When you’re starting a business the key is to have the money you need to invest in the business you want. There are a variety of options that are out there and the best is to maximize all of them. The first, of course is to research grants available to women owned businesses or start-ups. If you can gain access to grant funding, it often makes attaining additional funds through lending easier because you’ve already been approved through a process which gives lenders confidence.
40% of US businesses are women-owned.
Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%.
Just 25% of women business owners seek business financing.
Women receive just 7% of venture funds for their startups.
I believe that there are a variety of reasons why women don’t seek funding for their businesses but the number one reason I see is a lack of belief. It takes everything in them to believe in their abilities, vision and business plan. Often with family members, friends and close ones trying to talk them out of it, nagging them about the risk and asking them to settle. It takes so much effort, and much of it is often borrowed, to build a business. Let along to stand in front of someone else and ask them to take that risk with you.
That’s why grant funding is a great way to tip your toe into the water and see what happens. If you win one, the confidence would set you up for success in going after some loans or VC funding. Here’s my top resources for going after grand funding.
IFund Women is an organization who does crowd funding specifically for women. They provide coaches to help you set up and run your crowd funding to help you be more successful. The women who go on there to support women’s business ideas are invested in seeing women owned businesses get funded and succeed, meaning it comes with a built in audience. They also have special grant programs you can apply for.
Ifund Women Grant Program: https://ifundwomen.com/grants
IFund Women Crowd Funding: https://ifundwomen.com/projects
The Amber Grant is a grant that is given out every month and each month you have the opportunity to apply for it. The winners of the grant go into a list for voting and the one with the most votes by the end of the year gets the $25,000 grant. They are looking specifically for women who have a story attached to the mission of their organization. This grant is attached to Women’s Net an online community for female entrepreneurs.
Amber Grant: https://ambergrantsforwomen.com/get-an-amber-grant/
Women supporting other women is the way of the future for businesses. If you have plenty I encourage you to contribute to a woman who is crowdfunding resources for her business and if you are in need of start up capital or growth funding- now is the time to get help. Do it because you’re worth it and have confidence in what you’re building.
Are you looking to grow your business and need help defining a strategy for finding and acquiring new customers and automating the follow up they get? Set up a 30-minute needs analysis with me to discuss today.