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UK business community urged to support female entrepreneurs

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With recent research to mark National Women’s Enterprise Day, suggesting that female entrepreneurs need to overcome a lack of confidence and financial concerns when it comes to starting their own business, Bibby Financial Services is urging women in business to face the ‘fear factor’ and reap the rewards that owning your own business can bring.

“Unfortunately, many would-be entrepreneurs fail to get their ideas of the ground. However, it seems that females need larger incentives than their male counterparts to take the plunge and ‘go it alone’, hindering the number of women entering the business arena and putting their skills to the test.

"When it comes to supporting women in business, many industry leaders concur the government is not doing enough to help encourage female entrepreneurs keen to start their own business,” said David Robertson, Bibby's chief executive.

In order to help budding female entrepreneurs get ahead in the business arena, here are some key tips:

• The Big Idea – start by exploring your dreams and passions in life. If you start a business in an area you’re interested in, you’re more likely to make a success of it.
• Women’s intuition – make sure the demand for your product or service exists before investing time and money in your new venture. Once you know the market you’re entering, you are armed with the vital knowledge you need to make informed business decisions
• Get stuck in - running your own business involves hard work and particularly in the early stages, may require burning the candle at both ends. Make sure you have the full support of your partner and family, if you have additional commitments such as childcare to factor in to the equation
• Face up to finance – Explore all types of financing available to you, there are many alternatives now available such as invoice finance that provide a flexible, cost effective cash flow solution, instead of relying on the traditional bank loan or overdraft facility
• Strut your stuff – networking is an excellent way to meet like-minded businesswomen, customers and potential business partners. To get started, check out your local Business Link and advisory groups for networking events in your area
• Nurture talent – build an enthusiastic team that share both your vision and commitment to the business.
• Create loyal customers – to gain a better understanding of your customers and the issues they face, phone key customers regularly and employ feedback mechanisms such as a customer hotline or online feedback form
• Go the extra mile – always strive to exceed your customers’ expectations such as promising delivery within five working days, but actually delivering in three. However, a word of caution, never promise what you can’t deliver
• Be ambitious – don’t be afraid to take risks now and then. Being too cautious means you may miss out on excellent opportunities and the chance to grow your business

“It’s disappointing that women are still not feeling adequately supported by the government and the business community when it comes to setting up on their own. Like their male counterparts, women can bring many valuable skills to the table and it’s the responsibility of those involved in the funding, support and longevity of new businesses to encourage the next generation of entrepreneurs, male and female,” added Robertson.

Posted December 4, 2006