The good news about being a female entrepreneur is that most of the challenges you will face are the same as those for men. The bad news, of course, is that the traditional challenges of starting a business, such as raising capital, are often difficult to overcome.
Without doubt, on top of the myriad unisex challenges of running a business, women do face more obstacles. According to the She’s Next Visa summary on female entrepreneurship, some women believe that negotiating contracts and raising funding come more easily for men than women.
The statistics by Visa are based on interviews with 650 female small business owners nationwide. In addition to contract negotiating and funding, the respondents also found the following more difficult for women in comparison to men:
- Making technology decisions
- Managing employees
- Planning for long-term success
In addition, by a very small margin, finding a support network was also deemed more challenging for women. Interestingly, despite managing employees perceived as easier for men, the Visa female entrepreneur respondents by a 2:1 margin believe women have it easier in terms of retaining employees.
Other areas in which the female entrepreneurs have it easier, according to the survey, include:
- Seeking mentorship
- Independent decision-making
- Finding new hires
- Attracting new customers
Hotbed of Female Entrepreneurship: Atlanta, Georgia
According to the Visa report, Atlanta is one of the leading cities for female-owned businesses. Despite the high confidence level of Atlanta-based female entrepreneurs in running a company, even in this city, female business owners could use more guidance in strategy development and securing funding.
Being your own boss might sound ideal, but, of course, running a business requires lots of sweat equity; or at least a significant time investment. The Visa survey reveals 57 percent of women in Atlanta are working harder than they have in years past. In order to be successful, ostensibly, female entrepreneurs need to be efficient multi-taskers. Not only that, but when coming home from the office, running a business requires working from home during off hours as well. In fact, the Visa report says 25% of Atlanta-based female entrepreneurs worki in front of the TV at home, with another 28 percent working while in bed or at the dinner table.
Thus, it would seem, finding a healthier life-work balance is challenging for Atlanta women who operate their own businesses; the same can be likely said for male entrepreneurs as well.
The One Tool That Can Help Female Entrepreneurs Increase Sales & Better Manage Their Business
The female business owners interviewed by Visa responded that if given additional funding, 87% of the top two sources would be directed towards advertising/marketing (45%) and newer technology (32%).
POSTEC, a Point of Sale (POS) system solution with over 30 years in operation, supports over 5,000 customers, most of which are in the Southeast U.S. We are a proud supporter of female entrepreneurship and would be more than happy to provide your business with a complementary demonstration on how a best-in-class POS can help your business grow as fast as you need, finding the tools to manage and grow your business, and implementing a payment system. Together, these three business concerns were of vital importance to 88% of Atlanta-based female entrepreneurs. We are here to help you succeed! Contact us today.