5 Tips for Women to Start a Business in India

Feb 18, 2020

Women entrepreneurs face significant challenges when trying to break into the business world. It is necessary that you are aware of the various resources available to them to overcome these, including small business loans for women and other support systems.

 

India is a land of opportunities, and it offers many opportunities to women entrepreneurs to succeed as well. That said, women also face significant challenges in our male-dominated society while starting a business. It is essential that you are aware of the resources available to overcome these challenges, including support systems and business loans for women

Work-life Integration

While everyone needs to strike a balance between their work and the rest of their life, the idea of work-life balance holds back women much more. Managing your family while at the same time, giving your business venture the attention it needs can be difficult. As an entrepreneur, you can take advantage of remote and co-working spaces to ensure that you are working from your home itself so that you can respond to any emergency quickly.

Business Funding

Finding funding is the first big challenge entrepreneurs face. Many lenders offer special rates on small business loans for women. Generally, women are considered more reliable than men and therefore get preferential interest rates. Documents required for business loan include:

  • Business plan
  • Proof of identity
  • Proof of income
  • Financial document like balance sheet and profit & loss statement for last two years
  • Proof of business ownership

Angel Investors

You may consider approaching angel investors to raise funds. This is especially useful when you have a smaller plan that VCs may not yet be ready for. The government of India and many state governments have also launched angel funds for women – it is advisable to take advantage of these as soon as possible. You can also dig into your own network to find investors.

Must Read: Advantages of Business Loan

Support Network and a Mentor

These days, there are many influential business leaders out there on dedicated forums that are committed to support women entrepreneurs. There are also plenty of informal support groups you can use, and attend networking events to connect with other like-minded women. Reach out to such groups, and find a mentor to guide you through entrepreneurial thinking.

Digital Marketing and Social Media

Digital marketing has slashed the cost of promoting a small business many fold. Through social networks you can reach the same audience that a large corporate addresses, and make yourself heard. Building visibility around your work through blogging and SEO can work wonders and help achieve results within a very short period of time. These require much lower cost than using traditional advertising. Do take some time out to learn the basics of digital marketing and take advantage of this opportunity. If you are digitally savvy, it can be a great help in organizing your business as well.

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