Many women are leaving their current jobs to own their own business and the growth rate of women-owned firms regularly outpaces overall business growth, according to the National Foundation for Women Business Owners. There are many reasons for this growing interest in female-owned businesses. Due to this increase in female entrepreneurs the need for small business grants is of great interest to the American government. Many women, who own their own business, operate from their
homes so they can stay home with their families.
Even though home-based businesses operate in what is considered to be
a nontraditional format they are still a very important part of the US economy.
Home-based businesses are like any other business: they need funding in order to get them off the ground and further funding to carry inventory, develop marketing plans, and pay their employees. Small business grants are one way that women can run successful businesses whether they have a home-based business or a business outside of the home. Running their own business gives them the ability to be in charge of their own finances as well as plays a big role in determining how much they can make. So just what types of businesses are women running that are successful?
Women Business Magazine is an online business network community designed to assist women starting, owning, operating or running some facet of business in the 21st century. Not only will we be offering tools to help you promote your business but we will be creating a directory of service based on our member companies. In today’s economy, home-based businesses are a growth industry to watch. “Home-based women business owners are a significant economic force, contributing both employment and revenue to the nation’s growth. Nearly two-thirds (63%) of home-based women-owned businesses employ people in addition to the owner. Demographically, home-based women business owners are very similar to non home-based women business owners. While their education level is somewhat higher, their age distribution and racial composition is the same as non home-based women business owners.
What differentiate home-based businesses from non home-based businesses are not the personal characteristics of the owner, but the characteristics of the business. Key issues include maintaining business profitability, managing and maintaining business growth, managing cash flow, and keeping up with technology. “The rapid acceleration of information technology has opened doors for new businesses. It has helped change the way America conducts business today–by offering more choices. Many women entrepreneurs have taken advantage of these choices and created home-based businesses, which have proven to be more practical, effective, and convenient for their lifestyle,” says Dick Falcone, AT&T Vice President of Sales for the Small Business Markets.
In fact, home-based women-owned businesses are just as technologically savvy as other businesses with over half (56%) having at least one computer and nearly 4 in 10 (39%) owning more than one. Home-based women-owned businesses were just as likely as those located elsewhere to use business earnings to finance their business’ growth. However, they are more likely to use private sources and credit cards and far less likely to use a business loan, to lease equipment, or to use vendor credit. Only 12% of home-based women-owned businesses used a commercial loan during 1994, compared to 40% of non home-based women-owned firms.
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