Why Women-Owned Firms Are Being Held Back

Advice for women entrepreneurs

Given the financial challenges, what is some of our advice for women entrepreneurs attempting to launch growth-oriented firms?

1. Develop your financial knowledge and skills. Start with the basics, and build your understanding over time. Ultimately, you are responsible for the financial decisions and well-being of your firm, and funding providers will expect you to have a firm grasp on the financials.

2. Understand the types of funding that are appropriate for your firm. If your firm grows rapidly, it will quickly outstrip your ability to finance it from internal sources. At that point, you may have to seek external capital, so start planning for that well in advance.

3. You need some skin in the game. Funding providers want to see that you are committed to the firm’s success. You can demonstrate that by investing some of your own money or by pledging personal assets, such as your home, as collateral.

4. Be on the lookout for funding and support services that target particular types of firms, industries or geographic regions. You may be eligible for special loan funds, grants, or tax credits. One such federal program provides SmallBusiness Innovation & Research (SBIR) grants to support firms developing innovative technologies.

5. Network strategically to gain access to key groups and individuals that can provide financing. As an example, organizations such as Astia and Springboard Enterprises provide not only training for growth-oriented women entrepreneurs but also help them gain access to potential investors.

Read the full article at:http://www.forbes.com/sites/kauffman/2012/05/30/why-women-owned-firms-are-being-held-back/

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results

Advice for women entrepreneurs.

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