For any budding entrepreneur, starting up a business is no mean feat. The challenge increases for female entrepreneurs, thanks to restricted access to finance, a smaller selection of role models to aspire to (with 67% of SMEs owned by men) and continuing bias.
While the tides appear to be slowly turning for female entrepreneurship, their setbacks make it harder for women-led businesses to fit their space within their respective industry. However, any enterprise that can successfully and publicly establish itself is much more likely to reap the benefits of demand and profit.
It may seem like a mountain to climb, but there are steps women can take to get their business the attention it deserves. This is particularly significant in a modern society where many consumers actively seek to support women and place a moral and social responsibility on their purchasing decisions.
Our guide has detailed some simple steps that every female entrepreneur can take to boost their business and overcome the barriers in their path.
- Become a thought leader
- Get the funding you need
- Build relationships
- Know your market
- Shine a spotlight on your proposition
Become a thought leader
Nobody starts a business without detailed knowledge of the area they are venturing into. This knowledge naturally leads to becoming a thought leader.
Thought leaders are people who offer value and expertise with a particular domain or sector. This doesn’t necessarily mean knowing everything about your industry; it could mean having an opinion or being able to share your experience in a topic that relates to the company you run.
Utilising thought leadership is beneficial for many reasons. Firstly, it showcases your expertise and what you have to offer, both as an individual and business. This is significant in a world where many women feel they are not taking seriously in their industries, as it can establish you as a knowledgeable representative and tie your name to that industry.
Secondly, it allows you to carve out the niche of your business. The opinion and knowledge you share should be aligned with your value proposition. For example, what will your target customers want to know that might lead them to you? What questions might they have? By answering their queries, you will show them precisely what you’re about and how you can help them, as well as build your credibility in that area.
Thirdly, it’s straightforward to do. It could mean posting your thoughts on social media, writing blogs or reaching out to journalists to offer comment on a news piece. Many publications and websites will seek to get thought leaders involved in their articles, so there often vast opportunity. Plus, these will be read by people who are already interested in your topic, and therefore more likely to convert to customers.
Anyone can become a thought leader, provided they know enough about a set topic. However, being a female entrepreneur may give you the edge as people actively search for diverse voices within different industries. Further, you will also have the ability to feedback on women-specific topics – such as the changing role of women in your industry – which provides another point of thought leadership to utilise on behalf of your business.
Get the funding you need
No business operates without money. As such, funding is key to making your entrepreneurial idea a reality, as well as the long-term running of it. The right finance will also enable your company to grow over time, reaching new markets and offering increased value.
We have already mentioned that women tend to have less access to finance. An EY survey found that 20% of female entrepreneurs asked had no intention to raise capital for their venture, compared to just 3% of men. However, understanding and utilising external finance is often the key to the ongoing success of a business.
Today, there are more options open for women seeking business funding than ever before. As such, it is essential to be aware of the options available to you and how they may support your firm across its entire lifespan. This will enable you to get the capital you need to run and expand your business and reach your larger goals.
If you are unsure how external funding will fit into your business plans or the options available, it is worth talking to an independent financial advisor. They will take you through the solutions that may assist you, tailored to your unique offering and challenges, as well as help you to secure it from the right sources. With enhanced funding, you may then go on to increase results and become an even bigger player within your market.
Build relationships
Networking is a handy tool when it comes to business. It’s a way to create and grow rewarding relationships within industries and communities which could help your company out. As such, all entrepreneurs should be willing to network.
However, networking is a commonly cited challenge that female entrepreneurs have. Men often dominate networks, and events may be hard to fit within a busy work-life balance. Women, therefore, need to find new ways to network that suits their needs and goals. Fortunately, there are increasing opportunities available for women to build substantial contacts within the sector.
The value of networking is that it could impact almost every part of your company. Depending on the connections you make, you may find people working in every manner of business: marketing and publicity, supply, finance, operations and so on. These people may go on to become partners, employees, customers, promoters and supporters. Further, they might introduce you to their contacts who provide help when you need it.
As such, networking is a great way to get your name known with relevant circles and open the door to new possibilities for your enterprise – which could go some way to establish yourself within the market.
Know your market
One of the many reasons to encourage female entrepreneurship is that women add perspective to the market that sees otherwise unserved audiences being offered valuable propositions. Women tend to have a problem-solving mentality and high emotional intelligence, making them empathetic towards others’ challenges and better equipping them to understand their audiences’ pain-points.
With the skills that female entrepreneurs often possess, they are in a strong position to understand their target markets inherently. So, it makes sense to use this to your advantage.
By having intrinsic knowledge of your customer base, you will naturally deliver solutions that fulfil their needs. This is in terms of the products or services you offer, but also how you provide, market and sell those products.
If you are able to fill a gap in the market, you will automatically generate demand from people who have been unable to access it elsewhere. This, in turn, will lead to an established customer base, helping you to make a name for yourself within that domain.
So, be sure to focus on your target market at every step. By doing this, you will not only gain loyal customers, but you will also create a niche for your business where you are seen as the leader.
Shine a spotlight on your proposition
Finally, the best way to establish a business is simply by showcasing what you do. If nobody knows what you do, they will be unlikely to remember your name or use your services. Instead, find ways to highlight your offering to the public to make yourself known and drum up custom.
There are many ways to do this. It can start as simple as using social media to share your products and services, all the way up to having marketing strategies that focus on getting your business in front of people. Press coverage, search engines and word-of-mouth can all help here. Whatever you do, be sure to emphasise the value you offer and make sure it is getting seen by the right people, as per your target market.
In your bid to put your business in your spotlight, don’t be afraid to embrace the fact you are a female entrepreneur. While you understandably want to be recognised for your work rather than just your gender, it should not be ignored that many consumers will be inclined to use women-led businesses as they become increasingly aware of imbalances. This means that people – including journalists, influencers and the everyday citizen – will be much more willing to support and share stories from female entrepreneurs. So, take advantage of this.
By effectively showcasing your offering, you will attract more people towards your enterprise and increase awareness – all of which will drive results.
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With so many obstacles still facing them, it is even more essential that female owners are able to enjoy the benefits of an established business within different markets and industries. This will allow the gender gap to narrow over time, as more budding entrepreneurs pursue their ambitions and see the success that can be achieved from doing so.
However, creating a well-known enterprise does not happen overnight. It requires effort, particularly when there are barriers to overcome to get there. The steps outlined in this guide aim to give women a starting point for highlighting themselves and their companies in the public eye, but they also require support from their peers, customers and financiers to achieve their goals.
At Pegasus Funding, we aim to help entrepreneurs get the funding assistance they need to establish their ventures. We work with them to understand their individual situations and challenges and identify appropriate solutions that provide them with capital for their business stage.
So, if you are struggling to access finance or are unsure of the best option for you, we are here to help.