Women make great entrepreneurs, and the numbers prove it:
- “Startups founded and cofounded by women are significantly better financial investments,” a study from BCG, a global consulting firm, found.
- Women-founded startups performed 63% better than male-founded ones from 2005 to 2015, First Round, an investment firm, reported.
- Females report needing 50% less funding than men when launching a new business ($10,000 vs men’s $20,000), according to the Global Entrepreneurship Monitor report.
- While women own just 19.9% of American businesses, this number continues to increase, according to the U.S. Census Bureau’s Annual Business Survey.
“In short, women entrepreneurs are more profitable, create more jobs, and are more effective,” explains Susan Black, founder of Wowzitude, winner of the SubSummit 2021 Pitch Competition Presented by Pitney Bowes.
There are many amazing women in subscriptions, and SUBTA is honored to highlight some of them on this Women’s Entrepreneurship Day. The industry is filled with opportunities, and the stories of these women entrepreneurs show us what’s possible through balance, confidence, and growth.
Read on to learn how 12 women are creating successful brands and what advice they’d give to other subscription entrepreneurs.
Believe in Yourself
When starting anything new, it’s natural to feel a bit of imposter syndrome — a persistent feeling of inadequacy. The reality is, even the most successful professionals have experienced self-doubt — with 75% of executive women feeling imposter syndrome at some point in their career, according to a study by KPMG, a business and advisory firm.
“Take the risk and believe in yourself. Do work you care about. Challenge yourself.”
“Don’t put yourself in a box! So many of us start our businesses after leaving other jobs and industries, and it’s easy to think that we only have skills and expertise in certain areas. Being an entrepreneur and subscription box owner gives you the opportunity to learn and grow, to develop new skills in areas you never even thought of before. Just be patient and know that it will probably not be perfect the first time or even the second. But, in the end, you will be better for stepping outside your box.”
“Her success is not your failure. So often, we get caught up in the comparison trap as we scroll through the beautiful social media feeds or hear of another subscription box hitting a major milestone. You can’t allow yourself to feel less than someone else or think that you don’t add up. You have a unique journey so keep focused on your own goals. There is more than enough to go around!”
It’s no secret that running a business can be stressful. Work-life balance and self-care are vital when leading a brand toward success, and these ladies have insights on how to accomplish that:
“Set boundaries and only do things that are hell yeses. There are no awards for the busiest, most stressed-out woman.”
“Hire help! As a business owner, you have to make time for yourself in order to be able to stay focused, see the bigger picture, and build a company that will thrive. Most CEOs of successful businesses are NOT doing their own laundry (nor are they cleaning their own houses, grocery shopping, etc.). Get help with things around the house as soon as you can afford to; it will be WELL worth it.”
“I would advise other women business owners to have a consistent morning routine, where they take time to be intentional about their purpose and their goals and how they want to show up each day.”
Never Stop Learning
Scaling a subscription is an evolution often built on trial and error. Having a growth mindset and learning throughout your journey will set you up for success:
“Small successes and failures are key to trackable and scalable growth. Keep grinding, learn from mistakes, and repeat successes. Through tracking, measuring, and optimizing, we can grow our business.”
“Don’t hesitate or overthink too much. The beauty of subscription is we have the ability to adapt and change every month. Be bold and take risks to see what works!”
Surround Yourself With Great People
“Being a woman in business is not for the faint of heart. It’s hard work, but rewarding work. My best advice is to find a mentor, even if it’s a male mentor. Having a good mentor or coach no matter what stage of business you are in is extremely valuable. You can always learn something from someone who is further along in business than yourself.”Bonus Read: How Four CEOs Used Mentorship to Grow in the Subscription Industry
“And lastly, don’t forget to have fun! Have a bestie that you can talk to about business that understands business and can be a cheerleader with you, support you, have fun with you, and you support them equally in return. Women need to support each other in their endeavors and even if you’re in a competing industry there is so much to offer each other and so much room for all of us to shine and show what we do best without stepping on each other.”
“Surround yourself with other supportive and positive women. Implement core values in your business that help create positive change and growth. Create a team that shares the same values as your company. Portray your values to your customer base through your marketing and create a community that both uplifts your company and your customers.”
Risa Garcia, one of six co-founders of The Social Butterfly Box
“Take your time working out logistics, identifying resources, and building relationships. Relationships will open doors that money and skill won’t. When you feel like giving up, finish the day, go to sleep, and hit it fresh. New day = new opportunities. The more you work at it, the greater your chances of success. Lastly, minimize expenses in the months leading up to your launch so that you’ll have a reserve to fund your endeavor.
Hayley Figueroa & Irma Marrero
Running a business is no easy feat, and women face added challenges. Nearly 50% of women entrepreneurs report a lack of mentorship and 72% say they are challenged with a lack of funding, according to research from the Kauffman Foundation.
If you’re passionate about growing a subscription brand, don’t let those numbers stop you! The subscription industry is rapidly growing, and the opportunities are endless. These 12 women are creating impactful businesses that serve a range of passions, purposes, and missions. Whatever your reason for starting a subscription, there’s a place for you in this industry!
Thank you to all of the amazing women who took the time to share their advice with other subscription entrepreneurs! If you want to share your journey with us and be featured in future SUBTA blogs, now is your chance!Tell Us Your Story