This post may contain affiliate links. That means if you click and buy, I may receive a small commission. Please read my full disclosure policy for details.
As women, if we have a vision, we go for it. But as easy as it sounds, there always seems to be something that stands in the way of reaching our goals, and most often times it’s the need for cash. According to research from Oxford Economics, male entrepreneurs are 86% more likely to be venture capital funded than females. So while that sounds a little biased, it just means women must work harder for what they want. And good news is there are more ways than venture capital to raise the funds you need to make your business a success, you just have to be creative.
#1) Be Self Sufficient
To make money, you have to spend money… I’m sure you’ve heard the phrase, but it’s true. And sometimes, if you want to get something done, you have to do it yourself. So in this sense, self-funding your startup is the way to go. According to a poll by Oxford Economics, women were 37% more likely than men to be self-funded. But you don’t just start a business overnight. There comes time and planning and during that time and planning I’m sure you’ve been putting some cash aside for a rainy day. Well it’s raining sister, and it’s time to put that money to good use. Shelling out your hard earned savings will not only give you complete control of your investment, but you won’t have to pay anyone back.
#2) Reach Out to Friends & Family
Some people are blessed with a strong support system, whether that’s family or friends. If you are one of those people, then take advantage. Share your business plan with them, get feedback and then offer something in exchange for their financial support. Stand by your ideas and goals and make them want to be part of it, make them want to invest to see you succeed.
#3) Share It With The World
Everyone thinks they have the million-dollar idea, but the only way to know for sure is to share it and see. This is also a great way to get the funding you need to get started. Crowd funding sites like Kickstarter give friends, fans and even strangers the opportunity to pledge any amount of money to see new projects come to life. Almost $2 billion has been pledged so far, funding everything from homemade postcards to Oscar-winning documentaries. Another crowd funding option you could try is CircleUp, which connects investors with consumer brands. Here they not only help you raise the money you need to get started, but they offer advice to help your business thrive. CircleUp has helped over 100 companies raise over $120 million.
#4) Take Advantage Of Your Resources
Among the many ways to get the funding you need for your startup, the easiest might be right under your nose. The Small Business Administration has been helping women get the capital they need for years. Instead of giving loans or grants themselves, they help entrepreneurs get bank loans, connect them with investment groups and even help find local programs that are encouraging women to establish their own businesses.
So take advantage of what’s out there. There will always be hurdles, but it’s how you overcome them that will determine your success. Never give up on your dreams, because somewhere someone has the same million-dollar idea but isn’t letting the lack of funding hold them back, so why should you?
In what ways did you get funding for your startup business? Did you find it difficult at first? Let us know in the comments section below and don’t forget to share this with your friends and family.