Women-owned businesses spanning a range of industries are growing at an unprecedented rate. In 2020, the 50 fastest growing companies generated a combined $4.1 billion in revenue and together employed more than 24,000 people.
But while the number of women-owned businesses accelerates faster than the national average, women are still less likely to grow their companies to scale. Experts say part of that comes down to lack of confidence, but it doesn’t paint the entire picture. Women also face obstacles like limited funding and inadequate support systems.
Joining an organization like NAWBO can help you create and execute strategies that move you forward, help you thrive and grow your business.
Business Growth Tips:
Growing a business takes time, no matter who owns it. But these tips can help you grow it more quickly and confidently.
1. Find Mentors & Sponsors
Mentors and sponsors are not the same.
- A mentor is someone you can talk to and kick ideas around with. Conversations typically run the gamut from business to personal and back again. When choosing a mentor, look for someone you aspire to be like. Many women work with several mentors, each with experience and knowledge in different areas like finances and diversity issues.
- A sponsor helps you “unlock the door” to growth opportunities. For instance, they might refer you to other businesses or recommend you for grants and other funding sources.
2. Put Yourself Out There
Lack of confidence and imposter syndrome make it challenging for many women to promote themselves and their companies. When you become a NAWBO member, you can hone your presentation skills in smaller, more intimate settings both locally and nationally.
Some women leaders in our local chapter have become self-assured, testing out their presentation and speaking skills this way, in which they go on to become national board members who join the national speaker circuit. Others volunteer to lead a committee and find themselves improving their leadership and development skills. Whichever route you take, you’ll find yourself becoming a different and better version of yourself, one who takes risks and grows because of it.
3. Always Be Looking for Ways to Learn
You can’t succeed in business if you’re not willing to learn. Groups like NAWBO make it easier for women business owners to educate themselves on growing their companies. Whether networking at luncheons or attending workshops, you’ll learn new ideas, perspectives, and skills that propel you higher in your business goals.
4. Dare to Dream Big
When you’re open to expressing your dreams, other women will step up to help you grow and develop. They’ve been in your shoes and want to see you succeed. Don’t let fear stand in the way of taking your business to its greatest level.
Grow Your Woman-Owned Business with NAWBO Southern Nevada
NAWBO is the only dues-based national organization representing the interests of all women entrepreneurs in all industries. Think of NAWBO Southern Nevada as a leading resource to take your business to another level.
Set your woman-owned business on a path to growth by taking advantage of all the benefits of a NAWBO Southern Nevada membership. Visit our membership page today to learn more.
