Thinking about Starting a Business? Here’s What Women Need to Know.
Starting your own business is overwhelming, exciting and a little (or a lot) daunting. And if you’re breaking into a male-dominated space, it can feel impossible. The good news is that you’re not alone. With women-owned businesses and entrepreneurship on the rise, it’s an exciting time to venture out on your own.
Every great business starts with a great idea, right?
Maybe you’ve been endlessly searching for a product that you can never find and think, "well, if no one’s made it yet, I will." Or perhaps you specialize in a skill or service and want to monetize it on your terms. Whatever your business idea, having a clear vision of your niche, competitive advantages, and a business plan is a great place to start.
Once you’ve determined a vision, securing capital is the next big hurdle. Historically, funding for small businesses is hard to come by, even more so for women. This means that exploring a variety of sources for capital is your best bet for obtaining the funding you need. Loans, grants and fundraising efforts are all avenues to investigate to determine what makes the most sense for your business.
Navigating the world of small business financing can be confusing. That’s why it’s important to get the right team behind you. Our experts at KeyBank have the resources and experience to help you reach your goals.
Aside from finding the right financial team, growing your network is critical to a successful small business. Look around your social circles and among your professional acquaintances, and you may even find potential mentors near you who could be a valuable asset. It's also beneficial to look to others who have been in your shoes. Turn to business owners in your community, in and outside of your industry, not only for advice, but also for support. They understand the unique obstacles and challenges you face, so their advice and guidance can be instrumental. In addition to developing a community you can rely on for business ownership advice, you may also discover an opportunity to create B2B relationships for your business. This is also a great opportunity to assess and generate interest for your business. The more you talk about your startup, the more comfortable you’ll be.
As you network, you might want to start looking into your employment needs. While it can be tempting to hire a bunch of people when your workload is high, remember to start slowly. Startup conditions are extremely unpredictable, so you don’t want to overcommit. Consider part-time employees or an exchange of services until you can accurately assess your bandwidth and employment needs.
While your company grows, you’ll face a lot of wins, but also a lot of rejection. It can be difficult to maintain your confidence. Just know that whether you’re a billion-dollar corporation or a small startup, rejection is expected. Remember why you started and stay focused on the big picture. Don’t be afraid to lean on financial advisors and business mentors who have experience starting a business.
Wherever you are at in your startup journey, don’t be afraid to ask for help. At KeyBank, we have plenty of resources for you. If you are interested in joining a network of women in business and female entrepreneurs, visit key.com/joink4w to join the KeyBank Key4Women program. Talk to a member of our team to learn more about financing your business and making your business dreams come to life.
Our teammates supporting Small Business Banking can also help you wherever you are in your journey with our Small Business Check-In. Whether you are an established business owner or just starting out, we aim to guide you and help you make more informed decisions. If you prefer to speak with one of our team members to learn more, you can schedule an appointment for a Small Business Review as well.