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Start-Up Advice for Women Business Owners

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(ARA) - Whether you’re starting from scratch, purchasing an existing business or looking to buy a franchise, the starting point is always a significant hardship. In today’s business world, women are faced with unique challenges when starting a business, due to ongoing stereotypes that portray women as a higher loan risk.

Karen Lackey, MBA, Business/Technology department program chair at Brown Mackie College – Findlay in Ohio, explains that while challenges do exist, women business owners can achieve success in the modern entrepreneurial world.

“It has been my experience that women face both financial and emotional hardships in opening their own business,” says Lackey. “Despite the strides women have made in the workforce, there are still some obstacles for women wanting to open their own business. For instance, obtaining financial backing is still a struggle. Banks are leery about loaning out larger amounts of money to women. In addition, women still have the obstacle of overcoming the typical stereotypes of women not being able to compete in a ‘man’s world.’ ”

According to Lackey, since the early 1980s, women have made solid strides in becoming prosperous entrepreneurs. More than 20 years ago, female business owners were few and far between, especially in male-dominated industries, such as automotive and wood working. Now it is not uncommon to find female entrepreneurs owning businesses ranging from auto body shops to nail salons.

What tips or resources would Lackey offer for first time female business owners as they strive for success? “My suggestion is to do as much research as possible about the industry you’re entering and local competition before jumping in,” advises Lackey. “Don’t be afraid to take risks and always walk with your head held high.”

There are also many associations, such as the National Association of Women Business Owners, which can help women at all stages of business to be more connected, more empowered and more successful. Such organizations provide business referral network opportunities, with personal interaction at monthly meetings and events, business education, and online connectivity and visibility.

The glass ceiling of stereotypes and discrimination is best surpassed through research, dedication, risk-taking, confidence, knowledge, and proactive planning, Lackey says. “Remember, the key to a successful business start-up is not narrowed down to a simple formula; it differs for every individual. Assess your situation and finances, do your research, formulate a structured plan of recourse, and don’t be afraid to take a chance.”

To learn more about Brown Mackie College, visit http://www.brownmackie.edu online.

Courtesy of ARAcontent


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EDITOR'S NOTE:

Brown Mackie College – Findlay is one of 18 school locations of the Brown Mackie College system of schools (www.brownmackie.edu), which is dedicated to providing educational programs that prepare students for entry-level positions in a competitive, rapidly-changing workplace. Brown Mackie College schools offers bachelor's degree, associate’s degree, certificate, and diploma programs in health sciences, business, information technology, legal studies and design technologies.