Three Ways to Support Female-Owned Small Businesses Yet This Month
This month isn’t just about trick-or-treating or raking leaves in the yard.
It’s also Women’s Small Business Month, and it’s not over yet!
Female entrepreneurs have taken the hit from the pandemic to a far greater degree than their male counterparts. Increased childcare demands, combined with dwindling demand in industries traditionally led by women, has made the landscape tougher than ever for them.
With just a few days left in the month, here are three things you can still do to help.
Celebrate them on social media
A social media shout-out can do wonders not only for an entrepreneur’s business, but also for her confidence. As she navigates these uncertain times, a kind word at just the right moment can do wonders.
So, if a female entrepreneur in your life provides a product or a service that you love, don’t hold back from sharing.
When choosing a business to support, most potential customers look for testimonials from a real person. Sharing your own positive experience on social media is sure to have a large ripple effect.
This is especially true if you are a seasoned business owner with a large social network. A younger entrepreneur can benefit from your connections, especially if she has not yet had time to build similar connections of her own.
Besides promoting a specific business, you might also use your social media reach to raise awareness of the issues confronting female entrepreneurs in the wake of the pandemic.
Invest in female-owned companies
If there is one thing that female entrepreneurs need more than anything else, it’s funding.
Unfortunately, most available funding for small businesses still goes to men. In fact, studies show that on average, women entrepreneurs receive less than half the funding that men do, in spite of the fact that their businesses produce twice the amount per dollar invested. In addition, most of the investment income that women receive comes in the form of high-interest, short-term loans.
This inequity in funding adds to the uneven footing that women face in the business world, as compared to men.
Find some publicly traded companies that are owned by women and buy stock from them. Or consider adding some female-owned businesses to your personal portfolio, with the help of your financial adviser.
Become a mentor
Expertise and wisdom can be worth even more than money, allowing young entrepreneurs to successfully avoid the pitfalls that might derail them. Sometimes, encouragement is the most valuable asset of all, giving business owners the strength to persevere on the rough road to success with the knowledge that others have done this before.
You may choose to focus on your efforts on one specific person. Or you may prefer to issue an open invitation to anyone who needs encouragement and guidance. Hosting virtual talks and lectures or more informal chat groups can be an excellent way to share your expertise with those who need it. Even an old-fashioned snail mail letter to your favorite young female entrepreneur can provide a much-needed personal lift just when she most needs it.
Female business owners face overwhelming obstacles in their path to success, now more than ever. We can all help to ensure a more equitable experience for them. Back