Women Entrepreneurs – Surprising Ways To Fund Your New Business
Women entrepreneurs make up roughly 1/3 of all entrepreneurs around the world. You could interpret this as a sign that the world of entrepreneurship is finally opening its doors and becoming more open to women. Women are more successful in business, as compared to men. They have excellent communication skills, know how to build lasting relationships, and, most importantly, are more willing to take risks. Maybe the stories of some great female leaders will inspire you to start your own business.
Don’t get held back from achieving your goal just because you don’t have money. Today’s women entrepreneurs have a great many options when it comes to financing start-ups. Here are some surprising ideas on how to raise money for your business venture. These are innovative ways to get your hands on the cash you desperately need.
Keep yourself busy. Lucrative side hustles to start today
Attend an executive training program and, in the meanwhile, od your bets to supplement your income. A side hustle gives you the chance to pursue your dream while injecting a little bit of cash flow into your bank account. Attention needs to be paid to the fact that not all side hustles are created equally. Some can ensure impressive earnings, while others will force you to dig deep into your pockets. If you’re looking forward to earning a little bit of money, this is what you should do:
- Blog. Writing will give you the freedom to live your life the way you want to live. if you’re a wordsmith, consider taking up blogging. You can monetize your skills through affiliate marketing, advertising, and promoting book deals.
- Offer translation services. As a language expert, you can win a great deal of money. The ability to translate from one language to the other doesn’t depend on qualifications, the Master’s degree being the most desirable of all.
- Manage social media for a local business. Small businesses are eager to hire social media marketers. If you know a thing or two about Twitter and Facebook, volunteer for the job. You can apply the lessons learned when you open your own business.
Side hustling is a great way to keep yourself busy and raise money. You can make anywhere between $50 to $2000 a month if you put your mind to it.
Want to take out a loan? Here’s a non-traditional alternative
Women, in particular, find it extremely difficult to secure a loan. Why aren’t they taken seriously? Financial institutions such as banks and credit unions set a universal standard that prevents women who don’t have an excellent credit score to get approved for a loan. What is more, they don’t accept loan applications from people who haven’t enough experience in the corporate world. Even if you’re approved, the process takes a long, long time.
The good news is that you can get the necessary funds to start your new business. Turn to non-traditional business financing. They don’t have the same set of qualifications and eligibility as conventional loans, which is why you should use this avenue. Peer-to-peer lending is only one example. Other non-traditional loan sources for your business include lines of credit and term loans. You can use the cash to purchase commercial vehicles, telecommunications equipment, and software or hire employees. As mentioned earlier, the requirements are less restrictive, enabling you to secure the funds.
Consideration should be given to the fact that everything requires capital. You need money for daily operations, supplies, renovations, unexpected demands, etc. Basically, it takes money to make money. If your financial resources aren’t enough, you might want to consider asset-based financing. The Canadian Government, for instance, makes it relatively easy to get loans from financial institutions by sharing the risk with lenders. If you’re interested, discuss your needs with a financial officer at any bank. You’ve got nothing to lose.
Get support from a business incubator
Maybe you’re not familiar with the term business incubator. It designates a company that helps start-ups flourish. More often than not, this is achieved by offering management training or office space. The business incubator will determine if your concept is viable and do everything possible to set you on the road to success. Benefits include but aren’t limited to mentorship, expertise, and networking. If you want to get your company up and running, look for a business incubator.
When deciding on a business incubator, there are some aspects to keep in mind:
- Keep in mind the state of the venture
- Find a company that shares your mission and goals
- Consider the nature and the extent of the services
The question now is: How do you find one? Well, that’s what the search engines are for. Simply type “business incubator” in Google’s search engine and you’re likely to get lots of results. If not, there are bound to be directories of state business incubation associations. Make sure that the company you’re considering is a good fit.
Hit up your friends and family for donations
If there is really no other way, don’t shy away from asking your friends and family for money. They won’t be able to help you out too much, but at least you’ll have some kind of financial support for your business. Don’t solicit large chunks of money from the very get-go. There’s a lot of pressure with large sums of money. The best thing you can do is approach targeted groups for small sums of cash. If you can get each person to contribute at $200, that’s A-Okay. If your friends and family can give more than that, you’ll easily raise 10,000 for your business.
Unfortunately, women entrepreneurs don’t ask for money as often as men. Maybe it’s because they’re ashamed to do it. The thought of becoming your own boss should be enough to generate courage. Make others perfectly understand why you need the money and assure them that your idea is worth backing up. If you see that they’re not fully convinced, be prepared to negotiate. Use all the weapons in your arsenal to get your company off the ground. that’s what matters the most. And join the growing ranks of women entrepreneurs around the world.