It’s an exciting time to be a female entrepreneur. The number of woman–owned firms is rising, revenues are increasing and more females than ever are jumping into the small business world. But despite these successes, women business owners face a unique set of challenges.
A top challenge: Access to capital.
While there’s no magic formula to solve these difficulties, female entrepreneurs can build a few vital habits that will set them up for success. Here are four important ones:
1) Explore business financing options. – Many female entrepreneurs rely on personal funds to keep their business afloat. But with a wide variety of financing opportunities – business loans, SBA 7A(a) loans, or other credit options – there’s no need to spend your life savings. A knowledgeable lender can help you identify the option that’s right for you.
2) Network with fellow female entrepreneurs. – There’s strength in numbers, especially when it comes to navigating the hurdles of small business. Utilize resources like the U.S. Small Business Association, Score.org, or the National Association of Women Business Owners, which are dedicated to helping women run successful businesses. Or consider starting your own local networking group to share your experiences with other likeminded women.
3) Build a relationship with a trusted lender. – Develop a strong working relationship with your banker. Your lender needs to understand your business inside and out in order to provide you with the best advice and solutions. Be honest; keep your lender up to date on any changes, setbacks or successes you experience.
4) Consider alternative funding sources. – Think outside the box. Consider crowd funding, which gives many women the chance to get their business off the ground. Other alternative sources of funding include OnDeck and Funding Circle, among others. These organizations utilize technology to level the playing field for women who find it difficult to obtain funding from a traditional lender.
Business Loans for Women
At Countybank, our local bankers work with woman business owners to optimize cash flow and grow their businesses. We offer competitive interest rates and flexible underwriting. As a proud supporter of small business, let’s begin with your goals. Tell us your story today by calling 864-335-2440.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.