Women’s entrepreneurship has been on the rise in the US since 1997. According to a study from the National Associaton of Women Business Owners, 11.6 million businesses in the US are owned by women. Of those businesses, 46% are majority-owned by women of color. This is a growth of 11.4% compared to the overall growth rate of 44% for all businesses. So what’s holding YOU back?
Most likely it’s things like time, effort and money. Or the vague idea of needing to be “ready” to own your own business. Maybe you’re too overwhelmed by the idea that you become paralyzed with the options? We understand. We absolutely know how you feel because we were once there too (read more about my own struggle).
Pro #1 of Owning Your Own Business: A Flexible Schedule
Gone are the days of having to request vacation days or personal time off – with your own business, there’s no one to OK your time off, but you. You can sleep in late (or get up early), decide to take a long lunch, or pick up the kids when you need to. All without having to alert anyone or feeling guilty about it. That’s a really BIG pro of owning your own business.
Pro #2 of Owning Your Own Business: No Big Boss Breathing Down Your Neck
When you work for yourself, you suddenly develop a whole new love for you boss! Gone are the mornings met with passive-aggressive emails about reports not being done on time or where is that travel arrangment I asked for? When you work for yourself, you have only your own deadlines and deliverablies to attend to. No one else’s agenda is on the line, except your own.
Pro #3 of Owning Your Own Business: Never having to chose between work and family.
According to a study by Freshbooks (an online invoicing software for small businesses), 56% of self-employed professionals say working for themselves makes it easier to find flexibility when they need to be there for family. Of those with children, 42% say it’s now easier [being self-employed] to assure that the kids have quality care.
As a mother with a small business, needing to run off to a necessary doctor appointment or school meeting is as simple as gettin in the car. No more need to request time off or find someone to fill in for the time you’ll be away from your desk. This simple, but important ability is one of the major reasons that Princess Tea Parties are a solid option for women.
Pro #4 of Owning Your Own Business: Providing a service that Parents Need and Want
During the past 15 years, children’s birthday parties have grown into a diverse $38 billion industry in the United States. The clearest evidence of this might well be the rise of party planning consultants for children’s birthday parties. With time at a premium, Parents want their children to enjoy a unique birthday experience, and are willing to pay a professional to relieve them of the stress of planning, coordinating, and hosting the event.
Pro #5 of Owning Your Own Business: Word of Mouth Marketing. If you are good at what you, and give families a memorable experience, they will tell others.
Parents want to see their children happy, give them a memorable experience and not be stressed in the process. Also, because a birthday occurs only once a year and is often a compelling reason for extended family members to participate, Parents are willing to pay a premium for a stellar experience.
It is easy to see, if you’re a compatible business, how adding a service catering to birthday parties is a good idea. There are a multitude of party types and depending on your primary business, you can choose a niche which is most complimentary for you. The point is, the field is wide open.