Over the years we’ve seen movements that empower women, embrace diversity, and educate on inequalities. A truly beautiful thing – but the challenges that some are facing, such as women entrepreneurs, is heartbreaking. Thankfully, women are resilient and have all that it takes and more to succeed. And for that, there’s great potential for women business owners. If you’re a female entrepreneur you may be wondering. . . How do I register as a woman owned small business? How to find grants for women-owned businesses? What qualifies as a woman owned business?
By definition a woman-owned business is owned and controlled by 51% or more female citizen(s). To register you’ll need to check local regulations. In recent years, there has been a growing recognition of the importance of supporting women-owned businesses, not just as a matter of fairness and equality, but also as a matter of economic growth and job creation. Governments, organizations, and corporations have launched initiatives to support and promote women-owned businesses, recognizing that empowering women entrepreneurs can have a positive impact on society and the economy as a whole, with Kickfurther being one of them.
Searching for inventory financing for women entrepreneurs? You’re in the right place. Keep reading to unlock valuable intel and support systems for women owned businesses.
Benefits of being a woman based business
Beyond breaking away from the stereotypes that still haunt the business world, being a woman based business comes with a variety of benefits, including:
- Access to funding: Many governments, organizations, and corporations have initiatives to support women entrepreneurs and provide funding opportunities specifically for women-owned businesses.
- Access to networks and mentors: There are many women-focused networking groups and mentoring programs that can provide women entrepreneurs with valuable connections and advice.
- Improved visibility: Many customers and investors are specifically looking for businesses that are owned and run by women, and being certified as a women-owned business can provide a competitive advantage.
- Enhanced credibility: Certification as a women-owned business can also enhance a company’s credibility and reputation, demonstrating a commitment to diversity and inclusion. This can help attract and retain employees, customers, and business partners who value diversity.
- Unique perspective: Women entrepreneurs may have a unique perspective on business and may be more attuned to the needs of women customers. This can lead to the development of innovative products and services that meet the needs of an underserved market.
What qualifies as a woman owned business?
In general, a woman-owned business is a business that is at least 51% owned, operated, and controlled by one or more women. To be certified as a woman-owned business, the business must go through a rigorous review process that examines the company’s ownership structure, financials, and other relevant information.
To be eligible for certification, the business must meet the following criteria:
- At least 51% of the business must be owned and controlled by one or more women who are U.S. citizens or permanent residents.
- The women who own and control the business must be the ones who manage it on a day-to-day basis.
- The business must be independent and not part of a larger company or franchise.
- The women who own and control the business must be able to prove their ownership and control, typically through documentation such as a stock ledger or operating agreement.
Once a business is certified as woman-owned, it can take advantage of various programs and initiatives that are designed to support and promote women-owned businesses. This can include access to funding opportunities, mentoring and networking programs, and certification as a woman-owned business, which can enhance credibility and reputation.
Getting certified & registering as a women based business owner
There are several organizations that provide certification for woman-owned businesses, such as the Women’s Business Enterprise National Council (WBENC) and the National Women Business Owners Corporation (NWBOC). Getting certified as a woman-owned business can provide a range of benefits and to get certified, you will need to follow these steps:
- Determine eligibility
- Choose a certifying organization
- Gather documentation
- Complete the application
- Wait for review
- Receive certification
The process for registering can vary depending on the agency or program, so you should research the requirements and procedures for each one.
What are the challenges faced by women in starting their own business?
One of the biggest challenges women face when starting their own business is access to capital. Due to bias and gender stereotypes, women often have a harder time obtaining funding in comparison to their male counterparts. Women also face additional challenges, such as lack of role models, work-life balance, networking, and gaining access to markets. These challenges can make it harder for women to start and grow successful businesses, but with the right support and resources, women can overcome these obstacles and achieve their entrepreneurial goals.
What resources are available for female entrepreneurs?
There are many resources available for female entrepreneurs that can help them start and grow their businesses. Some resources we’ve chosen to highlight are as follows:
- Funding Sources: Women-owned businesses can access a variety of funding sources, including grants, loans, and venture capital. Some organizations, such as the National Association of Women Business Owners (NAWBO), provide access to funding opportunities.
- Networking Groups: Joining a networking group can help women entrepreneurs build connections, find customers, and access resources. There are many women-focused networking groups, such as Women’s Business Centers, that offer support and resources.
- Mentorship Programs: Finding a mentor can be invaluable for women entrepreneurs, as mentors can provide guidance, support, and connections.
- Educational Programs: Educational programs can help women entrepreneurs build the skills and knowledge they need to succeed. There are many programs available, including online courses, workshops, and degree programs.
- Professional Associations: Joining a professional association can provide access to resources, support, and networking opportunities. Some associations, such as the Association of Women’s Business Centers, focus specifically on supporting women-owned businesses.
- Government Programs: Government agencies, such as the Small Business Administration (SBA), provide resources and support for small businesses, including women-owned businesses. These programs can include access to funding, training, and business development resources.
Female entrepreneurs that need working capital to fund inventory can join forces with women-alike or women activists at Kickfurther. Kickfurther is a unique platform that allows entrepreneurs to connect with a community of buyers to access affordable funding for inventory. With flexible repayment plans and fast funding times, Kickfurther solves a huge void for the inability to access fast and affordable funds.
What is the percentage of women-owned businesses?
According to the National Association of Women Business Owners (NAWBO), as of 2021, women-owned businesses represent approximately 42% of all businesses in the United States. This translates to nearly 13 million businesses, generating over $1.9 trillion in revenue and employing over 9.4 million people. Women-owned businesses have been growing at a faster rate than businesses overall in recent years, and this trend is expected to continue. Despite this growth, however, women-owned businesses still face significant challenges in accessing funding, networking, and other resources, and there is still work to be done to support and empower women entrepreneurs.
What industries are most suitable for women to start a business in?
Women entrepreneurs can be successful in a wide range of industries, and the most suitable industry for you to start a business in, depends on your skills, interests, and experience. It’s important to remember that women can start a business in any industry that they are passionate about and have the skills to succeed in.
Grants for women
There are many grants available specifically for women entrepreneurs, including:
- The Amber Grant: The Amber Grant is a $10,000 grant awarded monthly to a woman-owned business. The grant is intended to help women entrepreneurs overcome some of the challenges of starting a business.
- The Eileen Fisher Women-Owned Business Grant: The Eileen Fisher Women-Owned Business Grant awards up to $100,000 in grant money to women-owned businesses that are working to create positive social and environmental change.
- Cartier Women’s Initiative: The Cartier Women’s Initiative is an international business plan competition that awards $100,000 in grant money to female entrepreneurs who are creating innovative and sustainable businesses.
- Women’s Business Centers (WBCs): WBCs are government-funded centers that provide resources and support for women entrepreneurs, including access to funding opportunities.
- Small Business Innovation Research (SBIR) Program: The SBIR program is a government-funded program that provides grants to small businesses, including women-owned businesses, that are working on innovative research and development projects.
- InnovateHER Challenge: The InnovateHER Challenge is a business plan competition that awards grant money to women entrepreneurs who are developing innovative products or services that have a positive impact on women and families.
Are there tax benefits to being a woman-owned business?
In the United States, there are no specific tax benefits for being a woman-owned business. However, there are some government programs and incentives that may be available to women-owned businesses that can help reduce their tax burden or provide other financial benefits. Women entrepreneurs are encouraged to research the programs and incentives that are available in their area and take advantage of the opportunities that can help them succeed.
Additional resources for women entrepreneurs
As a woman-owned business, there is plenty of support and help you can get to achieve your business goals. Fellow women-owned businesses tend to be very collaborative, so don’t be scared to ask what led to their success. There are also many organizations that focus on helping women entrepreneurs, such as National Association of Women Business Owners (NAWBO), Women’s Business Centers (WBCs), SCORE, and Women’s Business Enterprise Council (WBENC). These are just a few resources available, so check out your options and find the resources that best fit your needs and can help you succeed in your business. If you feel as if you’ve been discriminated against due to gender, speak up. Your voice matters for change.
How Kickfurther can help
As a women-owned business, finding access to funding can be a real challenge and Kickfurther is here to help. By utilizing inventory funding offered at Kickfurther, Kickfurther can help manage your largest expense (inventory) and put you in control of your business, freeing up existing capital that you can utilize to grow your business. With quick access to funding and no immediate repayments, you don’t pay back until your new inventory orders begin to sell. Take a deep breath – financial flexibility is here. With a 99% funding success rate, there is no need to question that Kickfurther can provide the solution your business needs to meet its true potential.
Closing thoughts
While there are many benefits for women-based businesses, there are many challenges that come with being a women entrepreneur. As demand for your products grows, maintaining working capital can be difficult while trying to fulfill a growing number of orders. For an affordable solution that allows you to access working capital quickly, without costing so much it destroys your business, visit Kickfurther. Women deserve equal opportunity. We see your hard work and we’re here to support you every step of the way. Our team at Kickfurther is made of real humans that devote our actions and work to supporting entrepreneurs.
Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:
#1. Create a free business account
#2. Complete the online application
#3. Review a potential deal with one of our account reps & get funded in minutes
