Now Is a Great Time to Be a Woman Small Business Owner

In the last 20 years, where women work, how women work, and
what kinds of jobs women are seeking have changed. As more
and more corporations have re-organized and downsized, as
more children of Baby Boomer mothers are leaving home, and
as more traditionally employed women are waking up to the
fact that they want more out of life than just simply
getting a paycheck, the world of small business ownership
is exploding.

As a whole, the United States is becoming more
entrepreneurial. More than 1/3 of all people involved in
entrepreneurial activity are women. According to an April
2005 report by the U. S. Small Business Administration,
Office of Advocacy and Business Times, there are an
estimated 10 million privately held businesses in the
United States that are owned by women.

More people own small businesses in the United States than
ever before. According to the U. S. Small Business
Administration's report dated June, 2006, it is estimated
that there are 25.8 million small businesses (including
self-employed and sole proprietors) in the United States.
According to the same report, over the last decade small
businesses have generated 60 to 80 percent of new jobs, and
they employ 50.6 percent of the country's private sector
workforce.

In addition to starting new businesses, there are also an
increasing number of entrepreneurial Americans who are
buying existing small businesses, instead of starting their
own. According to a report by Wachovia, small business
acquisitions are growing in popularity. On any given day in
the United States, 1.7 million businesses are for sale.

Why Women are Starting Businesses

Women are starting businesses for two main reasons:
lifestyle and money. Many run their businesses from home so
they can be there for their children, instead of being
dependent on daycare and other non-family support care.

Other mid-Baby Boomer women (those in their 40s) have
achieved a level of success in the traditional workplace
and are striking out on their own, eager to call their own
shots and take charge of their financial futures.

Older Baby Boomer women are retiring early to start new
businesses. According to AARP, entrepreneurship is growing
in those 50 years and older. In addition, they predict that
people who take early retirement or whose jobs just
disappear will drive solo business formation in the future.

Two Greatest Challenges to Women

The greatest challenges for women starting up businesses
are access to capital and general lack of know-how.
However, these challenges are not stopping women from
starting up. Today, women have the same access to money as
men do. In fact, many start-up fund sources are
specifically targeting women through grants and new venture
capital. Women can be as creative in their approach to
money as they want to be, making use of incubators,
partnerships, or more traditional methods of funding such
as home equity lines of credit, angel funding, or
commercial loans.

Women are also realizing that, just because they don't have
a business degree, it doesn't mean they won't be successful
at running a business. Accounting needs can be outsourced.
Teleseminars can be taken. Books can be read. Questions can
be asked. Experience can be gained. Women know that they
don't have to do it all by themselves!

In addition, women are finding that their life and work
experiences count for something when starting up a
business. They recognize the treasure-trove of applicable,
relevant experience that they have amassed over the years
and are tapping into these storehouses for their start-ups.
Moreover, they know that whatever they don't have right
now, they can learn as they go.

If you are a woman considering small business ownership,
this is a perfect time for you. Don't let lack of money or
expertise stand in your way. Have confidence in your
valuable life experience, and draw from it when starting
your business. Then get creative about funding. Never
before have banks and other creative lending sources been
more supportive of women-owned small business start-ups.

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Susan L Reid, DMA, Small Business Start Up Coach &
Consultant has her first book coming out in October:
Discovering Your Inner Samurai: The Entrepreneurial Woman's
Journey to Business Success. She provides value,
inspiration and direction for entrepreneurial women
starting up and launching small businesses. For your free
e-Zine full of ideas and start up tips, visit
http://SuccessfulSmallBizOwners.com .