Did you know that nearly half of female entrepreneurs wish they had more money to dedicate to advertising? Or that women-led businesses are 63 percent less likely to receive venture capital funding than male-led ones? The drive is there and the female-run businesses are certainly there, but sometimes that little external boost to get things up and running is missing. It can be incredibly frustrating for female entrepreneurs to have well-planned, strategic, and informed roadmaps for their business, and all the skills and ambition to get it done, but not enough money to make it happen. The funding is one thing entrepreneurs just doesn’t have as much control over as they do, say, how many hours they dedicate to their business or how well they educate themselves in their industry.
Not having the capital to get going should not deter someone, though. Hewlett-Packard was started with less than $600. Subway was started with just $1,000. So don’t let a lack of funding dash your dreams. You just need to know how to work the system. To learn about this, we spoke with Laquita Brooks, “The Motivational Maven.” Brooks runs a multi-million-dollar real estate agency, a national logistics company, and a coaching program – just to name a few of her endeavors. She shared some gems on how to start a business when you don’t have cash capital.
“Gaining investors is not as hard as people think, however you would need to know the audience,” says Brooks. Finding the right people who might be interested in your product is important, she added, as well as approaching individuals who already know your character. “For example, I was approached by a woman who needed additional money for her film project…because I believed in her and also her project, it was so easy for me to be an angel investor for her.” Brooks adds, “Some common ways to find investors are to ask people that you know (family and friends), seek out venture capitalists, and crowdfunding platforms. Also attend several networking events.”