Forty percent of U.S. businesses are female-owned, and they generate $1.8 trillion a year in revenue. While these numbers are stellar, data shows that there are still opportunities for improvement. A survey of over 3,000 entrepreneurs found that men are almost twice as likely as women to raise $100,000 or more in funding, and another survey found that 31 percent of female entrepreneurs cite a lack of support as one of their biggest hurdles to business ownership. Obviously, there are still mountains to climb. However, if you are a female entrepreneur or thinking of stepping into business ownership, there are many business tips for success that can help your company excel.
To get you started, we invite you to take a look at our tips below.
The ultimate goal is to create a business environment where you can hire individuals that are skilled enough to handle what you need. However, it may take some time to get there. In the meantime, learn as much as you can so you can feel empowered to handle many essential business processes yourself. Take time to learn about business types (LLCs, LLPs, LP), the basics of accounting, and marketing principles. Knowing the foundations will allow you to handle what you can until you can outsource.
Seek Out Mentors
Entrepreneurs are more likely to succeed and thrive when they have mentors. An effective business tip for success is to seek out people who can help guide you along the way. There are many people you can bounce ideas off of and ask for advice and guidance. Enlist their help and make use of these valuable connections.
Find Female-Friendly Venture Capitalists
As mentioned earlier, it is more challenging for women to locate funding when compared to men. However, when it comes to venture capitalist funding, the stats are worse. Fortunately, within the past decade, many female-owned venture capitalist funds have been established. Consider seeking funding from firms that are friendly to female owners.
As a full-time entrepreneur, your personal finances depend on the success of your business. You may have one month of growth, and then see a couple of months of low or no revenue. Therefore, during times of success, you have to remember to live below your means. Reduce as much debt as you can, skip out on purchasing items you don’t need, and set aside money for emergencies. The feast and famine lifestyle plays a considerable part in entrepreneurship, don’t put your finances in jeopardy by forgetting this. Also, be sure to take advantage of free resources like SCORE, a nonprofit arm of the U.S. SBA that offers mentorship business guidance.
Avoid Asking Friends and Family for Money
It may feel tempting to ask your loved ones to help in your endeavor, but this arrangement can quickly turn problematic. A solid business tip for success is to avoid mixing business and personal relationships, and this especially applies to money. Being unable to repay a family member or friend who loaned you money can cause long-lasting negative feelings, and even disrupt your personal support system.
These Business Tips for Success Can Help You Thrive
As a female entrepreneur, there are obstacles you will have to navigate that your male counterparts may not have to. However, you can still thrive and grow a successful business. One of the best business tips for success that you can adhere to is always being willing to learn.
Here at AskTheMoneyCoach.com want to be an educational resource for you on your entrepreneurial journey, so we invite you to check out these additional blog posts on entrepreneurship.