For women in India, building financial freedom used to be a challenge, but today it’s definitely possible with hard work and smart planning. Starting/growing your own business is a great way to be financially independent. Once your business becomes successful and grows with consistent profit generation, financial independence would become a possibility. Today we will explore ways to be financially independent if you are a woman business owner. We will give you few ideas, tips and necessaries
Discover Your Business Potential
Find Your Passion: Think about what you love doing. Ask yourself the following questions: What are you really good at? Can you turn your current hobbies into something that makes money consistently? If you get quick answers for these questions you would already have few ideas which you could develop into a business.It’s easier for you to run a business when you love what you do.
Plan Your Business: Write down your ideas. Figure out who you are trying to sell to, the capital you would require to start the business, and how you would grow your business.This plan is like a road map for your journey.
Build Strong Relationships: Connect with other women in business. Talk to experts for advice. Find people who can support you.
Keep Learning: The business world is always changing. Keep learning new things to stay ahead.
Use Technology to Your Advantage: Use computers and the internet to reach customers and manage your business.Use online ads to reach your potential customers, online advertising would be cost effective compared to other forms of advertising.
Manage Your Money Smartly: Keep track of how much money you earn and spend. This helps you make good decisions about money. Use online applications/tools for this, there are plenty of tools available today to make this easier.
Getting the Money You Need
Starting a business needs money. Here’s how to get it:
- Borrow Money to Grow: You can borrow money to buy things for your business, hire people, or expand. You can look at lenders who are giving out loans for female business owners. Lenders are ideal for borrowing money as lending from your personal contacts isn’t professional, difficult to keep track of and could affect your relationship with them. NBFCs would be the best solution as they have solutions catered for Female entrepreneurs.
- Find Investors: Sometimes people invest money in businesses. You can try to find investors. Your networking efforts will play a key role here. The word of mouth or previous marketing you have done could help in getting potential investors.
- Build a Good Credit History: Paying back Sme loan on time shows you’re good with money, which helps you get more money in the future. Using a business credit card and paying the dues on time itself could help you build your credit score.
- Government Help: The government has special money to help women start businesses. Many such schemes are created to help women business owners, you can apply for such schemes. But getting the help is subject to many things and the help is not a guarantee considering the amount of business owners who compete with you to get the benefits.
Tips for Success
- Learn more about business by taking online classes or going to workshops. Many online platforms are available to take free/paid courses to improve your knowledge about business and for process frameworks. Even youtube offers a lot of information for business owners.
- Join groups of women entrepreneurs to connect with others: Facebook groups, Whatsapp/telegram/reddit groups, forums etc are already available to join and get information that you need.
- Ask for help when you need it. There is nothing wrong with it and could always give you a different point of view at how you look at your business processes.
- Believe in yourself and your abilities. Self confidence is very much needed for you to keep doing what you do everyday and in staying consistent. You yourself should be your first supporter.
Starting your own business is a big step, but it can be very rewarding. With hard work and planning, you can achieve financial independence and create a successful business. Remember, every successful business started small. Don’t be afraid to start small and grow gradually.
Additional Tips:
- Overcome Your Fears: It’s normal to feel scared, but don’t let fear stop you. Many successful women business owners were also doubtful about their business skills initially.
- Balance Your Life: Running a business can be demanding. Make sure to take care of yourself and your family. Plan your work life balance by having a proper timeline planning, this will keep your mental health and physical health also balanced which is needed for business success.
- Be Patient: Building a successful business takes time. Don’t expect overnight success.
- Celebrate Your Wins: Every small achievement is a step forward. Celebrate your successes along the way. Celebrate with your team and your family.
- Give Back: Once you’re successful, consider helping other women start their businesses. Being active in online/offline communities and adding value by advice, tips, informational exchange etc is also a great way to give back.
Remember, you’re not alone. Many women have faced similar challenges and succeeded. By learning from others, building a strong support system, and staying determined, you can achieve your financial goals and create a brighter future for yourself.
Conclusion
Now that you are aware about different ways to be financially independent you might also have considered business loans. The recommended option would be an NBFC for funding purposes as most of the NBFCs in India provide good support to Women business owners in the NBFC sector. Challenges like needing collateral, a lot of paperwork being necessary, wastage of time due to follow ups etc could be avoided when you opt for an NBFC for loans.