Administrator
Michael Sutton
Adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit.
HomeEducation and CareersCareers4 Ways Female Founders Turbocharge Their Businesses
post image

4 Ways Female Founders Turbocharge Their Businesses

Mar 16, 2019 - 16:53

Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.

In the U.S. alone, women entrepreneurs generate $1.1 million in revenue on average across retail, professional and personal service businesses that have operated for 11 years. This stat comes from Visa’s new ‘State of Female Entrepreneurship’ report, which informed their recently announced program, She’s Next, Empowered by Visa, a global initiative to support and champion women in their efforts to grow their small businesses.

That’s powerful stuff, highlighting the important role women entrepreneurs play in the prosperity and economic development of local communities. The typical entrepreneur is 42 years old and earns nearly $110,000 in household income a year, making a profound difference in building and supporting families in the community.

Clearly, female founders are coming into their own. In fact, the Visa study found that 79 percent of American women entrepreneurs feel more empowered now than they did five years ago.

Still, key challenges exist: 73 percent say funding does not come easily, and nearly 2/3 use their own funds to get started. Assembling a good team, finding the right tools and dealing with competitors are among the biggest challenges keeping women entrepreneurs up at night.

For any entrepreneur, it can feel like there’s never enough time or resources to grow a business. To help other entrepreneurs and based on insights from the ’State of Female Entrepreneurship’ report, Visa polled four areas women entrepreneurs focus on to turbocharge success:

Find mentors: More than two-thirds said they wanted advice from fellow entrepreneurs. Relatable role models and mentors are invaluable when you’re making the leap to starting or building your own business.

Find your feet: Strategy development is critical for women starting up their own company. Assembling a good team was a challenge encountered by 37 percent of women founders. Other challenges include: finding the tools to grow and manage their business (36 percent), competition (36 percent) and growing as quickly as they need to (33 percent). Have a plan and pursue your vision.

Gather capital to invest in your business: Cash flow is the lifeblood of any business. Respondents cited profits and revenue growth as the top two priorities for improvement. Thirty-two percent of women would direct additional funding toward newer technology.

Put in overtime: When building a business, time is precious. Given the investment and high stakes that come with the territory, it comes as little surprise that a majority of women entrepreneurs (56 percent) are putting in more work hours than before they started their business.

If you’ve joined the ranks of female entrepreneurs, find support and resources by signing up for the Female Founder Collective, and visit She’s Next, Empowered by Visa where you can download and print a toolkit with tips and advice to help build and sustain your company.

More than a hobby: The relaxing, fun, healthy history of puzzles
Six little-known facts about jigsaw puzzles.
Student Loan Debt Growth Fastest Among Boomers
Baby boomers are feeling the strain of student loan debt.
How a teen got her wish to display her paintings in LA
Inspiring story of a teen with cancer getting her wish granted.
How to improve your financial health in 2019
Having the right information is key to taking control of your credit.
or to write a comment
Random posts
Auto insight: Smart guidelines for buying a used car
How to smartly approach used car shopping so you make a wise investment....
Winter can be stressful: Try these 4 tips
Remain calm and focused with these tips....
The real science behind your pet's food
The sophisticated science behind pet food....
The juggle is real: Online students’ tips to balance family, school
Three students on managing work, life, family and earning a degree....
Archive