Editor’s note: The opinions expressed in this commentary are the author’s alone. Latasha Randle is a Strategy & Small Business Program Manager at Block Advisors by H&R Block, which was founded in Kansas City and boasts its headquarters in downtown KC. 

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Small businesses are the foundation of a flourishing economy. Every business, big or small, plays an essential role in providing goods or services to communities.  

Recent statistics point to an unprecedented small business boom. In 2023 alone, a record-breaking 5.5 million new businesses filed for incorporation. Leading this charge are women entrepreneurs, who have driven a growth rate 94% greater than their male counterparts over the past years. 

Despite this upward momentum, female founders still face significant barriers. The “Small Business Resiliency Series Study” by H&R Block underscores the challenges women face as small business owners. The report revealed that despite 55% of women starting their businesses as a side hustle and 63% doing so to generate additional income to support their households, they were more likely to make less money and be declined for a loan than their male counterparts. 

Strategies to fuel the future of female entrepreneurship 

For this reason, small business owners, particularly women entrepreneurs, need to seek free and low-cost resources. It’s also critical that larger organizations with similar business experience and expertise develop programs to help close the funding and knowledge gaps. Below are five recommended strategies and multiple resources you can use to accelerate the growth of your small business. 

• Tap into networks and partners with complementary expertise 

The term “networking” can be intimidating, but thinking about it as connecting with a community of like-minded people is less so. Knowledge sharing can prompt novel ideas for operating and funding, and finding the right partner or mentor with complementary skills can be a game-changer.

Besides getting support from people who understand what you’re going through, networking can broaden the pool of potential investing sources, collaborators, and customers. It can also help secure influence within a community or industry sector.  

To find local networking events, reference the National Association of Women Business Owners events and Women’s Business Enterprise National Council events. View a comprehensive list of 33 Networking Groups for Women Business Owners via SCORE.org. 

• Lower-cost small business services to offset knowledge gaps 

Services designed specifically for small businesses provide the right level of support at the right price. They allow owners to focus on what they do best rather than areas that aren’t their expertise. 

As a small business owner myself, I know the challenges we face in finding affordable resources. One of the reasons I joined Block Advisors is that it delivers specialized services for business structure analysis, bookkeeping, payroll, tax planning, and tax preparation needs – all within an accessible price point. The small business experts are on call year-round to help business owners feel empowered and supported.  

• Investigate grants instead of loans 

Small business grants offer helpful financial support to start, sustain, or grow small business operations. Unlike other funding sources like angel investments or loans, most grants generally don’t need to be repaid, making them an attractive option for small businesses. Although they can take a lot of work, you can reuse some of your prep work for one grant to apply to others. 

Grants come from private and public sources and are usually earmarked for a particular purpose or project. Public grant listings are available at Grants.gov, the U.S. Small Business Administration, and the U.S. Economic Development Administration. Private grant sources are searchable on the Internet and come from foundations, charities, and even corporations. Start with a search on Hello Alice to power your path to profits.  

• Seek grants designed to support your type of business 

When reviewing grants, consider ones specific to your business type, ownership, industry, or impact. For example, the Fund Her Future, H&R Block’s Small Business Grant for Women, addresses the need for equal access to capital and guidance to help women-owned ventures thrive. Specifically, the grant will award a total of $100,000 to five organizations making a difference in their local communities. Previously, H&R Block awarded 10 microgrants of $5,000 to LGBTQ+ small business owners as part of the company’s commitment to support 500,000 small businesses by 2025. 

What makes grants like the Fund Her Future program particularly valuable to women entrepreneurs is that the package includes both money and services. One winner will be chosen to receive a $50,000 grant, and four finalists will each receive a $12,500 grant. All winners will receive a services package of small business services from Block Advisors — such as business structure analysis, bookkeeping, payroll, tax support, and Beneficial Ownership Information reporting.  

The application process opens today, and submissions are due by May 26, 2024. If you’re a 51% women-owned business, take a few minutes to learn more about the grant, eligibility, and other important terms today at www.BlockAdvisors.com/FundHerFutureGrant. 

• Remember why you started your business 

If you’re a new business owner, don’t give up! Remember why you started your business. You’re trying to build a legacy for yourself and your family, which means so much more in the end, so take it daily. And don’t be afraid to reach out and ask for help. If you don’t, you’ll short-change yourself of the resources and support that can help your business reach its full potential. And when you make it, you can share your wisdom and experiences with others! 

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About the Author: Latasha Randle is a Strategy & Small Business Program Manager at Block Advisors by H&R Block. In this role, she develops, implements, and executes small business strategy and initiatives that promote small business growth across tax, bookkeeping, and payroll. In addition, she develops training programs to support field associates in driving growth through effective execution.