12 Resources for Female Entrepreneurs Who Want an Edge
In 2019, the landscape for female entrepreneurs is something of a mixed bag.
The good news is that female entrepreneurship is on the rise, with the United State boasting more than twice as many female-owned businesses. And better still, they tend to perform better than their male counterparts. Management consulting firm Boston Consulting Group teamed up with business MassChallenge in 2018 to review five years of investment and marketing data, and their study showed:
- “Startups founded and cofounded by women actually performed better over time, generating 10% more in cumulative revenue over a five-year period: $730,000 compared with $662,000.”
- “In terms of how effectively companies turn a dollar of investment into a dollar of revenue, startups founded and cofounded by women are significantly better financial investments. For every dollar of funding, these startups generated 78 cents, while male-founded startups generated less than half that—just 31 cents.”
The bad news is that despite this outperformance, women still struggle to find financial backing that’s on par with men:
- “Investments in companies founded or cofounded by women averaged $935,000, which is less than half the average $2.1 million invested in companies founded by male entrepreneurs.”
That said, a number of organizations are dedicated to providing female business owners the support they need to grow. That does include women-specific grants and other financial awards, but also advice, mentorship and career opportunities.
The following are 12 resources for female entrepreneurs who are looking to start or grow their own small business.
General Support Resources
America Business Women’s Association: The ABWA, incorporated in 1949, consists of business women looking to help other women grow via education, networking opportunities and leadership. They host thousands of meetings across hundreds of cities each year, and also partner with other organizations – such as the American Cities Business Journal and American Business Women’s Foundation – to provide even more opportunities.
Association of Women’s Business Centers: This nonprofit supports a network of more than a hundred Women’s Business Centers nationwide that provide “training, mentoring, business development and financing opportunities to over 140,000 women entrepreneurs each year in every state in the union.” Their website provides resources including educational webinars, women-owned business research and even help on establishing your own nonprofit.
eWomen Network: This group, boasting nearly 120 chapters in North America, says its mission is to “help one million women entrepreneurs each achieve one million dollars in annual revenue.” This community is dedicating to help women better market, promote and ultimately acquire more customers, and its nonprofit eWomenNetwork Foundation awards grants to non-profits and scholarships to future female leaders.
National Association for Female Executives: The NAFE, “one of the country’s largest associations for women professionals and business owners,” provides networking opportunities to, as well as helps educate and advocates for, its members. The organization also recognizes work done to help advance female professionals, as well as companies and nonprofits that foster a culture that “identifies, promotes and nurtures successful women.”
National Association of Women Business Owners: NAWBO, founded in 1975, speaks for more than “10 million women-owned businesses in the United States.” The group advocates for its members by influencing public policy while also providing various resources for education, networking and sharing best practices.
National Women’s Business Council: The NWBC is a nonpartisan federal advisory committee that provides advice and policy recommendations to the U.S. Small Business Administration, as well as Congress and the White House, on topics important to female entrepreneurs. This council includes representatives from organizations. such as NAWBO and AWBC, and their website highlights events, meetings and council research reports.
The BOSS Network: BOSS – Bringing Out Successful Sisters – is an “online community of professional and entrepreneurial women” designed to help women grow their careers and nurture them as they build their own businesses. Membership allows women to connect with other members, access online workshops and even promote their own products, services and events.
Financial Resources
Amber Grant Foundation: WomensNet’s Amber Grant Foundation provides monthly $2,000 Amber Grants, as well as an annual $25,000 Amber Grant, to female-led businesses that operate in the U.S. and/or Canada. The application is straightforward and costs just $15.
Female Founders Fund: This venture capital fund typically invests in areas “where women-led startups have incredible impact: e-commerce, web-enabled products and services, marketplace, and platforms,” though it also makes small “Scout Investments” in businesses outside of its focus areas.
Girlboss Foundation Grant: The Girlboss Foundation awards $15,000 biannually, “plus exposure through the Girlboss platform and community,” to female entrepreneurs. Girlboss itself is dedicated to providing resources and networking opportunities to millennial women.
Grants for Women: Grants for Women is an online guide that helps women search for grants, funding and even scholarships that are specifically set aside for female entrepreneurs. They also post content about specific areas of opportunity, such as “The Best Grants for Women in the Arts” and “Top 10 Organizations That Help Black Women Progress in America.”
Grants.gov: Grants.gov is an extremely broad resource helping business owners search federally sponsored grants. However, women can use this to pinpoint opportunities specifically outlined for them.
In addition to all of these resources for female entrepreneurs, there are numerous other ways that women can raise capital for their budding businesses. If you’re looking to get your company off the ground or make your next leap, McManamon & Co. can be a valuable resource. Our consulting services cover everything from strategic planning to recruiting corporate banking partners – and we offer accounting and paperless office services, among other small business needs.
Let us help you lead the next charge of female entrepreneurs. Call McManamon & Co. at 440.892.9088 or contact us online today!
Tags: consulting, McManamon, resources for female entrepreneurs, small business | Posted in Consulting, McManamon & Co., small business