Just For Women: Buy a Business, Fulfill Your Passions!
Just For Women: Buy a Business, Fulfill Your Passions!
Women do not arrive easily at the conviction that they can find-- and afford to acquire-- an existing business that also fulfills their personal passions and interests. In fact, brokers I interviewed for my book, Smart Women and Small Business, say that less than 10% of independent businesses they broker and less than 25% of franchises they sell are acquired by women. (One reason for this may be that 95% of business brokers are men!).
Women who seek to buy rather than start a business are indeed a rare breed, but that’s mainly due to lack of exposure rather than lack of suitability. Although the general public has heard the message than women are starting businesses at twice the rate of men, not only is the topic of “entrepreneurship by acquisition” rarely featured in the mainstream press, it’s not a common topic in women’s publications either.
Ironically, my experience shows that women can relate better to the small business pitch than most men, and they are especially hungry for entrepreneurial career solutions. They want to be their own bosses, set their own schedules and priorities, earn an income that is directly related to their business talents and contributions, and feel proud about the products and services they are offering. They should, and hopefully will in the future, make up about half of all business purchasers.
Whether you are a woman in business for yourself or someone who has the chance to advise women in their entrepreneurial endeavors, here are some key insights that will open women’s eyes to all their options in the small business world:
1. You can express your passion through a business you didn’t start. Before you decide to risk everything to pursue your original business idea, explore whether you can improve upon someone else’s existing concept or similar business. For many women, passion is the vital ingredient in a business, but women should be open to different ways of igniting and channeling that passion. Businesses that have customers and cash flow provide an entrepreneur an amazing head start- something to get passionate about in its own right!
2. Seeking adequate financing early allows you to grow to your optimal size. Many women-owned businesses start small, and stay small (as in: too small to make your efforts financially worthwhile). Million-dollar revenue businesses owned by men outnumber those owned by women by about 8 to 1. Don’t let this be you. Seek bank financing and/or seller financing as a way of ensuring that the business you buy or start will be sustainable. And as you do so, don’t be too afraid of giving a personal guarantee- it’s simply an established part of doing business.
3. Women, with their excellent relationship skills, are well suited to taking over existing businesses and working through transitions with retiring business owners. Anyone who has bought an existing business or taken over a family company knows how valuable the expertise of the departing owner can be in a transition. Women’s less aggressive, team-oriented management styles can often work well in these situations.
This article is © Copyright 2006-2007 by Ginny Wilmerding and may not be reproduced in any format whatsoever without prior written consent of the author.
Just For Women Buy a Business Fulfill Your Passions - To learn more about this author, visit Ginny Wilmerding's Website.
Like this article? Share it with your friends
A transition into small business is a natural progression for countless women who have invested the first phase of their careers in the corporate world. Paradoxically, many women are not focused on these opportunities, or if they are, they are unaware of the entire spectrum of possibilities, which includes not only starting a business from scratch, but buying an independent business or franchise as well as partnering with other small business owners.
Women do not arrive easily at the conviction that they can find-- and afford to acquire-- an existing business that also fulfills their personal passions and interests. In fact, brokers I interviewed for my book, Smart Women and Small Business, say that less than 10% of independent businesses they broker and less than 25% of franchises they sell are acquired by women. (One reason for this may be that 95% of business brokers are men!).
Women who seek to buy rather than start a business are indeed a rare breed, but that’s mainly due to lack of exposure rather than lack of suitability. Although the general public has heard the message than women are starting businesses at twice the rate of men, not only is the topic of “entrepreneurship by acquisition” rarely featured in the mainstream press, it’s not a common topic in women’s publications either.
Ironically, my experience shows that women can relate better to the small business pitch than most men, and they are especially hungry for entrepreneurial career solutions. They want to be their own bosses, set their own schedules and priorities, earn an income that is directly related to their business talents and contributions, and feel proud about the products and services they are offering. They should, and hopefully will in the future, make up about half of all business purchasers.
Whether you are a woman in business for yourself or someone who has the chance to advise women in their entrepreneurial endeavors, here are some key insights that will open women’s eyes to all their options in the small business world:
1. You can express your passion through a business you didn’t start. Before you decide to risk everything to pursue your original business idea, explore whether you can improve upon someone else’s existing concept or similar business. For many women, passion is the vital ingredient in a business, but women should be open to different ways of igniting and channeling that passion. Businesses that have customers and cash flow provide an entrepreneur an amazing head start- something to get passionate about in its own right!
2. Seeking adequate financing early allows you to grow to your optimal size. Many women-owned businesses start small, and stay small (as in: too small to make your efforts financially worthwhile). Million-dollar revenue businesses owned by men outnumber those owned by women by about 8 to 1. Don’t let this be you. Seek bank financing and/or seller financing as a way of ensuring that the business you buy or start will be sustainable. And as you do so, don’t be too afraid of giving a personal guarantee- it’s simply an established part of doing business.
3. Women, with their excellent relationship skills, are well suited to taking over existing businesses and working through transitions with retiring business owners. Anyone who has bought an existing business or taken over a family company knows how valuable the expertise of the departing owner can be in a transition. Women’s less aggressive, team-oriented management styles can often work well in these situations.
This article is © Copyright 2006-2007 by Ginny Wilmerding and may not be reproduced in any format whatsoever without prior written consent of the author.
Just For Women Buy a Business Fulfill Your Passions - To learn more about this author, visit Ginny Wilmerding's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Ginny's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
|
||
|
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Leadership Style Assessment Webinar Plan Balanced Leadership Trainning Template Small Business Financing |
|
 | ||
 |
Top 50 Marketing Blogs
Top Marketing Blogs of 2010 | |
 |
Top 50 Franchising Blogs
Top 50 Franchising Blogs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
