According to the 2019 American Express Open report, 11.6 million businesses are women-owned. Combined together, these businesses generated revenues of over $1.7 trillion in 2017.
Sadly, despite these glowing successes, many female business owners often have to battle multiple problems and issues like limited funding, balancing family and work, inequality in the business place, and a difficult business environment.
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We need more women in business to help the economy grow, produce even better role models for our girl children, and influence society. However, to do that, every women-operated business needs to be secured. If you’d like to know how to protect your business and increase its odds of success, then you need to do the following:
Leverage Debts and Grow
When you were younger, you were probably taught that debt is bad. Therefore most women shy away from taking debts that can actually help their businesses grow tremendously.
While that advice was given with the best of intentions, the reality is that it doesn’t really help women who need to grow and expand their businesses. While it’s okay to be risk-averse and avoid debt traps, the truth is that you’re already taking on a huge risk running your business.
If you have access to loan or credit facilities that can help take your business to the next level, by all means, take it and use it properly. Good debt is always beneficial. In fact, using “other people’s money” is a great idea, even when you have yours. Just make sure to use it judiciously.
Pay Off Your Debts
When you’re done using those debts, pay them off very quickly. You don’t want creditors hounding you just because you were unable to pay off those debts. One of the biggest causes of financial ruin and business bankruptcy is unchecked debt.
Business owners keep taking on more debt just to stay afloat. You want to avoid that by all means. Used incorrectly, debts can cripple your business, causing you to completely shut it down. And when you’ve poured your heart and soul into a business for years, it can be very difficult to close it down and suffer such tremendous loss.
Your best, therefore, is to use debt wisely at all times. If you don’t need the debt, don’t take it just because it’s available.
Get Proper Legal Representation
No one ever thinks they’ll need the help of a lawyer until it’s too late. Many business owners often assume that just because they’re serving a need and aren’t offending other people, they’re safe. Not so. There are people who are looking to score off the next big lawsuit.
These people have no good intentions towards you or your business and will go to extreme lengths to ensure that you settle them heavily. You need to be protected from this at all times. And the best way to do this is to have legal representation always on stand-by.
If you’re ever accused of serious crimes –or your business is sued, you’ll need lawyers who can provide quality legal representation for criminal defense cases. Don’t be caught off-guard.
If you don’t know any reputable attorneys, start looking right away. Talk to friends, and family, and check online for a reputable attorney in your city or area. Even if it’s just general counsel that you need to secure, do that.
A Support Structure
In the mayhem and frenzy that often comes with running a business, many women forget to develop and have a support structure. Reports state that 41 percent of women entrepreneurs have experienced gender bias at least once.
While there are initiatives and efforts targeted at stopping anomalies like gender bias in business, women also need to be able to support each other. A support structure not only gives you the strength to continue moving forward but is also great for your mental health.
There’s something empowering about meeting other businesswomen and hearing about their challenges, troubles, wins, and losses. More importantly, you can earn from your support circle. Sometimes, discussing a tricky problem with a fellow business colleague can yield insights and perspectives that you wouldn’t have had by yourself.
If you’re running a business, you need all the help you can get. So remember to get the help of a seasoned business coach too. A good coach can provide you with big-capture ideas that will further fuel your passions, dreams, and ambitions. Make sure to follow the tips listed here and grow. The world needs more successful multi-generational women-owned businesses. Hopefully, yours will be one of those businesses.