There is no question that a lot of progress has been made on the part of female entrepreneurs. In the early 1970’s, businesses that were primarily owned by women numbered only about 4%. However, roughly about thirty years later, in 2002, the percentage of female-owned businesses rose to just a little over 28 percent. Naturally, the very nature of entrepreneurship has been all about networking. Though men have been more commonly in positions power for the greater part of history, now women are starting to rise up in the workforce. Now that women are in more positions of power, they too need to explore ways to generate business capital. Here are some things female business owners need to consider:
There is a crucial need for networking when starting any business endeavor. Luckily, there are many ways to network, including through online mediums. Although the typical means of online networking has always included mediums such as LinkedIn, Facebook and Instagram, now there are many more places to network for those who want to go further than just these three popular sites. Options such as The Everywoman Network, Cofoundr, and E.factor are all excellent websites for women entrepreneurs to go for networking.
Startup businesses face many challenges. The best startups will always generate capital for all their needs. The good news is that there are many great fundraising strategies out there. Ideas such as SBA loans, crowdfunding, venture capital, and vendor financing are all ways to raise capital. Of course, many businesses also want to find loans to promote the various products they put out. Indeed, fundraising products make the project stand out and should be something of demand, usefulness, and high quality. Moreover, if it’s a quality product, consumers will want to know about it.
Friends and Family
Of course you can go ‘friends and family’ to procure business capital, but there is no question that a lot of entrepreneurs save this as a last resort. It can be an awkward conversation to ask friends and family for money. Moreover, you’ve got to get them to buy into the business idea. Some ways to do this would include having a solid business plan, negotiating a payment, and expecting them to want some say in how the business is being administered.
These are just a few of the ways that female business owners can get business funding. However, it is also just as important to do as much research as possible to look at all of your options.
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