Have a great product you don’t know what to do with? May is National Inventors Month, and the Women Inventorz Network (W.I.N.) wants to help women inventors make their ideas a reality by providing the practical steps and know-how to do it. W.I.N., which is the only independent organization for women inventors in the U.S. and Canada, evaluates submitted products based on 10 criteria such as retail readiness, marketing, logo design, website effectiveness, etc., and provides guidance in making necessary improvements. Founders and inventing experts Dhana Cohen and Melinda Knight wants W.I.N. to be a launch pad for women inventors to get their products found.
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Posts Tagged ‘women business owners’
Web.com Small Business Toolkit: Women Inventorz Network (Women Inventors Organization)
April 5th, 2013 :: Maria Valdez HaubrichWeb.com Small Business Toolkit: 2013 Leading Moms in Business Competition (Web Contest)
March 27th, 2013 :: Maria Valdez Haubrich2013 Leading Moms in Business Competition
The number of mom-owned businesses is growing and fueling the American economy—and there’s no time like the present to honor these busy entrepreneurs. StartupNation has launched its fourth annual ranking of mom entrepreneurs and the businesses they run. If you are a mom business owner or know of one, enter today for a chance to win prizes including $10,000 cash prize from Staples. Additional prizes include a complimentary business growth consultation by the founders of StartupNation and a $1,000 gift card from Staples for the top three winners. The deadline is April 30, 2013.
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More Women Business Owners Pass the $10M Mark
February 25th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
For a long time, the number of women-owned businesses whose revenues top $1 million has been far disproportionate to the numbers of women starting and running their own businesses. According to U.S. Census data, the number of women-owned firms grew by 28.6 percent between 2002 and 2012, outpacing the 24.4 percent increase the number of U.S. businesses overall. But while women are launching businesses in ever greater numbers, just 2 percent of women-owned companies have sales over $1 million.
But there’s some good news hidden in that statistic. Recently, American Express OPEN and Womenable decided to drill deeper into Census data about women-owned businesses that had over $1 million in sales. They broke the businesses into three revenue categories: $1 million to $4.9 million, $5 million to $9.9 million, and $10 million-plus. Their findings, published in Growing Under the Radar: An Exploration of the Achievements of Million-Dollar Women-Owned Firms, show that among the over-$10-million category, the number of women-owned businesses has surged by 56.6 percent since 2002.
That’s 47 percent higher than the 38.4 percent increase in all businesses (both male- and female-owned) with sales of over $10 million. And in addition to outpacing $10-million-plus firms overall in growth, women-owned $10-million-plus firms are growing at a whopping 98 percent faster pace than women-owned businesses overall.
How do the $1-million-plus women-owned businesses break down overall? Some 87 percent have under $5 million in sales, and 10 percent fall in the $5 million to $9.9 million range. Only 8 percent of the $1-million-plus women-owned businesses make $10 million or more. That’s similar to the way that the majority of all small businesses fall on the lower end of the sales spectrum.
There’s good news of another kind in the study’s findings. While in the past, Womenable president and CEO Julie Weeks says, most women with firms in the $10-million-plus category had inherited the businesses from fathers or husbands, today most of them are heading companies they started themselves. Womenable believes the greater visibility of and support for high-profile women in business and government is a contributing factor in the growth.
So in what industries are women most likely to head $10-million-plus companies? Wholesale trade (20 percent of women-owned firms there have passed the $10 million mark), finance/insurance (12 percent), transportation/ warehousing (11 percent), and arts/entertainment/recreation (10 percent) topped the list. Womenable says the fact that these industries tend to be more scalable than most has undoubtedly helped the women-owned firms in them expand.
Image by Flickr user (Creative Commons)
Google+Angel Capital May Get Easier for Women Business Owners to Find
February 22nd, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
Are you a woman business owner seeking angel investor capital? Harvard Business Review recently reported on a growing trend: More women are becoming angel investors. Studies show that women make up just 10-15% of angel investors and venture capitalists.
Why does this matter? Because angel investors tend to put their money where their comfort zone lies—and unfortunately, for most men that still means investing in businesses owned and run by other men.
The good news with the growth of women angels is that the trend works both ways. As more women become angel investors, they too are likely to invest where they feel comfortable—with other women. HBR cites data from the Kauffman Foundation showing that venture capital funds that include women invest in women business owners 70 percent of the time. As women-owned businesses grow, they create the next generation of women who have the potential to become sophisticated angel investors.
If you’re seeking angel capital from women angels, here are some networks to know about:
- The Pipeline Fellowship program trains women philanthropists to become angel investors and helps connect them with businesses that have a socially or environmentally responsible mission.
- Astiais a global nonprofit dedicated to building women leaders and accelerating the growth of high-potential women-led startups. The organization trains entrepreneurs and angel investors and helps bring entrepreneurs in search of funding together with investors.
- Golden Seeds has an angel network of 250 men and women dedicated to investing in women-run companies. The angel network is the fourth largest in the country and was the third most active in terms of deals done in 2011. The Golden Seeds Knowledge Institute trains women to become angel investors and venture capitalists.
All three of the organizations hold events and pitch meetings where entrepreneurs can meet with potential angels to promote their businesses.
What else do you need to know? Although these networks are focused on accelerating the growth of women-owned businesses, they’re also focused on getting good returns for investors. That means your business model, business plan and ROI for the investors will need to be top-notch. Just because you’re a woman doesn’t automatically give you an edge. While there may be a perception that women angels are easier to get money from or will be more sympathetic and less numbers-driven, in reality today’s women angels will be just as tough on you as would any man—so you’d better know your stuff.
Image by Flickr user temari09 (Creative Commons)
Google+Is the Multitasking Myth Hurting Your Productivity?
February 20th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
Are you a mad multitasker? You know what I mean—switching back and forth between 12 open programs on your computer while simultaneously talking on one phone, checking texts on a second phone and eating lunch at your desk. Women business owners are particularly prone to multitasking mania, probably because many of us are used to juggling dozens of tasks (overseeing the kids’ homework while working on the laptop and folding laundry) in our home lives. But that doesn’t mean we’re better at it than men.
Studies on male vs. female multitasking abilities are many and controversial. For every study showing that women are better at it, there’s one claiming men are. But the real question isn’t who’s better at multitasking, but whether multitasking is helpful or hurtful.
A raft of studies done in labs have indicated that while multitasking actually decreases your productivity, people tended to believe the opposite—that they were more effective when multitasking. An Ohio State University study went one step beyond to find out why people think multitasking is more productive. Researchers found that:
- People feel more productive because they are emotionally satisfied by multitasking.
- People tended to multitask when they had a specific task to do (such as studying); in other words, multitasking provided a way to avoid focusing on something that was rather unpleasant.
- As a result, people feel emotionally satisfied by multitasking, which leads them to keep doing it.
- As they continue multitasking, it develops into a habit, and the positive emotions that come from it plus the habit-forming nature makes them keep doing it.
So what can you do to break your multitasking habit? Like any habit, it will take time (about 21 days) to break the old habit and institute new ones. Try setting rules like shutting down your email and only checking it a few times a day; letting calls go to voice mail and checking them at set times; shutting your office door for short periods when you need to concentrate; and using online tools like Freedom or Concentrate to keep you from wasting time on the Internet.
Yes, I realize that these habits may be hard to institute, but start small. You’d be surprised at what just a couple hours a day of not multitasking can do for your productivity—and your business.
Image by Flickr user deux-chi (Creative Commons)
Google+The State of Women-Owned Businesses, 2013
February 18th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
2013 might be the “Year of the Woman Entrepreneur,” if the findings of a new survey conducted by by Web.com Group Inc. and the National Association of Women Business Owners (NAWBO) is any indication. The 2013 State of Women-Owned Businesses survey found that the large majority of women business owners (WBOs) are optimistic about their business’ overall performance (81 percent) for the coming year, as well as about the broader economic outlook for the nation (74 percent).
What Keeps Women Business Owners Up at Night?
The top four issues worrying WBOs are the state of the economy (57 percent), health insurance cost and affordability (40 percent), business tax issues (36 percent) and access to a quality workforce (36 percent). WBOs plan to invest more (38 percent) or the same (54 percent) in hiring this year compared to 2012. Though two in five WBOs said that health insurance costs and affordability are important issues to them, many (71 percent) feel that the Patient Protection and Affordable Care Act (“Obamacare”) will have no impact upon the way they do business.
How Are Women Business Owners Finding Financing?
More than three quarters (78 percent) of WBOs did not seek a new or extended line of credit in the past year. Of these 78 percent, more than half (68 percent) say they didn’t need additional credit; the other 32 percent didn’t think they could obtain credit if they tried. Most WBOs financed their businesses through credit cards (45 percent), business earnings (40 percent) or private sources such as personal savings or contributions from family or friends (37 percent).
Who Should Become an Entrepreneur?
A whopping 85 percent of survey respondents predict that more women will start businesses this year than in the past. When asked why they started their business, the most common answer was that they were following their vision (28 percent), or because they found a good business idea (21 percent). Respondents say the most important traits needed for business success are a passion for an idea (1st), a vision to succeed long-term after the business is launched (2nd) and a willingness to take risks and fail (3rd).
How Are Women Business Owners Marketing Their Companies?
Finding new customers was the biggest challenge cited by 39 percent of WBOs; to land those customers, 73 percent say they will invest more in marketing in 2013. The top marketing tactics they’ll spend more on are social media marketing (36 percent) and search engine optimization (SEO) (36 percent). Some 44 percent of WBOs believe these methods are the future of small business marketing, while traditional approaches such as print and direct mail, online advertising and email marketing will be less important.
What Marketing Methods Matter Most?
Asked what marketing tactics have the most impact on their bottom line, more than half (52 percent) of respondents say website design and maintenance was very important, followed by social media marketing and SEO (38 percent) and email marketing (25 percent). Among social networking platforms, LinkedIn (27 percent) was named as the most valuable, followed by Facebook (26 percent), YouTube (18 percent) and Twitter (17 percent).
For full survey results and to view and share the 2013 State of Women-Owned Businesses infographic, visit www.web.com/community.
Image by Flickr user apdk (Creative Commons)
Google+Are You a Victim of Nice Girl Syndrome?
February 15th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
Are you a nice girl? If you’re like many women business owners, you grew up getting rewarded for being nice. Teachers gave you good grades, you made your parents happy and you got more friends by being nice.
Fast forward to today when you’re a small business owner. While you may think that being nice brings some of the same rewards (and you’d be right), there are also times when being too nice can harm you and your business. Here are some warning signs you might be suffering from “nice girl syndrome”—and how to take control.
Too nice to employees: Are your employees walking roughshod over you? Do you stay late every night at the office while your team leaves at 5 on the dot? Do you regularly pick up the slack for staffers who aren’t pulling their own weight?
What to do: Being too nice is doing your employees no favors. If you always take on their work, they’ll never learn or grow. Many entrepreneurs (not just women) struggle to delegate, but it’s important to learn. Start setting new rules and holding employees accountable for their work.
Too nice to clients: Do clients and customers request tons of last-minute changes, or ask for more and more work—without paying you any extra? No, the customer is not always right. It’s important to know where to draw the line so your business and your employees aren’t getting shortchanged.
What to do: Avoid “scope creep” by being clear about costs and deliverables upfront. Use written contracts to clarify what’s included in the purchase and what costs extra. You may decide it’s OK to do extra work for key clients, but even so, keep track of what you do so that when you renegotiate your contract, you can point out the added value you’ve brought to the table and justify a higher cost next time.
Too nice to your family: Are you taking on all the housework at home in addition to working 18-hour days at the office? Don’t give in and become a martyr just because you’re afraid of making waves.
What to do: Ask for what you want and figure out a win-win way to get it. If both you and your spouse are exhausted after long days, outsourcing chores like cooking and cleaning may be worth the cost. Or consider just lowering your standards a bit and being easier on yourself. If you’re like most women business owners, the one person you’re not nice enough to is you.
Image by Flickr user amber de bruin (Creative Commons)
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Women Business Owners Lose Out in Race for Government Contracts
February 13th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
In spite of years of governmental efforts to help women-owned small businesses obtain government contracts, new data from Bloomberg show that in 2012, the percentage of U.S. government contracts awarded to women-owned small businesses actually dropped for the second year in a row.
While awards of contracts to men-owned firms have declined as well, the awards to women decreased at a faster rate. The percentage of contracts awarded to women-owned small businesses decreased 5.5 percent to $16.4 billion in the fiscal year ending September 30, 2012. Meanwhile, the percentage of contracts awarded to men-owned small businesses declined by 4.1 percent, dropping to $80.9 billion.
Women-owned businesses have long faced challenges in obtaining government contracts. During the Clinton administration, in 1994, the federal government set a goal that at least 5 percent of the total value of eligible contracts must be awarded to women-owned businesses; however, that target has never been met. Last year, Bloomberg says, women-owned small businesses accounted for about 3.2 percent of government contracts overall.
The irony is that just two years ago, the U.S. government launched a new effort to expand women’s access to government contracts. In February 2011, the Small Business Administration published its final rule regarding the Women-Owned Small Business (WOSB) Federal Contract program. This program authorizes federal contracting officers to set aside certain federal contracts for eligible women-owned small businesses (WOSBs) or economically disadvantaged women-owned small businesses (EDWOSBs).
What can you do if you’re a woman small business owner interested in landing federal government contracts? First, don’t give up hope. Here are some places to start learning about government contracting opportunities and making your firm more attractive to contracting officers:
- You can self-certify as a WOSB or EDWOSB, or use a third-party certifier to help you through the process (since it can get pretty complex). Visit the SBA’s website to learn more about the WOSB and EDWOSB certification programs.
- American Express and the nonprofit organization Women Impacting Public Policy have launched a program called “Give Me Five,” which offers education and resources to help more women business owners access federal contracting opportunities.
- The U.S. General Services Administration (GSA) has programs and training to help small businesses, including women-owned businesses, successfully land government contracts. Learn more at the GSA website.
Image by Flickr user cometstar (Creative Commons)
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Is Your Family Really Supporting Your Business?
February 11th, 2013 :: Rieva Lesonsky
By Rieva Lesonsky
If you’re a woman business owner, you know how difficult a juggling act balancing your family and your business can be. Whether your family includes a spouse, significant other, kids, aging parents or all of the above, keeping them happy while keeping your business running is never easy.
If you’re having an even harder time of it than usual, maybe you need to sit down and assess whether your family is really supporting your business and if not, what you can do about it. Here are some steps to creating one big, happy family:
- Pay attention. Often when we’re falling short, our families tell us in nonverbal ways. It’s tough when you’re working 18-hour days, but it’s important to tune into the signals your loved ones are sending. Is your child acting up? Are his grades sliding? It might be a sign he feels you aren’t paying enough attention to him. Is your husband always irritable? That could mean the same thing.
- Address the problem in an honest way. Figure out what isn’t working and what you can do about it. If your child’s schoolwork is a problem, can you work from home to spend some time with him when he gets home from school? Set aside time to really be with your loved ones, not half-listening while checking email on your smartphone.
- Enlist support. Of course, I’m not suggesting you become a doormat. As part of addressing the problem, it’s important to ask for what you need. Explain why your business is important to the family and that you need their support to succeed. Often, this is all that your family needs to be reminded of.
- Work out compromises. Making it work requires trade-offs. Maybe you need to spend an hour each afternoon helping your kids with homework. In return, however, you can let them know that you need an hour of uninterrupted work time after dinner. Figure out a plan that makes sense for your family.
- Set boundaries. Thanks to electronic devices, it’s easy for your business to consume every waking moment, but this inevitably leads to problems with loved ones feeling neglected (not to mention what it does to your physical and mental health). Set boundaries, whether it’s a family dinner at 6:00 every night so you can really listen to your kids, or no checking email after 10 p.m. so you and your significant other can have some quality time.
- Don’t try to do it all. The belief that we can have and do it all is, in my opinion, harmful to women’s mental health. No one can fire on all cylinders at all times as a wife/girlfriend, mom, daughter and business owner. Accepting that your life will never be “in balance” 100 percent of the time is the first step to feeling more in control.
By implementing these steps, you’ll find your family becomes more supportive of your business and both your loved ones and your business benefit.
Image by Flickr user tomo908us (Creative Commons)
Google+Small Biz Resource Tip: 25th Anniversary Entrepreneurial Woman’s Conference
September 12th, 2011 :: Maria Valdez Haubrich25th Anniversary Entrepreneurial Woman’s Conference
Women business owners have their own set of challenges to face and overcome in the normal course of business. This year’s 25th Anniversary Entrepreneurial Woman’s Conference in Chicago on September 14, 2011, will offer women business owners solutions and a chance to network. The event is the oldest conference and business opportunities fair for women in the U.S. and will take place at the McCormick Place-West in Chicago. Attendees will have the opportunity to meet and build relationships with corporate and government buyers, business experts and other women business owners. Register today.
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