Who will pull us out of this recession?
By Luma Wealth on September 8, 2020
Women Who Fuel the Economy
New jobs stem from innovation, and innovative companies are often started by female entrepreneurs. Rent the Runway, Eventbrite, Flickr, 23andMe and Cisco are just a handful of the cutting-edge businesses (either founded or co-founded by women) that help fuel our economy. In the U.S., women-owned businesses employ more than 9 million workers and generate close to $2 trillion in revenue; * and it is likely that female entrepreneurs will be integral to a post-COVID-19 economic recovery.
However, despite the value they provide, many women entrepreneurs encounter gender-based obstacles when building their businesses, including less access to funding and networking opportunities. At a Luma Wealth event last year, Luminary Leader Tari Rivera talked about the challenges she faced when launching her construction company and how she overcame them. She advised the entrepreneurs in the room to “be bold, because you only get what you ask for.”
Here are other ideas that can help women entrepreneurs address the challenges they may face
1. Explore alternative sources of capital. Luminary Leader Jackie Wachter (co-founder of FOUNT, a fine leather bag and accessory company) advises entrepreneurs to think outside the box, especially when things don’t go as planned. If you’re having trouble funding your start up, you may want to consider less conventional strategies such as crowd funding (e.g., IFundWomen and Women You Should Fund) and angel investors. You can also reach out to your Luma Wealth advisor for guidance on other strategic approaches to financing.
2. Cultivate your network. In addition to being a resource for information, a network provides connections, mentors, emotional support and encouragement. At a Luma Wealth networking event last year, Luminary Leader Lisa Marie Reed (founder of the Garden of Flavor juice company) inspired Luma Wealth’s entrepreneurial clients to believe in themselves and be passionate about what they do. Women who network at events like this can learn from and inspire one another, serve as sounding boards and help one another expand business opportunities. You can also expand your network, resources and helpful connections by joining relevant groups on LinkedIn. And, don’t discount networks that include men, as men may represent half of your client base and can also serve as mentors and referrals.
3. Have a plan, and tap into available resources to execute them. Luminary Leader Teresa Lindsey, President and COO of Channel Products believes that a vision without a plan is just a hallucination. Plan to achieve your vision by reaching out to organizations that support women entrepreneurs, such as the Small Business Administration, the National Women’s Business Council and the National Association of Women Business Owners. Many of these organizations offer information on training, funding, educational events and mentors. You can also gain insights from entrepreneur-focused events, such as the upcoming (virtual) Female Entrepreneur Summit on October 28th. Luminary Leader Tari Rivera will be there, joined by other panelists in a discussion about work-life integration.
Cleveland is a Top-Ten Metropolitan Area for Women Business Owners*
1. Detroit, MI
2. Charlotte, NC
3. Atlanta, GA
4. Austin, TX
5. San Antonio, TX
6. Riverside, CA
7. Las Vegas, NV
8/9. Jacksonville, Fl and Miami, FL
10. Cleveland, OH
Gain confidence in your entrepreneurial endeavors with a network and a plan. Your Luma Wealth advisor is available to guide you, and our informational events are a resource you can share with your network!
