Free Resources for Women-Owned Businesses at a Growth Fork

By Nathan Brooks

Women accounted for nearly half of all new businesses started in 2024, according to Corinne Goble, CEO of the Association of Women’s Business Centers. Goble said that record launch pace has not produced the same speed in scaling.

Her focus is the difficult stretch after launch, when owners must decide when to hire, how to fund growth and how to step back from daily work. Goble discussed those decisions on Business Trends Today. The Association has operated for more than 30 years and supports the national network of Women’s Business Centers.

The centers give women free and low-cost support as they start or grow a business. The SBA funds part of their work, while private funding in each community covers the rest.

The centers offer one-on-one counseling and training, plus technical assistance for other questions a business must solve to grow, Goble said. One women’s business center client put the value plainly: “If not for my women’s business center, I wouldn’t even be in business today.”

Goble said clients repeat the same testimonial at roundtables across the country. Owners also need a team of advisers: a banker, accountant, insurance agent and lawyer.

What should owners fix before hiring or borrowing?

Goble’s answer is sequencing: build cash, validate the market and line up advisers before taking on major commitments. She said women start businesses faster than anyone, but they do not scale at the same rate. Capital, a first hire and systems supporting growth form the barriers she sees.

Many owners do not know what to do next, Goble said. Some have no revenue; others earn enough for a side hustle but not enough to sustain a business. Centers coach owners to move from operator to CEO so they work on the business rather than in it.

Early decisions can cost owners time and cash, Goble said. Her examples of avoidable mistakes were specific:

• Some owners quit a full-time job without considering that a paycheck can help them win a bank loan.
• Others polish a website instead of talking to customers.
• Some skip market research, a step that typically costs a few thousand dollars.
• Others sign a commercial lease before they have a business plan or revenue.

Owners should plan to borrow before they need it, Goble said. Most businesses borrow at some point, and a line of credit preserves options when cash gets tight. Owners can open a line and never tap it, so it carries no interest. Those who wait until a squeeze pay more or get turned down when cash flow looks thin.

Goble recommends planning at least 12 months ahead. Banks may ask for changes, and those changes take time to show in the records. Owners should also show a profit, because a business without one cannot show a bank it can repay.

“A tax strategy matters, but a profit strategy matters more,” Association CEO Corinne Goble said. Owners should pay themselves, too, and make sure the business can cover both that pay and loan payments.

If cash runs short, owners should avoid personal credit, Goble said. She called that one of the worst things an owner can do. She also warns against merchant cash advances, which lenders often offer to restaurants and other businesses with strong point-of-sale systems. Daily repayments look small but can cost a lot.

A longer plan for businesses that plateau

Owners who have plateaued need a clear plan for growth, Goble said. Association staff members hold licenses in an entrepreneurial operating system. The system starts with the owner and leadership team agreeing on the business mission.

The framework sets a 100-year goal, asking where the business would stand long after the founder is gone. The team then works backward to a 12-month breakthrough goal and maps the steps required to reach it.

Goble said founders often know how to work in the business but not how to grow it. At that point, an outside CEO with different skills may help.

Goble sees opportunity in uncertain times. She said AI is bringing change that creates room for new businesses. The Association directs readers to its website for more information.

For owners, the practical next step is to talk to customers, assemble advisers and plan financing at least 12 months ahead before hiring or signing a lease. That sequence puts the checks Goble described ahead of the commitments that can drain time and cash.