For decades now, female-led businesses find it difficult to get funding for their business than their male counterparts.
This lack of equality in access to funding has put women-owned businesses at a disadvantage. But you can change that for your business with these five tips:
1. Gather Information – As a female-led enterprise looking to raise funds, you need to be on the constant lookout for information on funding opportunities, funding tips, and more. With this knowledge, you would be in a better position to apply for more opportunities, access cheaper funding and ultimately secure the funds you need to power your business.
2. Show Your Expertise – You need to be able to show your would-be investors that you know your business. You do this by showing that you know your numbers, your business model and the realities of your industry. You should also be able to sell your investors on why your team is best suited to tackle the problems you’ve set out to solve. Tell them about their expertise and experience relevant to the solution you’re offering.
3. Tell Better Stories – Stories are a great way to get your would-be investors to see your business as more than just another funding request. You should be able to tell compelling stories about why you started your business and how the solution you’re offering is making an impact. Stories provide a way to emotionally connect with your audience, and when done right, they can become a catalyst to move investors to support your business by investing in you.
Related Article: How To Attract Investors For Your Business
4. Prioritize Building Relationships Over Money – It may sound illogical to say this in an article about funding but it is an effective strategy. Even investors get tired of being constantly asked for money. To outsmart the competition, female entrepreneurs must consciously prioritise building relationships with investors instead of always asking them for money every chance they get. A good way to start building that relationship is by connecting with investors and other entrepreneurs at networking events.
5. Don’t Forget to Practice – With continuous practice, you are bound to get better at pitching your business and answering questions (unexpected ones too) about your business and industry. Constantly practising, helps you become more confident when you face investors.
From gathering information about funding to practising your pitch, female entrepreneurs have a lot to do to help them get the funding they need. Hopefully, doing these five things would go a long way.