Host:
There’s no business quite like owning your own business.  Just ask the more than 10 million women in the country who pour their hearts into their own companies.  And while many find success, it’s hardly easy or guaranteed. 

That’s why today – as part of our “My Career series” – we’re exploring the secrets of success for women in business and simple tricks they can use to stay ahead of the game. 

Here to help is Ana Harvey, a successful businesswoman in her own right and the assistant administrator of the U.S. Small Business Administration’s Office of Women’s Business Ownership. 

Ana, thanks for joining us. 

Ana, what are the unique challenges women in business face?

Ana Harvey:
Creating and building a small business is difficult for anyone, but women face an additional set of challenges.

They often face pressures not just to succeed in their careers, but at home too. 

Women also don’t always have access to the types of networks men do, sometimes limiting their access to some types of funding. 

As women-owned businesses grow, many are resistant to relinquishing duties and hiring new employees or subcontractors to complete necessary tasks. Instead they try to do everything on their own. 

Host:
Let’s say I have what I believe is a million-dollar idea.  What steps must I take?

Ana Harvey:
We call them the three C’s: Capital, Contracting and Counseling.

I wish I had followed these steps when I built my business. It would have saved me stress and time.

Capital is all about making sure you secure proper funding. This can be done through conventional loans, SBA backed-loans, or by investor financing.

The next is Counseling – seek help and network.  SBA Direct, www.sba.gov/direct , gives information and services based on your unique business needs. It is a personalized tool to help connect business owners to information and resources.

The final C is contracts.  The federal government spends $100 billion a year in contracts to small businesses. States and local governments also spend billions combined. Learn how to bid and get involved. 

Host:
The SBA has created the Office of Women’s Business Ownership.  What does that office provide? 

Ana Harvey:
Our goal is to level the playing field for women entrepreneurs. 

We oversee more than 100 Women's Business Centers all over the country in which we provide training and counseling in many areas.

We help provide access to credit and capital, federal contracts and even international trade opportunities. 

We also can help businesses bid and secure on those coveted government contracts. 

Host:
You have a new program specifically aimed at helping women secure those contracts. What is it?

Ana Harvey:
The new Women-Owned Small Business Federal Contract Program is actually designed to help women secure more federal contracting opportunities in over 300 industries. 

There’s a web portal designed for women to upload their information. 

At the same time, the SBA is training contracting officers on how to set aside opportunities for these women. 

Just think, if women get just an extra 1 percent of government contracts, it’s equivalent to $4 billion in the hands of women.

Host:
Another intriguing program under the purview of the White House is the SBA’s Startup America Initiative.  Explain it. 

Ana Harvey:
The Startup America initiative is a national public/private partnership to promote high-growth entrepreneurship. 

The core goals of the initiative are to increase the number and scale of new high-growth firms that are creating economic growth, innovation, and quality jobs.

It also addresses barriers to success for all entrepreneurs and small businesses.

Host:
Ana, Thanks so much for this useful insight. 

If you want more information on these programs, head to w w w dot s b a dot gov.  And don’t go anywhere because after the break, we’re introducing you to one amazing woman who overcame business barriers to create her own thriving business.  We’ll be right back.

Think you have a million-dollar idea? I’m HOST here with Ana Harvey from the Office of Women’s Business Ownership at the U.S. Small Business Administration.  Tune into The Balancing Act to discover smart tips that could help you make your idea a thriving, successful business.