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Finding the Right Federal Grants for Women Owned Businesses

July 28, 2011 Women In Business 0

Federal grants have made sure to help all those who are in real need of financial support. The grants have helped many and have proved to be bliss for all. The US Federal Government has not overlooked women when it comes to grants. There are innumerable federal grants for women that would benefit them in several ways.

Women who want to start their own business or go back to school or even buy a new home; can get these grants that the government provides to them. They can then fulfill their wishes and desires without worrying about the monetary aspect. The federal grants for women are available in various categories. These categories are arts, business, education, housing, community development, health, law and justice and many such.

But you must not harbour any sort of misconception within yourself that any women can avail the federal grants for women. The US government is not so lenient with giving grants. It won’t provide a grant merely because of being a woman. There are various deciding factors that are taken into account before a women gets awarded with a grant.

There are more than ten million women who own a business of their own in the United States. Out of these ten million, there are about 20% of businesses that are owned by the minority women. For these minority women, the federal grants for women can be very useful as that can provide a boost to their business plans.

There are more than 900 grant programs that the US federal government has arranged for. Out of these nine hundred grant programs, there are some grant programs that are directed towards helping women with specific needs and those who are settled in specific locations. There are several federal grants for women that look after the problems of women not only in America but also in other countries.

Thus for being able to qualify for the federal grants for women, the nonprofit organizations have to be stable and the mature entities must be in the business of helping women for at least three to five years and must also have a good record of developing community partnerships with other helping organizations.

 

Women small business owners and “Shopping” for new hires

July 28, 2011 Women In Business 0

In 2008, I won a Sams Club Entrepreneurship award through the Count Me In program.  Part of the award package included free attendance to the Count Me In Leadership Institute at the Office Depot headquarters in Boca Raton last year.  I heard Nell Merlino, Executive Director of the Count Me In program, speak about the need for women owned small businesses to hire.

This year, there have been several articles published related to this topic:

The Work Life Balancing Act, Cindy Krischer Goodman, Miami Herald, September 29, 2009
Women Business Owners: It’s time to be called ‘boss’ by Rhonda Abrams, USA Today, March 12, 2010
Want to Grow, Hire Some Help by Eve Gumpel, WomenEntrepreneur, March 15, 2010
Why are Women-Owned Firms Smaller Than Men-Owned Ones by Sharon G. Hadary, The Wall Street Journal, May 17, 2010
Nell Merlino on What Holds Women Entrepreneurs Back by Karen E. Klein, Bloomberg Businessweek, July 2, 2010

However, I have yet to read and learn what is at the core of the problem.  Why are women small business owners less reluctant to hire than men? What is it about us?  I think if we can reflect on why we are not hiring, perhaps we would be more inclined to hire.

There is a more pressing reason why women business owners should get on the band wagon.  A 2002 study by Richard DeMartino and Robert Barbato entitled “Differences between women and men MBA entrepreneurs: exploring family flexibility and wealth creation as career motivators” (Journal of Business Venturing, Rochester Institute of Technology) cited that women-owned businesses make up 40% of all businesses and women continue to start businesses at twice the rate of men.

The Kauffman Foundation released July 2010 study findings by Dr. Tim Kane that concluded that when it comes to creating new jobs, startup companies are the source.  The study is entitled “The Importance of Startups in Job Creation and Job Destruction”.  We can look at it this way – if women did not start new businesses, women would not contribute to the very source of new job creation.

Mark Levit, Managing Partner of Partners & Levit Advertising and a Professor of Marketing at New York University wrote an article entitled “The Difference between Men and Women” with a focus on how marketers can strategize to appeal to women.  Well, why not look at these differences and apply them to the question of why women are business owners are reluctant to hire.  Here goes…

This may explain why it might take women longer to come around to hiring. Perhaps women business owners are too detailed oriented and get bogged down in the details.  They would then be slower to hire.

Perhaps women small business owners are less competitive and less interested in boosting their personal status.  Women business owners may be motivated less by competition and more by creating a nurturing environment – rather than expanding and profiting more.  DeMartino and Barbato found that a higher proportion of women become entrepreneurs in order to balance work and family and a higher proportion of men do so to seek wealth creation and personal economic advancement.

Perhaps women business owners should think of hiring as shopping for help.  If women business owners looked at hiring as a shopping extravaganza, then maybe hiring would be a more pleasurable experience.

Mark Levit cited British psychologist David Lewis’ study which explained the nature-over-nurture concept that prehistoric women are “homebound gatherers of roots, nuts, and berries, rather than roaming hunters of game”. Now, we are back to the dilemma of getting bogged down in details. It takes more time to be more skillfully, prudently, and well.  Perhaps women business owners put off hiring until they are able to be trained in how to properly hire and protect themselves and the work environment they nurture.  Are women business owners less likely to just place an ad, interview, and hire?  Are they less likely to know how to do this skillfully? What about time? Is the time consumption the problem?

Perhaps it is the prospect of having to reject poor candidates or having to fire poor performers that prevents women business owners from hiring.

Sharon Hadary advocates that women owned firms need to be taught – esp. by other women leaders – to think big from the start. There needs to be a change in the women business owners’ mindset.  In 2008, Dr. Susan L. Reid wrote an article entitled the “Similarities and Differences between How men and Women Excel in Business”.  Dr. Reid wrote that one mistake women entrepreneurs make is that they make excuses.  Another mistake cited by Reid is that “too many women have a mindset of scarcity when it comes to their businesses.  They believe they lack time, money is scarce, and there aren’t enough customers.”

Remember the 1998 Nike Just Do it ad campaign?  ALL women businesses need that competitive, can do attitude.

If women were to take clues from the male mindset, women business owners would:

View their businesses as more like a contest or competition …grit down, compete, be passionate, be determined, and just do it!
View from a mindset of plenty – there is plenty of time, customers, and help.
Not over evaluate and get bogged down in details.  I will have a quick strategic plan for hiring (list of tasks to delegate, job description, job ad, job interviews) and hire by set deadlines.  I will just do it!

In a very unscientific humorous HubPages article entitled “The Differences Between Men and Women”, Ryan Kett jokingly wrote that “Women take 20 minutes to choose food from a takeaway menu, Men will take 1 minute.”

It is time for women small business owners to get help.  If cash flow is a concern, hire volunteers. No excuses! Just do it!

Here are some daily affirmations for women business owners:

There is plenty of time.  I will manage my time.  I will just do it!
There are plenty of customer prospects.  I will go prospecting daily.  I will just do it!
There is plenty of help and if I cannot afford them now, I will hire on commission or hire volunteers! I will just do it!
I will shop for new hires.  I will just do it!
It is ok to be motivated to grow my business and create wealth because with more wealth, I will have more flexibility to balance work and family.

 

 

 

Small Business Grants for Women in Business

July 26, 2011 Women In Business 0

Traditionally women own   smaller type of businesses with the least amount of financial assistance from banks and venture capital firms.  Hence their financial options are very limited and they need grants which are very difficult to get. Due to good credit histories and the collateral securities provided by them, the businesses are run.  They even use the credit cards and borrow from family members and friends to start a business which are not comfortable for them. In order to help them, the women’s financial fund, a non-profit organization was started to give grants to women.   This has given a chance to the women to start their own businesses and get employment security in family friendly companies without availing any loans from the financial institutions.

Women are encouraged to own all types of businesses including network marketing companies and service oriented businesses under new business grants by this organization.   Existing business grants have been given to women to expand their existing businesses, for developing new products, expanding into new market and for buying new equipments to increase their reach.

In order to quality for getting the grants, they must be women with 18 years of age, a U.S. Citizen and should have paid the application fee to the Women’s Financial Fund.  Depending upon the quality of the business plan and the products marketed, business grants are sanctioned to women.  Since the grants need not have to be paid back, the credit history is not considered for giving the grants.  

Though women depend upon the grants for necessary funds for creating the new businesses, they do not follow the process correctly while submitting the applications. Because of this, their applications get rejected and also the grant givers become more concerned about the applicants.  
The women should fill up the application forms completely without any blanks and the application should be comprehensive in all aspect.   The columns which are not applicable to you should be marked with N.A. in the appropriate spaces.  By submitting an incomplete application, they gave the impression that they are not ready with their business plans.  The applications should be filled with correct information and details honestly.  If the grant givers find that false details have been furnished, then they become disqualified for the business grant.  If some private information like lack of education and bankruptcy are to be kept confidential, then they should apply for those business grants where they need not have to disclose these details.

The application for grants will not get approved unless it is accompanied along with a detailed business plan.   The applications are to be submitted well before the deadlines without rushing in the eleventh hour.  They will have to prepare a clear expenses budget and submit to the grants organization so as to establish that the business grants are being fully utilized by them for that particular business.  By providing the complete details and definitions of the future products, they should impress the grant reviewer about the proper use of the grants.

Learn the application procedures, various funding sources for specific types of businesses and eligibility criteria for small business grants. You can find the most comprehensive information on availing of small business grants by visiting this

Women Small Business Entrepreneurs Have Countless Opportunities for Success

July 24, 2011 Women In Business 0

If you have always had dreams of starting a law practice or wish you could open a children’s clothing store, don’t lose hope. Did you know there are almost double the women small business start-ups than men’s every year? Maybe you say you don’t have the resources or experience to start a business. However, there are ways around this, whether it is through a mentor, an investor, or through a special grant.

There are some steps to follow when starting a women small business start-up. First of all, you need to know what it will be. Think through a marketing and business plan, creating long and short-term goals. Look at other examples and see which features you would like to incorporate in your own business. Find other aspects you would prefer to stay away from.

Once you have a good handle on a business plan, run these ideas by a mentor. See what suggestions they provide, whether they are good or bad. This is a way to tighten the plan and make sure you have a better chance of succeeding once you officially move through with your dream. There are those who have investors who join in their business venture. However, make sure you know these people well and that you still have the ability to run the business as you see fit. It is suggested that you have full reign in decisions, which should be outlined in the business plan and any financial paperwork.

Another way to find the financial means to start a business is through loans and grants. There are a number of grants available for women, especially if you are a woman small business. Your company is considered a minority-owned company, which means you could qualify for certain funds through private agencies or the federal government.

Digital Women

July 23, 2011 Women In Business 0

If you have a poor credit history, obtaining a loan for your start-up business or one that is a going concern may seem to be out of the question, and in regard to banks, that is generally true. However, what follows are some other more realistic sources you can use in order to reach your goal.

● Begin by keeping your business credit and personal lines of credit separate as an essential first step. Also, note that specialty lenders, some community lenders and equipment-leasing companies often want to review the whole picture and will base their decision on a combination of both you personal and business credit scores.

● Note that your business credit score will not be linked to your Social Security number (which is closely related to your personal credit score) in any way, and this may be the determining factor that will enable you to obtain the loan you need. Once your business is established as a legal entity and you have an accompanying tax identification number for it, you can start to establish a credit history for your business and qualify for small credit lines from your suppliers and vendors.

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● Try to obtain some of these small lines of credit and build your business’ credit score by using the appropriate tax identification number. Be sure to pay them off in a timely manner, and once you have established a favorable credit history with all three credit bureaus, you will be able to leverage them into larger loans and expand your business.

● You can always obtain a short-term loan whenever you need funds without delay if you know that paying them off will not be a problem. Unfortunately, while you may find that a cash-advance loan is readily available through various lenders, you may also discover that the interest rates they charge are prohibitive.

● It is also possible to use the equity you have in the property you own, your equipment or related assets to obtain a secured loan based on their value, If you default on that loan, the lender will have the right to seize those assets, and this could undermine the stability of your business and jeopardize its future.

In general, you want to look for a business loan that will increase your cash flow to pay your employees and cover other operating expenses, fund the renovation or expansion of your building, or help you to buy the equipment, tools, parts and supplies you need.

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