The number of women taking the plunge to open their own business is on the rise, new research finds
Female entrepreneurs launched 887 new businesses each day last year, on average, and now own 30 percent of all enterprises in the United States, according to a study from American Express OPEN.
The study's authors believe the growth rate is another sign that business creation has recovered from the Great Recession. The number of female-owned firms has increased by 21 percent since 2007, which is more than the 20 percent increase in the five years before the recession. Additionally, it's significantly larger than the 7 percent growth rate during the recession.
"Women-owned businesses are key contributors to the post-recession recovery," Lisette Bernstein, vice president at American Express OPEN, said in a statement.
The number of women opening their own businesses has grown tremendously over the last two decades. Since 1997, the number of female-owned businesses has increased by nearly 75 percent, while the revenue they generated has grown by 79 percent. In addition, these new businesses have created more than 800,000 jobs.
Helping lead the growth has been minority women. In 1997, minorities started just 1-in-6 female-owned businesses. Today, that number has increased to 1 in 3. In the past year alone, minorities launched nearly 500 of the 887 new female-owned businesses started each day.
Overall, researchers estimate that in 2015 there are just over 9.4 million female-owned businesses in the U.S., generating nearly $1.5 trillion in revenue and employing more than 7.9 million people.
Women are focusing their entrepreneurial attention in some areas more than others. The study revealed that the industries with the highest concentration of female-owned businesses are health care and social assistance, educational services, administrative support and waste management services.
The research also shows that some states are doing more than others to foster the development of female entrepreneurs. In the past 18 years, Georgia has seen a 132 percent increase in the number of female-owned businesses, more than any other state. Texas, North Carolina, North Dakota and New York are the other states with a large increase in female-owned organizations. Alaska, West Virginia, Iowa, Kansas and Maine are the states that have seen the slowest growth. The report also found that the states with the highest combined economic clout for female-owned firms, which combines the growth rate with their generated revenue and job creation, are North Dakota, Wyoming, Washington, D.C., Arizona, Georgia and Nevada.
The study was based on data from the U.S. Census Bureau, specifically its business census, which is conducted every five years.
The ThinkPad X250 sports 12.5-inch display and a compact design.
If battery life is your top consideration in a new business notebook, Lenovo's new ThinkPad X250 is hard to beat. With its beefy, 6-cell battery attached, the notebook outlasts just about every other model on the market.
That epic longevity is combined with Lenovo's industry-leading ThinkPad keyboard, fast performance and all the ports and docking options that you could ask for in a compact, 12.5-inch business notebook. And, starting at just $755, it's pretty affordable, too.
The X250's battery life actually depends on which battery you choose. The default 3-cell battery actually offers average battery life, running for about 7 hours and 39 minutes. But with Lenovo's extended 6-cell battery attached, the machine ran for an incredible 15 hours and 12 minutes in our battery life test, which simulates continuous Web browsing over Wi-Fi. That's nearly double the category average of 8 hours and 4 minutes — perfect if you need a notebook that can easily last through any business flight.
Battery life aside, you get a choice of processors up to Intel's fifth-generation Core i7 chip, and an array of ports, including an Ethernet port, a 4-in-1 card reader and a VGA-out port, so you can connect to older projectors for business presentations. You can even add a fingerprint scanner, which is great for keeping your work notebook locked down without an annoying password screen.
However, workers who want more screen space should consider the larger ThinkPad T450s instead, as it offers a nearly identical feature set in a larger, 14-inch frame. It doesn't last as long on a charge as the 12.5-inch X250, though, even with its extended battery attached.
Check back for a full review of the ThinkPad X250 very soon.
Successful businesses all have one thing in common: They solve a problem for their customers. Unfortunately, some problems are less pleasant than others, and some are downright disgusting.
Don't want to clean up after your dog? There's a business for that. Dealing with a lice infestation? There's a business for that, too. Hate the hassle of dirty diapers? Not to worry, there's a business out there ready to help you.
These seven businesses give new meaning to the phrase "it's a dirty job, but somebody has to do it."
An in-home lice removal company
Parents of school-age children (and anyone whose job or day-to-day activities are likely to expose them to head lice) will appreciate LouseCalls, an in-home lice and nit removal service located in Florida. Founded in 2005 by Amy Graff, LouseCalls helps people get rid of head lice infestations. Graff, who has a master's degree in public health, was inspired to start the business after her daughter's elementary school class became infested with lice.
LouseCalls' technicians make it a point to educate customers about head lice along with treating them (including manual removal of lice and knits, as according to the company's website, many over-the-counter and prescription-removal methods are less effective and can even be harmful to those who use it). The company's unique house-call business model allows technicians to instruct customers facing lice infestations on how to properly remove lice from their homes, too. Technicians even stay in touch with customers for the week following treatment to make sure the infestation doesn't return.
A cloth diaper cleaning and delivery service
Disposable diapers may be convenient, but they're not exactly good for the environment. New parents who want to go green by switching to cloth diapers, but who don't want to deal with the mess and hassle of cleaning them, can turn to Blessed Bums, an organic cloth diaper service in Los Angeles. Owners Chris and Laura Gately started the company in 2010 when they realized Laura was pregnant. The pair wanted to use organic cotton diapers to minimize their impact on the environment and their baby's health.
So how does Blessed Bums' service work? The company delivers a set amount of diapers right to your door every week, in a diaper pail with a reusable pail liner and a deodorant disk. When your baby is done with a diaper, just drop it in the pail — at the end of the week, Blessed Bums will collect the dirty diapers for cleaning and deliver a new batch in a clean pail liner. And the cost? Just $24 per week, plus a $25 pail rental fee when you sign up.
A skeleton cleaning business
We've all got skeletons in our closets, but Skulls Unlimited International takes that saying to a whole new, literal level. As the world's leading supplier of osteological specimens (e.g., skulls, skeletons, teeth and fossils), Skulls Unlimited International, located in Oklahoma City, doesn't just buy and sell skeletons and replica specimens. They're also tasked with a very unique and disgusting task: cleaning them.
Cleaning these specimens doesn't just mean dusting off dirt and debris from bones and fossils. The company has to clean off any remains, degrease the specimens and then whiten them with chemicals. In an interview with Entrepreneur.com in 2007, owner Jay Villemarette admitted that it's not the most pleasant job to take on, noting that some specimens (like humans) are greasier than others or have distinct odors.
And don't worry, all of the specimens Skulls Unlimited International takes on are legally and ethically obtained, according to the company's website.
A high-tech hygiene company
The word bidet may conjure up images of commodes in upper-crust European society. But you might be surprised to know that not only have bidets gone high-tech, their demand is alive and well, even in America. Brondell, located in San Francisco, is one business prospering from the "bidet boom."
Brondell was co-founded in 2003 by David Samuel and Scott Pinizzotto, after Samuel accidentally got soaked by a bidet in a Japanese restaurant bathroom. After some research, the pair found that most American homes did not have bidets, and a company was born. Brondell’s product line includes a bidet called the "Swash 1000," which the company describes as a "highly functional toilet seat that provides users unparalleled comfort and personal hygiene."
Brondell's core market focus is North America, but they also distribute internationally and through various partnerships.
A dog poop clean-up service
Dog owners may love their pooches, but most people would rather not have to pick up their furry friend's poop. Unfortunately, it's a fact of life for pet owners. The good news is, there's a business that will do that for you: POOP 911. Started in 2005 by Geoffrey Bodle, a former consultant for Fortune 500 companies, POOP 911 is a dog poop clean-up service based in Orange County, California, that will keep you, your dog and your lawn happy.
With a startup investment of less than $5,000, Bodle initially operated POOP 911 as a weekend-only outfit until he could gauge the company's real money-making potential. Thanks to publicity, customer referrals, and simply driving his POOP 911 vehicle around town, the much-needed service and recognizable phone number got people’s attention. The company has even grown into a franchise, and services start as low as $7.95 per week.
A junk removal chain
They say one man's trash is another man's treasure, and this business is proof — sort of. Longtime friends Michael Andreacchi and Brian Reardon launched Junk King in 2005 to provide environmentally friendly junk-hauling services. What initially began as a service offered to family and friends quickly became much more when they realized the potential in the market — now, Junk King operates in 45 cities in the United States and Canada.
Headquartered in San Carlos, California, Junk King removes junk of all shapes and sizes, ranging from old furniture, appliances, tires, yard waste and practically anything in between. The company even does foreclosure cleanouts. And, according to Dennis Mulgannon, director of franchising for Junk King, their approach to junk hauling has saved nearly 2.3 tons of waste from local landfills by recycling up to 60 percent of what is collected from customers.
Andreacchi and Reardon began Junk King with their own personal investment, but potential franchisees can own and operate their own exclusive Junk King territory for an initial investment ranging from $83,500 to $150,000.
A bacteria-fighting baby business
Poor baby! For Joe and Linda Smaldore of Springfield, Virginia, necessity really did breed invention. Noticing that their new grandson had crusty, yellowish patches on his scalp (an ailment commonly known as "cradle cap" — or seborrheic dermatitis, to get technical), they sought a product that would help remove the dry skin. Cognizant of his tender scalp, they searched for a product that that did not contain harsh chemicals or toxins that might harm the child.
To their shock, no such product existed. As a result, they created their own solution in 2009: Bean-B-Clean, a scalp-massaging brush that helps combat cradle cap. According to the company's website, Been-B-Clean is a more hygienic alternative to the brushes hospitals use that have sponges on the back. Why? Because those sponges "can become a breeding ground for bacteria" and are only meant for one-time use. The Bean-B-Clean is a safer tool that is also soft and soothing for cradle cap-afflicted babies.
Starting a business? Entrepreneurs know that dreaming up a business idea is the easy part — it's making your dreams come to fruition that’s the real challenge. And one of the first steps to taking on that challenge is creating a business plan, a task that can be pretty daunting no matter how great your idea is.
Your business plan is essentially your map to success — it's an outline of the goals, research and projections you have for your new company so that you can stay on the right track, and is an especially important document to have if you're seeking funding.
Business News Daily asked business owners, strategists and experts what the most difficult part of writing a business plan is. Here are 13 challenges you'll face writing your business plan.
Actually starting it
"The hardest part about writing a business plan is getting it started. Lock yourself in a room, turn off your phone and focus." – John Gavigan, executive director, 43North
Filling out your financials
"The most difficult part of writing a business plan is the financial section. It is difficult to project figures on a brand-new business with, possibly, a brand-new concept. There is not roadmap, no one to follow. The best you can do is find a similar company and try to gauge what they are making." – Rosemary O'Brien, owner, Pocket Parks Publishing
Knowing your demographics
"The hardest but most important piece is getting your target demographics dialed in properly. You need to know who you'll be selling to and how big the market is to estimate with some accuracy how many people you can reach and sell your product or service to." – David Batchelor, founder, DialMyCalls.com
Planning for tech changes
"Predicting the unforeseen technology variables that the future holds [is a challenge]. When I started my business nearly 10 years ago, there was no marketing on Facebook, and Twitter and Instagram did not yet exist. Today, these social media platforms play a huge role in my business' marketing strategy and directly affect sales." – Monif Clarke, CEO and founder, Monif C.
Being concise
"[One of the top challenges is] keeping it short and sweet. The more concise and focused a plan is, the more likely business owners are to achieve the goals they have set out for themselves and their business." – Rick Faulk, chairman and CEO, Intronis
Making it interesting
"The hardest thing about writing a business plan is being able to tell your story in such a way that people buy into your idea. If you tell a lousy story, people won’t want to invest." – MJ Pedone, president and founder, Indra Public Relations
Establishing workable goals
"Establishing clear, concise and understandable goals — these goals must also be realistic. When people can't see the vision of the plan, they won't take action to pursue the plan. In addition, by having set goals that align with your plan, you have measureable targets to track your progress." – Mike Rodriguez, coach and business consultant
Staying grounded
"[You need] to be honest with yourself. Entrepreneurs are by nature dreamers and optimists and business plans require them to challenge their assumptions about market opportunity, the competition, the value of their product and growth projections. That is where they get caught up in defining an aspirational, but somewhat realistic, business plan." – Vikram Aggarwal, CEO and founder,EnergySage
Being realistic about the outcome
"The biggest issue I see with most business plans is lack of perspective. Excited by their idea, business plan writers start from the point of view that it can't fail and never fully identify all of the risks associated with their plan." – Charlie Johnson, president, Magnolia Financial
Finding the right amount of flexibility
"The hardest thing about writing a business plan is making it flexible enough to allow for change without making it so flexible that it isn't really a plan. There is a happy medium between these worlds and this is where the most success can be found." – Idan Shpizear, owner and founder, 911 Restoration
Proving that your idea is worth it
"Proving monetization is undoubtedly the biggest challenge when it comes to developing business plans. Often, startups will have innovative ideas and a lot of ambition, but not necessarily a budget or the funding to bring their ideas to life. When companies come to us, we always ask [if there is] a need, because need drives business. If there is no need, you won't be able to succeed with your business plan." – Kim Connors, director of strategy, Blue Fountain Media
Being unable to predict everything accurately
"No matter how detailed you make [your business plan], you will always be wrong! Predicting revenues is like looking into a crystal ball. Costs are easier to predict as they are under the company's control and depend on overall strategy and focus, but even here, some costs may be contingent." – Neha Mittal, head of strategy and business development, Arrow Devices
Making your plan useful
"In my experience, the biggest challenges CEOs face is creating a business plan that can actually be successfully implemented. Many companies create plans, but too often, those plans sit on the shelf with actions not done, targets not met." – Renee Fellman, management expert, Renee Fellman & Associates
Facebook Ads are one of the most effective ways for customers to find your business on social media. Now, it's one of the easiest ways for them to reach you, too.
Facebook is launching the "Call Now" and "Get Directions" buttons to Facebook Ads to make it more convenient for customers to reach businesses directly from their mobile phones. Part of Facebook's local awareness ads program, these two new features aim to help small businesses expand their reach in the most cost-effective way possible.
Here's how the new buttons work and how you can create local awareness of Facebook ads with these call-to-action buttons.
How the buttons work
The Call Now button appears at the bottom right corner of each ad unit that appears on users' News Feeds on the Facebook mobile app. All customers have to do is tap on the button and their phone will automatically call your business.
The Get Directions button works the same way. Customers who wish to visit your business simply have to tap on the button and it will automatically launch their maps or directions app and show directions from their location.
With these call-to-action buttons, customers save time from having to search for your contact information. By allowing them to instantly reach you, they are more likely to visit your business and make a purchase.
Creating and measuring an ad
Facebook makes it easy to set up a local awareness ad with the new buttons. These ads can be created straight from your Facebook Page, where you'll choose which call-to-action button you want to use. Set your budget and target area, and Facebook handles the rest.
To measure your ad's and button's performance, Facebook has also added the call-to-action metric to the Facebook Ads analytics tool. There you'll find how many people you've reached with the ad and how many are clicking on the Call Now and Get Directions buttons.
Find out more about the new call-to-action buttons and local awareness ads at Facebook for Business.
