Being a female entrepreneur means walking a path with rocks and, in most cases, obstacles. Women’s resilience and fortitude have enabled them to overcome the disparity entrenched in all sectors of public and private life, including the business world. According to U.S. Census Bureau data, women-owned businesses with employees only reached 1.1 million, while 10.6 million are women-owned none employer firms, typically referred to as self-employed.
One of the main reasons some women-owned businesses are not scalable is the lack of access to financing. According to information collected by NAWBO, 52% of male business owners have access to bank financing, a significant difference compared to the 38% of women who have this possibility. An accessible alternative for all types of businesses is online lenders since they have fewer requirements. Use the business loan calculator and possible project financing, choose the financial institution and product that best suits your needs.
Top great financial advice for your business as a businesswoman
Whether as solopreneurs or with employees, women are a fundamental part of the economic engine of the United States. It is the duty of the government, financial institutions, and society to create a level playing field for female entrepreneurship to flourish. Here are some financial tips that will blow your mind and help you on the road to entrepreneurship.
- Thoroughly analyze your financial statements: If you have a good income but never have enough to save and start new investments, it’s time to find out why. Start by analyzing your financial statements for the last three months and identify which expenses do not represent real needs. Look for cheaper alternatives or eliminate those expenses, you will see that this small action will generate significant changes.
- Invest immediately: Eliminating unnecessary expenses will give you the possibility to invest in your future. Betting on savings, retirement, or even emergency funds will be excellent strategies to avoid decapitalization. Another alternative is to invest in your talent, pay for courses, academic degrees or improve the training of your workers. This will be reflected in your profits and on the positioning of your company and brand.
- Consolidate your credit history: The best tool for the financial growth of your company is financing. Consolidating a savings fund and investing in large projects is a complex assignment. Using financial products such as business credit cards or small business loans and paying them on time can help you to build a good credit reputation.
Use technological resources such as the business loan calculator to know the characteristics of some financing and request the one that meets your needs and payment possibilities.
Other financial tips for women business owners
Do not be afraid to establish quantifiable objectives, it is not the same if your goal is to have a successful business or if you project it precisely, for example, improve your sales or reduce your operating expenses by an assigned percentage. Numbers are the best allies when making decisions, use them.
Financial tools for your business
The accounts, balances, and projections that are made mentally, on sheets of paper or notebooks, tend to be forgotten, not updated, and even lost. We recommend using technological resources, available for mobile devices, such as financial management apps:
- Mint: This platform will help you monitor your bank accounts, credit cards, and investments.
- You Need a Budget: This app will work ideally to make budgets and follow them according to plan. It will help you get better clarity on where you are using your capital and avoid leaks.
All these habits, tips, and tools are intended to help you achieve the economic stability and independence you desire. Growth processes and financing are allies in business development. Use the business loan calculator to know the characteristics of a loan, analyze it and if it is the best decision, use it wisely, with a vision to grow professionally.
Believe in yourself and don’t let anyone or anything limit your personal and business potential. Women are ready to take control. Study, be an entrepreneur, work and have fun, the sky is the limit. Use these financial tips to create a better world and don’t stop trying. Remember that your country, city, and community need your talent.
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