The biggest barrier for female entrepreneurs: Finance
When you think about barriers holding you back from starting your own business, how high up the list is finance? For some women, it’s the lack of funds which stops them from taking the first step – even though they know they would love to be their own boss. For others, it’s the fear of not having a regular income, or having to borrow money, which stops them.
This is why we wanted to focus on finance and funding, to provide you with access to reliable information and help you feel fully informed. Over June – and coming up in August – we have a number of resources being created, so you can access relevant information from trusted sources, including many of our Partners in the banking and finance industry.
Finance isn’t something you need to fear – let’s start the conversation, and see where it takes you.
Knowledge is power!
For many, the biggest hesitation comes from not fully understanding their monthly budget. This will be your biggest insight into whether you can “afford” to make the change, as it will help you ascertain what you realistically need to earn per month, to live. It will help you to identify your monthly costs, as well as daily niceties, giving you a clear personal vision of the future you can build.
If you’ve never done a personal budget, or haven’t looked at it for a while, now is as good a time as any. Download this free budget planner, created by EWiF Ambassador, d&t Chartered Accountants.
To find out more about what is potentially involved in running a franchise, download our free Guide to Franchising.
If money was no object would you run a business?
We know it’s not very British to talk about money; but if you’re thinking about starting your own business it’s a topic you shouldn’t avoid. Would you know where to go for advice or funding? In 2019, the Government launched an Investing in Women Code, and many organisations have pledged their commitment to “support female entrepreneurship in the UK, by improving women’s access to the advice, resources and finance needed to build a business”. So, you have more options than you think, especially if you consider the benefit of franchising for starting your own business.
Finance barriers for business owners looking to scale-up
Your business is doing well, you want to grow further, but investment is problematic. Did you know the UK Government has pledged to support women in business, better? This means it should be easier for you to access the right advice and funding for your business growth strategy. So, if you’re ready to scale up, you’ll need to take steps to determine how you want to achieve exponential growth, and how to invest in the right strategy, to achieve this. Franchising could be the right approach to help you achieve the desired growth, and we have advisors who can support you.
What to consider when looking at funding. Guest Blog: Hitachi Capital Franchise Finance
If life was simpler, nobody would choose to live with debt. But, to what extent is the phrase ‘No debt is good debt’ true?
Throughout history, people have pioneered creative problem-solving solutions for everyday life – simple things like back scratchers, or more complex solutions like smartphones, or even artificial intelligence. Borrowing money may just be the solution to your specific business problem. However, this isn’t to say borrowing money is always practical or the right solution for you – in some circumstances, it won’t be. But, don’t let the idea of borrowing money frighten you
Still not sure?
How about a free 30 minute chat with an EWiF franchise mentor?
Sometimes, having a conversation with a real person can help to bring clarity, as you try to make sense of exactly how franchising can work for you. Just complete your details in the form at the bottom of this page, and let one of our EWiF Ambassadors help you discover the joy of franchising, for yourself.
OK… I think I can do this! What’s my next step?
Fill in your details for our free “Guide to Franchising”
Let us explore this next stage together. Contact us at the bfa and at EWiF to see if we can connect you with someone as you find your tribe and start your own franchise journey.
Through the bfa: We’ve developed free educational courses for prospective franchisors and franchisees. Hosted online, they’re designed for your convenience, so you can access it whenever it suits you. Register for free.
Through EWiF: EWiF host free Regional Meetings throughout the year. Speak to real franchisees, franchisors, and service providers, as you discover more about the benefit of franchising for yourself. Find the next meeting in your area.