We all know that starting a business is as difficult as it is exciting. The harsh reality is that women often have it even harder than men. As such, appreciating female entrepreneurs’ struggles will be necessary for your preparations before launching a company or injecting fresh energy into an existing brand.
Here are five of the most commonly faced issues, along with what can be done to overcome them:
1. Acting With 100% Confidence
There are several reasons why even brilliant entrepreneurial women are unable to act with confidence. Among them are the fear of failure and the knowledge that women only represent 15% of SME majority owners. Whatever the reason, it can have a severe impact on a female business owner’s mindset.
From confidently choosing brand colors to feeling at ease during presentations, it all boils down to a change of mindset. Whether it’s achieved through body language courses, entrepreneurial training, or another method, discovering your confidence will be key.
2. Access To Funding
Another one of the biggest female entrepreneur struggles revolves around access to funding. Reports show that women-led businesses do statistically gain less money than male-owned ventures. Although the gap is closing, the impacts of the pandemic in relation to commercial borrowing have created an extra source of stress.
It is still possible to gain access to funding, but you may need to get creative! Crowdfunding, private investors, and self-funding are all options to consider.
3. Finding A Niche
As an entrepreneur, you want to reach the biggest possible market. On the other hand, you must accept that not everyone will be interested, which is why you must learn how to find and serve the ideal client. Most women get a little scared when you tell them to pick just a small piece of the market, but when you target a small niche, there will be even more opportunities to grow the company and achieve huge success.
It isn’t only an issue affecting entrepreneurial women. All companies are affected by it, but you can only take responsibility for yours. Once you find your place in the market, everything else rolls into place – and not only in terms of branding.
4. Finding Male Employees and Collaborators Who Respect You
If you’re a woman in the business world, you know that it can be a challenge to find male employees and collaborators who respect you. In no way is this a rant hating on men. Still, you cannot ignore gender inequality in the workplace or the fact that some men seem to find it hard to take female entreprenuers seriously. It is all too common for men to see women as less capable or competent than they are. As a result, it can be difficult to find men who are willing to work with you as an equal partner. Even if you do find such men, there is always the risk that they will eventually succumb to pressure from their more misogynistic colleagues. This is why it is so important for female entrepreneurs to stick together and support one another. We need to create our own networks and safe spaces where we can thrive without having to constantly prove ourselves to those who don’t believe in us.
5. Juggling Business With Life
A successful business is one of the biggest objectives in your life right now. But it still isn’t as important as your family or other commitments. Once again, there are plenty of male entrepreneurs who face the same battles. Yet, statistically, just as women workers often need more time off for unavoidable life issues, juggling companies with life is harder for females.
We, as entrepreneurial women, should not fear this. Instead, we need to build a robust strategy that includes contingencies and a strong support system. Nothing can hold you back from achieving everything you deserve when this is in place!
You are not alone in this! Check out the amazing women featured in my resource guide to 15+ Women Supporting Women-Owned Businesses for some authentic inspiration. Download it here for free!