The Wall Street Journal reports that although more women than men are starting businesses, woman-run businesses tend to be smaller. Here are some resources to help conquer the challenge of forming a company that are geared toward women business owners, but also helpful for all entrepreneurs.
Martha Pineda, a priority banking manager for Union Bank, suggests that entrepreneurs planning to start a corporation should consult an attorney and incorporation specialists when deciding what legal structure to take.
Pineda also encourages entrepreneurs to develop a personal relationship with their banker, as the bank should be one of the first places they look for funding.
When asking for funding, have a clear business plan ready. In order to get ready for this step, the SCORE Success Blog offers information on running a woman-owned business, and has a mentor program. The National Association of Women Business Owners also has a list of resources and how-to guides.
Other important initial steps include state tax registration and obtaining a business license and employer identification number. Getting certified as a Women’s Business Enterprise is also recommended by Pineda, as it can open the door to government contracts.
After entrepreneurs file incorporation forms, Sharon Hadary notes that it’s innovation and learning how to embrace change that are crucial in achieving growth and longevity.
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