A recent study revealed that 58% of Women entrepreneurs would increase their income over the next year. If you want to know where to start, here are some suggestions that will help you meet your growth goals this year.
According to the New Bank of America study, in past years like 2017 and 2018, we expect most of the women entrepreneurs to double their revenue. They are unbeaten in boosting their confidence, along with their income.
But in 2020, every six women business owners among 10, expecting to double or increase their revenue over the next year. They increase this ratio of 17% compared to 2017 and 2018 reports. On the other side men based on business, ownerships saw only an increase of 10%.
Women-backed businesses thumped men’s in terms of business and revenue growth. The year to year to business growth was increasing vigorously, thanks to the positive minds of Women entrepreneurs.
Sharon Miller, operation head of the bank of America, in her recent interview with The Entrepreneur, said that “We are making progress.” According to the National women’s business council, the women backed business ownerships are witnessed twice the growth rate than the national average. These things will showcase women’s empowerment in the business sector. They seem to be dominant than ever before.
There are many mind-blowing results blown out by the bank of America’s reports. Over 56% of the business is planning to extend and grow their business over the next five years. With hiring employees, over two companies among every ten will hire several employees in the upcoming years. We also witness this is also a 2% increase compared to previous years’ numbers.
These studies stated that women’s business owners are getting revenue of 1,00,000$ to 5 million $ every year. These companies also own employees ranges from 10 to 99. But this study didn’t state about single ownership or sole proprietorship.
Theia Smith, the founder of Women’s Entrepreneurship Initiative(WEI) in Atlanta, stated that “It’s always interesting for me to look at data that lends itself towards women-owned businesses with over one employee.” She continues to say that whenever she sees such positive data, it pushes her to achieve more.
Till the year 2014, 90% of the business run by women has no employees other than the owner herself. The US Chamber of Commerce presented this report. This report not only revealed the impressive stats but also showcased how these businesses developed positively in the very little time to achieve this feat.
Women can do anything. Nothing is impossible unless she thinks about that. Women entrepreneurs struggled for a long time before what they were now. If you are planning to increase your revenue and grow your business, here are some tips for you.
Be Specific on Growth Goals
You must be specific in your goals. You should cement your planned numbers and work in that direction with a definite intent to accomplish your goals.
To be specific, there are certain things like how many funds you need to develop your business. Plan every dollar you spend because you have to visualize your business growth and companies, future strategies, and products or services, and planning keeps you organized and helps to deal with money flow management. Make every dollar work in your favour. Whether you are selling your idea or speaking to Venture capitalists, make sure that there is no hassle.
Network with Intention
In this working world, your business should be understandable to all. When you are speaking to leads or customers, make sure they understand your business well. So they can trust you.
When you are networking, do it with a firm intention. Be specific, be engaging. They may be an investor, team member, or supporter, show the value that you can bring for their involvement in your business.
Learning is the best strategy
There is no better thing than learning from your fellow mates and business. It can give you plenty of opportunities and ideas to grow your business. Stay connected with the business, which is in your line. Give priority to learning from your fellow business.
Don’t be responsible for your business’s slow growth. Be agile and exchange fair ideas. It will be a mutual benefit. You can grow by inspiring and learning from others.