small business:

 

 

 

  1. The U.S. Small Business Administration (SBA) has a certification of Women-Owned Small Businesses (WOSB) and Economically Disadvantaged Women-Owned Small Businesses (EDWOSB) in connection with the Women-Owned Small Business Federal Contract Program (WOSB Program). 

  2. Social media is a great tool to garner support from other women to promote each other’s businesses.  

  3. There is a large amount of support for “Mogul Moms” who own a business while still taking care of home.

  4. It is encouraged to have more than one stream of revenue in today’s economic climate (the average millionaire has at least six, so get those creative juices flowing with ideas.)

  5. There are also more options today with multi-level marketing companies for moms to run businesses remotely from the comfort of their homes.

 

 

Being a boss means you have to perform your civic duty by paying taxes. The type of taxes you file will depend on the kind of business you run (LLC or Corporation). Keep these next few tips in mind when trying to decide on what kind of business you want to start:

 

 

 

  1. I always say do what is the most economically feasible for you in the moment. You can always change your business status. In some states there are pricey fees associated with filing as a legal business. If you are just beginning, it isn’t very feasible to have an annual license renewal fee of $800 with a sole proprietor status.

  2. Limited Liability Company is the most common filing status for small business due to its level of protection of personal assets.

  3. Set yourself up for success! See a Tax Preparer or a Certified Public Accountant to arrange a quarterly system for paying taxes, as well as setting up proper bank accounts and keeping your personal expenses apart from your business expenses. 

  4. Set up a system in advance for paying taxes or at least set up an account to collect your taxes on earned income and let it work for you until it is time to pay taxes annually.

  5. Create a list of items you can write off and create a checklist to keep handy. 

  6. Use a millage tracking system to make it easier to stay organized and accurate.

 

 

Your journey as an entrepreneur doesn’t have to be difficult. There are many resources you can utilize to help your business go from a start up to a Fortune 500; it’s all about taking the right steps. It will seem difficult at times, but no road to success is straight, so don’t be discouraged if things don’t always run according to plan. Learn from your mistakes, and don’t let them be the reason you don’t explore your full potential.

 

Author writing with support from Farrow Communications.

 

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