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The glass is half full for many female entrepreneurs
This is especially true when it comes to female entrepreneurs growing their businesses, while their male counterparts share a glass half empty outlook.
This according to the inaugural Bank of America Women Business Owner SpotlightOpens a New Window..
“This [2016] is actually the first year that the government has hit its quota for the dollar amount that it wanted to give to women business owners. Policies were changed to give women access to set asides and other kinds of opportunities,” Maisha Walker, founder of Message Medium and president elect of the NY National Association of Women Business Owners chapter, said during a panel discussion on the report.
Based on a national survey of 1,000 small business owners, BofA (BAC) found that 54% of women small business owners expect their revenue to increase over the next year, compared to 48% of men. And of those surveyed, 60% of women expect to grow their business over the next five years vs. 52% of men.
Additionally, female small business owner confidence has remained steady year-over-year, while male small business owner confidence has fallen by double digits since spring 2015.
Tips From The ‘Spotlight on Women’ Panel
- Create a growth plan but prepare to pivot from the course at times
- Keep your day job when first starting your company: It will help you make better decisions and determine if you really want to go through with the business
- Pricing is incredibly important to get right
- Look into taking out loans and lines of credit before you actually need them
- Stay authentic to your brand, even if it means sometimes making a less lucrative business decision
