The age of women choosing to dominate in business is upon us, and there are more female entrepreneurs taking a leap of faith into launching their own business than ever before. The amount of venture and capital being allocated to female startups tripled between 2005 and 2017, from 7% to 21%. A higher female representation is being demanded across almost all avenues, from tech and business, right down to the television programs and movies we watch. And although steady progress in the right direction is being made, there are still leaps and bounds to be made to catch up, and launching an all female startup is a great place to begin.
Ensuring The Finances Are In Order
Regardless of the type of business, a startup will not leave the ground without the proper financial backing and security. Estimating and knowing your costs upfront is a necessity, and so planning accordingly is key. A typical microbusiness will cost $3000 to begin, while other at home businesses can cost upwards of $5000 initially. A rule of thumb to apply is to have 6 months of overhead accessible to keep the business afloat and generating income. It’s best to research and find the right business financing for your startup if you need access to more funds. The better prepared you are going in and launching, the better results you will yield once the cogs of the business are turning.
Look For Female Inspiration
The women that have launched their own tech startups are doing it well, and their results are speaking for themselves. Their startups have a 35% higher return on investment and generate an average of 12% higher revenue than male startups. The tech world specifically needs this female representation if they plan on overcoming obstacles and wish to avoid stunted growth in the field. Formulating a business relationship with other women in the industry is important when launching a business, and finding the right women in tech to connect with is imperative. Companies like Affectiva, Astral AR, Fetch Robotics, goTenna, and Venti Technologies are all great examples of female started and run tech companies that are doing well and can be a brilliant source of inspiration. Locating these companies and CEOs on LinkedIn is the best way to reach out and communicate.
There’s no better way to begin than to just start. Waiting for perfection will kill any hopes of a successful startup, and so launching even before you may feel ready will still bring great results for your business. Once you have ensured that the resources and capital have been sourced, and the idea is viable, it’s best to launch with confidence. With only 17% of startups being headed by women, the need to bridge this gap is more obvious than ever, and starting your business now is the best way to do this.
Women have the ability to absolutely crush the tech sector and bring even better innovation than their male counterparts. Launching an all female run startup is an empowering way to make waves in the industry, and thrive with your own tech business.
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