1. A lack of funding

Although there are more female-owned businesses than ever before, funding is still an issue. Funding is needed to build and grow any business. Without it, a business owner doesn’t stand a chance. Unfortunately, just a small percentage of business funding goes to female-based entrepreneurship. 

A Funding request that is turned down doesn’t have to hold you back. There are many ways to get the startup help you need, including assistance from the CBP’s Women’s Business Center and other SBA resources. Bank loans and crowdfunding are also options you can look into to grow your business.  Check out CBP trainings from “Microloans 101: Small Dollar Financing for Your Small Business Needs” to “Options for Funding Your Business.” 

Funding opportunity! The WBC is partnering with the Association for Women’s Business Centers and Verizon who has a $10,000 grant application open until 11/14.  Please contact the WBC at wbc@cbponline.org for more!  Access the Verizon Small Business Digital Ready platform and access the grant application at LINK. 

2. Gender bias

Despite being bold and independent entrepreneurs, women are still subjected to gender bias across the country. Gender bias is due to women-owned businesses still being perceived as a greater “business risk,” as lenders feel that they are largely hobbies,  and we continue to fight these outdated assumptions.

You may be exposed to cases where you are not taken seriously as a female entrepreneur. Ways to combat gender bias include educating others, keep working on your business goals, and demanding that people take you seriously. 

Build a team who supports all genders and is aligned with the business’s values. A good way to inspire other women and break gender bias is by posting on social media such as LinkedIn. Ensure your business has an account and share your story to uplift other women and fight against gender bias.

Be sure that you present yourself as professional in all that you do. If you are not confident speaking to a group, or talking about financials, or handling a disagreement, register for classes or seek out a coach NOW.

3. Limited support

Good support is needed in every aspect of life. If you are in a male-dominated field, you may not receive the mentoring, networking, or sponsorship you need. As a business owner, it’s important to have a support system. If you don’t have that in your industry, there are plenty of ways you can receive support. You can reach out to female mentors, attend entrepreneurship workshops and programs, or even do an online course to get the help and support you need. 

Our Women’s Business Center provides support, workshops, and even funding options focused on helping women business owners, especially those from vulnerable communities. Contact our team at wbc@cbponline.org for more info on the programs we have available!

Find your market to drive your business growth

Finding the right customers for your market will have to increase sales. Once you learn about your target market, you can find out what they like and what adverts and products will help you to drive growth. You need to do your research to get to know your customers before launching a product or service. One way to do this is to look at your competitors and the tactics they use to drive customers to their website or to buy a product.  

Let’s point out a few great resources with considering your target market:

1. SBA Business Guide Page “Market research and competitive analysis”
2. Your local library such as Fairfax County’s https://research.fairfaxcounty.gov/business 
3. Verizon Small Business Digital Ready platform has great learning opportunities such as their course “Defining you brand: Connecting to customers”

Knowing your market will help you to launch the right products/services

When you have a start-up business, you may not see much profit. Don’t assume nobody wants to buy your product or service. Don’t assume everyone wants to buy your product or service.  You must make sure you have done thorough research on your market and a competitive analysis (we can help) is a great tool! This means understanding the demand, market size, market saturation, pricing and more! You need to research the market to find out if there are enough customers interested in the product. 

Tips To Retain Your Customers 

Knowing your customers is important and retaining your customers will especially help you to get your business off the ground. Here are some tips you can use to stick to your ideal customer:

• Offer your existing customers incentives on products that they purchase the most. You can find these customers by the use of emailing marketing tools
• Advertise and promote your products to customers through email marketing, print, and social media marketing channels
• Make samples available to your buyer or give them a chance to test out a service for a trial period
• Hire a good customer service team to address any concerns or queries your customers have

Finding and retaining the right market can be difficult but we can offer you tips and workshops to help you and your staff to get it right. 

Contact our team today for help with finding and retaining the ideal customer!

When to Say No to Customers

There are certain times when saying no will save your business (and sanity!). Here are some examples of when to say no:

• When you are asked to go against company policy
• If the customer is making unrealistic demands (such as an unreasonable price decrease)
• In cases where the customers are being abusive or threatening towards you or the business
• When the customer is continuously unreasonable or has a reputation for stressing out your employees
• When a customer is asking for something outside your scope.  There is a reason you offer your current products and services, and you might not be ready or equipped to go outside those right now.  

Tips to Say No to Customers

Saying no to customers is necessary but it can be difficult for women entrepreneurs. You have to be direct but also emphatic so the customer understands your point of view. Here are some tips to help you to say no. 

• Give the customer an explanation

Customers deserve an explanation for why you are saying no to them. Explaining the reasoning behind your decision will make them feel heard and see your point of view.  You can help them to understand what is happening and help them to find peace with the situation. 

• Let them know that you took their feedback seriously

Customers want to know that they are appreciated and heard. If you cannot help a customer and they refuse to accept it, remind them that you have done everything possible. Explain to them that you have taken their concerns seriously and appreciate their feedback, but you just cannot provide any more assistance to them at this time. 

• Provide alternatives 

When saying no to a customer, try to provide alternatives including outside referrals!  Ideally you can provide alternatives within your business.  For example, explain an existing service or product you have that can be a strong option for them! 

Sometimes referring out is the best option.  The customer and their needs might not be the best fit for your business, and referring can be valuable to the customer and those you are bridging too.  Create bridges with peers and partners so they can refer back to you when appropriate! 

Remember it’s your business at the end of the day and you need to do what’s best for you and your staff.

If you liked our tips on “How to say no to customers”, contact the Women’s Business Center for more business content to help your company to thrive!

It Is a Sign

Though feelings and emotions tied to imposter syndrome can be difficult, they can be a sign!  A sign that you care and this is critically important in influencing others and running a business! 

Check out more at Inc. article “3 Reasons Imposter Syndrome is Actually a Professional Superpower” those reasons include how the syndrome “…signals ambition and competence” https://www.inc.com/jessica-stillman/imposter-syndrome-hiring-tyler-cowen.html 

Acknowledge Your Feelings and Have Empathy

Imposter syndrome happens to all of us at some point. Even Michelle Obama experienced it in her career. If you find yourself having thoughts like you aren’t qualified to run a business, acknowledge your feelings and then show yourself empathy. It’s okay to feel that way, especially if you’re a woman of color as your career path is often harder. Once you acknowledge your feelings, you can work through them effectively. 

Network With Other Female Entrepreneurs

Foster a good support system. Network with other female entrepreneurs, women and business owners who inspire you to remind you of how strong and resilient you are. Your support system will help you realize that you are not alone. These should be a network of women who will motivate you during your toughest day.

Let Go of Perfection

Are you a perfectionist? Do you have a standard for how you’d like things to always be? Consider letting go of perfectionism or impossibly high expectations. Remember you and your business deserve success. Don’t let imposter syndrome hold you back from being the best entrepreneur you can be. 

The Women’s Business Center celebrates female entrepreneurship and all that you offer as business owners! We have workshops and networking events across the country to help you to grow your business and hopefully help keep imposter syndrome feelings at bay. Join our business network to support women-owned businesses and female entrepreneurs, as well as to access workshops and webinars.

For more tips for dealing with imposter syndrome or for help to grow your business skills, contact us today!

Consider A Coworking Space Or Work From Home

Virtual workspaces are the new normal. You can reduce some costs by switching to a coworking space or introducing work-from-home options where possible. Neither requires you to have a lease and you save on office expenses such as Wifi and power costs.

Learn more about our Business Incubation Center’s services such as virtual offices, private offices, shared workspaces and more at https://wbc.gmu.edu/incubator/   If you are working from home, be sure that you are only claiming clearly defined home-based deductions; the IRS counts them as a red flag to conduct deeper audits.

Take Advantage Of “Budget Plans” Offered By Utility Companies

If you have paid utility bills in the past, you know about the surges that can occur. Perhaps your electric bill is hundreds of dollars more in the summer due to air conditioning, or your winter gas bill jumps due to heating. Look into the companies’ budget plans. After you’ve been a customer for a year, the company will look at your bills and come up with an average amount that you pay each month. At the end of the year you check actual charges against the budget and make adjustments. While this technically does not “save” you money, it does make budgeting and paying your bills easier.

Invest In Used Office Equipment 

Buy refurbished items. No need to buy your staff brand new desks or purchase a new printer for the office. Invest in lightly used computers, phones, or even office equipment. Some companies such as Apple have plenty of refurbished office tech gadgets that are checked by experts before being resold. 

Outsource Freelancers Or Virtual Workers 

No money for new staff? Hiring freelancers or virtual workers on a temporary or project basis can help you to get your tasks done without breaking your budget. It is way more affordable to hire staff for these tasks and then hire full-time workers in the future if needed.

Remember, it is important to clearly understand the difference between an employee and a contractor.  Review the IRS’s page https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee 

Smart Marketing 

Marketing does not have to cost a fortune. Hire marketing experts can be expensive so it pays to learn marketing yourself or train your staff with the capacity to handle marketing activities. There are great ways to grow your skills such as social media management.  Most importantly know your target market and have a marketing strategy that includes evaluating your efforts!  

Check out the SBA’s “Market Research and Competitive Analysis” page https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis 

If you need help with your marketing or business tips, the Women’s Business Center can help. We run workshops and learning programs across the country for entrepreneurs and start-up businesses. Our team can also help you with funding for your business where possible. 

Contact our team for more info on how to cut down on business expenses!

How to Navigate through the Holidays as a Female Entrepreneur 

• Plan in Advance – Summer is not too early!

If you have an employee or contractor who can help cover for you in your absence, lock in a commitment now. Think about what you really need. Do you just need someone to pick up mail? Take phone calls? Or actually work in person? Don’t spend unnecessarily on support, especially if business is likely to be slower.

• Schedule some time off

If your company is taking time off for the holiday, so should you. Plan leave days for yourself and your staff ahead of schedule. Some companies don’t close for the holidays. If this is your company, create a leave schedule around the business needs and seasonal celebrations. If some staff don’t have plans for Christmas Eve, for example, they can swap out days with staff who do. Don’t forget to let your customers and clients know you’re on leave well in advance.

• Send holiday cards

Skip the shopping queues and send your clients and partners holiday cards for the season. There are plenty of online websites that let you choose a card design and physically post them for you. Your staff and client base will appreciate the thoughtful gesture and you don’t have to spend hours shopping for gifts.

• Start decorating early 

Don’t wait until the last minute and feel rushed to start buying decorations. Buying items before Halloween can save you a lot of time and money. Get seasonal decorations for your work or home out of the way especially if you know you are going to have a busy month ahead.

• Build in self-care

Holidays can be stressful especially if you have to focus on your business and family. Take a self-care time to just focus on yourself even if that is 5 minutes a day. Journal, meditate, go to a spa, watch a movie or just stay in bed. Remember, things can’t run if you are not refreshed and rested so have a self-care plan! 

Even a successful female entrepreneur needs help sometimes – contact us if you need assistance with your business today!

Why Choose an Accountant and Bookkeeper for Your Business?

An accountant and bookkeeper can help you to manage your business activities, saving you time and money. Some companies have trained professionals to handle both of these services, while other times you can train your staff to do it for you. 

A bookkeeper can oversee your books though this is something you, the owner, should be familiar with and engaged in.   They will manage your transactions and ensure that your books are up to date. Bookkeepers mostly focus on income and expenses but their job is essential when it comes to ensuring your staff is paid and your invoices are properly processed at the end of the day. 

An accountant also plays a crucial role in your financial management. They not only handle some of the bookkeeping duties but they can help you to balance your ledger and ensure your tax requirements are met at the end of the tax year. You can prevent your business from being audited and keep your finances in line by hiring an accountant.

How to Find The Right Accountant or Bookkeeper for Your Company

Research! First, you need to find a business that offers either or both of these services. Find out what their responsibilities are and what they can provide for your company. Get multiple estimates/rates! If you cannot afford to hire an accountant or bookkeeper, you may want to consider training your existing staff to handle financial duties. You can do this by attending workshops and finding courses related to bookkeeping, tax, and payroll services. Once your business starts to grow, you should look into hiring professionals to ensure your business expands. 

Finding the right help for your business isn’t easy, especially if you are a start-up or small business. The Women’s Business Center of Northern Virginia has courses and workshops to help you and your team to gain the skills and funding your business needs to ensure your business is a success.

Check out upcoming webinar “Understanding Contractor vs Employee Classification” and our high demand “Quickbooks I Online” web-training at https://wbc.gmu.edu/classes-counseling/class/all-classes/ 

This is a complex topic so here are some great resources:

1. IRS Tax Information for Businesses Page
2. Virginia Tax Information for Businesses Page
3. SBA “Manage Your Finances” Page 

If you need business funding or help with your financial management, contact our team today!

Benefits of working from home 

More companies are working from home than before. It has so many benefits that don’t just include making our lives a lot easier. Here’s why you should consider making work from home an option for your staff.

Escape the rising gas prices

The price of gas seems to be forever increasing. Working from home provides you and your staff the opportunity to save a lot of cash by reducing the time you spend on the road. Instead of the money spent on fuel, you can use it to invest in other aspects of your business. Your staff will have more cash to spend on their family or to invest in their future. Even if you don’t own a car, it will help you save money that you spend on expensive public transport. 

It is environmentally-friendly

Less commute time means there are fewer gas emissions to harm the environment. With a carpool, you reduce the number of emissions you send out to the earth but by working from home, you will eliminate it altogether. Work from home models can also lower the amount of paper that is used at workplaces as most work will not be done through online systems and software.

No travel time

Nobody likes being stuck in traffic. It takes so much time you can use for your business production. Working from home allows you and your staff to be available during business hours when needed, instead of having to wait for each worker to arrive at the office. You don’t have to travel to go to meetings as everything is done through software such as Zoom or Google Meet.

Online courses and mentorship programs

Now that you are getting more done at work, you’ll probably free up your time for an online course and building your business support circle. The Women’s Business Center can help you to take your business to the next level while you work from the comfort of your home. 

Contact us to view our programs that are available while you work from home!

When to hire employees for your women-owned business 

1. You’re bogged down by administrative work

Non-essential tasks can take up a lot of time that can be spent elsewhere. Administrative duties are important but they can be tedious and take up time that you can use on marketing or boosting your sales. Hiring additional workers can alleviate items from your plate for you to work on higher impact projects. Temporary workers will help you to do basic office administration like answering calls or keeping your filing system updated so you can focus on other spaces of your business.  

2. Your customers are not receiving the level of service you would like

Haven’t had time to answer customer queries or update your social media channels? You risk giving your business a bad reputation. Consider hiring customer service help to address customer complaints, oversee social media channels and/or clean up your Google review page. All of this can help your business to grow.

3. Your team is overworked

Is your team doing jobs that aren’t under their job description? While it is good to expand their skill set, giving them a workload they cannot handle or don’t have time to handle will do your business more harm than good. If your staff is stressed, not receiving adequate time off or you have to call them after hours, it may be time to hire.

Keep in mind it is essential to understand the difference between an independent contractor or employee!  See IRS page Independent Contractor (Self-Employed) or Employee?

Hiring and training staff can be a really challenging stage of the business but can be critically important. The Women’s Business Center training may be able to provide assistance. Sign up for WBC webinar “Understanding Contractor vs Employee Classification” and other upcoming topics at https://wbc.gmu.edu/classes-counseling/class/all-classes/ 

Contact us for more tips for women business owners and women entrepreneurs!