The underrepresentation of women in top-tier corporate positions has been a topic of debate. From watching male counterparts get promoted over them to fighting to close the gender pay gap, women have been in a battle for equality. As a result, many women choose to take matters into their own hands and have ventured into entrepreneurship.
As an indicator of the drive women have to make their mark on the business world, we have seen women entrepreneurs becoming a fast-growing sector in the United States. According to the U.S. Census Bureau's 2020 Annual Business Survey (ABS), nearly 21%– which equates to 1.2 million— U.S. businesses were owned by women in that year.
In a move to help level the playing field for female business owners, the United States government has limited competition for certain contracts to businesses that partake in the Women-Owned Small Business (WOSB) Federal Contracting program. The government states that “these contracts are for specific industries where WOSBs are underrepresented. Some contracts are restricted further to economically disadvantaged women-owned small businesses (EDWOSBs).”
Business attorney Laura Cowan understands the importance of women’s empowerment; being a young female entrepreneur herself, she aims to help other women with the launch of a new website for business owners, which will include an online business startup course, legal templates, and other resources for entrepreneurs. In this article, Cowan has shared some of the steps she deems essential for women to succeed in the business world.
Ensure That Your Business is Set-Up Legally
Setting up your business with the right legal protections is the foundation for your success. To ensure you have a solid foundation, it is important that all legal requirements are met to avoid any hiccups later on. The legal obligations and filing process varies according to each state and can be done without the aid of a third party. However, the process can be difficult and confusing for those who do not have a legal background or are new to the process.
This is why it is always advisable to seek the help of a legal professional who understands the process and knows how to deal with any issues that occur along the way.Knowing LLCs are a popular choice for new business owners, Cowan has created a package to simplify the entire LLC formation process. It includes a name availability search, preparation of an Operating Agreement, Secretary of State filings, IRS application for an employer identification number, and 1-year registered agent services.
Mistakes To Avoid Setting Up Your LLC
Inadequate planning and research are two of the biggest mistakes that entrepreneurs make when they start, and this can cause significant issues when it comes to budgeting. Cowan advises that business owners carefully consider their expectations for the business as a startup, as well as one, five, and ten years out. Consulting a business coach will also aid in the process of formulating a business plan.
Cowan's advice to entrepreneurs is to “Consider engaging a market research company to survey your ideal prospective customers. Talk to others in the same industry. Gather as much information as you can so you can identify traps others have fallen victim to or have been able to avoid. Do not limit your research to friends and family. Seek advice from objective customers or other business leaders.”
About Laura Cowan
Laura Cowan moved to New York City right after college where she worked for several years as a CPA at Ernst & Young and Goldman Sachs. She then went on to obtain a law degree from the University of Minnesota. After graduation, she worked at a small law firm before opening up her own law practice in 2016. Since then, Cowan has grown her business into an award-winning, top-ranked law firm that provides estate planning and business law services to families and entrepreneurs across the U.S.
Cowan says, “Opening a law firm in a very competitive area of law in the middle of NYC was the hardest thing I’ve ever done, but the most rewarding. I am now expanding my brand to include business consulting, online courses, and more! My goal is to help women worldwide build a profitable business so they can be independent, empowered, and happy.” She continued, “This is meaningful to me because I bootstrapped my own business with no help and no safety net. I understand how hard it is. But I also understand how empowering it is to be a business owner and not have to rely on anyone. As a business owner, you have the potential for unlimited income, unlimited impact, and unlimited influence. I want to be a resource to entrepreneurs worldwide, in all capacities, not just legal.”
Final Thoughts
While the battle for gender equality– especially in the business world– is far from over, women have been making great strides in entrepreneurship. Women like Laura Cowan are taking matters into their own hands, and by becoming their own boss, are also creating opportunities so that other women are able to do the same.
