Female Entrepreneurs’ Guidebook to Business Growth
Amongst the trending conversations about ‘equality’, women can hear the hushed tones chanting ‘terms and conditions applied’. In this male-dominated society, women find it extremely difficult to find their voices and end up being the targets of biased notions. This leads to women entrepreneurs giving up even before starting.
Challenges Women Entrepreneurs Face
Societal and monetary challenges hinder the growth of women who decide to become the anchor of their own boats. Women often find themselves subdued because of the social expectations. Ask them if they were made to give up on their dreams because of arrogant and unfair judgments, and many heads would nod in a yes. Also, one of the biggest hindrances that women entrepreneurs face is the availability of the line of credit since they’re not taken seriously and their potential is underestimated. Moreover, maintaining a family and work balance still remains the biggest challenge.
5 Success Tips for Female Entrepreneurs
If you wish to step up the ladder then build the ladder yourself. It may take some time but is worth the effort. Before setting up your business, lay down a strong foundation. Learn how to take your first step towards success.
1. Build Relationships
A business is a constant cycle of giving and receiving. Start with jotting down the list of services that you can offer and then analyze the relationships that surround you. The biggest challenge for women entrepreneurs is to rise above the preconceived expectations. So, ensure that you cut down the relationships that try to bring you down and do not contribute to the growth of your business. Be confident while speaking to other businessmen because the contacts you form at the beginning prove beneficial during the growing phase. Realize that every entrepreneur has to prove their worth, be it a man or a woman. And that begins with not letting hesitation stop you from marketing your abilities.
2. Personal Line of Credit
The first question before setting up a business is ‘How can the funds be raised?’
As soon as you understand the problem, start focusing on the solution. Be confident and know that all the communication efforts are going to pay off. Pitch for funds with a collection of facts and expected outcomes. Consider a personal line of credit for a small business and try online lending platforms that sanction personal loans for businessmen instantly. Moreover, seek support from friends, family and angel investors that work towards empowering women entrepreneurs. Invest a good amount of time in calculating the benefits that come with these options and choose the one that best favors your business.
3. Profit Multiple Times
Permanence is the key. Hence, it is better to have a similar set of work for a longer period of time than to commit to a variety of work for shorter durations. Use this strategy to profit multiple times on a single sale.
To remove any scope of uncertainty, focus on advertising your services. Use the Internet of things to your advantage and reach potential clients. In a nutshell, you need to ensure that your startup holds enough projects at all times which is critical to an overall business security. Find out ways women entrepreneurs can fund their business and use affordable loan opportunities like a personal line of credit to fund your marketing strategy.
4. Scale Up Your Business & Stay Connected
Try distributing the work rather than taking control of everything. Hire proficient freelancers and assign them dedicated tasks. Their expertise in various fields would only benefit your work. Moreover, freelancers work for affordable rates, saving you investment costs of an office, hardware, employees, and other essential services. Be a notable part of the community and ensure that you grab the opportunity whenever it arises.
Be Motivated & Inspired
“Knowing that things could be worse should not stop us from trying to make them better”, says Sheryl Sandberg, Facebook CEO. Find inspiration in your problems and be motivated by the desire and strong will to overcome them. Be innovative and leave your mark wherever you go. You may fail but don’t let the failure decide the future of your business. Learn from your mistakes and conquer your dreams.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected]