All Articles Tagged "85 Broads"
The networking group for women 85 Broads actually has 30,000 members and about 60 percent of them have started new businesses. Ten years ago, that figure was about 10 percent. Still, according to Alicia Robb, an author and senior research fellow at the Ewing Marion Kauffman Foundation who’s referenced in this Crain’s New York Business article, only 1.8 percent of women-owned businesses reach the $1 million revenue mark. For men, it’s 6.3 percent.
“The reason that most women-owned businesses didn’t scale in the past is that women tended to start companies in the service and retail arenas—topping out at $200,000 to $500,000 in revenue. The Internet is making it easier to scale retail companies,” the article says.
Just yesterday, we posted a story about growing a small business. Number seven on that list — “Stay tech competitive” — is particularly important. In this Crain’s story, one woman invested in technology that optimized her website’s ability to help women shop for accessories. Her company was eventually purchased by QVC, a sale she credits to the technology.
Outside of serving as a marketing tool and a way to stay in touch while you’re on the go, technology is giving small business owners the chance to improve the customer experience, offering something unique and customized. These qualities are what builds a customer base and generates referrals and grows the business. Technology is the key to what’s taking women-owned businesses of all stripes to the next level of earning success.
Women are already well on their way, having raised $775 million in 2012 funding so far, which can be used to build these important digital infrastructures. “And speaking of technology, women were there raising capital to build better advertising and business platforms and social branding opportunities,” reports The Next Women magazine. The site provides a link with a few companies that are funding women-owned businesses.
So as you map the course your company is taking, be sure to include the ways that you can use the Internet to expand what the company offers and how it offers those products, features and benefits. Investing on the back-end can put you out in front.
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