The Helm - Lifestyle and Finance Blog | Security Bank & Trust Company

Now Is the Time: Tips for Women Entrepreneurs | Security Bank & Trust Co.

Written by Security Bank & Trust Co. | Jan 15, 2025 2:00:00 PM

Starting a business can be scary. Especially when you are a woman. There was a time women couldn't even open a checking account, let alone get a business loan. Thankfully those days are long gone, thank you Ruth! 

Before the pandemic, women in the U.S. were starting businesses at twice the rate of men, and today, women-owned businesses represent over 40% of all enterprises nationwide. For women in Minnesota ready to take the leap, the moment is now. Let’s dive into the essential tips to make your entrepreneurial dreams a reality.

 

1. Do Your Research

Before launching your business, ensure there’s a solid demand for your product or service. Research your target market, analyze competitors, and pinpoint what makes your offering unique. A strong foundation starts with thorough planning.

Case Study: Casa de Corazón
Natalie Standridge, founder of Minnesota-based Casa de Corazón, did her research and discovered that early exposure to multiple laguages enhances children’s creativity and confidence. By focusing on language immersion, her childcare centers stand out in a competitive industry. Casa de Corazón is a testament to how solid research and a unique business model can lead to success.

2. Build a Strong Online Network

Networking is crucial for any business, but for women entrepreneurs, it can open doors to invaluable opportunities. Platforms like LinkedIn are perfect for building connections, showcasing your expertise, and nurturing leads. The key? Be authentic, personable, and consistent in your interactions.

Success Story: City Mom Collective
In 2010, Steph Flies and Joy Cherrick started Scottsdale Moms Blog to connect moms in their community. What began as a simple idea quickly grew into City Mom Collective, a network of “Sister Sites” across the U.S. Their success shows how online networking can turn a passion project into a nationwide business.

3. Differentiate Your Business

Standing out in a competitive market is vital. Your brand’s uniqueness—whether it’s stellar customer service, innovative products, or a meaningful mission—will set you apart from the competition.

Inspiration: Jam Hops Gymnastics
Jam Hops, based in Ham Lake, MN, is more than a gymnastics center. With a mission to develop “Life Champions,” they focus on teaching life skills and character development alongside athletic training. Jam Hops also gives back to the community by donating proceeds from their Open Gym program to local nonprofits, contributing over $110,000 and donating thousands of pounds of food and clothing. Their dedication to community and youth development makes them a standout business.

4. Secure Small Business Financing

A solid financial foundation is essential for any new business. Whether you need funding for startup costs, expansion, or ongoing operations, finding the right financial partner can make all the difference.

Why Choose Security Bank & Trust Co.?
Mollie Windmiller, Co-Founder of LAB and Owner of Windmiller Design Group, shared her experience:

“The team at Security Bank & Trust Co. has been an incredible support system for our business. They go beyond banking—they sponsor our events, offer personalized advice, and have become genuine partners in our success.”

At Security Bank & Trust Co., we specialize in helping small businesses secure financing tailored to their needs. Whether you’re looking for a small business loan, SBA loan, or a business line of credit, we’re here to help.

5. Leverage Local Resources for Women Entrepreneurs

Take advantage of the many resources available to women entrepreneurs in Minnesota. From mentorship programs to funding opportunities, these tools can help you grow and thrive.

Top Resources:

6. Boost Local Visibility with Community Involvement

Community involvement can strengthen your business’s local reputation and boost customer loyalty. Sponsoring local events, partnering with nonprofits, or participating in business expos are excellent ways to increase your visibility.

Community Involvement at Our Bank:
At Security Bank & Trust Co., we’re proud to sponsor events like the Entrepreneurs' Rally and collaborate with organizations such as Coalition9 and our local Chambers to support the growth of Minnesota’s small business community.

7. Utilize Security Bank & Trust Co.’s Business Solutions

Our bank offers a full suite of financial tools to help your business succeed, including:

8. Ready to Start Your Journey?

At Security Bank & Trust Co., we’re passionate about supporting local entrepreneurs, especially women breaking barriers and building their dreams. Whether you’re just starting or ready to expand, our team is here to provide personalized advice and financial solutions. Contact one of our business lenders today to discuss your business needs.

FAQs

Q: What’s the best way to secure a small business loan in Minnesota?
A: Securing a small business loan involves several steps, but the key is preparation and choosing the right lender. Here’s a roadmap:

  1. Assess Your Needs: Determine how much money you need and what the loan will be used for (e.g., startup costs, equipment, inventory, or expansion).
  2. Create a Business Plan: A strong business plan is essential. It should outline your business goals, target market, revenue projections, and how you plan to repay the loan.
  3. Check Your Credit Score: Both personal and business credit scores can affect your loan eligibility and interest rate.
  4. Choose the Right Lender: Look for a lender familiar with small businesses in Minnesota. Security Bank & Trust Co. offers tailored financing solutions with personalized support.
  5. Gather Required Documents: Be prepared to provide financial statements, tax returns, business licenses, and other supporting documentation. Our Comprehensive Commercial Loan Checklist will help you get started.
  6. Apply for the Loan: Once you have everything ready, schedule a consultation with your lender to go over the application process and ensure all details are accurate.

At Security Bank & Trust Co., we simplify this process by guiding you through each step and helping you identify the best loan options for your business goals.

Q: Does Security Bank & Trust Co. offer loans for women entrepreneurs?
A: Absolutely! Security Bank & Trust Co. is committed to supporting women entrepreneurs with a range of loan options designed to meet their unique needs. Whether you’re launching a startup, expanding an existing business, or covering day-to-day operational costs, we’ve got you covered.

Here are some of the loan products we offer:

  • SBA Loans: Backed by the Small Business Administration, these loans come with low interest rates and flexible repayment terms, making them an excellent option for women entrepreneurs.
  • Business Lines of Credit: Perfect for managing cash flow, purchasing inventory, or covering unexpected expenses.
  • Term Loans: Ideal for larger investments, such as buying equipment, hiring staff, or expanding to a new location.
  • Commercial Real Estate Loans: If you’re planning to purchase or renovate a property for your business, we can help finance your project.

Q: How can I differentiate my business from competitors?
A: Differentiating your business is critical in today’s competitive market, and it starts with creating a strong, unique value proposition. Here are some actionable tips to stand out:

  1. Highlight Your Unique Selling Points (USPs): Identify what makes your product or service different and better than your competitors. This could include superior quality, affordability, exceptional customer service, or a unique business model.

  2. Build a Strong Brand Identity: Your brand should reflect your mission, values, and personality. Invest in professional branding, including a memorable logo, cohesive color palette, and consistent messaging across your website and social media.

  3. Focus on Customer Experience: Go above and beyond to provide an exceptional customer experience. Personal touches, quick responses, and strong relationships can create loyal customers who will recommend your business to others.

By focusing on these strategies, you’ll create a brand that resonates with your target audience and builds trust and loyalty, setting you apart from the competition.