Securing access to funds is a fundamental step in building a successful business. This can be extremely intimidating, especially for African female entrepreneurs, who usually have access to a small amount of capital compared to their male peers. According to recent data, only $1 in every $25 goes to women-owned startups. So, how can women secure the little capital available for their businesses?

1. Consider different funds

Most female entrepreneurs only take into account venture capital when trying to raise money for their startups. But there are plenty of other ways. You can opt for bank loans, lines of credit, small business administration loans, and crowdfunding. Do your research and find the funds that work best for you and your company. Don’t forget to also take into account accelerators and incubators to grow your business. 

2. Take the risk

Capitals can be extremely expensive and this often stops African female entrepreneurs from trying to grow their businesses. However, you should always keep in mind that expensive capital is better than no capital. It may be intimidating to put debt into your business at first but this is the only way to scale up.

3. Networking is key

Another great way to get access to funds is to expand your network. There are plenty of popular network groups for African female entrepreneurs such as the Lionesses of Africa, the EY Entrepreneurial Winning Women program, Ellevate, and WEIC. These will help you meet women allies and be the first ones to know about interesting opportunities.

4. Know Your Numbers

Knowing the data of your company is fundamental to convincing investors you’re the right person. You need to know all the numbers of your startup from your earnings to your expenses and your estimated growth rate.

5. Believe in yourself

Showing confidence and knowledge of the investing world will immediately set you aside from the crowd. To do so, you must master the language of investors. Most people are looking for a 10x return on their capital. Make sure this is a realistic goal for your company and show your investors all the steps that will help you reach this milestone.