Women are starting businesses at a higher rate than men. However, women generally receive less capital than men for a new business. Entrepreneurs who don’t have family or friends who are entrepreneurs likely don't receive the support they need.
Jill Morenz, president and CEO of the nonprofit Aviatra Accelerators, assists women with getting access to capital to start and grow their businesses. Morenz and her team help female entrepreneurs take a business further faster–and more confidently. Their mantra speaks volumes: You can do this, and you don’t have to do it alone.
With 20 years of entrepreneurial experience and expertise in community building, fundraising and communications, Morenz offers six action tips for female entrepreneurs.
Six Tips for Success
1. Don’t be afraid to ask for help.
There are plenty of places to get help; you just have to know where to look and who to ask. Aviatra offers free (yes, free) one-on-one coaching. Sessions include brainstorming solutions to challenges, discussing ideas, making connections and providing resources.
2. Consider a side hustle.
“There are so many ways starting small, and starting on the side, helps you,” says Jill. “The biggest is that you’re not putting so much pressure for revenue on your business.”
As your side hustle grows, you can afford to pivot or make adjustments as needed. Side Hustle without the Hustle is a free Aviatra workshop for both men and women to help set up a business in just seven days.
3. Think like a scientist.
Scientists try to prove their hypothesis by experimenting, and they change their hypothesis if and when needed.
“When a business owner has their whole identity wrapped in their business looking a certain way, that’s detrimental to the business because they can’t make necessary changes,” Jill says. “That’s why I say to think like a scientist. You can make a little distance between you and the business.”
4. Be a focused learner.
Don’t limit your learning. Study how to be a business owner. Become an expert on your customers. Jill gives the example of choosing one social media platform. If you aren’t an expert on the platform your customers use, learn the platform and become an expert.
5. Bootstrap… in the beginning.
Use existing resources to help your business grow and make money. Then, divide your revenue into three buckets: money to put back into your business, money to set aside for taxes and income to take home.
“You should be making money soon rather than years down the road,” Jill says. “If not, let’s talk about that: why not?”
6. Get “Capital Ready.”
When you are ready to take your business to the next level, it’s time to create a business plan and look for resources. Aviatra is launching a new program called Capital Ready Women which prepares women to access capital through investors or loans. It includes a fundability assessment and introductions to potential funders.
Entrepreneurs need three types of connections: experts, customers and other entrepreneurs. Surround yourself with support and valuable connections to propel your business.
About Aviatra Accelerators
Aviatra Accelerators empowers female entrepreneurs with education, coaching, mentoring, networking and access to capital. Aviatra’s programs meet the needs of women entrepreneurs at all stages of the business cycle. Aviatra Accelerators has helped over 3,000 female entrepreneurs in our region create 15,000 jobs and receive millions in funding. Its alumni have generated a cumulative total of more than $1 billion in earned revenues. AviatraAccelerators.org, 859.655.8343
Take a business further faster–and more confidently. Their mantra speaks volumes: You can do this, and you don’t have to do it alone.
