Financial Empowerment Tips for Women Business Owners

Through strategic planning and partnerships, you can leverage these opportunities to help build both business success and personal financial security. In this article, I’ll share a host of resources designed to help female entrepreneurs thrive, along with some tips from female business leaders here in Connecticut. Let’s dive in...  

Strategic Steps to Financial Empowerment   

Whether you're an established woman business owner or just starting your entrepreneurial journey, here are key strategies to strengthen your financial foundation: 

1. Access Available Resources 

Many woman business owners aren't aware of the numerous programs designed specifically to support them. For example, woman owned business certification programs (federal, state and private sector) can help you access government contracts set aside for certified women owned businesses.  

Other resources include woman owned business grants and funding opportunities, special lending programs for women owned businesses, and mentorship programs connecting experienced female entrepreneurs with newcomers. Here in Connecticut, the Women’s Business Development Council (WBDC) provides a wide range of resources and supports such as these.  

2. Build Strong Financial Systems 

As women business owners, we often focus on serving clients and growing revenue while postponing important financial infrastructure. But that’s a big mistake that could cost you a big chunk of your hard-earned profits.  

To avoid this, make sure you: establish separate business and personal banking accounts; create clear accounting and financial tracking systems; build business credit independently from personal credit; document all business processes and procedures; and maintain organized records for certification and funding applications. 

3. Develop Multiple Revenue Streams 

Smart female entrepreneurs diversify their income sources. Core business services or products will likely make up the bulk of your income, but also look into passive income opportunities, strategic investments of business profits, complementary business ventures, and intellectual property licensing. 

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4. Plan for Long-term Success 

Looking beyond day-to-day operations is crucial for women business owners. To begin with, create a clear growth strategy – you can start by building out a five-year plan for your business. Next, work on building systems for scalability. Plan for business succession so you can continue to benefit from the business you worked hard to build even after you retire. Develop retirement savings outside of the business and be sure to protect your business through proper insurance and legal structures.  

“I became a self-employed marketing consultant seven years ago. When it came to business planning, at that time I was basically building the plane while flying it, so to speak,” says Laura Dunn, CEO of Dunn Marketing, a Killingly, Connecticut based marketing agency.   

“But when I grew from solopreneur to a full-fledged agency, I immediately knew I had to get more strategic and think longer-term with my business planning and finances. I began working with WHZ on a strategic financial plan that considered both my business and personal financial goals, and I also reached out to organizations like the Women’s Business Development Council. Those partnerships and resources have made all the difference in my ability to be confident in the growth of my business,” Dunn says.  

 (This statement was provided 2/20/25 by Laura Dunn who is a client and a marketing services business partner of WHZ. This statement may not be representative of the experience of others and is not a guarantee of future performance or success. For additional reviews, search us wherever local businesses are reviewed.) 

 5. Partner with Strategic Advisors 

Successful woman owned businesses, like all businesses, often have strong professional partnerships. These partners can provide you with strategic financial and tax planning, investment management, business succession planning, certification and grant application assistance, and other types of help and advice. 

“Success in business is about who you partner with,” says Northeastern Connecticut Chamber of Commerce Executive Director Elle-Jordyn Sherman. “As someone who has built a career on fostering relationships, I’ve experienced firsthand how strong relationships impact your growth. Not only do partnerships impact your personal development, but they can also create stronger businesses, a more connected community, and a thriving region. I see it happen all the time at our Chamber events and programs, and I'd really encourage any business owners in our area to join the Chamber and enjoy those benefits for themselves.” 

Maximizing Opportunities as a Woman Business Owner 

The landscape for female entrepreneurs has evolved significantly, creating unprecedented opportunities for women business owners to build substantial wealth and influence. As a woman financial advisor, I'm particularly passionate about helping other women build financial confidence and security through business ownership.  

Financial empowerment for women business owners isn't just about current success—it's about building lasting wealth and security through strategic business growth. The key is to be aware of the opportunities available to you and confident enough to leverage them. Partnering with professionals who understand the specific challenges and advantages of woman owned businesses can go a long way toward helping you in those efforts. 

At WHZ, our Plan Well, Invest Well, Live Well™ strategic financial planning process helps women business owners create comprehensive strategies that maximize both business and personal opportunities. We can help you develop strategies to maximize business value, create tax-efficient plans for business growth, build retirement savings while growing your business, and plan for successful business transition. 

 If you'd like to learn more about how we can help you and your business, schedule a complimentary consultation at whzwealth.com or call us at (860) 928-2341. 

Authored by Senior Vice President, Financial Advisor Leisl L. Langevin CFP®, CDFA®. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved.  Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084, 860.928.2341. http://www.whzwealth.com These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your financial advisor. WHZ Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice.  

1. U.S. Small Business Administration's 2023 Small Business Profiles