Work it, Own it

Ladies, this month is all about YOU. Your business, your professional goals, and your success. In case you didn’t know, October is National Women’s Small Business Month. Women, whether your business is still housed in your basement, of if you’ve made the leap to lease one of our Scottsdale executive office suites, it just so happens that you’re rockin’ it in the business world. Not only that, but you’ve made some impressive gains in the last 10 years.

For one, did you know that women are starting businesses five times faster than the national average? Also, women of color are opening about eight out of every 10 woman-owned businesses since 2007. That same year, women accounted for about 29% of U.S. business owners. Today, that number has boosted up to 35%. And while healthcare, social services, and education lead the pack of the most common business that women own, women are clearly forging a path through all sectors of business ownership. 

However, because there are a few attributes that are statistically more unique to female business owners, we wanted to take this opportunity to address these issues, as well as some practical advice on how make your business the best that it can be.

Forbes.com reported in January of 2016 that women entrepreneurs tend to start companies with around 50% less capital than their male counterparts. The good news is that there is plenty of support surrounding this very issue. Companies like Dreamit Athena, Springboard Enterprise, EY Entrepreneurial Winning, and MergeLane are committed to supporting and developing the success of woman-owned businesses.

With an estimated 71% of mothers who work outside the home, the need for an effective home/work balance becomes essential. One way to adequately put some space between your “two worlds” is to move your office out of your home. Leasing one of our Scottsdale executive office suites allows you to put a very literal boundary between home life and work. We also recommend making time for exercise and spirituality. While it seems counterproductive to add things in to your already-strapped schedule, these two all-important life aspects will help your life to feel more balanced and joyful.

Rely on your business savvy, but don’t let go of your intuition. According to “The 2015 Kauffman Index: Startup Activity”, female entrepreneurs are more proficient than their male colleagues at identifying gaps or needs in the market, and then jumping on the opportunity. “WBEs (women business enterprises) are agile, innovative problem-solvers, meeting corporations’ needs quickly, adapting to marketplace changes and providing deep value and cost-effectiveness,” said Pamela Prince Eason, president and CEO of Women’s Business Enterprise National Council.

Run the numbers, and then run them again. Business owners across the board will enjoy much greater business success if they have a secure grasp on cash flow, budget, and profit margins. Understanding financial jargon, financial statements, and profit planning can empower you to take control of your business’ finances (and help you to realize when you need to seek an outside party to help you manage them, such as an accountant, or even invest in a financial computer software program).

Women business owners, October is your month. Business trends show that right now is a great time to move forward with your entrepreneurial dreams. And with the support of organizations designed to help you along, and our Scottsdale executive office suites available to house your enterprise, you have an even greater chance of success.

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Phone: 480-305-2000
Email: info@advantageofficesuites.com

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