Women are Thriving as Successful Small Business Owners

Women in businessWomen are now being successful at starting and operating small businesses, while being able to balance their work and family life. Over the past few decades, more and more women are now owning and managing small businesses and benefiting from the lucrative rewards of establishing their own work schedules. Starting a successful small business involves having the drive and determination to implement a business idea or connect with a profitable business that provides a distinctive service to the public. According to CNN Money, some of the top women entrepreneurs are owners and presidents of many well-renowned fortune 500 companies, including Daytner Construction Group, Solutions Inc., Agile Mind, Bioengineering Group, Modelinia/Full Picture, Paperless Post and more. Also, many African American women entrepreneurs have climbed the corporate ladder and hold key positions in many fortune 500 companies. For instance, Ursula Burns is the CEO and President of Xerox; Ardrian E Bracy is the CEO of the St. Louis YWCA; and Tracey Thomas-Travis is the CFO and Senior Vice President of Finance of Polo Ralph Lauren.

Traditionally, the role of women has been established to be that of a wife and mother. Over the years, many women have taken on the responsibility of being the head of the household, especially single moms. However, many women face major work and family challenges, such as bearing childcare responsibilities and other family-related commitments. As a result, many women have chosen to start small businesses, whether they have created the business idea or have chosen to become a contractor for a large established business venture.

Some of the most lucrative home business ideas for women are catering businesses, wedding planning, freelancing, child care services, writing, scrapbook businesses, tutoring services, virtual assistant, medical transcription, EBay businesses, doggy daycare, gift basket service and consulting. Although these ideas are some of the common types of small businesses owned by women, there are many more types of women owned businesses that are distinctive from the popular business ideas. Women are also becoming independent consultants with many of the well-established independent consulting companies, such as Mary Kay, Avon, Discovery Toys, Once Upon a Family, Staying Home and Lovin It, Tupperware, Pampered Chef and many more. Some of the highest paid industries, whereby women business owners have acquired long-term profitable success are the food industry, wellness and wellbeing, consultancy and writing.

Not everyone has the skills and traits to succeed with owning a small business. There are certain characteristics that all business owners should possess before establishing a business. The top five skills of successful business owners are communication skills, marketing skills, interpersonal skills, self-determination and effective decision-making skills. Additionally, it is important for a small business owner to be passionate about their business and believe that their service will benefit their target market. Although many self confident and passionate women naturally possess these entrepreneurial skills, it is also important to acquire education in business administration skills, including marketing, management and accounting. The U.S. Small Business Administration (sba.gov), Business.gov and the Internal Revenue Service (irs.gov) are effective online resources for aspiring small business owners.