Now is the high time for women to initiate and grow their businesses along with male counterparts in order to maintain pace with the ever-growing commerce world. Women’s abilities, skills, and experiences are all that is needed in today’s corporate world. Above all, female employers are empathic, creative, innovative, visionary, good advisors, and excellent communicators. In addition, they are no less skilled and possess the business insight equal to their male counterparts, if not more. They value integrity which makes them good entrepreneurs.
Here are some useful tips for women entrepreneurs to help them stay positive and progressive with some useful financial growth and development advice.
- Consider all the financing options at your disposal:
According to the results of a Gallup study, female entrepreneurs said that almost 85% of their initial business funding comes either from savings or cash, while 37% comes from credit cards. Similarly, financial gifts account for 29% of the whole funding. If a customary business loan is not enough to meet your business needs, you may resort to exploring the SBA 7(a) loan. Be open with your banker and discuss all the available credit options with him so you may seek the best possible option to grow your business further.
- Look for lenders committed towards women-owned enterprises:
The market of small business loans is very competitive, which is why lenders are always looking for credit-worthy businesses. While considering options for the lender, you should always try to seek services of a lender with a good track record of lending women-run businesses. Some states have special loan programs to offer to women entrepreneurs so it is best to keep an eye on all the available options in your respective area and avail which ever suits you the best.
- Be Proactive:
Always try to stay a step ahead of your competitors. Connect with other women who are in the same business as you. Get a membership of related social groups and communities where you can find and make friends with women who are running businesses successfully. Do not be passive about connecting with new people with similar interests. You can always seek their advice on how to run your own business independently, and can always share your feedback with them to make communication interactive.
- Build a strong relationship with your banker/financial adviser:
The stronger your relationship with a financial advisor or a banker, the better it is for your business. Keeping good terms with your banker helps you devise a good business plan. When your banker knows the essential details of your business, he would always come up with a better strategy to keep the finances in flow and to avoid the possibility of bankruptcy. You can always keep a strong credit profile through your banker. The tip is to keep your banker posted about the significant changes and developments in your business strategy.
- Be focused on the next step:
Never lose hope! No matter how bad your current business situation is, always stay positive and optimistic. Don’t let things get on your nerves and your self-confidence fade away. Embrace all circumstances with your arms wide open and put your all in adverse circumstances to get out of them. What is done is done; focus on the next step to achieve your set goal.
- Be exclusive:
Do not imitate what others in the market are doing. Always come up with your innovative idea. Look for the qualities, which set you apart from your competitors and work on them. There must be a quality, which makes people gravitate towards you, be it your compassionate or empathic nature, your self-confidence or courageous disposition, your convincing power or anything along these lines which makes you one unique individual in billions.