Secrets to Success

Some important tips for women in small business are to compare the routes between how men and women access capital, achieve revenue, and deal with company and employee growth.
By pointing out the many differences does not imply that one aspect or plan is superior over another. However, by looking and comparing the diverse ways may be helpful to each other.
The National Foundation for Business Owners conducted a survey among business owners, 602 women and 592 men. Only 39 percent of women who own fast-growth firms have a commercial bank loan compared to 52 percent of men.
One third, approximately 32 percent of the women owners use personal credit cards to finance their firms compared to only 21 percent of men who used credit cards for the same purpose.
The study observed the women’s reliance on personal debt is holding women business owners back. Those women who understand how to leverage debt have a greater chance of becoming owners at a faster pace.
Business plans by women just don’t get funded easily. Due to the many new organizations out there such as Count-Me-In, The Women’s Funding Network, One Women’s Finance, The Ladies Club 2000, The Ada Project for Women and so many others, the tide has begun to change.
Statistically, over 600 business plans presented by women owned businesses won venture capital last year, and thousands more business plans presented for SBA financing achieved it.
That sounds like a lot, and it is. However, it is less than ten percent of all business plans that were funded. With all of the advances we have made still today, women entrepreneurs are granted only about 7 percent of the venture capital money that is invested.
Little does it seem to matter that women are leading new ventures twice the rate of men. Women need to keep foremost in mind in the money hunt the following: demonstrate how well your plan will succeed, present yourself as a professional and create your own advisory board.
Also, where the geographical and marketing sectors women have had the most success: An early-state project, located in the West or Northeast, in computer hardware/software business, health care or communication sectors.
If you are looking for financial backing there are options out there, and keep looking and do not let discouragement beat you. No matter what the statistics say don’t be hesitant to search because of what your dream or a business is or where it will take you.
Another important tip, gather information on the Law of Attraction. It is wonderful how our minds can control our destiny. Do not take ‘no’ for your answer from anyone, most of all from yourself.

Having raised three sons I can remember the words loud and clear, a, can I borrow a dollar? As they grew so did the amount. Never once in thirty-seven years did I plan on seeing any of that money I loaned to them again.
They are grown men now and wear the white cowboy hats of the family. If anyone of them requested funds there would be no questions asked because they have proven over and over their integrity, honesty and loyalty to us. And all three make quite a handsome income compared to their dear old parents.
Lending money is inherently an emotional situation for all parties involved and usually more so for the female member. It is a common practice for a female to be the caregiver and to please loved ones and friends.
There are other family members that wear the black cowboy hats and have caused much friction, disappointment and family rifts that have spread deep roots within the relations.
Holidays, graduations, births, baptisms and all other family gatherings can become strained.
A temporary crisis isnt always so temporary and can quickly become an uncomfortable situation if the lender has to ask for the money to be repaid. It’s the same rule as gambling: Don’t loan what you can’t afford to lose. If you don’t have cash lying around, a loan might not be feasible.
Everyone wants to be a good friend, but no one enjoys feeling like someone is taking advantage of their generosity. It is better not to lend and have a friend, than to lend and lose both. Therefore, as a couple we have set up rules for conducting successful financial transactions with friends and family. Perhaps they will help you also.
Tips To Consider Before Lending Money
If you are lending money to someone close to you and if you’re financially able, consider making it a gift rather than a loan. This way it will not be a burden upon your mind nor your heart. (If it is repaid fine, however, certain people in your life are special enough for this deed without them even knowing.)
To make collecting a debt easier and more comfortable for all use a service called PayPal. This makes it possible to send and receive payments online. With PayPal, you can send email reminders to the borrower. The lender can then get the money back instantly via email.
Never co-sign a loan or credit card application for someone else without clear, WRITTEN parameters and possible assets involved. And always maintain a business-like environment.
Don’t lend beyond your means. Only lend money that you do not need back immediately so as not to ruin your credit or your relationship with the borrower. And always have the agreement in writing.
These are the only four items that we could agree upon. Perhaps there are many more or far less for your family or situation. If we are approached for funds and feel uncomfortable with the person or we cannot accommodate within our plan, we decline and all associated go on with their lives.