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Thirty-one-year-old Diana is excited that her online business is thriving. Her mitumba wear Facebook page has grown beyond her expectations and the orders keep coming in. She knows that she needs to move her business to the next level but is stuck on where to start. Where to get financing for expansion, how to balance her books, pay her taxes, get more customers, it all sounds too overwhelming for this female entrepreneur.
Being an entrepreneur is one of the toughest undertakings for anyone especially for women. According to statistics on the 2016 Micro Small and Medium Enterprises in Kenya 47.9 percent of certified businesses were owned by men whereas 32.2 percent were owned by women.
As more and more women join the entrepreneurship space, the challenges they face are now easier to identify.
Financial support
This ranks as one of the biggest challenges for women in this space. Whether it’s for capital or expansion, women do not have access to as many financial services as men. This can be attributed to a lack of bank accounts, fewer networks to ask money from or even lack of confidence in women by credit institutions.
However, if you are looking for access to cheaper credit and unsecured loans to take your business to the next level, the Barclays Business Club can help you take care of that.
Lack of knowledge
With most women starting businesses out of survival rather than opportunities, many find themselves in territory that they are not well versed in. From business knowledge, customer relations, scaling up or staff relations, entrepreneurs tend to focus on one thing and forget the other aspects which are critical in the success of the venture.
You can always check out the numerous seminars organized for women to educate them on various elements of running a business. It’s a wealth of information and a great opportunity to network with fellow entrepreneurs.
Crunching the numbers
Let’s be honest, numbers are not everyone’s cup of tea, but when it comes to running a business it becomes an absolute necessity. For many business owners, they tend to leave that ugly task to professional accountants, opening them up to theft, fraud and misinformation. Any entrepreneur worth her salt should at least have an idea of how her business is performing.
Over time, tools have been created to make this task much more palatable and easier to understand. Check out the Barclays Business Club for details on how to learn more on managing your finances.
Lack of support
Beyond financial support, women also need mentorship and handholding as they navigate this landscape. There are currently a few successful female business owners who can serve as mentors for upcoming entrepreneurs. But all is not lost, the Business Club through their frequent women seminars give you a chance to interact with successful businesswomen as well as network with like-minded peers.
Balancing work and family
Women still have the largest workload when it comes to taking care of the family in terms of giving birth and taking care of kids, the home, husband and as is becoming the norm, providing for the family as well. Therefore it comes as no surprise that women are overwhelmed by the two very demanding roles. Over time, women have come up with hacks and survival tips on how to juggle the two and still achieve success. Join the women’s club to learn all about them and be part of the conversation.