Happy Women's Business Owner Month! Today we are going to dive into talking about the Top 5 Challenges Women Business Owners have and how to overcome them. Listen to this episode for actionable insights on how to overcome these challenges, so you can keep moving forward to achieve your business goals.

Women have been making remarkable strides in the business world. We have proven that we are resilient and capable business owner , accounting for over $1.8 trillion in revenue. However, our path to success has it's own unique set of challenges.

Our Top 5 Challenges are:

Pricing (Gender pay gap)
Access to capital
Balancing family and business
Imposter Syndrome (Self-doubt)
Breaking through the glass ceiling

Despite the fact that women-owned businesses account for $1.8 trillion in revenue, we are still not receiving equitable pay. Research shows that women entrepreneurs pay themselves 28% less than male entrepreneurs, according to Freshbooks. And 88% of women owned businesses generate less than $100,000 in annual revenue.

Women can implement the same strategies for overcoming pricing challenges as they do in other areas of business. By researching, understanding the value of the services they provide, negotiating and using strategic pricing both revenue and business owner pay can be increased.

Securing funding is a challenging task for almost any business owner, but especially for women. Women owned businesses are primarily self-funded, and seek funding only 25% of the time. Research, according to Fundera, shows that women owned startups only receive 7% of venture capital funding. However women owned businesses have a 69% success rate with crowdfunding. So if you're a women owned business and need access to capital then crowdfunding is a viable solution to obtain the funding you need.

Balancing family and business is challenging for most people, but as we all know it can be done. It is just a matter of understanding their will be times you will be out of balance because of work or project deadlines and family events. With practical strategies like scheduling, prioritizing and getting assistance from others you can effective handle the life work balance issue.

A KPMG study found that 75% of women executives have experienced imposter syndrome in their careers. And approximately 70% of people will experience imposter syndrome in their lives. So, women business owners should take some comfort in knowing they are not alone when it comes to dealing with imposter syndrome. Invest in your personal development, celebrate you achievements, and believe in yourself to overcome self-doubt.

Breaking through the glass ceiling is something women, and minorities, have been attempting to do this for years. By joining associations, attaining leadership positions, creating a strong support network including a mentor, and sponsor, you will be equipped with the tools needed to overcome this challenge, as well as help others to do the same.

These tips serve as a guide to empower women business owners to overcome the Top 5 Challenges Women Business Owners have. In conclusion, women business owners should believe in their abilities, create strong supportive network, and pursue their business dreams with unwavering confidence. And most importantly, remember that you've earned your place in the business world.

To connect with our host, Tashaya Singleton, send an email to TashayaSingleton@gmail.com or join the Secrets of Earning Money Show Group on Facebook. If you would like our host, Tashaya Singleton, to assist you in achieving your business, insurance or financial goals send an email to info@tjsfinancialsolutions.com or visit her website ⁠⁠⁠⁠www.ClickTJS.com⁠⁠⁠ #womensbusinessownermonth #podcast #thesecretsofearningmoneyshow #TashayaSingleton #Success #Achievement #top5businesschallenges #womenbusinessowners #blackwomenowned #bipocowned

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The Secrets Of Earning Money ShowBy Tashaya SingletonOct 21, 2021