More and more women are joining together to create
women’s business networks. In fact, recent research shows that in since
1999, more than 38 per cent of all firms across the nation are women owned. There
are a few reasons for the growth of women’s new businesses. One reason is that women
frustrated by the glass ceiling in some corporate organizations prefer to start
their new business.
Another reason that women business networks is growing so rapidly across the United
States is because women place a greater emphasis on the business relationship, which
often leads to customer loyalty and increased referrals. This also results in a
more diversified business with a better chance of survival.
Women entrepreneurs who are looking to start a
new business should check in their local community to see if there is already
a network of new businesses. This will help them network better and will also provide
them with better access to capital resources. Entrepreneurs who are involved in
a sustainable business network often have better access to
venture capitalists and angel investors.
Usually, the angel investor is a friend of an individual belonging to the network.
This makes speaking to angel investors and getting them to review the business plans
easier.
Usually a women’s business network comprises of one representative from each type
of profession.
Entrepreneurs are expected to pay a fee to be part of the network. But given
the advantages of belonging to a network, the fee is not something that entrepreneurs
should worry about. The best part of belonging to a sustainable business network
is that members of the network become salespeople for the entrepreneur. This makes
for very good word-of-mouth referrals and improved business.
Entrepreneurs who have been in business for sometime can consider starting their
own
women’s business networks. This encourages other women entrepreneurs to
get into business. According to the National Foundation of Women Business Owners,
women-owned businesses have grown significantly over the past 7 years. As of 1999,
about 9.1 million of all new businesses were started by women entrepreneurs.