Toutou Marsden is the owner of Dell-Lea Weddings & Events in Chichester.
As the owner of a wedding and events company, the pandemic brought some of the most challenging days of my life. But even as events return, we’re still dealing with serious challenges like the rising cost of doing business and supply chain issues that threaten the success of my business every day.
All entrepreneurs are tested over the lifespan of their companies, but the challenges disproportionately impacting women business owners only grow when times are tough. According to an earlier survey from Goldman Sachs, 48% of female-owned small businesses noted they were struggling financially compared to 39% of our male counterparts.
Today, issues like inflation, labor shortages and supply chain issues are making it harder for women to succeed, especially compounded by ongoing gender disparities. A new survey of graduates of Goldman Sachs’ business education program, 10,000 Small Businesses, recently found that 78% of small business owners say the economy has gotten worse in the past three months. It also found that 93% are worried about the U.S. economy experiencing a recession in the next 12 months.
But there is some good news —
65% percent say they are optimistic about the financial trajectory of their business this year.
Although the future may be daunting, I know women entrepreneurs represent hope for the economy.
When I moved to America at five-years-old, I quickly picked up on the image of the classic American Dream. Starting a small business became a goal of mine early on. Being an entrepreneur defines your financial future and makes a lasting impact on your community. As an immigrant from Laos, I’ve been fortunate to live this dream with my family since we opened Dell-Lea Wedding & Events in 2016.
Even though entrepreneurs can creatively maneuver around economic headwinds, we need outside intervention and investments to ensure women-owned small businesses can withstand future challenges.
Government initiatives like the Paycheck Protection Program and the Economic Injury Disaster Loan were lifelines to many. For me, Goldman Sachs 10,000 Small Businesses prepared my company for what may come. Through my personal journey in the program and my new network of other business owners, I was able to keep my business afloat during the pandemic.
While I was able to overcome the challenges that both small businesses and women face, there is still more work to be done for other women and immigrants across the country. We must make our voices heard because our businesses are key to economic recovery locally and nationwide.
To reach that goal, the government and the private sector must come together to find a solution. That’s why I’m joining more than 2,500 entrepreneurs at the Goldman Sachs 10,000 Small Businesses Summit in Washington, D.C. this week. This event is the largest gathering of small businesses, a community I am proud to be part of.
Top of mind for me is to ensure the government is living up to its promises of offering programs from banking institutions to offer financial grants or low-interest rate loans to more women- and minority-owned small businesses. The government also needs to enhance and bolster policies and programs designed to help small business employers and employees with affordable housing. We also need to see a modernizing of the U.S. Small Business Administration (SBA), which has not been reauthorized since 2000.
Despite obstacles known and unknown, I am encouraged by my fellow female entrepreneurs who continue to press forward. We must remember our ability to pivot places us at the forefront of innovation.
Source: concordmonitor.com
