5 Things Business Owners Wish They Knew In the Beginning

New business owners often yearn for the wisdom gleaned from seasoned business owners to steer clear of potential pitfalls. This post from Motley Fool shares five important tips including: welcoming the skill of delegation, embracing adaptable processes, acknowledging the demanding time commitments, mastering cash flow management, and actively cultivating a loyal customer base. See the article to read more.

2023 Business Openings Set New All-Time High According to Yelp

In 2023, the U.S. economy surpassed expectations, avoiding a predicted recession, with a notable increase in new business openings. Yelp reported that diverse entrepreneurs, particularly women, LGBTQ-owned, Latinx-owned, and Black-owned businesses, played a significant role in this growth, with home services experiencing the highest increase, signaling a post-COVID era of recovery. To read more details, please see this report released by Yelp.

Women Are Biggest Contributors to Rise in New Businesses Between 2019 and 2023

The pandemic saw a remarkable increase in women-led entrepreneurship, with half of the new businesses formed during this time started by women, a substantial rise from 29% in 2019. Dissatisfaction with traditional workplaces and a desire for more flexibility led women to create small businesses and side hustles. Harvard Professor Claudia Goldin’s research suggests that women sought entrepreneurship due to the clash between demanding jobs and family responsibilities, pushing them to seek more control over their work-life balance. The upheaval caused by the pandemic accelerated this trend, prompting women, especially those handling more domestic duties, to explore entrepreneurship. To read more about this trend and its ripple effects, see this article from Technical.ly

Best States for Women-Owned Businesses

A report issued by Merchant Maverick looked at the top ten states in the US for women-owned businesses. The top of the list included Colorado (ranking at the to of the list for the third year in a row), Texas, Florida, Washington, California, Virginia, Arizona, North Carolina, Wyoming, and Illinois. To evaluate the best states for women-led startups, Merchant Maverick considered items like total venture capital in the past five years invested in women-led startups, percent of employer firms led by women, percent of employees at women-led firms, percent of women self-employed in their own business, and the average income of women self-employed in their own business. To read more about the findings, click here.

Avoid These Pitfalls If You Are A Small Business Owner

This post from LegalZoom which was recently updated in September 2023 highlights the top ten mistakes made by new business owners. The list includes:

  1. Not having a business plan
  2. Not having a marketing plan
  3. Impatience
  4. Overspending
  5. Underpricing
  6. Not forming the right business entity
  7. Thinking you don’t need insurance
  8. Not having a written agreement with your business partners
  9. Failing to protect intellectual property
  10. Thinking you can do it all yourself

Check out the link to read more detail about what to do if you think you are falling short in that area as the post goes into depth on each item in the list.

Balancing Entrepreneurship and Motherhood

In this recorded webinar from May 2023, Andrea Ippolito, founder and CEO of SimpliFed and Director of Women Entrepreneurs in STEM at Cornell University discusses the opportunities and challenges women entrepreneurs face when launching a business while raising young children. With two small children of her own, Ms. Ippolito is an expert on starting a company and watching it grow while concurrently ensuring that her children thrive.

Considerations When Turning Your Side Hustle Into a Full-Time Business

This blog post from SCORE (which stands for Service Corps of Retired Executives) highlights eight points to ponder when considering whether to turn your side hustle into a full time business. Specifically, the piece mentions the importance of considering what automation tools you will use to help you scale efficiently (for tasks like scheduling, accounting, inventory, etc) as well as considerations about your marketing plan and customer base. Check out the blog post for more tips!

Starting a Business With Little to No Capital

Owning your own business offers flexibility, creative freedom, and unlimited income potential. Lacking financial resources doesn’t mean you are out of luck! According to this article in Forbes, it is possible to still start a business with limited funds. no money. Some tips from the article include: keep your day job while working on your business during your free time, choose a business idea that doesn’t require upfront capital (such as freelance writing, virtual assisting, or social media management), scale up gradually, and utilize free resources and networking opportunities. Check out the link to the article to read more!

“Your Financial Maven” Podcast Episode

Samantha M. Besnoff is a CPA, podcast host AND early graduate of our very own Women’s Entrepreneurship certificate program. Samantha reached out to our Program Director, Kirsten Barker, to have a conversation about financial considerations that go into launching a business.

We are so pleased that Samantha has stayed in touch with the Institute long after completing the program and is dedicated to improving financial literacy with her Your Financial Maven podcast. If you are interested in listening to her chat with Kirsten, you can tune in on @iheartpodcast@applepodcasts, or wherever you listen: https://apple.co/3BAVTms