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Saturday, April 19, 2014

5 Things Women-Owned Businesses Can Do to Attract Investors

According to Fast Company Magazine, women-owned businesses in the U.S. are on the rise, increasing by 60 percent since 1998. These women are smart and bold enough to turn an idea into a start up business. But when it comes to money, they aren't always as savvy.

Women and money

Many women entrepreneurs have a problem asking for money. This may explain why they are getting less money to support their businesses. According to FreeEnterprise.com, a U.S. Chamber of Commerce site, in 2010 women entrepreneurs received 52 percent less loan money than men. Many female business owners don't even apply because they just don't think they will get loan approval.

What women business owners need to do

Funding can make or break businesses, including those owned by women. So, women need to learn how to find funding sources and what to do to increase their chances of getting the funding. Look at it this way. As a women entrepreneur you were strong enough and smart enough to start your own businesses. Use that same strength to find funding to support your businesses. Here are some tips that will help.

1. Network, network, network - make contacts with other businesses in your industry and make sure they know who you are. Trade shows are a great way to connect with people and build relationships

2. Advisory boards - are an effective way to get industry leaders and others familiar with your business to share information. Invite them to join your advisory board. You will not only learn from them but will be making important contacts.

3. Communicate your story - always be prepared to briefly describe your business. It's like preparing for an interview. You want to be short and to the point. Always include what's unique about your business. Investors want to know this.

It's a matter of making the contacts and selling yourself. Lenders don't like to give money to perfect strangers. So, take the time to get to know others in your industry and give them opportunities to know you.

For the complete list, visit m.fastcompany.com/3029256/bottom-line/5-ways-women-entrepreneurs-can-hack-the-boys-club-of-investors


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