As a woman, trying to establish your enterprise can feel like an uphill struggle. Despite advancements in the sector, the path to success in business is not equal for male and female entrepreneurs, with only 32.37% of the UK business population owned by women. On top of this, female business-owners are 63% less likely to get funding for their ventures.
There remain many barriers for women looking to build their own companies, but one of the most cited is the issue of networking. Many female entrepreneurs believe this to be a much-needed support tool for women, yet many experience challenges when making new connections within networks.
There is no denying that networking is a fundamental part of business, particularly when launching and growing an enterprise. It is a great way to create contacts that can give you a leg-up towards your goals and build rapport with people that could go on to become potential customers, suppliers, financiers, partners and introducers for your business. Efficient networking can also forge long-lasting relationships that support your enterprise across its whole lifespan.
With the vast impact that networking has, it’s no surprise that female entrepreneurs crucially need to be involved. However, this means overcoming the obstacles and finding a way that works for them, with the ultimate goal of gender-inclusive networks.
In this blog, we have outlined how women should network to get the results they want, in a way that suits their needs and welcomes them.
- Utilise online events
- Join women-specific networks
- Seek mentors
- Embrace your skillset
- Keep your business in focus
Utilise online events
One of the barriers commonly referred to for women in business is the factor of childcare, with women frequently acting as the primary caregiver in the family. This affects their ability to network too, with daytime or late evening events impractical alongside their other time commitments. As such, networking needs to be available on a more flexible basis to fit into many women’s busy lifestyles.
Fortunately, due to growing technology, online events have grown in popularity. The ramifications of the COVID-19 pandemic have made these even more readily available. The beauty of online events is that they are not constrained by venue or location, meaning they can be held almost any time and joined from anywhere. For women, this means attending at home while caring for the family, or from their office during the workday. There is also a wide range of events available out there, which are easily found by searching online, so you can find one that suits you.
Another option that offers even more fluidity is using social media to network, a trend primarily grown by LinkedIn. It’s now quicker than ever to reach out to someone new at just the click of a button and send them a message introducing yourself – and better yet, there are no time constraints on when this has to take place. If you are using social media, just remember to make sure the contacts you make are relevant and meaningful to avoid coming across as ‘spammy’.
By utilising online events, women may continue to have access to the opportunities they need for their business while still maintaining a work-life balance and working at a time that suits them.
Join women-specific networks
If men primarily dominate the business industry, it is no surprise that they dominate networking. For a woman, the thought of being the minority in a room full of men may be off-putting. If this applies to you, it’s worth considering joining a women-specific network.
Female-focused networks have become more prominent in recent years, with many well-established groups now operating, including the Female Entrepreneurs Network and the Women In Business Network. There may also be smaller networks within your locality or sector.
By joining such groups, female entrepreneurs are able to liaise with similar-minded people in an environment that is welcoming to them. This could go on to result in better connections and increased value from networking.
It’s also worth noting that some networks – even if they aren’t themselves female-exclusive – may hold female-specific events e.g. Chambers of Commerce. This may act as a significant first step in joining broader networks and boosting confidence within this environment.
Seek mentors
For those who are new to networking (and even those who aren’t), socialising with multiple strangers at one time will be an intimidating experience. In this case, a one-on-one session might be preferable.
Many institutions and groups offer mentoring programmes, which pairs entrepreneurs up with established businesspeople. This could be gender-exclusive, such as Female Founders, or open to all genders, such as Be the Business, depending on what you feel most comfortable with.
The benefit of mentoring is that it allows you to spend time with one other person, devoted to you and your business only. This leads to a better, longer-lasting connection. It also gives you a chance to get tailored advice and knowledge from someone who has been in your position, but has the experience and learned lessons behind them to guide you in the right direction.
As well as allowing you to build a valuable relationship with them individually, mentors may be able to introduce you to relevant networks and acquaintances that will aid your business over time, helping you grow your bank of contacts.
Embrace your skillset
Women stereotypically possess different traits than men, and this may change the way they network. While networking is associated with male entrepreneurs, this does not mean you should try to emulate masculine qualities to succeed – in fact, doing so may worsen your results.
In fact, some ‘feminine’ characteristics may be advantageous for networking. Women are more likely to actively ask for advice, seek to build trust and co-operate with others – which all help create powerful connections.
With women typically keen to establish these significant relationships, they may find healthier, long-lasting and mutually beneficial friendships with others. Female entrepreneurs can then get more out of these relationships – including calling in bigger favours and a better understanding of how they can best work together with contacts.
Keep your business in focus
The aim of all networking is to advance your business towards its goals. You may also help someone else out while doing so, but you still will be seeking some sort of reward – such as solving an issue of your own at the same time or creating a contact that could prove useful later down the line.
Women tend to be excellent when it comes to helping others, which is a useful tool for building valuable relationships as we have already discussed. However, the downfall is that you may easily get lost in someone else’s needs and not receive what you are seeking.
Studies find that the most successful female entrepreneurs know when to say no rather than striving to be a team player. This means focusing on your priorities and making sure that the time you spend on your business is valuable.
So, don’t be tempted to commit time and energy on someone who needs help just for the sake of building a contact if they have no use to you. The point of networking is to liaise with different people from different areas, so not everybody will be relevant. Instead, use the time to identify and focus on connections that genuinely have the ability to support your endeavours. You can still keep communication open with other contacts in case you need them in the future, but make sure it is not a one-sided relationship. This means keeping a central focus on your business and objectives at all times.
Get advice
Networking is a handy tool for many things, including finding the necessary support for your business. By building useful connections effectively, female entrepreneurs will reap the benefits and give their company solid foundations for its entire lifespan.
Networking is also crucial for raising finance for your start-up or growth stage. With women suffering reduced access to funding, knowing the right people could be vital to securing the capital they need.
At Pegasus Funding, we have access to a business finance network, compromised of lenders and investors for every funding challenge. As such, we will work with you to identify the right contacts and link you with them so that you can get results.