5 Ways To Get Big Money For Starting A Business

While there is a clear parity gap in the number of women holding executive positions in corporate- at a mere 14.6 percent, recent studies point out a gap even in the men and women owned small businesses and enterprises.


According to the “Kauffman Firm Survey,” men start new ventures with almost twice the amount of capital that women invest, into their new businesses. On top of that, only 4.4 percent of the total dollar value of all small-business loans goes to women.


Granted, women might be more judicious while men are big risk takers, but that can’t constitute for such a glaring rift. While asking for money is an awkward area for everyone, women should not let external factors deter them from sparing any holds while building a business.


Here’s five things a woman entrepreneur-in-the-making should ensure, to get the funds she desires for a kickstart according to Entrepreneur.com:


  1. 1.       Broaden your funding horizons:

Educate yourself on the world of funding options that are available out there, apart from the conventional venture capital or equity financing. With the availability of easy bank loans, crowdfunding, lines of credit and Small Business Administration loans, getting the funds you need is hardly as tricky as it used to be.


2. Network with others; build symbiotic relationships:

As a woman entrepreneur, you have a whole lot of women who have made it to the top, who are looking out for you. Networking circles like Ellevate, that take budding women entrepreneurs under their wings for mentorship on business growth and sustenance, are plenty to find. So be proactive in trying to connect with successful women, and if you have advice to impart yourself, go ahead and build as many symbiotic relationships as you can.


3. Get involved.

If you are miffed with the current gender or funding scenario in an industry, don’t wait around for someone to speak up, take action yourself. Get involved, and get involved for real- even if it means seeking legislative reforms. Support initiatives that advocate women in business.

For example, Sen. Maria Cantwell and the Committee on Small Business and Entrepreneurship recently introduced the Women’s Small Business Ownership Act of 2014, This legislation opened the floodgates to increase access to lending as well as business counseling and training for businesswomen.


4. Seek corporate and government support:

Corporate giants such as American Express have conjured support programs for women entrepreneurs by providing useful content, forums and even boot camps. The government also sets aside contracts and funds for minority-owned, veteran-owned and women-owned businesses. There are various mechanisms put in place to ensure smooth sailing- all you have to do is avail the benefits you are entitled to.


5. Don’t hold yourself back.

Sheryl Sandberg, chief operating officer of Facebook, has been championing the cause of making women more self-confident. According to Sandberg, women leaders often get in their own way by underestimating their abilities and goals. While a judicious attitude is instrumental in running a business, when it comes to getting what has been set aside for you, you must go for it without hesitation.


Original Source: Entrepreneur.com

[Feature Picture Courtesy: Startupmuse.com]