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How to Overcome Obstacles as a Female Entrepreneur

An article we liked from Thought Leader Raija Haughn of Bankrate.com:

Closing the gap: How to overcome obstacles as a female entrepreneur

Women-owned businesses have been on the rise for years, increasing 21 percent from 2014 to 2019 while all businesses only increased by 9 percent.  Female Entrepreneur

As of 2019, women owned 49 percent of all businesses, according to American Express’s 2019 State of Women-Owned Businesses Report. These numbers are significant when you consider that only 4.6 percent of businesses were owned by women in 1972.

Despite this promising growth, women-owned businesses only accounted for 14 percent of the workforce and 8 percent of revenue in 2019. These numbers are even lower for women of color, who claim only 23 percent of total revenue created by women-owned businesses in 2019. This disparity is particularly startling given that women of color owned half of women-owned businesses as of 2019.

Since the start of the COVID 19 pandemic, all businesses have been hit hard. The number of active business owners fell by 3.3 million from February to April of 2020 and women-owned businesses experienced a 25 percent drop. Additionally, Bank of America’s 2021 Women Business Owner Spotlight found that 48 percent of women entrepreneurs cut their own pay to keep employees on staff during the pandemic and 90 percent say that the pandemic has created added stress associated with running their businesses.

It is more important than ever that women entrepreneurs are able to take advantage of resources and programs designed to help them succeed. Are you a woman looking to start a business or expand your current business? Below are some resources and advice to help you make your business thrive.

Impacts of COVID 19

In spite of the effects of COVID 19, women-owned businesses have continued to flourish in many ways. Bank of America’s 2021 Women Business Owner Spotlight found that, of the women business owners they surveyed, 61 percent expect their revenue to increase in the upcoming year and 92 percent consider their current financial situation to be strong or fair. This report also found that women-owned businesses have been very adaptable amid the effects of the pandemic. 50 percent of women entrepreneurs have changed their approach to employee wellness, allowing flexible work schedules, work from home extensions, more paid time off and sick days.

Women entrepreneurs also proved to be very community and collaboration-focused during the pandemic, both relying more heavily on community support than male counterparts and giving back to the community. 46 percent of women entrepreneurs have volunteered in their community since the start of the pandemic. Additionally, 29 percent of women business owners are looking to partner with more women- and minority-owned vendors in the future.

Find specialized funding to overcome the gender lending gap

Securing funding is often a struggle for women entrepreneurs and business owners who want to grow their businesses.

Biz2Credit research has found that the average-sized loan for women-owned businesses was...

Read the rest of this article at bankrate.com...

Thanks for this article excerpt to Raija Haughn of Bankrate.com.

Photo by Jenny Ueberberg on Unsplash

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