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INSIGHTS

Women-Owned Businesses: Here’s How To Take Your Business To The Next Level

By AGCADMIN

If you’ve launched a small business or dream of becoming a business owner, the task may seem daunting. The good news is, helpful resources — and funding sources — are available to support you as you plan, start and grow your business. Here are tips specifically for women and women of color business owners, that will help take business operations to the next level.

Build your brand image

To make an impression in today’s digital landscape, it’s crucial for your brand to be clearly defined and communicated. If branding is not your expertise, it’s worth the investment to hire someone to bring their experience and market know-how to creating your brand and developing a strategy to communicate your brand effectively.

Knowing what your brand means and how your product or services fulfill your vision will help your business stand out from the competition.

Optimize social media

To generate positive word-of-mouth, offer exceptional services and rapid communication. It’s also vital to take advantage of today’s digital landscape by maximizing your social media presence. Create relevant content and positively engage with your audience on their favorite platforms to build brand awareness — and a loyal following.

Develop a social media strategy and content creation calendar focused on how your company engages with your customer base.

Embrace the digital transformation

If your small business hasn’t yet mastered ways to accept digitized payments online or in-store, now’s the time to get on board. According to data from the latest Visa Back to Business Study, more than two thirds (68%) of the female consumers surveyed said they anticipate shifting to being completely cashless within 10 years.

In the U.S., e-commerce has grown significantly in the last year and that trend is likely to continue in the future. Relatedly, 3 in 4 (76%) of women-owned businesses surveyed in the Visa Back to Business Study agreed accepting new forms of payment is fundamental to their business’s growth.

To help your customers pay for goods and services using their computer or mobile device, Visa offers a variety of resources and digital tools.

Constantly pursue funding opportunities

Beyond discovering resources via the Small Business Administration at sba.gov, be on the lookout for ad hoc programs focusing on women and people of color to help you get needed funding. For example, visit websites like IFundWomen.com and BlackGirlVentures.org for information, tips and pitching opportunities.

Right now, Visa is partnering with Black Girl Ventures to help provide hyperlocal grants and mentorship, plus access to partners, products and marketing to help drive growth to minority-owned small businesses. If you live in Atlanta or Detroit you can sign up to participate in upcoming pitching opportunities here.

This partnership builds on Visa’s commitment to support entrepreneurs in cities with the highest concentration of Black-owned businesses in the U.S. — Atlanta, Chicago, Detroit, Los Angeles, Miami and Washington, D.C.

“Through this partnership, Black Girl Ventures and Visa are able to assist entrepreneurs at a time when they need it the most and provide a megaphone to each of these community’s most pressing needs,” said Shelly Omilâdè Bell, founder and CEO, Black Girl Ventures.

For more information on how Visa is supporting Black women-owned businesses, visit the She’s Next Homepage. Or to learn more about the programs Visa has made available for small business owners to succeed, visit the Visa Small Business Hub.

(BPT)

This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to you and about your individual financial situation.

INSIGHTS

New Study Fuels Hyperlocal Efforts Supporting Black Women-Owned Businesses

By AGCADMIN

(BPT) – Minority-owned businesses are the cornerstone of their communities, and over one-third of Black-owned businesses in the U.S. are headed by women — the highest share of any ethnic group. Yet according to Visa’s new Black Women-Owned Business Report 2021, nearly three quarters (71%) of Black women-owned businesses estimate they can’t survive another year under current pandemic conditions.

In the wake of the pandemic, small and medium-sized businesses nationwide have taken a major hit, with minority businesses suffering the most devastating blows. While more than half (54%) of businesses surveyed for Visa’s new report stated their business was positively impacted following the Black Lives Matter movement in Summer 2020, more than three quarters (78%) of businesses who saw benefits have said those increases have ceased.

The successes of Black-owned business are hard fought, as the Federal Reserve reports Black-owned businesses are less likely to be approved for bank loans, with an approval rate of only 46.5% (compared to 75.3% for white-owned businesses). Visa’s study supports this data, finding nearly one third (31%) of Black women-owned businesses stated raising capital and funding to stay afloat was one of their biggest challenges since the pandemic hit the U.S.

Photo by Andrea Piacquadio from Pexels

While women-owned businesses have been historically underfunded, new resources and support are emerging, including a newly formed Visa program focused on supporting Black women-owned businesses at a hyperlocal level. Addressing the needs of local entrepreneurs in cities with the highest concentration of Black-owned businesses in the U.S. and building on support provided to women-owned small businesses through “She’s Next, Empowered by Visa” — the company brings resources and expertise to provide entrepreneurs with tailored solutions in the following cities: Atlanta, Chicago, Detroit, Los Angeles, Miami and Washington, D.C. In addition, Visa has announced it will:

    • Commit $1,000,000 and extend its grant and mentorship program to the six U.S. cities. Call for applications have opened and can be found at: https://ifundwomen.com/visa.
    • Host its first She’s Next virtual conference of the year, “She’s Next 2021” on March 25, in partnership with The Female Quotient, to celebrate the Black community and women entrepreneurs. Interested small business owners can register at https://thefemalequotient.equalitylounge.com/shesnext2021empoweredbyvisa.
    • Launch spotlight marketing campaigns to encourage consumers to shop at Black women-owned small businesses.
    • Partner with Black Girl Ventures to work with local organizations that can more easily reach small businesses and help with point-of-sale and other technology upgrades.

“Black Girl Ventures is proud to partner with Visa on not only financially assisting these entrepreneurs, but also on providing a megaphone to each community’s most pressing needs,” said Shelly Bell, founder, Black Girl Ventures. “While the Black Lives Matter movement elevated consumer support of these businesses, the movement must continue to lift up these neighborhoods financially and spiritually.”

Are you a female business owner of color, or do you know someone who is? Visit IFundWomen.com/Visa to apply for a grant to fund your business, or to learn more about how Visa is supporting women entrepreneurs around the world, visit their She’s Next page.