“In general, being a female business owner is tough. The majority of us are also mothers, nurturers, chauffeurs, and wives. It takes a significant amount of willpower and energy to dedicate the time to grow your business. As a veteran-owned business, BFC gains exposure to new connections and opportunities to assist other veterans in their endeavors. I believe that because veterans have a knack for problem-solving and structure, they make excellent leaders who appreciate the value of a solid foundation.” - Nikki Swartzwelder, CEO & Chief Business Strategist
Women veterans are the fastest-growing portion of the country's entrepreneur population. According to the SBA, women make up about 8.5 percent of all veterans in the United States. At the same time, women own 15.2 percent of all veteran-owned businesses. To put it in other words, women veterans start businesses at a rate that is nearly double their representation. So it's difficult to comprehend that, despite the sector's rapid growth - from 4% to 15.2% by 2015 - female entrepreneurs receive only 2% of all capital investments.
According to the Harvard Business Review, women-founded and co-founded businesses perform better over time than those started by men, producing 10% more revenue over a five-year period. Despite this, many female entrepreneurs confront skepticism from funders, potential partners, potential clients, and even their own personal network.
The market's misperceptions of women's leadership qualities and market expertise are the first of three major hurdles that women entrepreneurs encounter. When it comes to the corporate world, characteristics like sensitivity and compassion are frequently perceived as flaws. What would be our advice? Don't be afraid to show off your unique qualities. Transparency and accountability as pillars of leadership enable you to build a community with your employees, customers, and vendors.
For most small businesses, especially those owned by women, raising funds is an exciting but daunting process. When it's difficult to find investors ready to take a chance on you, it's tempting to take the first offer that comes up. Don't shortchange yourself! It's critical that potential investors have faith in you and your concept. You don't want to find yourself in a scenario where you have to compromise on brand values or quality in order to meet expectations.
It's not always about what you know, but rather who you know. Another network limitation that hinders women's access to strategic contacts, referrals, and other benefits is a lack of ties in the business sector. Developing a solid digital presence is essential for expanding your professional network and establishing a relationship with your target market. Use platforms like LinkedIn to connect with other business types. Also, use social media sites to discover and engage with new and potential customers. The world is truly at your fingertips.
Black Forest Consulting appreciates the importance that other firms in the field offer to society as a woman veteran-owned business. More than those directly associated to the companies are impacted by the extraordinarily diverse community, which includes people of practically every ethnicity, race, gender orientation, and age range. Supporting the growth and self-sufficiency of women-owned businesses will help to strengthen families, support thriving communities, and supply fuel to our nation's economy. Veteran entrepreneurs are also nearly three times as likely to hire other veterans and service spouses, ensuring that veteran employment is perpetuated.
The moment has come to rise up so that we can better hear and respond to the frequently unheard voices of female veterans and their business endeavors. Contact our BFC Team for additional information on how to grow your business successfully.
By: Victoria Harris
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