Connection is critical to success in business. At Small Business BC, we partner with many organizations across the province and country, sharing resources so we can help entrepreneurs succeed.
One of our partners, WeBC, has free programs for women entrepreneurs – whether aspiring, just getting started, or looking to grow their business. Ahead of our upcoming Celebrating Women in Business Meet Up, we connected with WeBC to learn more about how they support women entrepreneurs in BC.
What is WeBC?
WeBC is a not-for-profit offering business support services to help women entrepreneurs grow and thrive. “Our team has a unique understanding of the approaches to business and financing that work for women,” said a WeBC rep.
“We like to say, ‘you’re in business for yourself, not by yourself’ because the act of starting and growing a business can be isolating, and it’s a good reminder that there’s a community here to support them,” they said.
“Many women pursue a business based on a specific skill or passion, and as they build their business, they notice gaps in their knowledge, or they just need someone to bounce ideas off of. That’s what we’re here for,” said the rep.
Most of WeBC’s programs are free, thanks to the Government of Canada’s Women Entrepreneurship Strategy and PacifiCan. WeBC helps entrepreneurs fill skill gaps and connect to networks, expertise, and, perhaps most importantly – connect with other women entrepreneurs.
“There are thousands of women business owners who have been there before, so why tough it out when you can ask someone with that expertise?” they said..
What Help is there for Women Entrepreneurs?
Business Loans
“Business loans to help women start, buy and grow their businesses,” said the rep. “Since we approve loans based on the viability of the business plan, many women qualify with us even if they haven’t with other lenders,” they said.
Skill-gap Training
WeBC offers convenient and affordable training designed to fill skill gaps. “With our skills development programs, women gain practical skills they can implement immediately,” said the rep. “We focus on the essential topics women need to run a successful business, from marketing to operations and cash flow management,” they said.
Peer Support
“Our mentoring programs connect new business owners with experienced entrepreneurs who share their hard-earned knowledge,” said the rep.. “With a fresh perspective, our mentees gain the clarity to focus on what really matters and feel more confident making decisions for the future.”
Free Advisory
WeBC’s professional Business Advisors offer one-on-one support to women entrepreneurs. Advisors have experience training across a broad range of business areas, from strategic planning to social procurement, and are often entrepreneurs themselves, said WeBC.
Training to Speak to Investors
This WeBC program is designed for women seeking equity funding to scale. “Research shows that investors ask women different questions than men, and those questions don’t lead to investment,” said a rep. This program helps women “who dread talking to investors because they feel like they’re not connecting.”
What mentorship opportunities are available for women entrepreneurs?
WeBC’s mentoring programs are its most popular. “For all of our mentoring programs, our team thoughtfully interviews, screens and matches each woman to ensure that the program provides maximum impact for everyone involved,” said the rep. Here’s a look at WeBC’s mentorship opportunities:
One-to-One Mentoring
The rep said that the “One-to-One Mentoring program provides very focused support for a woman’s business from someone who has been there.” The WeBC team get to know more about the specific barriers and opportunities facing the mentee. Then, they’re matched with an advanced entrepreneur who can fill that gap, and provide guidance based on their own experiences.
Peer Group Program
“For our Peer Group program, women benefit from the experience of the mentor facilitator and also from the different points of view and experiences of the group,” said the rep. They can learn from the insights and diverse experiences of the group, allowing them to explore potential alternative solutions and approaches.
“Plus, they have the added benefit of building their network, which is a common hurdle for solopreneurs especially,” the rep said. “We make sure we don’t have any competing businesses in each group because we want to create a safe and confidential environment so women feel comfortable sharing.”
Also, two entrepreneurs can learn from each other even when they work in vastly different industries. “We find a lot of the challenges that women business owners face – like work/life balance, growing their sales, managing too much demand – transcend industries, and our mentees appreciate the different points of view from different types of business owners,” said the rep.
Peer Growth Program
WeBC calls this offering its “Peer Mentoring 2.0” program. It’s focused on supporting growth-oriented businesses. The program builds on the Peer Group format while adding in an educational element. Entrepreneurs can address each business component, like operations, marketing, HR, and more as they grow.
Why should women entrepreneurs get Business Loans?
Business loans can help accelerate the startup and growth of a business. WeBC helps clients build positive and long-lasting relationships with the lending ecosystem that will be helpful for years to come.
“Our clients use the funds on items like completing the construction of their spaces, purchasing equipment to increase capacity, and improving their systems to become more efficient,” said the rep.
Taking advantage of business loans helps entrepreneurs reach their goals more quickly and provides a buffer through lean times. “If [entrepreneurs] self-fund these initiatives instead and come against roadblocks, they’re more limited in their options,” they said.
Why should women entrepreneurs create a business plan?
“There are so many benefits to having a strong business plan,” said the rep. “It helps you define your market, ensure you have enough demand, mitigate risk, project your cash flow, make better decisions, and make sure that the business will make enough money to sustain you at the end of the day,” they said.
All this information is good for you as an entrepreneur, but it’s also vital if you want to get a business loan. “Our loans are based on the viability of the business, so we need to see a strong business plan as part of the application,” they said.
Small Business BC is Here to Help
SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.
