According to the annual State of Women-Owned Businesses report, the number of businesses owned by women in the U.S. has more than doubled in the last 20 years.
As a women-owned business, there are different strategies and opportunities available to help your business succeed.
However, you need to create a solid strategy and put a plan of action in place to reach your goals. Here are three tips for growing your woman-owned business the right way.
1. Become a Woman-Certified Business
Getting certified as a Woman-Owned Small Business (WOSM) can open up many profitable opportunities—especially when it comes to securing government contracts. If you meet certain requirements, your business will become eligible to work on federal contracts, which could be a reliable source of revenue for your business for many years.
You can also choose the Women’s Business Enterprise (WBE) certification, so your business can work with corporations that are recognized by state and local entities.
Both of these certifications give your business access to different markets and better opportunities for growth in the future.
2. Connect with the Right People
A great tip for growing your woman-owned business is to look for ways to generate new business continually. To run a successful business, you have to connect with the right people and continue to nurture professional relationships at all times.
Attend local meetups and business meetings with other entrepreneurs and business owners. See what events are happening at the local community college or Chamber of Commerce. You can even seek out these types of groups and communities online.
Studies have shown that it can take a minimum of seven touch-points to generate a viable sales lead, which means you may have to interact with someone as many as eight, ten, or thirteen times before closing a deal. Establishing trust takes time, so connect with the right people, and your business will be better for it.
3. Focus on Growing and Scaling
Rather than spending a lot of money focusing on researching and developing new areas of business, start by leaning into the projects that are ready for explosive growth. These are areas of your business that could be considered “low-hanging fruit”, so to speak.
Review the various parts of your business, and hone in on the ones that are producing revenue and offer a solid foundation for scaling. One of the best ways to grow without overextending your business is to improve the marketing of existing programs and streamline areas that are already doing well. You’ll be able to bulk up your bottom line, which will give you more income for growing and expanding into other areas the smart way.
Conclusion
As a woman-owned business, your future is bright and full of possibilities. However, there are plenty of obstacles that you will have to overcome. Use these tips for growing your business, so you can create strong relationships, leverage your certifications, and scale your business the right way.