Women own 8.1 million of the 27.5 million small businesses in our country. A recent report called the American Express OPEN State of Women-Owned Businesses Report tells us that women-owned businesses grew at 150 percent of the national rate of all businesses in the United States between 1997 and 2011.
During this 15-year period, Kentucky has ranked 26th among all states for the increase of women-owned businesses. Revenue growth for these women-owned businesses has ranked close to the bottom, at 46th. Kentucky will have a brighter future if more of its women are able to start small companies and if those companies get enough business to grow.
Because of the importance of women entrepreneurs to the prosperity of our country, the U.S. Small Business Administration has an Office of Women’s Business Ownership, which has a mission to “establish and oversee a network of Women’s Business Centers (WBCs) throughout the United States and its territories. Through the management and technical assistance provided by the WBCs, entrepreneurs, especially women who are economically or socially disadvantaged, are offered comprehensive training and counseling on a vast array of topics in many languages to help them start and grow their own businesses.”
There are approximately 100 WBCs across the country, and Kentucky opened a new Women’s Business Center last year. The WBC concentrates on “leveling the playing field for women entrepreneurs” by offering an array of seminars, roundtables, counseling services and support networks for women business owners and aspiring entrepreneurs.
Sharron Johnson, program director for the WBC of Kentucky, said, “I am very excited about assisting women business owners across Kentucky. Our goal is to become the ‘one-stop shop’ for women business owners.”
Last month, the WBC held the first women business owners roundtable in Lexington. The featured speaker was Cathy Stafford, founder and president of Ad-venture Promotions and winner of the 2012 SBA Kentucky Women in Business Champion of the Year award. Stafford recently served as president of the Central Kentucky Chapter of the National Association of Women Business Owners (NAWBO). In her speech, she discussed her challenges of starting a business in the laundry room of her home in 2003 as a single mother with a young son. She worked harder than she had ever done before. Her business grew, and she added 16 employees while continuing her commitments to church, community and her son. Despite the hectic schedule and constant businesses interactions, she felt a sense of isolation, but she told us that “lots of networking helped.”
She also said, “I’ve seen things change in the last eight years, and that’s exciting. My personal experience has been good, but the road has been bumpy. I’ve never taken my eyes off the goals, and it’s now paying off.” Her stories about those challenges as a female business owner left many in the audience in tears.
Jan Sullivan, who opened Bakery Blessings & Bookstore @ the Bar on Harrodsburg Road, has been open less than a year. She is glad that she hired an accountant to handle her taxes and business licenses because, “There is so much you don’t know until you find out you have to pay for it.” She reads articles online but wants to plug into a local organization so she can get feedback on her business ideas and questions. “I’m forward thinking,” she said. She also is trying to connect to other women around her demanding retail-store schedule.
Solanké Bomani opened The Butter Factory Inc. on North Limestone Street in December 2011.
“The only external barrier to opening a business is single parenthood,” she said. “The rest of the barriers are just psychological.”
Like so many other women, she knows all too well about balancing a career with personal obligations. Bomani, a single mother with a 16-year-old son and two younger children, juggled her business and parental responsibilities so well that this month she will receive her undergraduate degree in marketing from Kentucky State University. She added, “When you make a decision to do something significant, such as running a business, networking is important.”
Supporting other business owners is also important. Michelle Howlett started Magna Engineers, an independent electrical and mechanical engineering firm, earlier this year. She wanted to work on projects that interest her and her employees and the people they enjoy working with.
Howlett said, “We will also be able to pursue opportunities as a subconsultant or prime consultant for projects that have small business and/or women-owned business participation requirements.”
The work is hard and the hours are long, but Howlett loves her new role as business owner. When asked if it is all worth it, she replied, “The outpouring of support from clients and colleagues has made this endeavor very rewarding.”
Women who start business enterprises have abilities and difficulties that can be unique. Every year, women-owned businesses create jobs and innovations that make us a stronger and more prosperous nation. The SBA is committed to getting women-owned companies off to a good start. To learn more about the WBC services, please go to www.wbcky.org.
Ralph Ross is district director of the SBA’s Kentucky District Office.