By: Christina Nguyen
A crucial part of women’s achievements have been in the business realm, with women-owned businesses growing by 114% in the past 20 years. Even though we’ve made great strides towards equality, a chasm is still here – women only receive 7% of venture capital and their businesses only generate about 4% of total business revenue.
Just like supporting businesses from any community, supporting women-owned businesses help women provide for their families, for themselves, and to empower their communities.
Here are a few ways you can better support women-owned businesses:
Post about it on social media.
Though businesses have their own social networks, expanding their messages to yours certainly helps! Follow your favorite woman-owned businesses and promote them on your personal social media whenever it’s appropriate with the hashtag #buywomenowned. Go beyond their captions and write your take on why you support them. Highlight any special features or accomplishments that would catch your network’s attention.
Your reach doesn’t just need to be personal. Use your business’s social media and content marketing platform to promote women-owned businesses by posting a list of your favorites. An endorsement from your business on social media can help build trust while a link to their site on your blog can help with their search rankings.
Learn about the history of women in business.
The reasons why we illuminate women’s history is mainly due to the systemic oppression that women have faced throughout time. Austere pressure to stay home and raise children often raised a hurdle for any career success. In 1970, only 38% of women were even in the workforce to begin with. Now, 38 is the same percentage of all businesses that are women-owned! These businesses can range from an independent gift shop downtown to big enterprises like GAP and Little Caesars.
Donate to businesses and nonprofits.
If you own or work for an investment firm, consider actively seeking out women-owned businesses. Some firms have already realized the value in doing so, such as this one with 59% of its investments going to female-founded companies. That’s quite a stride in bridging the massive gap of only 2.2% of all venture capital in 2018 going to women-owned businesses.
If you can’t invest, there are other ways to help. There are quite a few nonprofits that provide resources to female entrepreneurs and help them sharpen their skills, preparing them to be at the frontlines of change. Also, you can consider volunteering or providing complimentary business products or services
Mentor other women.
Entrepreneurship can be a daunting journey, especially if you’re from an underrepresented demographic. Entrepreneurs from such groups often face lesser access to resources and prejudice, so paving their paths often calls for more stamina. Mentoring current or aspiring female entrepreneurs can help ease some of their worries, expand their networks, empower them to take new initiatives, provide insightful advice, and more.
Because mentoring can touch on sensitive and deeply personal topics, proceed with care and empathy. Here are our tips on how to be a constructive, empowering mentor!
What are your tips for supporting women-owned businesses and empowering women in business overall? Let us know in the comments below!
Want to receive more informative content like this?
Sign up for our monthly newsletter today!
About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help small businesses grow by providing guidance in financial planning, website development, marketing, and more.
Email us at info@stingrayadvisorygroup.com to schedule a consultation. Follow us today on Facebook, Twitter, and Instagram for more helpful tips!
