Deciding to start your own small business as a woman is a big deal.
For most women, this requires moving out of their comfort zones and overcoming significant structural barriers, to build something they are proud of. If this excites you, why wait?
“The number of women-owned businesses in the United States increased by 75% over the last two decades. – Hult International Business School
But then, even though the figure above is 1.5 times the national average, less than one-third of businesses are still owned or managed by women, according to the Kauffman Foundation.
As you’ll see, there is still more than enough room in business for ambitious women who want to be their own CEOs. In this post, we highlight some of the benefits, opportunities, and challenges that make women-owned small businesses such a big deal
1. Financial independence
Almost everyone wants to be financially independent and for many women, starting a business can be a great route to achieving this.
While running a business can be quite challenging when you’re just getting started, the potential for growth can be fully maximized over time with careful planning and management.
2. Control over your lifestyle and schedule
Sometimes, working in a corporation or under a boss may seem more like running in circles. According to TeamStage, 66% of employees do not have a work-life balance. 60% of these employees blame the imbalance on their bosses.
Starting a business definitely requires hard work and ample time. But you still get to be flexible with your work and schedule.
Even when you have to work extra hours or weekends at your business, you know you’re doing all of that for yourself rather than an unappreciative boss.
3. Following your passions
You get to decide what kind of business you can do and many times, you can plan it around something you are passionate about. As a woman, starting your own small business has the potential to fulfill you in a different kind of way that working under someone else cannot do.
4. True job security
A recent ADP survey revealed that only 20% of employees feel their job is safe.
The truth is that as an employee, key decisions about whether you get a pay raise or a pink slip are often beyond your control. As a small business owner, however, you get to take your destiny into your own hands, and can even provide opportunities for others.
5. Opportunity to challenge yourself
Some people don’t like to live within the confines of society. For women with this personality, starting a business can be a way to challenge themselves personally, discover how great they are, and make some real growth and improvements.
The good thing is that there are already some natural sigma female traits that may prove helpful in business and leadership. Some of these traits include their high emotional intelligence, empathy, sincerity, and their knack for communication.
6. Opportunity for innovations and creativity
Your creativity can be put to better use when you start a business of your own.
You don’t get to live by fixed rules and processes. There’s always an opportunity to develop your own concepts and ideas or find new ways to solve old problems. And as it turns out staying creative and innovative will be key to keeping your woman-owned small business in business.
7. Tax benefits for small businesses
Governments in most places around the world have committed to leveling the field and making policies to encourage female participation and support women-owned businesses.
Aspiring businesswomen can take advantage of tax breaks and certain policies like the U.S. Small Business Administration’s goal to award a certain percentage of its contracts to women-owned small businesses.
8. You can give back to your community
Women-owned small businesses provide an opportunity for women entrepreneurs who desire to give back to their community or the community where their businesses operate.
You can structure your business or set up your products and services in a way that supports social gain or simply donate to causes and charities you’re passionate about.
9. Opportunity to forge connections and relationships with people
As a small business, the opportunity is there to forge better connections with customers and clients and the team that supports you. This has the potential to make each day more interesting and motivating.
10. You get to choose who you work with
As the boss of your own woman-owned small business, you get to decide who you work with or do business with. You won’t be stuck with a nagging boss or an unpleasant coworker. Neither will you have to deal with jerks disguised as clients. You can hire and fire – as the need might be.
11. You take the risks (and reap the rewards!)
As beautiful, promising, and fulfilling as it can be, starting your own small business as a woman is undoubtedly a risky proposition. Over time, you will have to make important decisions that can impact your success in the short and long terms. It’s risky, but it can also be very rewarding.
Your small business makes a big impact on the economy
There are about 32.5 million small businesses in the U.S.
These small businesses create about 1.5 million jobs every year which accounts for 64% of new jobs created in the US. Anywhere in the world, small businesses are the backbone of every economy. Your women-owned small business might seem small but you can rest assured that you are making a big impact for yourself and your society.