With only a mere 31% of registered women-owned businesses in South Africa, recognising the significant economic contributions of women entrepreneurs has become more pressing than ever before. This Women’s Month, South African SME funding provider, MoolaLend, is placing the spotlight on the crucial role of women-led businesses in South Africa’s economy – emphasising the importance of empowered access to funding opportunities as a means to trusted, sustainable growth in the formal sector.
With a staggering reportage claiming that up to 80% of new businesses in South Africa may fail within the first five years of operation, it’s more harrowing to know that ‘access to financial aid and support’ ranks as the fourth most damaging caveat to a South African startup. This said, women entrepreneurs face further complexities with barriers to entry that seem almost impossible to break.
“A lack of entrepreneurial confidence is undoubtedly on the rise, and funding institutions in our country would do well by our women-led enterprises to start including everyone that has a dream,” says Dudu Zondo, Head of MoolaLend. “It is often due to a lack of financial support and guidance that many women entrepreneurs lack the impetus to keep their businesses afloat. Most women are unsure of who to ask, where to look, who to turn to for funding, all of which leads to missed opportunities and stunted growth,” says Zondo.
This August, in celebration of women leaders, the call has been sounded by pioneering companies to work harder at removing financial barriers and create opportunities for women to achieve their business goals, with secure and trusted advice on the ready.
With its commitment to empowering women entrepreneurs across South Africa, MoolaLend is stepping up to bridge this confidence gap by offering tailored tips with financial solutions, and ongoing business support.
1. Demand to be heard
The importance of financial inclusion and equality for any startup is first on the priority list when seeking out backup and support. Women entrepreneurs often face unique financial challenges that can serve as unnecessary barriers to entry. This is why it is crucial to seek out financial institutions that hear you; that are committed to supporting women; that advocate for equal opportunities in the business world.
2. Remember: Lending is not a transaction, it’s a partnership
Collaborations can open new doors and create a more inclusive and supportive business environment. Ensure your funder is a proud collaborator too. By working together towards common goals, women entrepreneurs can benefit from shared resources, knowledge, and support. Seek out funding opportunities that transcend the transaction, aligning with your values first and foremost, for long-term mutual benefits.
3. Ask for Tailored Financial Solutions
When seeking financial support, it’s essential to choose services that understand and cater to your specific needs in a business. Since every entrepreneur’s journey is unique, choose customised financial solutions before you accept the ‘tick-box’ approach. From business loans to advisory services, tailored offerings demonstrate a personable roadmap; one that can help you feel secure enough to navigate the densities of running a business, by your specific needs.
4. Keep Celebrating Achievements and Milestones
No matter the hustle or the hassle of the day-to-day, it’s important to back yourself! Always take the time to celebrate your achievements and milestones. Recognising and honouring your successes as a woman in business is vital for personal and professional growth. Your victories can inspire others and build upon a positive and supportive business culture. It takes resilience, innovation, sacrifice, and economic contribution to keep a business going – celebrating this, is part of the winnings!
5. Leverage Community and Growth Opportunities
Building a supportive network is fundamental for any entrepreneur – and it happens to be something that women are innately skilled at. When seeking funding, be sure to enlist a funding partner that represents the community, and is committed to the growth and development of women-led businesses.
6. Inspire Future Generations
Empowerment is not only about the present but also about the future. By creating a legacy of empowered business minds, women leaders can serve as successful role models for younger aspirants – encouraging our next generation of women leaders to pursue their entrepreneurial dreams with confidence. Mentorship and guidance from experienced entrepreneurs will play a pivotal role in inspiring and nurturing future business leaders.
7. Stay Resilient and Innovative
Resilience and innovation are key drivers of success in the entrepreneurial world. Despite the odds or financial obstacles, embrace every challenge as an opportunity to innovate. Women entrepreneurs across history have consistently demonstrated remarkable resilience, and a keen ability to innovate. Stay resilient in the face of adversity. Your determination and creativity can lead to significant breakthroughs and success.
MoolaLend’s commitment to empowering women entrepreneurs involves providing accessible and flexible funding options, ensuring that women have the resources they need to succeed. Supporting our fiercely feminine leaders in their success stories is not just a nice to do – it’s a non-negotiable in our books – and it’s one of the few ways we can help cultivate a lasting impact on the economy.
For enquiries and funding opportunities, visit www.moolalend.com or call/WhatsApp on 087 094 8539.
