Will You Join the Phenomenal Growth of Women-Owned Businesses?
Women and startups
If you’ve noticed that the economy is getting a little stronger month by month, you might want to thank a female entrepreneur.
When it comes to new business formation, women are outpacing their male counterparts at a formidable rate. Recent U.S. Census Bureau figures show women are starting 1,288 new businesses a day, double the number a year ago.
Over the past 17 years, women-created businesses have sprung into existence at 1.5 times the overall national rate. Those businesses are growing at roughly twice the rate of businesses started by men, according to the U.S. Department of Commerce.
While the basics for launching a new business broadly apply to both male and female entrepreneurs, there are some considerations unique to women. The checklist below, while by no means exhaustive, addresses issues relevant to both women and startups generally:
1. Write a business plan defining the market opportunity and the customer base.
2. Be ruthless in mapping out expenses. There are always unexpected costs. Make sure you have sufficent capital so the business becomes cash-flow positive.
3. Determine the best legal structure for the business, such as partnership, limited liability corporation or a sole proprietorship. Each option has its own strengths and weaknesses from both a tax and an operating point of view, so make sure you have tax and legal advisors who can help you make the best choice.
4. Continuity planning is critical. Women typically own smaller businesses, according to a 2010 report from the U.S. Department of Commerce's Economics and Statistics Administration for the White House Council on Women and Girls. Under these circumstances, even a temporary disability might be enough to put the company out of business. Disability insurance may be one way to protect against this.
5. Secure the appropriate licenses from city and state agencies. Make sure your professional license is up-to-date if you're providing services subject to regulation.
6. Find a financial advisor or banker who can serve as a mentor, someone committed to helping you succeed, offering access to capital and other business owners.
Read the full article at: entrepreneur.com
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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