Are we emerging from the pandemic at last, or are we just figuring out how to operate in a reality that’s been redefined by COVID?Either way, we’re living in a world that’s gone through a transformation over the last couple of years — one that is poised for permanent change.Change can often mean opportunity, though. […]
Get Instant Access to This Article
Subscribe to Hartford Business Journal and get immediate access to all of our subscriber-only content and much more.
- Critical Hartford and Connecticut business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Hartford Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
Are we emerging from the pandemic at last, or are we just figuring out how to operate in a reality that’s been redefined by COVID?
Either way, we’re living in a world that’s gone through a transformation over the last couple of years — one that is poised for permanent change.
Change can often mean opportunity, though. And the changes we’ve come through have made this a great time for women to consider going into business for themselves.
Why is that? First, it’s because all this upheaval has highlighted business needs, inefficiencies and gaps that small players can take advantage of.
How much thought did you put into videoconferencing 18 months ago? Now it’s essential for practically every single business.
Online selling has also become a necessity in a way that no one could have imagined pre-pandemic. Changes like these have leveled the playing field, so small businesses that are able to operate online can go head-to-head with bigger companies.
Lean, efficient and tech-savvy are now the name of the game. That means opportunity for entrepreneurs.
Women entrepreneurs in particular are well-positioned for success. A recent study by MassChallenge and BCG Analysis found that women are, simply put, a great investment.
According to their analysis, startups founded and co-founded by women were discovered to be significantly better financial investments in terms of how effectively they turned a dollar of investment into a dollar of revenue.
For every dollar of funding, these startups generated 78 cents, while male-founded startups generated just 31 cents. Study after study finds that businesses founded by women are more successful, and investors are starting to take notice. Do you have a breakthrough idea? Now might be the perfect time to find financial backing.
Other funding opportunities are now available, too.
If you are a certified Women-Owned Small Business (WOSB) or Women Business Enterprise (WBE), you could be eligible for many different grants or low-interest loans. You also have the opportunity to bid on specific contracts with companies or government entities that are committed to spending a percentage of their contracting dollars with women-owned small businesses.
There are many resources available to help women entrepreneurs learn more about programs like this. Both the Small Business Administration and U.S. Chamber of Commerce have detailed instructions available on their websites.
If you need additional guidance, the Women’s Business Center at the University of Hartford can help you with the certification process as well as with developing grant opportunities. Our services are free or low-cost, and you can meet with an advisor virtually.
While it’s true that the top business categories for women business owners (retail, health and beauty, business services, and food and restaurant) took a major hit during the pandemic, these sectors are poised for recovery as the pandemic ends. If your goal is to start a business in one of these industries, there might be no better time than right now. Potential for fast growth is strong.
Women own more than 11.6 million companies (39% of privately-held firms) in the U.S., according to the National Association of Women Business Owners, and that number continues to rise.
Women are being recognized for their ability to solve problems, promote cooperation and communicate effectively — all characteristics of great business leaders.
And with the renewed focus on the value of work-life balance, women bring a mindset to business ownership that resonates with both customers and potential employees.
For women, post-pandemic recovery could represent the best time in decades to start new businesses. Is 2022 the year that you make the leap?
Consider your options and make sure you take advantage of all the resources that are available. This could be the perfect time to make your dream a reality.
Milena Erwin is the program manager of the Women’s Business Center at the University of Hartford and an adjunct professor of entrepreneurship at the Barney School of Business.
