Women own nearly half of the privately-held businesses in the United States, according to the Center for Women’s Business Research. That translates to over 10.5 million businesses, generating over $2.5 trillion, reports the Center.
The Center reports that one in 11 adult women is an entrepreneur. For many women, particularly moms, the flexibility that comes with owning a business is very appealing.
Women business owners have a different style when it comes to leading and growing a business. They tend to build relationships and value a work-life balance, which is extremely important to business owners who are also working mothers. Research indicates that women are more likely to listen to the expertise of others, including consultants and experts in order to help build and grow their businesses.
Carla Taylor, owner of a Décor & You, a Chicago area franchise, says that aside from the birth of her son, going into business for herself was the best move she ever made. A former marketing executive, Taylor says, “business ownership gives me the freedom and flexibility to do things with my son that I once had to ask permission [for]or delegate. She still finds it necessary to maintain a strong support network to assist her in the care of her 4-year old son. “Having control of my destiny makes it all worth it,” states Taylor.
With more women starting new businesses every day, finding the proper fit is critical to a business’ success and the owner’s personal satisfaction. For many women, the motivation to become an entrepreneur is to achieve a better work/life balance; so it is essential that women find the right business.
One of the greatest advantages to owning your own business is the flexibility it affords. Because you are the boss, you can institute policies that are important to you, such as on-site childcare and flex hours.
When identifying a potential business opportunity, the first step for moms is to discover what motivates them and understand their goals, needs and expectations.