Small Business Resources
Supporting Women-Owned Small Businesses
March is Women’s History month and a great time to celebrate all that women have accomplished! We want to celebrate by supporting female entrepreneurs and understanding their challenges in the business world.
Women own about 31% of all businesses in the US, and the goal is to continue to grow this number by supporting women-owned businesses. Unfortunately, female SMBs often experience more financial obstacles, including the struggle to receive external financing, and if they do receive any, it’s usually less than what male entrepreneurs receive. This limits them by decreasing the amount they can spend on resources such as employees, advertising, and marketing, resulting in lower revenue growth rates.
This is why it’s so important to support female entrepreneurs, and here are a few ways you can do so:
Invest in Women-Owned Small Businesses
It’s always important to shop small when possible but consider making it a point to give your business to more women-owned companies. It’s worth taking the extra time to research companies to determine what they stand for and who you’re supporting.
If you have a business of your own, find ways to invest in other women-owned companies. There’s a lack of financial support for female-owned companies, so investments or donations can make a big difference. There are also a few nonprofit organizations dedicated to helping female entrepreneurs gain resources to help them create a prosperous future through their businesses. If you’re interested in helping or donating, check out this list of nonprofits.
Offer Your Expertise
Sharing your wealth of knowledge is one of the easiest ways to support female entrepreneurs. Your experience, resources, and relationships are invaluable tools for other women trying to navigate growing their small businesses. Help them find and gain the resources they need to be successful by simply sharing your experience and resources and curating a relationship with them so you can learn from each other.
Another simple way of offering your expertise is by volunteering or sponsoring events that help create opportunities for women-owned businesses. For example, you can offer free seminars in your area of specialty or provide mentorship to help female entrepreneurs grow their reach on social media platforms.
Refer and Promote Woman-Owned Small Businesses
A more obvious example is supporting these small businesses by sharing them with others. Talk about your positive experiences and let your friends, family, employees, and customers know why you love their products or services. You can also share them on your social media profiles and engage with their posts to help them grow their customer base.
Even something as simple as sharing a quick snap at your favorite coffee shop on your Instagram story can create an impact for a small business. This Women’s History Month, let’s show extra support and spread the word about our favorite women-owned businesses!