What we want women in business to know
Women entrepreneurs are vital to a community's economic prosperity, yet we face unique challenges when beginning and growing businesses. There’s the funding gap, the wage and pay gap, the leadership gap. To name a few.
While some of the gaps have narrowed over the last two decades, COVID-19 has the potential to reverse decades of progress in encouraging women’s entrepreneurship.
That’s one of the reasons Lianne Hannaway, founder of Wealthnuvo, created the Beyond Money Summit.
"No more TFSA vs. RRSP debate," says Hannaway. "Whether you're an entrepreneur, side hustler, freelancer, and anything in between, you're a business owner. Let's talk about earning more."
Though people's personal and professional motivations for starting a business vary, here's what you and I can do to keep the gaps from widening.
Pay yourself first
First and foremost, always pay yourself. This is not a hobby. You aren't doing this for free.
Whether you're investing for retirement or generating profit in your business, move money into an account you can't touch before paying bills or paying vendors.
Then, make the most of the money you have left.
Check your credit score
Did you know that your personal credit score can impact your business? The better the score and cleaner the report, the easier it will be to secure loans. Because bad credit implies too much risk, having a bad credit history can hurt your prospects of getting a business loan from a bank.
In addition, checking your credit score regularly is an act of financial self-care.
Leverage credit products
To get off the ground, all businesses require some personal investment, and many entrepreneurs instinctively use their credit to do so.
To qualify, almost all banks will ask for employment status. When you're still employed, your chances of approval for the amount you need are higher.
Whether it's equity, a line of credit, or a new credit card, be sure you're not taking on more than you can handle. Also, try to stay away from high-interest loans that you won't be able to afford to pay off.
You don't have to utilize all of your credit just because you've been approved for a particular amount.
Don't be afraid to ask for help
Asking for help is a strength. You can do so by talking to others who have done it, delegating
tasks, shamelessly using social media to amplify your business or connect with others.
Getting someone else's opinion and thoughts is usually beneficial. Invest in money coaching or profitability audit that can help make sure you are set-up mentally and financially for success.
Seek out a mentor and community
Being an entrepreneur can be lonely. As you will be wearing many hats, especially initially, it becomes very challenging to maintain relationships. Do your best to surround yourself with trusted advisors, mentors, and a community of other entrepreneurs.
We aim to encourage more women entrepreneurs to follow in the footsteps of women like:
Rachel Rodgers, Founder & CEO of Hello Seven, our keynote speaker at the Beyond Money Summit,
Jodi-Ann Campbell, Founder & CEO of Malcolm's Choice our Summit Marketplace Partner, and
Andrea Henry, a business lawyer and Founder of The Secure Startup, a Summit speaker.
Let's show up for women in the ways that matter.
