What Women Should Know Before Starting Their Own Business – In honor of National Women’s Small Business Month in October, Groupon spoke with more than 600 women small business owners from across the United States to find out why they decided to become their own boss and how they’re doing during the global pandemic. remained resistant. (Graphic: Business Wire)

CHICAGO–( BUSINESS WIRE )– Groupon, the go-to place for local adventures, is encouraging everyone to celebrate National Women’s Small Business Month this October. To make it easier to support and shop for women-owned businesses, Groupon features nearly 2,000 women-owned businesses from across the United States. Groupon spoke with more than 600 women small business owners from across the United States to better understand why they decided to become their own boss and how they stayed resilient during the global pandemic.

What Women Should Know Before Starting Their Own Business

According to the survey results, female small business owners still face systemic challenges due to their gender. 54 percent of female small business owners said they are held to different standards than their male counterparts when it comes to getting capital, getting mentors and being taken seriously by their peers. 54 percent of the respondents said that it is difficult for them to balance work and family life.

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Despite these obstacles, almost all female small business owners – a whopping 94% – are satisfied with their choice to work for themselves and are ready to face any challenges that come their way. 76 percent of female small business owners work more than the standard 8-hour workday, with the average owner working 12 hours a day. And that hard work is paying off, with 64% of female small business owners saying they make as much or more money than they did before opening their business.

“As one of the largest women-owned small business markets anywhere in the world, we are excited and inspired by the progress these entrepreneurs are making, and are focused on opening up new opportunities for women – both internally and externally – to create a Groupon . it represents the world we want to live in,” the CFO said. For Groupon Melissa Thomas. “We’re extremely proud that nearly 60%* of Groupon’s small businesses are owned by women, and we’re committed to ensuring these merchants emerge from the pandemic stronger than ever.”

According to the results of the survey, small business women have a clear plan and way to attract income and accelerate their growth. The best ways for women-owned businesses to increase profits are: increase their social media presence, increase sales, expand inventory, use government or small business resources and loans, and run paid advertising campaigns.

Even before the start of the pandemic, many states invested heavily in educational and financial programs to help promote the growth and success of small businesses. After the pandemic hit, many states took steps to help businesses affected by the restrictions in the form of sales tax deferrals and increased financial support through state grants.

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Groupon asked women small business owners to rate their state on three dimensions: how easy it is for women to start their own business, the support available to women of color starting their own businesses, and the resources available. to help women-owned businesses rebuild. from the pandemic. Based on the survey results, some states have consistently shown that they go above and beyond for female entrepreneurs:

Groupon is calling on customers to celebrate National Women’s Small Business Month by supporting women-owned businesses in their local communities as well as by making a donation to help provide new female entrepreneurs with much-needed capital. To find a women-owned company you can support in your community, please visit gr.pn/wsbm.

Groupon (NASDAQ:GRPN) is an experience marketplace where consumers have fun things to do and local businesses thrive. For our customers, this means giving them a range of amazing experiences at great value. For our merchants, this means making it easier for them to partner with Groupon and reach millions of customers around the world.

Groupon interviewed women small business owners and found that they are happier than ever to be the boss of their own business despite the work-life balance struggle. As a historically male position, entrepreneurship can be a very difficult endeavor for women. From developing an initial business idea to meeting potential investors to opening the doors to a business, men seem to outshine women in the world of starting their own business.

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However, this does not stop the nine million women who own companies in the United States from pursuing their business dreams. Women are starting companies at a historic rate. According to USC Marshall, women-owned businesses have grown 1.5 times more than other small businesses in the United States over the past 15 years. This gives hope and comfort to hundreds of women who are planning to start their own companies.

In my experience, it’s true: starting and owning your own company as a woman is not easy on your own. So when you consider other typical business obstacles, such as minimal funding, lack of experience, or fierce competition, it becomes even more difficult for a woman to start her own business. It simply means that we have to work harder to make our companies successful.

So what is the secret of women’s success in these positions? While there may be no magic formula other than hard work and perseverance, here are three pieces of advice I offer to any woman who wants to build her own company.

It may sound simple, but in reality, developing confidence can be a very difficult endeavor. However, the most important advice I give to fellow female entrepreneurs is to be confident and act quickly on your ideas. Oftentimes, female entrepreneurs are compared to their male counterparts, especially because of their fear of failure. This mindset can be very frustrating. As women, our brains often tell us that we need a perfect business plan or product before we ask for help or hire consultants, but the truth is that our fears in our heads are more reliable than they are in reality. there are.

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A study by the Anxiety and Depression Association of America found that women are twice as likely as men to develop an anxiety disorder, so the unfortunate reality is that many women must actively work to overcome the self-deprecating thoughts they have. stop picking up. Back. However, it is entirely possible to let go of these fears and maintain a high sense of confidence – sometimes it just takes a little work.

Ultimately, self-confidence is very beneficial to business for a number of reasons. Primarily, it will give people the courage to follow their dreams and make them come true. However, it will also help startup entrepreneurs deal with the negativity and failure that often comes with starting your own business. As mentioned earlier, it can be difficult for women, especially, to avoid negative self-talk, but working with better self-esteem can make a huge difference in one’s professional success.

As a budding entrepreneur, the network you build will be one of the most important contributors to your success. From angel investors to professional advisors and more, it’s important to remember that no one succeeds alone. As you begin to develop your business idea, look at the network you’ve already built and decide who can offer you advice, support and resources. From there, use the connections already in your network to expand. See if these people can introduce you to others who will be useful for your trip. Look for people who are starting their own companies, or someone who is particularly passionate about the field in which you are setting up your company. You’ll find that the people who would be the best fit for you are probably a degree or two away.

In addition, as a woman, expanding your network and circle will be especially beneficial. Be sure to find other women who have walked similar paths or who will be able to support you in many roles throughout your journey. Consider joining professional groups focused on women, where you’ll be able to quickly share with others and expand your network. Personally, my experience in such groups has been particularly beneficial to my career and has given me the opportunity to mentor and work with other women starting out on the same path.

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Regardless of how and with whom you network when you first begin your entrepreneurial journey, the timing of this initiative will be especially important. Don’t wait too long to develop your network. Instead, make it a priority early on and make sure to put the passion behind it to speed up the rate at which your network is built. By focusing on your connections and how you can benefit from each other, you will find many resources that will all benefit your growing business.

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