When going in the area of businesses and startups owned by women, the main hitch is money and funding.
But there is always an antidote; you just need to look around and grab opportunities.
Challenging the old school thoughts, women have come a long way in writing their names in the books and proving them academically and professionally.
However, the struggle for funding and finance is the same when it comes to managing new ventures in the corporate world.
The Upturn in Women Entrepreneurs
Across the globe, the number of women entrepreneurs is increasing.
According to a report by 2019 State of Women Owned Business from American Express, the women-owned businesses have proliferated. Since 2014 to now, the startups owned by women have increased to 21%, making the total to nearly 13 million.
Other than the challenges due to gender, women also face differentiation in view of minorities and other disadvantaged groups.
To a surprise, the total number of new business setups in the US increased by 9 percent, but the total number of businesses owned by women of color grew immensely by a statistic of 43 percent.
According to Joanne Hession, founder of The Entrepreneurs Academy, Europe and Ireland have also reported an increase in the number of female entrepreneurs opening up more opportunities, keeping the gender unbiased.
UAE has also evolved with new business opportunities for women.
Hurdles faced by women entrepreneurs for finance
It is often observed that women entrepreneurs have to starve a way more to attract finance, and for those who are Asian, Black, and Hispanic, the struggle becomes even more harder.
Suzanne Norris, a partner at Victress Capital which is a firm based in Boston that aids women-led ventures and businesses owned by gender diverse groups stated that “Money is the biggest stumbling block for female-led start-ups,”
Regardless of all the obstacles, it is often said by the experts that women can attract finance and gear up to reinforce their business setups globally. Techniques to attract finance are -
1. Prove your worth
When it comes to getting finance, the most initial and crucial step is proving your worth to funders.
You must be able to show that you are credible and worth their time and money.
2. Get Intouch With Other Women in Finance
Confidence is the key to tackle any deal. Displaying your point of view is very essential; one must be able to visualize your plans and experiences through your speech.
Build connections with women who are passionate about work, belonging from different backgrounds.
Schedule regular meetings and get to know about their visions and experiences.
This activity helps in gathering knowledge and making up a team of people who are similar interests.
To find people, various social media platforms can come into use like LinkedIn, Facebook, Instagram, and also people you know from your school, colleges, and workplaces.
3. Build a Peer Network
Connecting with fellow women entrepreneurs, attending meetings, and organizing contests are beneficial.
Creating a network with people who aim to establish themselves in the corporate setup helps you to gather future opportunities and fundings through links and connections.
Building a peer network is a crucial step towards entrepreneurship and gaining finance for ventures.
4. Be Realistic
Women tend to be more authentic and realistic when it comes to funding and finance, unlike men.It is often seen that women entrepreneurs undercut their plans and also themselves in various challenging situations.
However, men are more confident in their approach and reach out to more significant ideas.
When it comes to grabbing finance, one would be interested in your plan when you are confident about it.
Being realistic is the key to attracting finances.
Here are a few business ideas for women entrepreneurs.
The idea is the most basic and perhaps the most important step, which is the building block for any business.
We at Commitbiz are always at the door to address various situations and challenges in the businesses and the market conditions.
For women who think they have a potential startup idea and could start their own ventures, you can reach out to us for expert guidance for finance and more.
We look forward to helping those who wish to start new ventures.
You can contact us and reach out to our experts for guidance and more.