Running a business as a woman isn’t exactly easy. You’re not looked at the same way as your male counterpart. Banks don’t want to lend you money. And, while customers might not blink an eye, you may not be treated fairly by some vendors or suppliers. Here’s what savvy female entrepreneurs know that you don’t.
Your Business Not Make It
One reason many female-led businesses fail is because they can’t get the funding needed to keep the business alive in the early years. Dallas truck accident attorney, tatelawoffices.com, is successful now. But, like most law firms, there was a time when they struggled with cash flow. It happens to all businesses.
According to a recent National Women’s Business Council report, female entrepreneurs are most likely to use their own personal savings to start the business. When that savings runs out, so does the business.
To get financing, you may need a venture capitalist, like StarVest Partners, which is one of the few female-centric VCs in the world.
Hone Your Story
What’s your brand story? Do you even have one? If not, then work on it. One way to get investor money is to have a story. And, not a lame one either. You need to be compelling. Why are you different? And, not just different, but better. You need to sell your idea with a snappy sales pitch that’s short and to-the-point.
To accomplish that, think of one or two lines that summarize your product or service. Be able to tell your company story in a clear and succinct way. You also want to include a cogent example of how your ideal customer would use your product or service.
Know Your Market
This is something a lot of women entrepreneurs struggle with. To get a good grip on the potential size of your customer base, you need to do some research. What is the total potential size? Is it a crowded niche? How “starving” is the crowd? Do they have a problem they’re desperate to solve?
Don’t Hesitate To Ask Others
Most men have been building a network of friends since kids. They meet up after work for a beer, they shoot hoops with their buddies, and they go hunting. This is a critical skill that you may or may not have cultivated in yourself. According to the National Women’s Business Council report, most women need to understand the importance of business network building.
Prepare For Show And Tell
If you’re selling something, get it in the hands of people most likely to buy. Try an early pilot program for customers. Show them what it is you’re selling. If they like it, they’ll tell you. They’ll also tell you what’s wrong with it and what needs to be fixed.
This is also valuable feedback if you’re looking to get investor money. By running a pilot program, you can address potential investor concerns before they come up. By showing them that “I thought of that, and here’s what I did…”, you’ll come off as being prepared and on top of things.
James Bailey is a business consultant who works mostly with start-ups, and has discovered a niche for helping women succeed in business. His informative articles appear on various business site blogs.