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Women-Owned Small Business Challenges and Advice for 2019

Starting a business and building it is not easy. It is a vision that becomes a reality only for the few that are persistent in making it happen.  Women entrepreneurs face challenges of both an entrepreneur and a rebellious woman who has not stuck with the social constraints.

Most women venture into creating their own space in business not only out of passion but also to make their professional life more flexible and to strike the perfect work-life balance. Though starting your own business is not easy, it is way more difficult to sustain and grow.

Passionate women with immense inner strength and grit are the ones that see it through the entire journey of an entrepreneurial venture.

There are many stumbling blocks you may have to cross before sustaining your business and see it flourish for decades to come. Some of the high-level challenges include,

  • The struggle to be taken seriously: Boss ladies, you have faced it previously when you put your business plan out to the world and you will face it again. Every time you want to start something new, you come up with a groundbreaking idea and you aim a little higher, people may not take you seriously just because you are a woman.
  • Receive funding equal to men: Research shows that men receive twice the financial funding than women entrepreneurs. Finding an appropriate women-owned small business funding option is critical. In 2017, only 17% of the startups in America were women-started but the amount of jobs these organizations have created is huge. This explains that the right funding can help women achieve their goals and also help the country’s economy
  • Balancing Work and Family: Family is everything for all of us. But women are pressurized knowingly or unknowingly to take care of the family and to put them first. Even though they are encouraged by their close ones to pursue their passion, women are usually emotionally bullied into throwing their work away when there is even a small crisis in the family.

If you are a woman entrepreneur already, then we say you have arrived after tip-toeing your way out of all these challenges. Your dream business is set up and we are looking forward to you making it shine through generations! So here are a few ideas for all the women entrepreneurs to make it big in 2019.

Certifications can help: Being your own boss does not mean you stop being a student. Learning is a process that should parallel throughout your life or your business will become outdated easily. Certifications are not only for professionals who are looking for promotions. It is also for young entrepreneurs who need in-depth knowledge of everything related to their business. Most of the small business owners jump into their entrepreneurial journey without understanding basics like accounting, marketing or operations. So, make time to find your weak spots and master them.

Time is Money: Picking your kids from school? Hosting dinner for friends? These chores can wait or be distributed. Even wonder woman needs help. So allocate work to your family and friends because the biggest investment you can make for your business is your time. It’s not easy to multitask, but women are the gods of multitasking! So, make sure that you plan your work ahead and prioritize accordingly. All the hustle will be worth it when your business is super successful ten years down the line.

Set goals and break them down: Setting goals are one thing and implementing it is another. As an entrepreneur, you will have huge goals set for your business. But it is essential to break this goal into smaller, doable tasks that can eventually bring you closer to the said goal. Your business can not be built in a day or it is not going to fly high from the word start. Be patient and set short term goals. Don’t forget to celebrate every step towards success as this gives you the confidence to move forward.

Seek Mentors: Textbook learning can take you only so far but real life experiences and wisdom can add more value. Not all experiences need to be experienced. Seek out to mentors and thought leaders in your field or other women entrepreneurs. Learn about their lives and perspective towards every scenario or problem they have faced or you are currently facing in your business.

Family business with Expert Funding: Family-run businesses are more successful in many parts of the world and getting your trusted resources to work for/with you is perfect. But, taking professional small finance fundings is better for your business than taking capital from family. Involving family or friends in money matters can take a toss in the relationship and it is the last thing we want. Rather, take help for the right things from the right places or your business can take a huge setback.

Owning a business needs a lot of patience and perseverance. Years of nurturing and reinventing ideas, processes, and values are required to make your business trust-worthy, relevant and successful. Join forums, communities for small business owners and constantly be aware of the market trends, repetitive problems that may occur and the challenges the future of your business might hold.

Finally, 2019 and the years to come are the best time for women entrepreneurs as they might be a part of the big shift in the entrepreneurial world from being male-focused to being equal.

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