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The Rise and Success of Women Owned Businesses
March 06, 2020
The Rise and Success of Women Owned Businesses

The Rise and Success of Women Owned Businesses

In the past, a woman owned business was a rarity, as many women focused on taking care of household duties and raising families. However, more and more women have entered the workforce, pursuing their passions and earning great money while they’re at it. 

While some have chosen to work for an employer, others have embraced entrepreneurship and started their own businesses. They like the idea of being their own boss and flexibility of working whenever and wherever they please. Let’s dive deeper into the rise and success of women owned businesses. 

Female Small Business Ownership is On The Rise

Per the State of Women-Owned Businesses Report, four out of every 10 businesses are owned by women. Believe it or not, women started about 1,821 new business daily between 2017 and 2018. These days, they employ 9.2 million people or 8 percent of the total private workforce.

In addition, the report revealed that most women own service-based businesses in fields like hair care, pet care, and skincare. Some of them focus on healthcare and social assistance, providing child day care and home healthcare services. Professional services such as bookkeeping, legal, public relations, and accounting are widely seen in woman owned businesses as well. So why is entrepreneurship so appealing to women?

  • Flexibility

When it comes to taking care of children or senior parents, women are often the primary caregivers. By owning their own business, they can balance their family needs with work. They find that working a traditional 8 to 5 job makes it difficult for them to fulfill all of their responsibilities. 

  • Greater Control

There’s no denying that the gender pay gap is still an issue. Women who own their own business can charge with their worth and can avoid the gap. They can also choose who they work with and which projects they take on. 

  • Passion

In most cases, women start a business that revolves around their passion. This allows them to enjoy their working hours and leave a legacy that makes them proud. 

Woman Owned Business Success Stories

There are countless examples of successful women owned businesses. In fact, you can find one in just about every industry and geographic area. Here are a few examples:

NOM: Not Ordinary Media

Founded in 2014, NOM is a video advertising platform that helps brands safely run their ads on YouTube and other social media platforms. It was ranked as one of the fastest-growing businesses in the United States by the Inc. 500. NOM’s co-founder and CEO is Loren Rochelle, a passionate business owner who loves her work and the clients she serves.

Loren graduated college during the recession and landed a graphic design job at a small interior design firm. After the CEO told her he could no longer afford him, she convinced him to keep her with a $500 weekly paycheck. He agreed and she rebuilt his website and used social media to attract new clients. This experience taught her that if she wanted to stay employed, she had to prove her value and find work on her own. 

She eventually secured a job at a media company where she met NOM’s co-founder, Brent Neill. In about a month, Loren and Brent left and founded NOM. Loren has since earned a spot on Forbes 30 Under 30 in Advertising & Marketing list.

SD3IT

Based in Florida, SD3IT is a cybersecurity consulting firm that helps the U.S. government and commercial clients solve various business issues through technology.

The organization offers numerous services including IT Transition, Advanced Threat Analysis and Mitigation, and market research for network or cyber security needs. They’re HUBZone certified and strive to support organizations with government guidelines and strategic business advantages. 

SD3IT was founded in 2014 by husband and wife, Sara and David Dimlich. Throughout the years, they’ve hired a robust team of PMP project managers, solution architects, customer service representatives, and many others. Their team uses equipment from Mitel, HP, Great Bay, and other vendors to develop custom solutions that make life easier for their clients. 

Sara is extremely proud of SD3IT’s fast growth. However, what really gets her excited is the support her business gave to Puerto Rico after Hurricane Irma and Maria. They donated generators and additional supplies to those in need. Giving back is something she’s passionate about and being a female entrepreneur allows her to do just that.

Skinny Dipped

Seattle-based Skinny Dipped makes bags of chocolate dipped almonds. It was started in 2013 by CEO Breezy Griffith and her mother, Val. The mother-daughter team began making snacks in their apartment kitchen for fun and sold them at local farmers’ market.

Since then, the company has grown into an operation with over 21 employees. Today, Skinny Dipped can be found online and at numerous retailers including Kroger, Sprouts, and Target. 

Skinny Dipped almonds are minimally processed, gluten free, and PPO free. To make them, Breezy skinny dips whole almonds into a thin layer of dark chocolate and finishes them with raspberry, espresso, or cocoa.  Breezy and her team taste test every batch to ensure the nuts are roasted to perfection and topped with the ideal amount of chocolate. 

Breezy explains that one of the reasons Skinny Dipped has been so successful is because she hired the right people who are passionate about the product. She’s fostered a collaborative environment where everyone’s ideas are heard. Her team consists of many women who she is either related to or friends with and she enjoys working with those she knows and loves.

4th And Heart

4th and Heart was founded in 2015 by Raquel Tavares in Venice, California. The business produces a variety of grass-fed ghee products like butters, spreads, and oils. Its products are sold nationwide online and in more than 10,000 stores including chains such as Acme, Fairway, and Stop & Shop. 

Raquel loves being able to balance her business with her two young boys. Raquel explains that she’s a natural creative and business woman who has spent her life searching for a career she’s passionate about. She decided to start 4th and Heart after looking for a healthy ingredient that she could use daily and discovering ghee. 

Since she is a working mother, Raquel admits that being a female business owner isn’t always easy. At first, she’d only work when her kids were napping or at night. As her boys grew up, however, she had more support with childcare and became comfortable asking for help when she needed it. Her hard work has paid off because in three short years, 4th and Heart has grown from $350,000 to seven figures. 

Traits of Successful Women Entrepreneurs

Sweet Loren’s

Sweet Loren’s is a refrigerated cookie dough company that prides itself on delicious cookie dough that’s made from simple, quality ingredients. The cookie dough is free of fillers, refined flours, and chemicals.

The company was founded in 2011 by Loren Brill, a woman who was diagnosed with Hodgkin’s lymphoma, a serious blood cancer right after she graduated from college. Her cancer diagnosis opened her eyes to the fact that what we eat is directly tied to our health.

Although she improved her eating habits, she still had a sweet tooth. Due to this, she decided to create the healthiest, best tasting cookie dough that exists. Her little sister became her taster and after thousands of pounds of natural cookie dough, her job was complete. 

Shortly after she started to receive orders from friends and family, Sweet Loren’s was born. Today, the cookie dough is sold in over 7,000 grocery stores across the nation. Loren’s tip for aspiring female entrepreneurs is to align their passion with their strengths. She states that while starting a business is difficult, if it’s something you truly enjoy, it’s more of a mission rather than a job.

Traits of Successful Women Entrepreneurs

If you consider the successful women entrepreneurs we’ve discussed as well as the many others that exist, you’ll find that they share the following traits.

  • Positivity

Business owners that are positive are more likely to succeed than those who are pessimistic. A good attitude, even when times are tough, can steer toward them toward the right path.

  • Ambition

Successful women know what they want and work for it. You’ll never find them daydreaming, because they’re focused on taking actions to help turn them into realities.

  • Passion

It’s very rare that you’ll find a female entrepreneur who began a business in an industry she doesn’t enjoy. Most of them are passionate about the products and services they offer as well as their customers.

  • Hardworking

Women business owners are successful because of the hard work they’ve put into their ventures. They know they can’t rely on luck to grow their businesses. Instead, they go the extra mile to achieve their goals.

  • Confidence

Successful business women are confident. They believe in themselves and never second guess what they’re doing. You’ll notice that they speak with authority and are proud of who they are and where they’re going.

  • Creativity

Creativity goes a long way when it comes to owning a business. Women who succeed in business know how to think out-of-the-box. They create a unique product or offer a one-of-a-kind service that attracts customers. 

  • Organized

Female entrepreneurs wear many hats, especially when they’re just starting out. Those who are organized are more likely to be more productive and reap the benefits of their efforts. They know how to find peace in the midst of the chaos. 

Our Final Thoughts

If you’re a woman who wants to start a business, we hope the success stories we’ve discussed inspires you to do so. Running your business can give you the fulfillment and financial freedom you need to live your best life. 

At Fora Financial, we strive to help their owners succeed. Sign up for our newsletter today for more small business tips. 

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Frequently Asked Questions

How can women fund their own business?

If you don’t have the cash on hand to open up your own business, there are several options available to you. You can look for small business loans or female owned business grant opportunities. Women owned business grants include the Amber Grant, Eileen Fisher Women-Owned Business Grant, and the Open Meadows Foundation.

In addition, the Small Business Administration offers grants for women entrepreneurs. Check out our guide to finding a SBA grant here.

How do I start a minority woman owned business?

There are 2.4 million minority owned businesses. If you’d like to start one, the first step is to think of an idea. Once you do, focus on designing a business plan. 

What are the benefits of becoming a female business owner?

As a female entrepreneur, you can enjoy flexibility, unlimited earning potential, and greater control over your life and future.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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