How financial help can enable mothers to grow successful businesses
Trying to juggle a young family and a startup business? Find out how the right financial help can enable you to succeed at both.
Many female entrepreneurs struggle to finance their businesses and take care of their families. In a study published by Small Business Trends, fewer than 19% of the mothers canvassed got outside funding, while male entrepreneurs raised as much as $100,000 for their ventures.
But did you know that there are some financial institutions focused on supporting female entrepreneurs by offering grant and small business loans for women? Find out more about the top 20 small business loans in this article by Camino Financial.
And, to demonstrate how, with the right financial help, combining a successful business and motherhood is possible, here’s the story of Jessica.
With help, combining children and a business doesn’t have to be impossible
As a mother of two, Jessica could hold a child in one arm, carry on a conversation with her tween, and pack snacks for both without missing a beat. Multi-tasking was pretty much how Jessica ran her design company.
Ever since childhood, she enjoyed drawing dresses, pants, women’s attire, and accessories on napkins and slips of paper. Now, two kids later and a fashion degree in hand, Jessica needed additional finances to grow her business and make her dream stay alive.
Jessica had successfully marketed her designs with a local clothier. Unfortunately, if that business owner went out of business, Jessica’s revenue would drop to nothing. She knew the next stage of business growth involved marketing her designs nationally which required money she didn’t have.
Moreover, launching an aggressive marketing campaign would mean she needed to pay for childcare for both children. Jessica was torn between motherhood and keeping her business on track.
A friend of hers, another female business owner, suggested she apply for a Girlboss Foundation Grant.
The organization awards grants to women entrepreneurs who can show financial need and excel creatively in design, music, arts, and fashion industries. This supportive organization’s primary objective is to help and empower female business owners.
Jessica applied for a grant and was awarded $15,000, which she wasn’t required to repay.
She used the funding to hire a marketing specialist who had a fashion design background. The specialist had experience working with high-end boutiques, large design companies, and department stores and would oversee branding and marketing for her designs.
After putting together a portfolio of designs, Jessica sold several of her designs to a major fashion company. They asked her to work for them as a freelance fashion designer and she could retain rights to her private label collection.
Her business grew so quickly that she decided to hire an assistant to help with day-to-day duties and to run errands. In addition to the Girlboss grant, Jessica also applied and received a $10,000 microloan to cover ongoing business expenses.
Jessica loves creating fashion designs between picking up dirty socks, washing soccer outfits, and kissing booboos. This is fine with her because there’s nothing she’d rather do – being a mother and generating income at the same time.
Because she looked into small business loans for women, she can devote time to each of her roles without feeling overly stressed.
In the future, she plans to rent office space to keep pace with the needs of her growing business.
How about you? Are grants and small business loans for women in your future?
After Jessica leaped to secure funding, she realized delaying investing in her business should have never been an option. Sure, she faced numerous challenges; however, the rewards of having cash on hand to move forward far outweighed struggling personally and professionally.
Thankfully, there are institutions just waiting to help you.
You can find out, just like Jessica did, that small business loans for women and grants really do empower women – and make running a business while raising a family possible.
Photo by Persnickety Prints