At some point in the life of your business, especially if your vision of success includes hiring employees, creating wealth, and offering innovative products or services, you will need to consider stepping into the world of “other people’s money.”
If yours is a woman-owned business, accessing capital comes with challenges. According to a 2014 report commissioned by the Small Business Administration, on average, women start their businesses with half as much capital as their male counterparts. And as their businesses grow, the gap widens. While the vast majority of business owners rely on personal assets to fund their business start-up, undercapitalizing your business can significantly impact its ability to survive and grow. At a recent Women Business Owners Network conference, we sat down with five women business owners to hear their experiences and recommendations about finding money for their businesses.