Culture 10 min read

Best Business Ideas For Women Entrepreneurs Today

Monkey Business Images / Shutterstock.com

Monkey Business Images / Shutterstock.com

Here are some of the best business ideas for women entrepreneurs today, including a list of venture capitalists that could help scale women-led businesses.

Are you wondering what the best business ideas for women are? You’re not alone.

Every day, women in the United States start over 849 new businesses.

According to the National Association of Women Business Owners, the U.S. has a total of 12.3 million women-owned businesses. This number becomes more astounding when you consider that only 402,000 women-owned companies existed in 1972.

Over the past 20 years, the number of women-owned firms in the country has increased by 114 percent.

Female entrepreneurs now explore business opportunities in various fields. From an eCommerce website to technology companies, the options seem endless.

While you could credit this development to the world of entrepreneurship opening up to women, that’s not the complete story.

Why More Women are Starting their Businesses

Female entrepreneurs now explore business opportunities in various fields.
Image Credit: StartupStockPhotos | pixabay.com

More women are becoming entrepreneurs out of necessity.

Many female entrepreneurs start their businesses to escape the often-unmeetable demands of corporate life. A 2017 National Women’s Business Council report used the term “necessity entrepreneurship” to describe this occurrence.

The term typically refers to people who start their business out of economic need. However, the NWBC proposes expanding the definition to other non-economic factors such as workplace discrimination.

There’s also the fact that women are typically saddled with other responsibilities such as household management and childrearing.

In a 2017 survey of female entrepreneurs, 55 percent in the U.S. said they wanted better work-life balance. Meanwhile, 61 percent of women in France said they wanted to be business owners to have pride in themselves.

Another report suggests that women entrepreneurs in the U.S. are nearly three times happier than women that are not business owners.

Expectedly, starting a company out of necessity comes with a primary challenge, and that’s identifying the right opportunity.

Before the business plan and feasibility study stage, selecting a business idea begins with some soul searching. While the ideas flow freely for some, it’s still a bit vague and sketchy for others.

That’s where this article comes in.

In celebration of International Women’s Day, we will explore viable business opportunities for women and venture capitalists that support female-led startups.

Let’s begin.

What to Consider Before Starting Your Business

Before settling on a specific business idea for women, consider these questions.
Image Credit: Gerd Altmann | Pixabay.com

Before settling on a specific business idea, you may want to ask yourself the following questions:

What Do You Like to Do?

Consider a business that matches your passion.

You’ve probably heard this a hundred times, and it’s still true. Aside from time and energy, starting a company also requires lots of sacrifices.

As such, it’s essential to focus on an idea that interests you. Make a list of all your hobbies and consider the ones that you could turn into your business.

What Are You Good at Doing?

Unless you’re a creative like an artist or writer, it can be challenging to know your strength. However, that’s the first step towards finding an idea that works for you.

So, talk to family and friends who know you. Although you may not have specific talents like writing or painting, you probably still have a marketable skill.

It brings us to the next essential question.

What Would You Like to Learn to Do?

Sometimes, we still need to take some extra lessons to exchange our passion for skills.

For example, if you’re passionate about mathematics, you may want to take an accounting course. That way, you could convert the skill into income by helping other people with their taxes.

Other skills that you can learn include computer programming, social media management, Search Engine Optimization, among others.

So, check online resources and start watching the right videos. Even if you are already an expert in the field, you could still pick up a thing or two.

Still not sure what to do? Consider the list below.

Five Business Ideas For Female Entrepreneurs Today

Outlined below are five potential lucrative ventures for women entrepreneurs today.
Image Credit: StartupStockPhotos | pixabay.com

Outlined below are five potential lucrative ventures for women entrepreneurs today.

1. Marketing and Sales Business Ideas For Women

Tons of businesses fall under this category. Marketing and sales are two business functions within an organization that both have a direct impact on lead generation and revenue.

Here are some of the most sought-after services in this field.

  • Marketing copywriting
  • SEO Consulting and Strategy
  • Event Planning
  • Social Media Management
  • Public Relations Consulting
  • Brand Ambassador

You can render some of the services on this list on a freelance basis. So, you’ll have more flexibility in your work life.

Lucky for you, sales and marketing businesses are easy to scale. In other words, you can diversify your clients as much as you want to make more money.

Conversely, you could also cut down on the jobs to have better control of your schedule.

Some of the most influential women in this field include Tiffani Bova, Alice Heiman, Jill Konrath, Trish Bertuzzi, Lori Richardson, Nancy Nardin, among others.

2. Business Ideas For Women in Tech

As the gender gap closes in the tech world, more women are beginning to dominate this field.

Women-led tech startups have a 35 percent higher ROI when backed by a venture. Also, they generate 12 percent higher revenue than male-run startups.

Whether you want to launch a startup with employees or work as a freelancer, various opportunities in technology already exist for women. However, you must possess the necessary skill — or be willing to learn.

Some ventures for female entrepreneurs in tech include:

  • App Developing
  • IT Consulting
  • Web Securities Specialist
  • Website Designing
  • Data Entry
  • Freelance Coding

As marketing and sales, businesses in tech also offer the chance to freelance and do contract work. You can choose to work on either a long-term or short-term project and do it on your schedule too.

You’ll find a long list of successful women entrepreneurs in tech.

It includes Victoria Ransom, who co-founded Wildfire Interactive, which Google acquired for $250 million. There’s also the co-founder of Cisco, Sandra Lerner, and founder of care.com, Sheila Lirio Marcelo.

3. Business Support Ideas For Women

According to Statista, the global outsourcing industry generated $88.9 billion in revenue in the last decade. And it’s not surprising.

Along with saving costs, organizations outsource to focus on core business goals and planning. Companies always need a little help, and it could be your business to provide this extra support.

Some services that belong in this category include:

  • Bookkeeping
  • Business Event Planning
  • Payroll Services
  • Remote Customer Care
  • Accounting
  • Business Coaching

You should know that the business support service landscape is changing, and that’s because of automation.

But not to worry. While we’ll eventually lose some of the services, the outline above to AI, many more high-skilled, and higher-paying jobs will exist as a result.

4. Personal and Home Service Business Ideas For Women

People always have tasks to complete, from pet grooming and tutoring to home cleaning.

Unfortunately, there’s never enough time to complete these tasks. And this presents a business opportunity for people looking to fill this role. Some lucrative personal service businesses include:

  • Pet Services
  • Interior Design
  • Home Cleaning
  • Personal Shopper
  • Lawn and Garden Grooming and Planning
  • Personal Fitness Training

Some of the activities outlined above are seasonal. As a result, they’re ideal small business venture for female entrepreneurs that are not looking for a full-time gig.

5. ECommerce Business Ideas For Women

Are you considering e-commerce business, but don’t know where to start?

You can read loads of books and guides on the internet about how to start a long-term online store. However, every successful entrepreneur in this field began with a question — what do I want to sell?

Some top eCommerce ideas today are:

  • Online Digital Health Service
  • Niche Fashion Communities
  • Sell Industrial B2B Product
  • Affiliate Marketing
  • Micro-niche Sales

After picking a business, the next step is to review the competitions before building your online store.

Your success in the e-commerce business arguably begins and ends with your product. Not only will a great product sell itself, but it could also earn good reviews as well as customer lifetime loyalty.

Amazing ladies transforming online shopping experience in 2020 include Trinity Mouzon Wofford, Helena Price Hambrecht, Lillian Tung, Meghan Stabler, Sapna Parikh, among others.

Venture Capitalists that Are Focusing on Women-Led Startups

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Image Credit: Mohamed Hassan | pixabay.com

In 2017, venture capitalists invested 98 percent of their capital in startups led by men. Meanwhile, women-led startups raised 36 times less money on average.

But the tide is turning, and more VCs are diversifying the starts in their portfolio. In 2019, VC investment in female business owners in the United States hit an all-time high with $3.3 billion.

Here’s a list of venture capitalists that prioritize providing funds for female entrepreneurs.

1. Boulder Food Group

Although Boulder Food Group doesn’t cater exclusively to women, female business owners make up the majority of its partnerships.

As you may have guessed, the company focuses on food. BFG works with food and beverage consumer product startups to ensure sustainable growth.

Along with providing capital, the VC also offers advice on operational strategy. These include channel development, tactical marketing, organizational design, and capital planning.

Boulder Food Group is currently involved in the. Large and growing food categories business.

2. Aspect Ventures

Unlike other investors on this list, Aspect Venture doesn’t focus on startups in their earlier stages. Instead, the VC serves businesses that need funding between the seed and late stages.

According to the company’s website, the team has funded over 100 companies and participated in over 350 follows financing. Led by Jennifer Fonstad and Theresia Gouw, Aspect Ventures focuses directly on female entrepreneurs with startups in specific fields.

These include digital health, security, Saas, AI, autonomous vehicle mobile technology, and healthcare technology.

3. 500 Startups

As the name implies, 500 Startups have invested in over 500 companies. According to the company’s website, this firm has invested in more than 2,300 businesses across over 75 countries.

500 Startups’ key advantage over other VCs is its diversity.

The company invests in all kinds of businesses. However, it cares about specific themes, such as retail, beauty, and fashion innovation solutions.

In addition to funding businesses, 500 Startups also offers a 4-month seed program in San Francisco. Thanks to this program, startups can acquire the requisite knowledge to take their business to the next level.

4. Halogen Ventures

Halogen Ventures is an early-stage venture capital fund that focuses primarily on companies led by women. The VC invests in pre-seed, seed, and Series A companies that create innovative technologies and products in the consumer space.

Halogen Ventures owner, Jesse Draper hosted “The Valley Girl Show” — which was about technology. Then, she used this experience to provide hands-on support to business owners.

Services that the firm offers include helping businesses build their network as well as brand exposure. Also, Halogen Ventures help startups find their path to acquisition or IPO.

5.Urban Innovation Fund

The Urban Innovation Fund invests in the future of cities.

The venture capital firm provides seed capital and regulatory support to entrepreneurs that are looking to solve urban challenges. As a result, the Urban Innovation Fund specializes in startups that are into transportation, housing, energy, resources, and sustainability.

Other areas of interest include education and workforce, health and public safety, business, and financial services, among others.

Final Words

Whatever business you may choose, other female entrepreneurs have failed and excelled in the same field in the past.

Rather than repeat their mistakes, consider seeking out their wisdom.

For example, insights from other entrepreneurs on LinkedIn or Facebook can be incredibly useful. Also, you may want to join development programs, forums, and networking sites designed for women in your field.

Admittedly, it’s not easy to know the best business for you. Even the most motivated entrepreneurs have struggled with this decision.

Now that you know where to begin, it’s time to take action. You could be a business owner before the year ends.

Read More: 4 Techniques for Businesses to Beat Customer’s Decision Paralysis

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Sumbo Bello

Sumbo Bello is a creative writer who enjoys creating data-driven content for news sites. In his spare time, he plays basketball and listens to Coldplay.

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