Nothing can give you a feeling of accomplishment and empowerment quite like owning and running your own business. The satisfaction of creating a company from the beginning is worth all of the struggles you may face during the process. But making all of the day-to-day decisions and being your own boss is quite a change from just carrying out assignments or completing projects as an employee of someone else. And women may face additional challenges when beginning a business that their male counterparts do not. Read on the see how women get help to start a small business.
Big 3 Challenges
Every entrepreneur faces multiple roadblocks and barriers to success with a new business start-up. But women may experience even tougher challenges when starting out. The three biggest challenges are:
Inadequate Finances – Raising capital is tough for any business start-up, but women may face an “unconscious bias” from lenders against women entrepreneurs – according to Astia, a not-for-profit organization which helps female entrepreneurs find funding. Seek out the help of groups like the National Association of Women Business Owners when needing major funding or start a business with low capital requirements.
Lack of Education – A University education has never been a prerequisite for entrepreneurs, who tend to find success through hard work and ingenuity. But knowledge of the business world and how to market your business is a must. You can have the best product on earth, the coolest website on the Internet, or the most in-demand service out there – but if no one knows about it, it will fail. You must find a way to learn the basics of marketing your business to your target market. Look to resources offered by The Center for Women’s Business Research or the US Small Business Administration that specifically apply to women, or join a marketing program that teaches you how to master this critical skill.
No Mentoring – A mentor can be an invaluable resource in guiding you through the pitfalls of starting and running a woman-owned business. Another entrepreneur that has “been there” before can save you time and money by giving advice and counseling along the way. You can spend big money on a business coach so be careful to choose wisely. Experts agree that women do not necessarily need a female mentor, but multiple mentors may be a preferred option.
So if you have decided to join the over 8 million women-owned businesses in the US, continue your research into how women get help to start a small business by doing your due diligence and seeking out the answers you need to be successful.