Tips and Tools for Women Entrepreneurs to Boost Their Business
Running a business has its highs and lows. Whether you’re a newbie starting a business or a veteran woman entrepreneur, we offer time-tested tips that can elevate your business to new heights.
Understand Your Business and What Makes It Unique
You’ll run a business in an area that you’re either passionate about or have some technical knowledge from your professional background.
To excel in the marketplace, you need to be intimately acquainted with ongoings in your industry. You need to be abreast with trends, legislation, competition, possible substitutes for your products, and ways to improve efficiency.
When you draw up your business plan, you need to be clear on what distinguishes you in the market. What’s your value proposition in the market?
Clarify what you offer in the market that persuades your target market to buy from you. You need to keep innovating and refining your product to remain outstanding in a crowded field.
Whatever makes you unique, work at getting better in your area of strength while watching out for your weaknesses and the competition.
Build a Strong Network of Colleagues and Mentors
Never underrate the power of networking with mentors and other women entrepreneurs. Many times, your network is your net worth.
Networking with those who are more successful in business is an excellent way to learn from their experiences.
Besides exchanging skills and ideas, networking helps you draw inspiration from the journeys of different entrepreneurs who have undergone challenges similar to your own.
Networking exposes you to new partnerships, new markets, and new ways of doing things. Brushing shoulders with other players in your industry shows you emerging trends in the market and help you adjust your sails in anticipation of changes in the business landscape.
Reach out to your local chamber of commerce, professional groups in your business niche, and networking associations for women in business to grow your network.
Enroll and participate in mentorship programs to inspire, challenge, and grow you as a business owner.
Invest in Books, Courses, or Online Programs That Will Help You Grow Your Business
We live in the digital era characterized by information overload. However, you need to ensure you get actionable, resourceful, and accurate information.
Numerous traditional and online resources can help you expand your thinking and explore new possibilities. Where physical mentorships are hard to actualize, interact with the minds of giants in your industry through books, social media, or YouTube videos.
There’s a host of free and paid business courses for almost every discipline. Moreover, the information is available in several formats according to your preference. From a PowerPoint course to a business management program, there are many online training courses to choose from.
As a woman entrepreneur, invest in books and online resources to grow your business. You may need to get women’s business loans to help you enroll for paid online courses that are recognized.
Seek Out Financing Resources for Businesses Like Yours
Apart from these loans, women have multiple financial resources to start and grow their businesses.
- Angel Investors And Venture Capital
Angel investors are wealthy people who fund other businesses with their money. On the other hand, Venture Capital organizations invest funds on behalf of others.
Venture Capitals have a greater expectation of return on their money and are suitable for more established businesses.
Examples of angel investors who fund women:
- Mergelane
- 500 Women
- Next Wave Impact
- Chloe Capital
- Laconia Venture Asset Management (LVAM)
- Springboard Enterprises
- 37 Angels
- Golden Seeds
- Female Founders Fund
- Business Grants For Women Entrepreneurs
Grants come from the government and corporate bodies, and it’s money you won’t have to pay back.
Numerous entities offer to finance businesses owned by women. The application process is competitive due to the large number of applicants. Nonetheless, it’s worth applying for as you won’t pay back the funds.
Examples of grant opportunities for women in business:
- Small Business Development Centers
- Grants.gov
- Amber Grant
- The Girlboss Foundation Grant
- Women’s Business Centers
- Women’s Business Loans
When your business needs more predictable financing, you can’t depend on funding from angel investors or grants from the government alone. You’ll need to explore women’s business loans.
The SBA (Small Business Administration) and multiple private lenders offer small business loans to women in business.
Here’s a listing of some lenders who offer loans to women-owned businesses:
- The government-guaranteed SBA loan programs
- OnDeck- online term loan
- Camino Financial -small business loans for women
- Elizabeth Street Capital
Top 5 Tools That Can Help You to Enhance Your Female Brand
- Project management tools: Microsoft 365, Trello, Asana, Click Up.
- Data storage tools: Google Drive, Dropbox, FireCloud
- Communication tools: Google Meet, Skype
- Email marketing automation tools: Mailchimp, Gmail, Mailbird
- Accounting tools: QuickBooks, Xero
Delve into the realm of financial efficiency by researching QuickBooks cloud hosting pricing, utilizing various online resources such as articles, forums, or vendor websites. Expand your knowledge base and stay informed about the latest trends and cost-effective solutions for seamless financial management.
Conclusion
We’ve gone through proven tips to help you grow your business and achieve your growth goals. Find ways to improve your business by incorporating these tips and tools into your business.
