There are 12 million women-owned businesses in the United States, which accounts for 40% of all businesses. In an even more uplifting statistic, there are 114% more women entrepreneurs in America today than there were a couple of decades ago. 64% of today’s women-owned business owners are women of color.
Among metropolitan areas that saw the growth of women-owned businesses in 2019, Tampa Bay ranked 12th, overall, in a report of the country’s top women-owned business statistics. Notably, our region placed 25th with regards to job growth and 30th in terms of revenue growth. C’mon, ladies, we can do better than that.
There’s never been more opportunity up for grabs when it comes to starting a business. In this article, we’ll look at how to start a small business in Florida if you’re a woman entrepreneur.
Why are women turning to business ownership?
Simply put, women are turning to business ownership because it benefits them and their lifestyle. It’s no secret that in the workplace, women are in danger of hitting the glass ceiling. In addition to stagnant progress, women also suffer from an unfortunate wage gap that means they don’t make as much as their male counterparts.
Quite frankly, we are fed up. When women start their own business, they get the advantages of more flexibility in their schedule and being able to charge what they are worth without bending to a wage a gap. They can control their own future by doing something fulfilling that they are good at and passionate about. Women are deciding that if they aren’t going to get a fair shake in the business world, they will make one themselves, and that’s why girls are going to rule the world. Keep it up, ladies!
How to start a small business in Florida
If you’re a woman looking to start your own business in Florida, you should follow these steps:
- Research and pick a business idea: The first step to starting a business is deciding what it is you want to do. This often takes considerable research and a lot of soul searching to learn how to temper what you want to do with what is profitable.
- Create a business plan: In your plan consider, your name, corporate structure, revenue goals, marketing plans, sales needs and others who are going to be named business officers.
- Form your business: Using the Small Business Administration website, you can register your business. Many small business owners opt to register LLCs because it benefits them from a liability standpoint and protects their personal assets.
- Grab a domain name: Your unique URL should reflect your brand, so it’s important to think about your domain before you buy it and set up a website. It should be something simple, memorable and easily recognizable as your company.
- Obtain EIN: As they say, the only sure things in life are death and taxes, and your business isn’t the exception. You will need to set up your company up for paying taxes by registering an EIN. However, if you’re a freelancer or contractor, you can use your social security number in place of an EIN.
- Think about finances: Next, you need to consider your business finances, and do things like set up a business bank account, purchase accounting software or work with an accountant.
- Secure necessary permits: If your business requires permits to operate legally, you will need to apply for those from the Florida government.
- Insure your business: It’s possible your business will require liability insurance. Look into the insurance requirements and options that make sense for your specific industry.
If you’re a woman in business it’s important that you put your best foot forward. One way to do that is with branding photography from Tampa’s Kristina Maness Photography. Book your session today.