I have been a business owner since 2001. If you are woman business owner, this is your year, this is your time to get serious about local, state and federal prime and sub-contracting opportunities. If you live near a major urban area, first look into certification within the nearest city.
For example, I live just north of Houston, so because I live in an adjoining county, Montgomery, my business is eligible to apply for certification with the City of Houston. The application did take time, but it was worth it. My company is certified Woman-owned and Disadvantage Business Enterprise. The certification acronym is W/DBE. The City offers certification for women and minority business owners.
The City has agreements with several other municipal-based organizations, so in addition to being able to bid on set-aside contracts at the City, I can also bid on Port Authority of Houston, and METRO. The City has agreements with the Texas Unified Certification Program, so my company is also recognized with the state level - Texas Department of Transportation.
Note: Another perk for women business owners who are TXDOT DBE certified in highway construction codes can qualify for up to $10K in training through the TXDOT Technical Assistance Program (TXDOT TAP). I challenge you to find the local contracting agency and start your application asap.
At the state level, Texas offers a program called Texas HUB - Historically Underutilized Businesses. This is currently available to women and minority business owners, but in 2011 they are considering opening it up to Service Disabled Veterans as well. Check out if your state offers a special certification for women business owners.
And now at the federal level, there are two SBA programs to consider applying to: Women Owned Small Business (WOSB) and the SBA 8(a) program. If your business is currently certified as a SBA 8(a) business, you will be eligible for the new WOSB certification as well. Check out both of these programs at the SBA government website. Expect to wait about 90 days (at the least) to hear back from the SBA on 8(a) certification, there is a back log ever since all of the new federal programs opened up with the new administration.
As a SBA certified business, you are eligible to bid on big dollar contracts. However you will most likely find a niche to work as a subcontractor to a prime, because you need to build a track record of federal work. And of course, the primes are looking for good subcontractors because they get incentives from the government to include small business participation.
Showing posts with label women business owners. Show all posts
Showing posts with label women business owners. Show all posts
Increase Sales Tip - Form an Alliance with a Woman Business Owner
Women Business Owners are an ever growing and dynamic force. Did you know that profit under women owned firms grew at a faster rate than all other firms?
Maybe you were not aware that women controlled or owned 40% of all privately held U.S. firms and these women owned businesses grew at twice the rate of other business during the last 10 years?
So if you want to increase sales, then forming an alliance with a woman business owner makes a lot of sense. However, the alliance needs to be strategic.
Strategy has a Latin origin and means to out think the enemy. So, you should begin with your strategic plan and look specifically to your vision, values and current mission.
Then, review your marketing plan and sales plan. Look to your demographics, geographic and psycho graphics. Think about complementary businesses as well as those that you might even consider competitors.
If this is the right strategy for you, then how do you find the right woman owned business? Many states have women business owned certifications. By visiting the state website, you may be able to locate woman owned businesses. Certification suggests that the company is for real and has been evaluated on some level.
If that strategy is not viable, then look through local chambers of commerce directors and identify the owner. In many cases, you can quickly determine ownership of the business. Make an outreach to these women business owners again based on your strategic plan.
At networking events, move out of our comfort zone and talk to women to learn if they are business owners. Show an authentic interest in what they are doing. If there is a connection, suggest meeting over a cup of coffee to learn more about each other's businesses and how the two of you can help each other.
Additionally, linking with permission of course to a woman business owner's website is another strategy. This linking works well especially if it is reciprocal.
What ever strategy or strategies you select, forming a strategic alliance with a woman in business may just help you increase sales. And how knows, you may actually begin to see increases in some other business indicators such as profits and longevity.
Maybe you were not aware that women controlled or owned 40% of all privately held U.S. firms and these women owned businesses grew at twice the rate of other business during the last 10 years?
So if you want to increase sales, then forming an alliance with a woman business owner makes a lot of sense. However, the alliance needs to be strategic.
Strategy has a Latin origin and means to out think the enemy. So, you should begin with your strategic plan and look specifically to your vision, values and current mission.
Then, review your marketing plan and sales plan. Look to your demographics, geographic and psycho graphics. Think about complementary businesses as well as those that you might even consider competitors.
If this is the right strategy for you, then how do you find the right woman owned business? Many states have women business owned certifications. By visiting the state website, you may be able to locate woman owned businesses. Certification suggests that the company is for real and has been evaluated on some level.
If that strategy is not viable, then look through local chambers of commerce directors and identify the owner. In many cases, you can quickly determine ownership of the business. Make an outreach to these women business owners again based on your strategic plan.
At networking events, move out of our comfort zone and talk to women to learn if they are business owners. Show an authentic interest in what they are doing. If there is a connection, suggest meeting over a cup of coffee to learn more about each other's businesses and how the two of you can help each other.
Additionally, linking with permission of course to a woman business owner's website is another strategy. This linking works well especially if it is reciprocal.
What ever strategy or strategies you select, forming a strategic alliance with a woman in business may just help you increase sales. And how knows, you may actually begin to see increases in some other business indicators such as profits and longevity.
Best of the Janes - Getting Back on Track
While any female entrepreneur who has experienced a setback in her business will ultimately take a multi-pronged approach to getting back on track, certain specific elements of the rise to ideal apply differently to each entrepreneurial type.
A recent study reveals there are five distinct types of women in business. Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. When a woman is living as her ideal entrepreneurial type, she feels satisfied, personally and professionally. This article outlines six ideas for jumpstarting cash flow following a business setback.
Most women business owners who have experienced a setback are living a Tenacity Jane phase. Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she's working longer hours, and making less money than she'd like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs. Typically, a woman business owner becomes a Tenacity Jane for one of five reasons: she has a craft or skill, but lacks business knowledge, the business started undercapitalized or acquired more debt than can be comfortably carried at current revenue levels, she doesn't charge enough for her services, she lacks focus and is trying to accomplish too much all at once, or something has changed in the industry or cost structure that has caused a once-prosperous business to falter financially.
To move forward from a Tenacity Jane phase, a woman business owner must:
1. Invest in her own knowledge. New knowledge can be the key to jumpstarting profitability. Even if she is an expert in her craft, she may not have the knowledge she needs to run a successful business. Odds are, she recognizes where she can improve her knowledge for the betterment of her business. An entrepreneur can create her own training plan or she can hire someone with expertise to fill in the gaps. Whether she reads books, buys home study courses or attends live classes, an entrepreneur who builds her knowledge base dramatically increases her chances of boosting her profit. Some areas where she may need new knowledge: marketing (specifically, email marketing, social networking as a marketing tool, etc.), financial management, team building and delegation, and project and time management.
2. Identify her target market and its needs, and then market accordingly. By surveying her existing customers, a female entrepreneur can get an inexpensive and very accurate picture of which of her products and services are most in-demand, and of the profiles of the people who are using them the most. Then, she can market to similar people, thus increasing her chances of attracting ideal clients who need (and will pay for) her services.
3. Evaluate her pricing and raise it, if possible. Whether she "started low" to win business and never raised her rates, or she over-estimated her profit margin, it never hurts for an entrepreneur to evaluate how her pricing compares with that of other similar professionals in her area. She can send surveys to existing customers, asking them about industry pricing, and call competitors and ask for a price sheet. Also, by evaluating her costs and margin, she can determine whether she could increase her margin slightly and therefore increase her profits. When considering hourly rates, a female business owner should remember to include the cost of taking time off for vacation, and the time she spends working non-billable hours marketing, paying bills, etc. She should consider what each project or unit is worth to her - and create a guideline for herself about how much she has to charge to feel properly compensated.
4. Network. By networking with other like-minded professionals, a woman business owner creates opportunities for a support system in which she can share ideas and information, and for getting word of mouth referrals. Also, networking provides chances for affiliate relationships, in which two professionals who offer related services market their products together.
5. Upsell. Business owners can drive profit fairly easily with a little extra work through consistent upselling. In this sales approach, every time someone buys from the entrepreneur, she offers them a chance to pay just a little bit more for an expanded service or an augmented product. For example, if she sells a necklace, she upsells to include a fancy jewelry box. If she sells an information product, she upsells to a continuity product such as a newsletter.
6. Communicate regularly with information and offers. Every business owner probably has a list of prospects and current customers. A female entrepreneur must recognize that the more frequently she communicates with her prospects and customers, the more frequently she'll be on their minds - increasing the likelihood that they'll buy from her! Business owners can employ (almost) effortless marketing methods for communicating regularly, such as social networking, blogging and newsletters.
It is common for a business owner to experience a setback within her company. Fortunately, by following specific steps and guidelines, and by using the six cash flow jumpstart strategies listed above, a female entrepreneur can overcome her setbacks and be on her way to living her ideal entrepreneurial type and enjoying her successes.
A recent study reveals there are five distinct types of women in business. Based on professional market research of more than 3,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. When a woman is living as her ideal entrepreneurial type, she feels satisfied, personally and professionally. This article outlines six ideas for jumpstarting cash flow following a business setback.
Most women business owners who have experienced a setback are living a Tenacity Jane phase. Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she's working longer hours, and making less money than she'd like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs. Typically, a woman business owner becomes a Tenacity Jane for one of five reasons: she has a craft or skill, but lacks business knowledge, the business started undercapitalized or acquired more debt than can be comfortably carried at current revenue levels, she doesn't charge enough for her services, she lacks focus and is trying to accomplish too much all at once, or something has changed in the industry or cost structure that has caused a once-prosperous business to falter financially.
To move forward from a Tenacity Jane phase, a woman business owner must:
1. Invest in her own knowledge. New knowledge can be the key to jumpstarting profitability. Even if she is an expert in her craft, she may not have the knowledge she needs to run a successful business. Odds are, she recognizes where she can improve her knowledge for the betterment of her business. An entrepreneur can create her own training plan or she can hire someone with expertise to fill in the gaps. Whether she reads books, buys home study courses or attends live classes, an entrepreneur who builds her knowledge base dramatically increases her chances of boosting her profit. Some areas where she may need new knowledge: marketing (specifically, email marketing, social networking as a marketing tool, etc.), financial management, team building and delegation, and project and time management.
2. Identify her target market and its needs, and then market accordingly. By surveying her existing customers, a female entrepreneur can get an inexpensive and very accurate picture of which of her products and services are most in-demand, and of the profiles of the people who are using them the most. Then, she can market to similar people, thus increasing her chances of attracting ideal clients who need (and will pay for) her services.
3. Evaluate her pricing and raise it, if possible. Whether she "started low" to win business and never raised her rates, or she over-estimated her profit margin, it never hurts for an entrepreneur to evaluate how her pricing compares with that of other similar professionals in her area. She can send surveys to existing customers, asking them about industry pricing, and call competitors and ask for a price sheet. Also, by evaluating her costs and margin, she can determine whether she could increase her margin slightly and therefore increase her profits. When considering hourly rates, a female business owner should remember to include the cost of taking time off for vacation, and the time she spends working non-billable hours marketing, paying bills, etc. She should consider what each project or unit is worth to her - and create a guideline for herself about how much she has to charge to feel properly compensated.
4. Network. By networking with other like-minded professionals, a woman business owner creates opportunities for a support system in which she can share ideas and information, and for getting word of mouth referrals. Also, networking provides chances for affiliate relationships, in which two professionals who offer related services market their products together.
5. Upsell. Business owners can drive profit fairly easily with a little extra work through consistent upselling. In this sales approach, every time someone buys from the entrepreneur, she offers them a chance to pay just a little bit more for an expanded service or an augmented product. For example, if she sells a necklace, she upsells to include a fancy jewelry box. If she sells an information product, she upsells to a continuity product such as a newsletter.
6. Communicate regularly with information and offers. Every business owner probably has a list of prospects and current customers. A female entrepreneur must recognize that the more frequently she communicates with her prospects and customers, the more frequently she'll be on their minds - increasing the likelihood that they'll buy from her! Business owners can employ (almost) effortless marketing methods for communicating regularly, such as social networking, blogging and newsletters.
It is common for a business owner to experience a setback within her company. Fortunately, by following specific steps and guidelines, and by using the six cash flow jumpstart strategies listed above, a female entrepreneur can overcome her setbacks and be on her way to living her ideal entrepreneurial type and enjoying her successes.
Increase Sales Tip - Hire a Woman For a Results Driven Sales Person
Do you want to increase sales because your sales are lagging? Have you considered hiring a woman?
Women in business are an exploding factor within the American economy. This growing force must be doing something right to have high profits than other business. One might even speculate that women are better sales people than men given what the research suggests.
Currently, do you have women in your sales force? If so, how is their performance to your male sales force? If not, are some of your policies negatively affecting their long term sales performance?
For example, women in sales usually are much better relationship builders than men. They will take the time to establish a relationship of trust and mutual respect.
As a sales manager and sales trainer, I have witnessed first hand that women are better in sales than men in today's business marketplace. For when women build relationships, they are building loyal customers.
From my own personal experiences as a woman sales person, woman business owner and observing others of both sexes in sales, I have observed women:
* Reacting faster to customers' calls
* Answering questions with far greater detail to ensure customer loyalty
* Going the extra mile in making sure the customer is beyond satisfied, but truly loyal
Women in business and women in sales also for the most part are not after the big, multi-dollar contracts, but rather want to demonstrate how they can handle the same, day to day sales and service. These results driven individuals understand that building a strong relationships will deliver far more in the long term from profitability to overall sales revenue. This may be why in the last decade women business owners now own 10.4 million of the 26 million privately held businesses.
Another reason why I believe if you wish to increase sales is to hire a woman is because the majority of women in sales that I know place a greater emphasis on values. These ladies be them women sales persons or women business owners will not do the wink and the nod to get the business. Yes, there are some that still do, but from my personal observations during the last 10 years, most women believe that values cannot be compromised because of their solid relationships with their clients.
The final reason is personal experience. During the last year, every time I attend a networking event, it has always been a man trying to sell me something without building a relationship. And actions always speak louder than words.
Women in business are an exploding factor within the American economy. This growing force must be doing something right to have high profits than other business. One might even speculate that women are better sales people than men given what the research suggests.
Currently, do you have women in your sales force? If so, how is their performance to your male sales force? If not, are some of your policies negatively affecting their long term sales performance?
For example, women in sales usually are much better relationship builders than men. They will take the time to establish a relationship of trust and mutual respect.
As a sales manager and sales trainer, I have witnessed first hand that women are better in sales than men in today's business marketplace. For when women build relationships, they are building loyal customers.
From my own personal experiences as a woman sales person, woman business owner and observing others of both sexes in sales, I have observed women:
* Reacting faster to customers' calls
* Answering questions with far greater detail to ensure customer loyalty
* Going the extra mile in making sure the customer is beyond satisfied, but truly loyal
Women in business and women in sales also for the most part are not after the big, multi-dollar contracts, but rather want to demonstrate how they can handle the same, day to day sales and service. These results driven individuals understand that building a strong relationships will deliver far more in the long term from profitability to overall sales revenue. This may be why in the last decade women business owners now own 10.4 million of the 26 million privately held businesses.
Another reason why I believe if you wish to increase sales is to hire a woman is because the majority of women in sales that I know place a greater emphasis on values. These ladies be them women sales persons or women business owners will not do the wink and the nod to get the business. Yes, there are some that still do, but from my personal observations during the last 10 years, most women believe that values cannot be compromised because of their solid relationships with their clients.
The final reason is personal experience. During the last year, every time I attend a networking event, it has always been a man trying to sell me something without building a relationship. And actions always speak louder than words.
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