One of the hidden benefits of the current recession is that more and more people are starting their own businesses. People are taking this opportunity to pursue industries and ideas that haven’t previously fit in to the standard business models. Small businesses that separate your recyclables and specialised health food stores are just two examples of the diverse new industries that are popping up everywhere.
The diversifying of the business world is partially coming about as a result of the variety of people who are chasing their entrepreneurial dreams. In fact, one of the fastest growing groups of entrepreneurs in America today is women. There are quite a few reasons for this. One of the biggest advantages of starting your own business is the flexibility it affords you. As an entrepreneur, you can create your own schedule, work from home, and even restrict the number of projects you can take on at one time. These benefits are especially meaningful for working mothers, a particularly fast-growing sector of the entrepreneurs club. When money is tight, women running businesses out of their homes provides extra income for the family and saves on daycare that might be necessary for a job out of the home.
A recent White House Report stated that women are enrolling in greater numbers at both the undergraduate and graduate levels. Women are also taking more advanced placement courses and are dropping out of high school at lower rates. All of this adds up to say that more women than ever have degrees and graduate degrees. As a result, women have better experiences to build off of for running a business than they ever have. They also have the credentials to earn more respect in the business world and in their chosen industries. While as we all know, education and business knowledge don’t always come hand in hand and many of the highest paid entrepreneurs in the country do not have college degrees, a degree does tend to lend you higher credibility, at least in the beginning. This increase in higher education for women has led more women to become entrepreneurs.
With cloud computing, high speed internet, and almost everything being paperless, the ability to run a business out of your home, even if you work with others who are out of their homes, has increased dramatically over the last 10 years. Because working out of the home saves so much money in start-up costs, many women are running businesses out of their home from the start, with no intention of getting outside offices. The increase in today’s technology has made this possible, and taking advantage of this technology has allowed everyone, especially women (and those who may need to work out of the home for the family), to become entrepreneurs.
One of the reasons women entrepreneurs are a trend watch right now is because there are so many ways everyone can benefit from this growth! Women, of course, are at an advantage because the rise has created better access to financing for other women. Whereas 40 years ago, business loans for women were difficult to come by, today there are many groups specifically dedicated to financing women entrepreneurs and encouraging them. It is actually an advantage to be a woman entrepreneur seeking financing in this economy because so many groups are looking to grow the woman entrepreneur sector of business. The Small Business Administration even has an entire office dedicated to women entrepreneurs.
Men and Women alike are wise to take note of the current trend because it can affect business plans and target audiences immensely. As social roles continue to change and men and women branch out, products and services change too. Just as the numerous ageing baby boomers have created an industry for older age care services and products, the working mother is creating new industries. Grocery delivery is a relatively new example of how working mum’s have inspired a service. Know what’s happening around you is one of the key parts of keeping your business model and ideas current and relevant, and appealing to the people is what brings in new customers!
As Women’s History month comes to a close, it’s beneficial to recognise all the great strides women are making in the business world right now and to remember that this can have a far-reaching effect. The changing interests of society are always important to the business owner who wants to bring in new customers. The best road to success is to play to your strengths as an entrepreneur while making sure you are always fulfilling some need of the public. With that, you’ll always have customers.