“A woman with a voice is by definition a strong woman.
But the search to find that voice can be remarkably difficult.”
– Melinda Gates

Starting a business is an exciting path to take yet it can be challenging. But anyone who wants to be a Boss Babe and the CEO of their own FEMPIRE can make their business work following these five tips we have for you!

First things first, why did you want to start a business? Is it because you wanted to solve some problems and challenges you encountered yourself? Or is it because you know you can do something better and create something more valuable with your time and energy? Can it also be because you wanted to start building your path to financial freedom?

Whatever your reason is, use that to fuel yourself so you can achieve your goals and dreams with your business.

The Biggest Challenge That Women Face In Starting Their Business Is Themselves

Did you know that the number of new women-owned businesses is growing twice as fast as their male counterparts? This is a fact according to the Kauffman Foundation. However, according to the US Small Business Administration, 21 percent of women are less optimistic when it comes to sales growth and business performance. Other studies found that women in business doubt their decisions more often than male business owners and are more likely to criticize themselves.

Yet research also shows that women entrepreneurs in the US rank their happiness three times higher than women who are not business owners.

So female entrepreneurs are more likely to doubt their own decisions in business – but the women who do enter business are more likely to be 3 times happier.

This could be stemming from the social stigma that is still prevalent today. Women are still somehow perceived to be homemakers and not business owners. Further, although 1/3 of business owners are females, there is a lack of support for new female business owners. According to a survey in 2021, 48 percent of fempreneurs feel that they lack mentors and advisors, which then stunts their professional growth. The business world is still heavily dominated by men so it is difficult for women to also grow their own business because they lack professional help.

Female entrepreneurs also lack capital. Research tells us that women are less likely to ask for financing over the lifespan of their business. And when they do ask for business financing, they ask for about $35,000 less than men. When asking for financing, despite being able to prove that many other female entrepreneurs are capable of growing their business, people find it difficult to believe that they can. Thus, some would hesitate to invest their money in a female-owned business. Usually, female business owners would then turn to their savings or financial help from their family when starting a business.

Despite these challenges, don’t be swayed. If you are thinking of starting your business, you have to know that YOU can do it and here are some tips you need to know:

Yet research also shows that women entrepreneurs in the US rank their happiness three times higher than women who are not business owners.

So female entrepreneurs are more likely to doubt their own decisions in business – but the women who do enter business are more likely to be 3 times happier.

This could be stemming from the social stigma that is still prevalent today. Women are still somehow perceived to be homemakers and not business owners. Further, although 1/3 of business owners are females, there is a lack of support for new female business owners. According to a survey in 2021, 48 percent of fempreneurs feel that they lack mentors and advisors, which then stunts their professional growth. The business world is still heavily dominated by men so it is difficult for women to also grow their own business because they lack professional help.

Female entrepreneurs also lack capital. Research tells us that women are less likely to ask for financing over the lifespan of their business. And when they do ask for business financing, they ask for about $35,000 less than men. When asking for financing, despite being able to prove that many other female entrepreneurs are capable of growing their business, people find it difficult to believe that they can. Thus, some would hesitate to invest their money in a female-owned business. Usually, female business owners would then turn to their savings or financial help from their family when starting a business.

Despite these challenges, don’t be swayed. If you are thinking of starting your business, you have to know that YOU can do it and here are some tips you need to know:

1. Trust your intuition. As we have established, women are more likely to doubt themselves. Learn to move past your self-doubt and trust your intuition.
   • Accept that self-doubt and self-criticism are natural reactions when starting a business.
   • Why are you doubting yourself? What stories are you telling yourself that lead to these doubts? Are those stories facts or feelings?

2. Strengthen your money mindset. Women have a harder time asking for money than men. To reach your fullest potential as a female business owner, strengthen your relationship with money.
   • What stories do you tell yourself about money?
   • Do you have trouble receiving money, asking for money, or raising your prices? Why?
   • How do you feel about investing in your business? What feelings do you have about paying yourself from your business regularly?

3. Find a support network. Just because you are starting a business does not mean that you have to push forward alone. When starting a business, there will be bridges you have to cross and moments you will want to celebrate.
   • Join or start your own mastermind.
   • Become an active member of a business community.
   • Ask a fellow female entrepreneur out for coffee.
   • Attend business conferences or events.

4. Be persistent. Unexpected issues and challenges will be thrown your way as you start a business.
   • Be ready to show up even through difficult times and tough challenges. If you find yourself wanting to give up, there is an underlying reason at the root of that. Learn how to show up even when you want to quit.
   • Challenge yourself not to take “no” for an answer.

5. Features tell, benefits sell. One of the most important lessons in business is understanding that people buy benefits, not products.
   • How will your business impact someone else’s life?
   • What value do others receive as a result of your business?
   • What transformation will your product or service bring into someone’s life?

Starting a business can be a fulfilling process where you challenge your current beliefs and grow. What’s most important is to not let self-doubt or self-criticism get in the way of getting started.

There are so many female business owners out there now that are willing to help you. Do your research, talk to someone, listen to podcasts, read blogs, and continue learning as you establish your business. Just the thought of starting a business is already an achievement in itself. And from there, continue reaching for milestones you’ve set for yourself so you can catapult your business to success.

You don’t have to start a million-dollar business overnight. Start with a commitment to show up each day and the rest will follow. With hard work, perseverance, hustle, and grit, you’re setting yourself up to nothing but the way up!