As a woman who's built a successful business from scratch, I can tell you that there are some lessons you'll never learn in an MBA program: the ones that come from navigating the unique challenges and opportunities of being a female entrepreneur. In this post, I'll share some of the most important woman-owned business lessons I've learned along the way, and how they can help you build a thriving company.
Introduction to Woman-Owned Business
According to the National Association of Women Business Owners (NAWBO), there are over 11 million woman-owned businesses in the United States, generating $1.7 trillion in revenue and employing over 9 million people. Despite these impressive numbers, women still face significant barriers to starting and growing their own businesses, from lack of access to capital to biases in the business world. Research shows that women are more likely to start businesses in industries that are traditionally feminine, such as healthcare and education, and are less likely to seek outside funding (Source: Kauffman Foundation).
Overcoming Biases and Stereotypes
One of the most significant challenges woman-owned businesses face is overcoming biases and stereotypes. A study by the Harvard Business Review found that investors are more likely to invest in companies founded by men, even when the business plan is identical (Source: HBR). This means that women have to work harder to prove themselves and their businesses, and may need to develop strategies to overcome these biases. For example, women can seek out female-friendly investors and networks, such as 37 Angels and Pipeline Angels, which provide funding and support specifically for woman-owned businesses.
The Power of Community and Networking
"The most successful women are those who have a strong network of peers and mentors, and who are not afraid to ask for help and support."
As a woman in business, it's essential to build a strong network of peers and mentors who can provide guidance, support, and encouragement. According to a study by the Center for Women's Business Research, women who have a strong network of peers and mentors are more likely to start and grow successful businesses (Source: CWBR). This can include joining women's business organizations, attending industry events, and participating in online forums and communities.
Building a Strong Brand and Marketing Strategy
A strong brand and marketing strategy is critical for any business, but it's especially important for woman-owned businesses. Research shows that women are more likely to be influenced by social media and online reviews when making purchasing decisions (Source: Nielsen), so it's essential to have a solid online presence and to engage with customers through social media. According to a study by the Social Media Examiner, 71% of women use social media to research products and services before making a purchase (Source: SME). By building a strong brand and marketing strategy, woman-owned businesses can reach and engage with their target audience, and drive sales and revenue.
Measuring Success and Overcoming Obstacles
Measuring success and overcoming obstacles are critical components of building a successful woman-owned business. According to a study by the National Women's Business Council, the top challenges faced by woman-owned businesses are access to capital, marketing and sales, and managing cash flow (Source: NWBC). By tracking key metrics such as revenue, customer acquisition, and customer retention, woman-owned businesses can measure their success and make data-driven decisions to drive growth. Additionally, by developing strategies to overcome common obstacles, such as seeking out alternative funding sources and building a strong support network, woman-owned businesses can stay on track and achieve their goals.
Conclusion and Next Steps
In conclusion, building a successful woman-owned business requires a unique set of skills and strategies. By overcoming biases and stereotypes, building a strong network and community, developing a solid brand and marketing strategy, and measuring success and overcoming obstacles, women can build thriving businesses that drive revenue and create jobs. Key takeaways include:
- Seek out female-friendly investors and networks
- Build a strong network of peers and mentors
- Develop a solid online presence and engage with customers through social media
- Track key metrics to measure success and make data-driven decisions Aimee Lankford is the co-founder of The Mediatwist Group, a woman-co-owned marketing agency that helps brands dominate. Visit mediatwistgroup.com or follow @mediatwist.
Key Takeaway
Woman-owned business lessons from a female founder's perspective. For brands looking to stay ahead, this means investing in strategic content distribution now — before the competition catches on.
