By CultureBanx Team
- Women of color actually make up the biggest portion of female led businesses that generate revenue of $1.9T
- Facebook is investing over $100M in grants to help 30,000 small businesses
Since the internet has become the fabric of society, determined women have found success in business using social media platforms like Facebook (FB +2.34%) and Instagram. The path to becoming a female entrepreneur can be hard, but the unique role social media plays in their business strategy is a key factor for success. Here’s what women-owned entrepreneurs need to know about how to leverage social media to reach and grow their businesses in key markets, during these unprecedented times we’re all navigating.
Why This Matters: Even though the novel coronavirus has slowed down brick and mortar businesses, the “click and mortar” industry is still alive and well, thanks to businesses built on social media. Savvy business women know that social media can serve many purposes simultaneously like marketing, branding and even customer service. One of the largest social media giants is stepping up to support small businesses that will be impacted by the COVID-19 pandemic. Facebook COO Sheryl Sandberg noted that the company is investing over $100 million in grants to help 30,000 small businesses around the world. For women in business, this is especially good news, as they often confront difficulties in securing capital.
65% of minority women are more likely to have a side hustle than other women
Women of color actually make up the biggest portion of female led businesses that generate revenue of $1.9 trillion. Additionally, 65% of minority women are more likely to have a side hustle than other women, social media has presented this demographic with an unprecedented opportunity to create the future.
This is exactly what Instagram Product Marketing Manager Brooke DeVard Ozaydinli does with her side hustle the “Naked Beauty” podcast, that was purely built on social media. “I think we’re witnessing the democratization of media… You don’t need gatekeepers or a pitch tank to qualify you anymore” DeVard Ozaydinli said. Through building her business and brand she found that “social media is making it possible for anyone with an idea or passion, to make a living from it.”
Situational Awareness: For women, social media presents an abundance of opportunities that will lead and effect change, along with innovating and with building relationships across sectors. In 2019, women started an average of more than 1,800 new businesses per day in the U.S. These companies now represent 42% of nearly 13 million businesses overall, and social media plays a major role in helping women launch new companies.
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