How to Support Women-Owned Businesses this Women's History Month
From the National Association of Women Business Owners
In the United States, women account for 30% of new business owners, making up an ever-increasing part of the market. Women are shop owners, restaurateurs, consultants, mechanics, event planners, brewery owners, and so much more. They also employ nearly 9 million others and make up $1.7 trillion in sales.
However, women are more likely to struggle due to pandemic-related issues than men, and this has caused many employed women or female entrepreneurs to put their dreams on the back-burner to take care of their families, something which some are calling the “first female recession.”
March is Women’s History Month, but female entrepreneurs today need your support as well! Here are four different ways you can invest your time and money in women-owned businesses in 2021.
Check out a women-owned business directory
There are plenty of business directories out there that are great resources for finding women-owned businesses. Women-Owned not only has a directory, but also a logo that businesses can use on their websites to show that they are a certified women-owned business.
The Universal Women’s Network is not only a business directory, but also has a plethora of resources to connect, empower, celebrate, and learn from female entrepreneurs.
Our partner Shine Registry is another example of a way to support women-owned businesses! Like a wedding registry, business owners list things they need to get started, because, “If you can ask for a gravy boat when you're getting married, you should be able to ask for stuff when you're starting a business too.”
There are also many resources out there that can direct you toward women who you might want to hire for a project! For example, if you’re looking for a consultant for your restaurant, there’s Equity at the Table, a platform that connects you toward professionals in the food world who are women, BIPOC, and LGBTQ+. This is a great resource for investing in the talents of female entrepreneurs.
If you’re looking for something local, several cities have their own women-owned business directories as well. This one, for example, has maps in Orlando, Atlanta, and Charlotte, North Carolina. Your local newspaper or city magazine might have published an article listing women-owned businesses in the area as well.
Mentor an up-and-coming female entrepreneur
Do you have lots of experience in business? Are you an expert in your field? Why not take some time to act as a mentor to a female entrepreneur?
Whether it’s someone you already know personally such as a colleague or neighbor, or someone you’ve never met, there are plenty of opportunities out there. MicroMentor is one resource that matches mentors with budding entrepreneurs and vice versa, and many women’s business development organizations also have mentorship programs you can volunteer for. Or, why not create a mentorship program at your company, if one doesn’t already exist?
Engage with them, even if you can’t buy from them!
Aside from COVID-19 related problems, female business owners report lack of marketing or advertising to be their most pressing problem. This is something that you can help with that’ll take only a few minutes out of your day.
Is there a women-owned business that has social media that you just love? Share them on your own wall or story and hype them up to spread the word. If you’ve bought from them before, why not write a review about their product or service?
You can also subscribe to their newsletter. Newsletters are growing in momentum not only for small business owners, but also for professionals in all different fields, and indie newsletters are popping up all over from ones on food to news, and even newsletters about newsletters!
One of the best ways you can invest in women-owned businesses is by literally investing in them! Honeycomb Credit has had quite a few successful campaigns led by women-owned businesses. Here are just a few examples:
Kari Degraff started Scoot Cold Brew in 2016 with the mission of bringing smooth, great-tasting cold brew coffee while making an impact on her community and the world. Scoot’s campaign raised $49,000 and allowed them to scale their business, hire sales staff, and build their brand awareness.
Investor Lindsay G. says about Scoot, “I have been watching Kari and Abby [Kari’s wife] grow Scoot Cold Brew since the beginning! Their dedication, passion, and hard work show in all that they do.”
Keyla Nogueira, a chef and entrepreneur, started Pittsburgh’s first Brazilian restaurant, Casa Brasil in 2018. Soon, it became not only a popular restaurant, but also a hub for community events like poetry readings, live music, baby showers, and wedding rehearsal dinners.
Well, you know what goes well with all of those events? A liquor license! Keyla and her business partner Tim Guthrie looked to Honeycomb to help raise money for that, raising $90,450 from 79 investors!
How will you support a woman-owned business this year?
Will you go on a shopping spree? Offer your services to an up-and-coming female entrepreneur? Give a shout-out on your social media? Whatever way you choose, you’ll be investing in a woman’s dream and livelihood.
Learn more about our live campaigns and how you as an investor can help make a difference this Women’s History Month at https://www.honeycombcredit.com/invest.