Women have many of the qualities that make great leaders. This is the reason why there are approximately 7.8 million women-owned firms in the United States, according to the U.S. Census Bureau.
To make it even more spectacular, women own one out of five firms with revenues of one million dollars.
More Statistics on Women-Owned Businesses
- According to the Census Bureau, at least a fifth of the businesses in each state are women-owned.
- They are growing too because approximately 11.7 percent of these businesses have paid employees.
- Women of color run twenty-six percent of businesses owned by women.
Why Women Choose to Run Their Own Businesses
Women run their own business for many reasons but here are the top 5 reasons why they choose to take the reins.
Reason #1: To Control Their Own Destiny
When someone is in control of their business, they are in control of how successful they are in life. They can work as hard as they want to achieve as much as they want. This control is what drives many women to own their own business.
Reason #2: Have a Flexible Lifestyle
When someone runs their own business, they can schedule when they work and when they do not. It gives them a work-life balance. Women, who are married and/or have children, enjoy having the freedom to be able to care for their families and work to make a good life for them.
Reason #3: Get Tax Breaks
Owning your own business makes you self-employed, which grants you many tax breaks. You can also use your money in your business in certain ways to be able to get even more tax deductions.
Reason #4: They Make a Real Difference in the Community
Women who choose to own businesses that have community support tied in feel a great sense of pride from helping others. Owning their own business allows them to do whatever they feel is necessary to help others thrive while providing a way for themselves to prosper.
Reason #5: Get to Choose Their Workers
Women who own their own businesses and have employees are able to choose who they work with to help the business grow. If they don’t feel that someone is doing their part, they have the option to let them go. You don’t have that power when you are not the boss.
Small Business Ideas for Women
The following are some options for small businesses women might enjoy:
- Accounting
- Store management
- Hair or beauty salon
- Real estate/property management
- Business consultant
- Photographer
- Child care
Financial Help for Small Businesses
The government has many small business loans women can apply for to receive help with business ventures.
7(a) Loan Program - This loan is for small businesses that deal with foreign country export, or operate in rural areas.
Microloan Program - This loan is for small businesses that are not for profit and provide care to children. The loan amount for this averages $13,000 and doesn’t exceed $50,000.
CDC/504 Loan Program - This loan program is for small businesses invested in the economic development in a community.
Many financial institutions will give out loans for those wishing to start or grow their small business. Always shop around for the best interest rates and ask around your community for incentives to certain loan programs.
The more you research small business loans, the better. Before you know it, you’ll be working for yourself and you will love it.
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