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National Women’s Small Business Month Highlights The Unique Challenges and Achievements of Women-Owned Businesses

October 15, 2021 | October is National Women’s Small Business Month, dedicated to celebrating the progress made each year by women entrepreneurs and business owners while also reflecting on the particular barriers to success they face.

Megan Wyatt opened Wit and Whimsy Toys in Granite Bay, CA in November of 2020.

A woman-owned business is defined as an enterprise that is at least 51% owned and operated by one or more women. As national priorities have shifted in recent decades to create resources encouraging women to pursue business ownership, the impact of women-owned businesses on the American economy has steadily grown.

As of 2019, there were 13 million women business owners in the United States, up more than 31 times from 1972, when federal law still required male cosigners for women to take out business loans. In 2018 alone, woman-owned firms added nearly $1.8 trillion in, “sales, shipments, receipts or revenue,” according to the U.S. Census Bureau Annual Business Survey for that year.

LEVERAGING RESOURCES TO ADDRESS OBSTACLES

Constance Agee is the founder and owner of Agee Fashion Institute and a California Capital client.

Despite these gains, women in business continue to face unique challenges. Multiple reports cite that women business owners have a more difficult time accessing capital, and often set less ambitious goals for their business during the start-up phase compared to their male counterparts. To address these obstacles, the U.S. Small Small Business Administration (SBA) established the Women’s Business Center Program in 1988, designed to provide women with the resources and guidance to thrive in the world of business. Now, more than 100 Women’s Business Centers (WBCs) have been created across the U.S., with the California Capital WBC being designated in 2012. As business development resources increase in scope and the barriers to success for historically underserved groups are challenged, a more diverse and resilient business ecosystem is emerging.

As the stories shared during National Women’s Small Business Month reflect, women-owned businesses continue to strive for excellence and push themselves to new heights, uplifting their communities in the process. Businesses like Agee Fashion Institute, who create pathways to entrepreneurship for women interested soft product manufacturing; entrepreneurs like Allison Carlson, who leveraged resources to continue operating despite the pandemic; and founders like Megan Wyatt, who has turned her dream of owning a toy store into a business that quickly became a community staple. When education, guidance, and capital are made accessible to tenacious and capable women determined to achieve business success, the country as a whole benefits. 

FURTHER READING

Overcoming the Four Barriers Blocking Women Entrepreneurs, a SCORE webinar

35 Woman-Owned Business Statistics You Need to Know in 2021, Great Business Schools.Org 

How to Get Certified as a Women-Owned Business, US Chamber of Commerce

With Support of Women’s Business Center, Megan Wyatt Built the Toy Shop of Her Dreams

For Megan Wyatt, owning and operating Wit & Whimsy Toys in Granite Bay, California has been a dream come true. Her first job was at a toy store when she was 16, and in the four years that she worked there, one of her major life goals was solidified: own and operate her own toy shop. Despite the hectic seasons–and the 12-hour shifts during the holidays–Megan never questioned her belief that it was the best job there is. For years, life circumstances and other career pursuits stood between Megan and business ownership. But a job loss at the beginning of 2020 caused her to reevaluate her path, and she turned to the Women’s Business Center (WBC) to figure out what it would take to make her dreams a reality. 

“I was lost for a little bit at the beginning of 2020,” explains Megan, who had previously been working as the marketing coordinator at an environmental firm. “But some friends own a store in a shopping center, and kept saying how great it would be if a toy store opened in the vacant spot next door.” 

Megan Wyatt founded Wit & Whimsy Toys in 2020, carrying out a longtime dream of business ownership.

 

Usually, Megan would answer the friendly encouragement with vague apprehension. “My response was always ‘maybe one day, maybe after I do xy or z’,” she says. “But every excuse I gave, they had a work around!” The possibility of starting a shop that focused on high-quality, educational toys, gadgets, and games for customers of all ages began coming into clearer focus. 

 

SEEKING GUIDANCE

Eventually, after receiving a recommendation from a friend to work with California Capital to explore the first steps of opening a business, Megan contacted the WBC and was connected with a business counselor. She began working with Charles Thomas, who has helped hundreds of clients across industries start or grow businesses. 

“[Charles] really went to bat for me,” says Megan. “He was instrumental in helping me create a business plan, and helping me determine what to consider to begin the process. I had no idea where to start.” 

Wit & Whimsy Toys opened their storefront in Granite Bay, CA, in November of 2020.

This was in July of 2020, and there was much to do. But working with Charles, as well as WBC Business Consultant Danielle Marshall, Megan spent the summer and early fall nailing down her business plan, learning cash flow analysis, and negotiating a lease for the storefront next to her friend’s shop. Early on in her entrepreneurial journey, Megan made the decision to “bootstrap” the business, meaning she would build it up without taking out loans or securing outside funding. Through personal investments, she and her husband were able to secure a storefront and build up their inventory for a grand opening at the beginning of the holiday buying season. 

They opened the week before Thanksgiving of 2020, and their customer base caught on quickly. “I think our biggest accomplishment so far is the customer base we have built. I was really surprised by our sales last Christmas, despite only having been open for six weeks,” Megan says, reflecting on the last nine months. 

 

STEADY GROWTH, HOPES FOR EXPANSION

Continuing to work entirely off of revenue and personal investments, Megan and her husband have doubled the inventory of Wit & Whimsy Toys, and made significant improvements to the store front. The customers notice, Megan asserts, and they continue to be the driving force of the business. 

Wit & Whimsy Toys has doubled their inventory since opening in Fall of 2020.

“We have such a great community of supporters,” she says. “They have helped us partner with Little League teams and local schools for partnerships, and any time they share us on social media, it results in a big new batch of customers.” 

Moving forward, Megan’s immediate goal is to hire new staff. She currently runs the shop 7 days a week with help from her husband, and knows that extra support will be needed entering into the holiday season. Five years down the road, she hopes to be able to upgrade to a storefront with more square footage. 

Little over a year ago, Megan Wyatt began building her business plan from the ground up, taking advantage of the free resources available through the WBC–and thanks to her determination and this strategic partnership, there is now one more small business serving its community.  

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