High social expectations, struggling to be taken seriously, dealing with the fear of failure, balancing private and professional life, and limited access to funding are the most common challenges that women entrepreneurs face today in their business endeavors.
Finding finance resources may be on top of this list and one of the biggest obstacles even to start your entrepreneurial story or bring it to the next level.
For this reason, we suggest you some handy options that can help you cross this problem from your list and focus on your business growth.
Apply for a grant
Grants are a convenient way to provide finance funds for your business. Luckily, there are plenty of grants available for female entrepreneurs. All you need to do is to find the one that suits your business needs and make sure you meet all requirements, just like Floery did.
Floery Mahoney was a chocolatier but her body begun to resent her lifestyle. Being a mom and a business owner, she was struggling to find time for training in her busy schedule, but also energy to push through long workouts.
That’s why she designed Da Vinci BodyBoard which provides a full-body, cardio, and low impact workout. Besides, it offers fun and easy 30-minute workout that is suitable for any ability level.
However, for growing her business in a carefully planned manner, Floery needed adequate funding and guidance, so she applied for the Tory Burch Foundation Fellows Program.
Receiving $5,000 grant to further her business education helped her achieve the goal she had.
Look for an angel investor
An angel investor is an affluent individual or group of accredited investors who provide capital for your business, usually in exchange for ownership equity or convertible debt. If you have a revolutionary idea that needs considerable funding, an angel-investing club focused on female-founded companies can give you a hand, just it was the case with Julia Pimsleur.
Being a bilingual herself, Julia wanted her son to learn French so that he could have more opportunities for education and work later on. Unfortunately, she realized that there were no high-quality education materials for teaching kids a foreign language. So, she decided to create them herself.
Julia designed Little Pim, an affordable language learning program that teaches children a second language at an early age when they learn best. However, to take to the next step in her global language learning legacy, she needed additional funds that she got thanks to angel investment from Golden Seeds.
Consider a business loan
Another option to finance your business and ensure its growth is to get a small business loan. Nowadays, with the rise of non-traditional lenders that offer a streamlined application process and fast approval, it’s easy to provide funds to start or invest in your business. Take Samantha’s example.
After working for many years as a hairdresser in a beauty salon, Samantha Berns decided to start her own business. She estimated that she had enough loyal clients, so all she needed was equipment and a salon. Unfortunately, Samantha didn’t have enough money to cover all the expenses.
After analyzing her options, she came to the conclusion that the fastest way to ensure financing was to apply for a small business loan. Samatha received the money that gave her initial boost to open hairdressing business. Now she is a proud owner of Serenity Salon that makes hundreds of women pretty.
There are also other financing resources for female entrepreneurs. Check out Top 20 Small Business Loans for Women by Camino Financial to discover more convenient options to get the necessary funds for starting or growing your business. With this comprehensive list, you’ll definitely find a perfect solution to overcome your entrepreneurial challenge.