Business Focus

It’s a new week and a new month. As I sit in my sweet spot at the intersection of people, prayer, and politics, I decided to make this blog post. My hope is to use my mentoring/coaching background and experience as an opportunity to serve the community during Women’s History Month.

Women run many global businesses. Fundera states the following:

17 Women-Owned Business Stats You Need to Know

1. The US has 12.3 million women-owned businesses.
2. US women-owned businesses generate $1.8 trillion a year.
3. 40% of US businesses are women-owned.
4. Women started 1,821 net new businesses every day last year. 
5. 64% of new women-owned businesses were started by women of color last year. 
6. Latina women-owned businesses grew more than 87%.
7. There are 114% more women entrepreneurs than there were 20 years ago. 
8. 62% of women entrepreneurs cite their business as their primary source of income. 
9. Private tech companies led by women achieve 35% higher ROI.
10. Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%.
11. Just 25% of women business owners seek business financing.
12. Women-owned businesses added half a million jobs between 1997 and 2007.
13. Women receive just 7% of venture funds for their startups.
14. Women have a 69.5% success rate of crowdfunding for their businesses while men have a 61.4% success rate.
15. 57.4% of the SBA Microloan program’s loan went to women-owned or women-led businesses.
16. Female entrepreneurs ask for roughly $35,000 less in business financing than men.
17. Overall, men receive an average loan size of $43,916 while women receive an average loan size of $38,942 – almost $5,000 less.

We have to do something on our end as we begin side hustles, do freelance, consulting, coaching, etc. We must go beyond doing the business and start planning the business. Here are a few things to get you started.

Each quarter, a business owner (side hustle, freelance, coaching, etc.) should take time to plan out their goals and objectives around their mission and vision. Take your quarterly goals and break them down into monthly goals. Here’s an example. Write out the following answers to the questions and inscribe them on a poster board. Place the board in an area of your office to view regularly. Each week, look at your goals and take the necessary steps to accomplish specific steps.

1. What are your business goals for this month?
2. How many products and services do you plan to sell this month?
3. How many new clients do you plan to reach and sign up for this month?
4. Who is your target customer for your business?
5. How many sales calls will you make this month? Notice I said sales calls and not emails or text messages.

I hope that everyone who sees this post will begin thinking about your goals and objectives based upon your mission and vision.

Please give some thought before you post your comments. Let’s push each other and encourage one another this month while holding one another accountable. If everyone would read through the comments, if you know a person who could benefit from having a service or product, please introduce them to the business owner on this thread with hopes they will sign a new client or sell a product.

#LetsDoThis Let’s grow our businesses.

Looking for a business mentor? I’m currently accepting new clients. Go to https://gaildudley.com/booking/

Citation: Fundera, https://www.fundera.com/resources/women-owned-business-statistics