Women are progressive and their dream to materialize their potential and become financially independent defines why small businesses for women entrepreneurs is a widely searched topic of late on the internet.
Despite being, tenacious, and intelligent, women across the world face hurdles due to stereotypic thoughts and gender bias in society. Ms. Kaveri, 45, ran into gender bias multiple times since the start of her career. She is an MBA and finally decided to write her own fortune. She is planning to set up her culinary services in Bangalore with a team of seven.
Like Kaveri, many women decide to start or have started entrepreneurial businesses and are going through a phase of gathering stamina, finding answers to queries, and trying hard to know what their roadblocks can be and what can be the possible solutions.
Women Entrepreneurship Challenges in the Small Business segment
Women are breaking the walls of society and running their own businesses today. However, the percentage of women-led MSME businesses in FY 21 was just 20% of total MSME businesses that run in India (https://www.financialexpress.com/industry/sme/msme-eodb-womens-entrepreneurship-day-why-only-20-of-indias-over-6-crore-msmes-are-led-by-women/2372108/).
So, the percentage of women-led businesses is significantly low. But why?
Below are the grueling road blockers.
- Gender bias in the society
- Scarcity of capital
- Little access to education and technology
- Little participation due to low risk-taking tendencies
Once you make up your mind to cross the hurdles then nothing can stop you.
Tips for Women Entrepreneurs to make a Successful Small Business
So, you are ready to optimize your skills and be your own boss?
You must choose a business that suits your interest and skill. You may opt for a business in digital marketing, blogging, software business, mentoring and coaching, tourism, and the list is endless. As women are versatile, it is likely that they can do great in any business that they have an interest in. Find a mentor for yourself. You need to have the practice to learn and upskill regularly and never submit to threats.
- Knowing your target customer segment and building a concrete business plan.
Have a proper business plan in place and research the key areas like the competitor analysis, the customer segment you should serve, the short and long-term goals, and the operational methods.
- Networking well and building business relationships.
Do you need to be a social butterfly? Absolutely not. You need to be socially active and connect with more people on social sites. You get a chance to showcase your work and increase the customer base through networking. Focus on building the brand.
- Taking the support of Government schemes.
There are various Government Schemes that support women’s entrepreneurial businesses.
Niti Ayog ( https://www.startupindia.gov.in/content/sih/en/government-schemes/Wep.html ) in partnership with SIDBI provides an ecosystem for women entrepreneurs.
Government loan schemes like Mudra loan, Stree Shakti Yojana, and Mahila Udhyam Nidhi Yojana can support you with capital requirements.
- Automating your Business Processes
Any business today needs the essential business processes to be automated to avoid manual errors and frauds. A fintech platform can support you with the right technology and business process automation. Hylobiz is a fintech start-up that can take care of the required technical nitty-gritty and help you in business process automation.
- Taking the right business decision
Holding responsibilities is synonymous with taking the right decisions on time. When you lead a business, it is important to check your business health regularly and analyze your business performance to make essential business decisions. Hylobiz can help you make informed decisions anytime anywhere with automated reports, a business dashboard, a digital ledger, and a business health score.
- Accessing capital through reliable means
Getting access to easy capital from reliable sources is important for managing healthy working capital and getting better ROI. Hylobiz is in alliance with multiple banks and NBFCs and can help in giving you access to collateral-free loans from lending partners.
Related Blogs: https://hylo.biz/how-has-fintech-improved-the-business-lending-system/
Women Entrepreneurs are supported by Hylobiz
Hylobiz is now offering extra SMS and WhatsApp credits exclusively to female entrepreneur’s finance initiatives to send out payment reminders and communicate easily with customers. You can build better relationships with your customers than ever before.
We encourage you to #breakthebiaseveryday
To know about how Hylobiz can help you, read our blog on women entrepreneurs and professionals
Top features of Hylobiz
- Visa certified
- ISO certified
- Safe, secured, and reliable with 360-degree customer support
- Pre-integrated ERPs and alliance with banks/NBFCs
- Easy integration with existing ERPs and accounts
- e-Invoicing powered by Vayana GSP- India’s largest GST Suvidha Provider
- Automated invoice and inventory management
- Realtime cash flow visibility and track of AR/AP
- Auto reconciliations
- Auto reminders
- Real-time dashboard and automated reports
- Strong data security
- Automated payments and collections
- Sharable digital ledger
Visit our SME offering page: https://hylo.biz/offerings-sme/
1. Neobanks: https://hylo.biz/how-do-neobanks-in-india-works/
2. Business lending system https://hylo.biz/how-has-fintech-improved-the-business-lending-system/
3. Invoice Discounting: https://hylo.biz/hylobiz-what-is-invoice-discounting/
Remember your potentials are the synergy of your innate as well as nurtured skills and failure can lead you to success through experience. So never give up and let us prove to the world that women entrepreneurs can make significant contributions to the economy.
So, quickly grab the chance to earn the extra credits and automate your business process with Hylobiz and you will be able to stay ahead of the competition.
Sign up and Book a Demo