Planning out female-owned businesses in 2021: What you need to know?

#2021 #businessin2021 #businesspreparations #investing #planning #saving #women #womeninbusiness Feb 15, 2021
Planning out female-owned businesses

According to a survey, women own four out of ten businesses in the United States. This number has increased by 114% during the last twenty years. We've seen some incredible women entrepreneurs that have run great businesses and made sure they were financially sound throughout their journeys. 

However, many have faced quite a few challenges in their entrepreneurial experiences as women, especially during Covid-19. In one of its latest studies, the U.S. Chamber of Commerce has revealed that women-owned businesses have suffered much during the pandemic in such a way that the overall health has deteriorated from 60 to 47% in July 2020. Lack of funds and saturation in the market has resulted in an economic crisis in the current scenario.

My mission is to make sure you recover from these setbacks as soon as possible and have all the necessary information to kick off a remarkable year!

While planning to start a business in 2021, women require proper planning and management, and here's a checklist for you to begin your preparation and stand out in the upcoming year.

Importance of planning, investing and saving for business preparations, 2021

Women control 51% of all the wealth in the U.S. today. According to the statistics provided by WBENC. 12.3 million women in the U.S. own a business. They are more empowered than ever, ready to face the challenges connected with Covid 19 and to welcome the year 2021 with a positive outlook. 

It is important to note that these women play a crucial role in making smart moves and financial decisions for their families. They take care of the family and share shared financial responsibilities, with women as the primary breadwinners in 40% of U.S. households. According to Forbes, 70-80 percent of consumer purchases are also carried out by women. 

Many of these tasks depend on the planning skills that women have and signal that they can be excellent strategists when it comes to business, savings, and investment. 

As far as savings are concerned, it has also been found that women save 9% of their salaries as compared to men (who are at 8.6%), but they fail to invest more than men while working. Research indicates that women invest 40% less than men. That's a staggering number, and we need to start thinking about making our money grow if the plan is to make your business financially stable and get your money to boost. 

Do you save more and invest less too? If yes, you can find out how to align your finances in 2021 using this worksheet, and I can help you with the rest. Keep scrolling!

However, this depends on how well you know yourself, your business, and the financial economy. For 2021, you will need to start taking notes of what went wrong and prepare for all kinds of emergencies we could now be facing. 

Focus on a new online business or move your company online! Find out how you can make the best of the digital space if the pandemic conditions prevail or worsen in the coming year. Step-by-step planning can help you to figure out all possible ways to launch an online business. This includes learning more about digital marketing, online coaching, and business growth. 

Important reminder:  Remember that you can quickly run out of money once you make the initial investment to launch your business. So, you must start with a well-thought-out budget to meet your needs and fulfill your expectations.

It is crucial to look for sectors that can be profitable for your business. Here are some areas that you can explore:

Profitable sectors for women-oriented business in 2021

When scanning for profitable ventures, especially in a new year, it is crucial to look at how specific sectors of the economy performed in the year that just ended. 

For example, the e-commerce industry has boosted over $450 million since 2017 and became extremely popular in 2020 due to the ongoing pandemic. Virtual assistance companies, online life and career coaching, podcasting, blogging, network marketing, affiliate marketing, data processing, and YouTubing are some of the most popular businesses preferred for the upcoming year. Again, you can try marriage consultancy, translation service, graphics designing company, organic farming business, tourism services, etc.

Pitch your plan and identify your business value

It takes a lot of strength and creativity to start a business. If you're thinking of doing so, make a proper plan, and answer questions like:

  • What will your business include?
  • How will it be different from your competitors?
  • How will it satisfy your customers?

Make sure to be determined and dedicated to this new venture. You can pitch a plan, keeping in mind these questions and how you will answer them. Most importantly, save money aside for marketing and branding and roughly estimate your expenses.

Conduct your research

Once you're done with the basic plan and recognize your plan's worth, you're all set for research. Analyze your competitors, potential customers, and the short and long-term goals associated with your business.

Know your audience

Demographics can help you determine your target audience. You can conduct surveys online and use social media to observe your competitors' consumers. Choose where to invest your marketing budget wisely. Try to create brand loyalty and build a close connection with your audience by targeting the areas that most appeal to your target audience. This may require patience, but it will be worth it. 

Build an authentic brand

Research indicates that 86% of consumers believe authenticity is the most critical factor in creating a brand identity. Therefore, you must choose a name, logo, and color for your business. Make sure to develop the company's website and engage in cross-platform marketing. Your color palette will attract an audience like flowers attract honey bees, giving that some serious thought. 

Use social media marketing techniques for growth

50% of the world's population uses social media every day. This can be your ultimate weapon to begin a business, make it popular, and carry out targeted marketing. 

Connect customers with your brand's story emotionally, and that is your key to brand loyalty.  

Use social media to join groups that help to understand entrepreneurship more and show you ways towards success. It may be exhausting or even toxic sometimes, but it will surely help you build some reliable connections.

Establish a healthy support system

Your employees are your strength. Collaborate with friends who share the same wavelength, take baby steps, and hire employees. Consider their feedback while making decisions and focus on customer reviews too.

Certified business for women

Living in the United States, you have the opportunity to become a certified woman business owner by registering yourself under WOSB (women-owned small business) or EDWOSB (economically disadvantaged women-owned small business). 

The primary condition is that your business should be at least 51% women-owned. You can click here to read more about the government's initiative. You can also explore business grants directed especially towards female entrepreneurs. 

Below are some of the best business grants for you:

Top business grants for women to kick-start their business in 2021

Amber Grant is open for all women aged 18 or above living in the U.S. who pay 15$ to apply and get awarded $10000 monthly if selected.

Women's Founder Network is open to accepting applications for spring 2021 from US-based female entrepreneurs. Five finalists receive grant money and professional services for their businesses every year. Some special grants are also available for women during Covid 19, and the CARES Act is one of the most notable ones for you to explore.

Bonus tip: If you're seeking training to begin your business, you can also take help from SBA's women's business center. It doesn't provide any financial health but polishes your skills and gives you the ability to unleash your potential.

Once you explore all the business grants, here's a little checklist. Make sure to mark it up so that you're good to go:

  • Conduct thorough research about all of your grant options. 
  • Ensure you read the instructions carefully, fulfill the requirements, and qualify.
  • Prepare to answer questions about grant eligibility.
  • Hire a grant writer if your budget allows for it.

So, what are you waiting for? 

Find the light that guides you towards your dream career and encourages you to begin your business in life. Get in touch with me for a personal consultation if the need arises, and find how at ease you will be when you get a perfectly planned roadmap for success ahead!

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