How to Confront Challenges Facing Women Business Owners
Women business owners often face challenges in professional settings that are different from those males encounter. Here are some of the challenges you might confront as a female business owner and tips on how to successfully tackle them on the way to becoming a leading female entrepreneur.
1. A lack of funding
Although there are more female-owned businesses than ever before, funding is still an issue. Funding is needed to build and grow any business. Without it, a business owner doesn’t stand a chance. Unfortunately, just a small percentage of business funding goes to female-based entrepreneurship.
A Funding request that is turned down doesn’t have to hold you back. There are many ways to get the startup help you need, including assistance from the CBP’s Women’s Business Center and other SBA resources. Bank loans and crowdfunding are also options you can look into to grow your business. Check out CBP trainings from “Microloans 101: Small Dollar Financing for Your Small Business Needs” to “Options for Funding Your Business.”
Funding opportunity! The WBC is partnering with the Association for Women’s Business Centers and Verizon who has a $10,000 grant application open until 11/14. Please contact the WBC at wbc@cbponline.org for more! Access the Verizon Small Business Digital Ready platform and access the grant application at LINK.
2. Gender bias
Despite being bold and independent entrepreneurs, women are still subjected to gender bias across the country. Gender bias is due to women-owned businesses still being perceived as a greater “business risk,” as lenders feel that they are largely hobbies, and we continue to fight these outdated assumptions.
You may be exposed to cases where you are not taken seriously as a female entrepreneur. Ways to combat gender bias include educating others, keep working on your business goals, and demanding that people take you seriously.
Build a team who supports all genders and is aligned with the business’s values. A good way to inspire other women and break gender bias is by posting on social media such as LinkedIn. Ensure your business has an account and share your story to uplift other women and fight against gender bias.
Be sure that you present yourself as professional in all that you do. If you are not confident speaking to a group, or talking about financials, or handling a disagreement, register for classes or seek out a coach NOW.
3. Limited support
Good support is needed in every aspect of life. If you are in a male-dominated field, you may not receive the mentoring, networking, or sponsorship you need. As a business owner, it’s important to have a support system. If you don’t have that in your industry, there are plenty of ways you can receive support. You can reach out to female mentors, attend entrepreneurship workshops and programs, or even do an online course to get the help and support you need.
Our Women’s Business Center provides support, workshops, and even funding options focused on helping women business owners, especially those from vulnerable communities. Contact our team at wbc@cbponline.org for more info on the programs we have available!
