Success isn’t just about hard work; it’s about making an impact.
Today, women-owned businesses contribute over $1.8 trillion to the US economy.
Key Takeaways for Aspiring Women Entrepreneurs
- Find your niche: Understand what sets your business apart.
- Build a support network: Connect with other women entrepreneurs.
- Embrace continuous learning: Stay updated with industry trends.
- Focus on sustainability: Create a business model that endures.
- Lead with empathy: Cultivate a company culture that values each team member.
Wanna learn how to do it right?
Then jump on this episode with our great expert.
Nan McKay started her first business in 1980 and has been a trailblazer ever since.
Nan McKay Connects LLC, her latest venture, is a beacon of this entrepreneurial spirit.
With a mission to empower women-owned small businesses, Nan offers a plethora of resources.
Her approach combines podcasts, YouTube channels, and blogs to reach and inspire.
Statistics show that businesses with women in leadership roles perform better overall.
This is exemplified in a Harvard Business Review study, which found that businesses with higher gender diversity on their executive teams were 21% more likely to experience above-average profitability.
Women entrepreneurs bring unique perspectives and solutions to the market.
A recent study by Boston Consulting Group found that businesses founded by women deliver higher revenue—more than twice as much per dollar invested—than those founded by men.
However, women often face unique challenges in the business world.
From securing funding to overcoming societal barriers, the journey to success requires resilience, innovation, and support.
Tune into UNmiss to gain invaluable insights that empower and inspire women in their entrepreneurial journeys.
Why are more women starting businesses today?
- 40% of US businesses are women-owned.
- Women started 1,821 net new businesses every day last year.
- 64% of new women-owned businesses were started by women of color last year. Latina women-owned businesses grew more than 87%.
- There are 114% more women entrepreneurs than there were 20 years ago.
I have interviewed over 300 women in the last 4 years. What I find is that women over 50 have their own unique reasons.
- Tired of climbing the ladder only to find men still make more money
- Bigger reason – passion – last chance to make a difference in the world
- Raising a family is no longer their top priority
- Can downsize easier
- “It’s time for me!”
Women over 65
- 28% because they financially had to – layoffs
- Health care costs – medicare
- 401K – don’t want to dip into it because of age span
What are the biggest challenges in starting an online business?
- Doing everything yourself
- Learning curve on technology – AI, apps
Why is it so hard to get clients?
- Know, like and trust factor
- Networking groups – takes time and often money
- Stand out from the crowd – e.g. life coaches
- How to get noticed – speaking
Why are women choosing a specific business field?
- Experience, interest, and passion
- 73% self-finance
- Online businesses much easier to start
What is a #1 helper for business success and why?
- Mentoring – SCORE
- Insights, guidance, support, help you find your own answers
- Working with a mentor for 5 hours or more greatly increases likelihood of success
What are some tips?
- Focus, focus, focus
- Really look at what you are spending and ask if you really need it – apps
- Create a monthly spreadsheet for revenue and expenses – cut out those you don’t use at least monthly
What are you doing personally to help women entrepreneurs?
- Gold in the Golden Years book
- Podcast and YouTube channels
- Consulting – Chat GPT, Turning text into video, quiz funnels, LI newsletter
Do you have any other passions?
- Employee retention and culture
- Generations in the workplace
- Lead and Succeed Community
One piece of wisdom
- Never give up – there is always a new day tomorrow if today looks bad
- How can women entrepreneurs secure funding?
Explore diverse funding sources like women-centric investors and crowdfunding. Networking can also open doors to potential investors.
- What’s key to building a successful brand as a woman entrepreneur?
Authenticity and leveraging your unique story and perspective can make your brand stand out.
- How important is mentorship for women in business?
Extremely! Having a mentor provides guidance, support, and invaluable insights from someone who’s navigated similar challenges.
- What challenges do women entrepreneurs commonly face?
Women often encounter barriers like limited access to funding, gender biases, and balancing business with personal responsibilities.
- How can women entrepreneurs overcome societal barriers?
By being resilient, confident, and assertive in their business dealings, and supporting each other within the community.
- Are there specific industries where women entrepreneurs thrive?
Women excel in all industries, but sectors like healthcare, education, and e-commerce have seen significant success stories.
- How can women entrepreneurs effectively balance work and life?
Setting clear boundaries, prioritizing tasks, and not being afraid to delegate can help maintain a healthy balance.
- What advice do you have for women starting their first business?
Research your market thoroughly, don’t hesitate to ask for help, and believe in your ability to succeed.
- How can women entrepreneurs build a strong network?
Attend industry events, join women entrepreneur groups, and engage in online communities relevant to your business.
- What’s one piece of wisdom for women in the early stages of their entrepreneurial journey?
Stay true to your vision, be adaptable to change, and remember that every challenge is an opportunity to grow.
Learn more about Nan McKay on the following resources: