Money has been tight for many businesses since the outbreak of COVID-19. And no group has taken a hit more than women-owned businesses. How can women business owners get help?
According to a study by the U.S Chamber of Commerce, less than 50% of women business owners believe their revenues will increase in 2021. And it's easy to see why.
The pandemic has affected service sectors like hair and salons, food and hospitality, and social assistance services, which are the top industries for women entrepreneurs. Industry experts warn that unless we support women in business now, many will continue struggling financially.
So if you want to help women business owners, here's what you can do:
Buy From Women-Owned Businesses
Using your wallet is the most straightforward and powerful way to support women entrepreneurs. It will help keep their finances in order.
So fire up your browser and look for women-owned businesses in your area. And when you need any product or service, refer to your list. But don't stop there.
After shopping, leave a review for that business on Facebook, Yelp, Google, and other reputable review sites because 90% of consumers read and use reviews to decide whether to visit a business or walk away. Your review will boost their visibility online and show potential customers that their products and services are helpful.
Use Your Connections To Promote Their Businesses
Let's be honest. A big part of business today depends on "who you know." So if you've got a few or lots of connections, use them now.
Not all entrepreneurs have the prowess and access to the social media network like you do. Use your reach to help women entrepreneurs. Promoting hashtags like #BuyFromWomenOwnedBusinesses on social media and tagging a woman entrepreneur or their company is an ingenious way to help attract new customers.
Invest In Women-Owned Companies
Women entrepreneurship has increased tremendously in the last decade. According to the 2019 State of Women-Owned Business Report conducted by American Express, the number of companies owned by women increased by 21% from 2014 to 2019. But we're not out of the woods yet.
Lack of funding and COVID-19 threaten to cripple many of these businesses. And an investment in women startups can help them chase their dreams. So if you can, invest in women-owned businesses.
Mentor Aspiring Women Entrepreneurs
If you have the skills and resources, share your expertise with aspiring entrepreneurs. A little encouragement might be the only thing someone needs to kick off their dreams. And women need mentors like you now more than ever before.
The 2019 KPMG Women's Leadership Study shows that many women want to become big risk-takers, but lack mentors to boost their confidence and credibility. So if you have any experience in business, use it to encourage women looking to get into business.
You can choose to mentor one person or host a virtual talk to reach many. Your knowledge and expertise can help increase the number of women-owned businesses from 40% to over 50%.
Send A Supportive Letter
Don't have the financial muscle to invest or buy from women-owned businesses now? Don't beat yourself up.
The pandemic has affected many of us financially. The good news is that words of support can have a huge impact on someone having a tough time.
You can write a supportive letter to any woman entrepreneur. Let them know you're thinking about them and praying that they'll make it through the rough waters. Another option is to leave a comment on their social media posts.
Learn More About Women Business Owners
Hearing about the experiences of other women entrepreneurs can better our understanding, inspiration, and compassion. And learning more about women entrepreneurs is the best way to become more aware, knowledgeable, and inspired.
So visit your library or look for books online written by women entrepreneurs. And after reading, lend it to someone else. It'll help spread the stories of these successful and empowered women.
Fundid is on a mission to get women-owned businesses the capital they need to grow so that we can all close the business wealth gap. While 42% of businesses in the US are owned by women, they only account for 4% of revenue generated by private businesses. We spend our time at Fundid thinking about what the world would look like if women also generated 42% of revenue and how to get them the capital they need to make that happen. Fundid is creating new ways to get small businesses the capital they need to grow and is built from the feedback of women entrepreneurs.