Top Tips for Growing Your Woman-Owned Business

Library | 12/31/2020
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Women-owned businesses are crucial to the US economy, but have been disproportionately impacted by the COVID-19 crisis. Like many businesses today, many female entrepreneurs are struggling with how to keep their businesses alive and well during these challenging times.

    

If you’re a woman and own a business, here are some top tips that successful entrepreneurs have shared to help ensure that your business succeeds and grows – now and into the future.

     
  • Make or readjust your plan. Whether you’re just starting out or have been in business for years, it’s never too late to create a detailed business plan to provide an overview of your business concept, analyze the marketplace, describe how your business will be organized, managed and run; a description of products or services you’ll offer, your marketing and advertising plan, financial projections and more. This plan can be a vital tool in obtaining new investors or financing.

  • Ask for help where you need it.Women business owners are less likely than male business owners to apply for loans, and when they do, they typically ask for less funding. Additionally, according to a recent report, 66% of women business owners reported that they have difficulty accessing the funding they need to start or grow their business. Don’t let this hold you back. Explore a range of alternative funding options until you get the financial support you need to pursue your dreams. (Check out Valley’s SBA lending programs.)

  • Rely on a strong support network.In many male-dominated industries, it can be especially difficult for women to make connections, gain introductions and access established networks that can put a company on a path to success. According to Inc., 48% of female entrepreneurs feel that a lack of supporters, advisors and mentors limits their professional growth. There are a number of ways women can combat this disadvantage and build empowering support networks.

  • Remember what sets you apart. What about your business makes it stand out from the competition? Why would customers choose to come to you instead of someone else? Whether you offer an innovation no one else has, provide better customer service, or pride yourself on quality, find out what your differentiator is and make that your key message to the world.

  • Continue to your message out.Spread the word about your business far and wide. Utilize multiple channels such as social media, online advertising, local events, blog posts, press releases, networking groups and more. Communicate with customers, prospects, potential partners and advocates frequently and stay connected.

  • Understand your customers and their changing needs.This goes beyond general demographics; you need to truly know your customers – understand what motivates them, what scares them, what problems they are facing and what they need from you. Study your consumer analytics, seek ways to gain customer insights and actually listen to what your customers have to say.

  • Provide products or services that are in demand.Consumer behavior has changed a lot over the past year. Certain products or services that were in high demand have become obsolete during the pandemic. Take an honest assessment of what your business offers and be sure you are meeting your customers’ current needs and solving their current problems. If not, you may want to re-evaluate and adjust accordingly.

 

 
Valley Women in Business
Inspiring Women

Valley Women in Business

Valley's Women in Business program connects and empowers professional women. From entrepreneurs, to executives; we provide networking and educational opportunities that enrich the professional lives of women at every stage of their career.

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