How to Actually Win as a Woman in Business
The lessons I’ve learned from starting my own business
Female entrepreneurs receive less than 3% of Venture Capital funding, despite owning 40% of America’s businesses. The situation is even worse for Women of Color, who receive just 0.2% of the total VC funding pot.
The gender-funding gap is just one of the mountains women must scale when starting their own business.
Women are taken less seriously than male founders, and they often lack the same kinds of support networks.
But funding is just one of the barriers that exists for women entrepreneurs. When I was setting up my copywriting business three years ago, I faced many of the challenges that all new business owners face. But I soon realized, that there are many stumbling blocks specifically in the way of female entrepreneurs. Learning how to overcome these gender-specific blocks has been vital in building a business that is not only surviving, but thriving.
Searching for role models
There’s a saying:
You can’t be what you can’t see.
The models for female entrepreneurs are still too few. I can think of a handful off the top of my head: Sara Blakely (Spanx), Kate Spade (Kate Spade), Arianna Huffington (Huffington Post), Anita Roddick (The Body Shop), Sophia Amoruso (Nasty Gal). And of course, celebrities turned entrepreneurs such as Oprah and Beyoncé. Notice that many of these women work(ed) in fashion or beauty.
Outside of the upper echelons, one of the most prevalent models for women in business (particularly for millennial and Gen Z women) comes from what Kelly Diels calls “the female lifestyle empowerment brand” (FLEB).
The FLEB is conventionally feminine (straight, cis, white, thin, attractive, able-bodied) and presents an aspirational image of wealth and luxury. She uses this image to sell her brand to other women, whether she’s selling products or services.
I’m not Sara Blakely and I didn’t want to sacrifice who I am to succeed on the socially-acceptable yet narrow terms which society seems to be determined to box women entrepreneurs into.
That meant I needed to hunt for role my own role models.
Welcome to the real world
Of course, as I began running my own business I began to realize there were far more women entrepreneurs than ever appear in the media or who are the targets of flashy VC funding rounds.
- I worked with an accountant and financial planner who set up a business based on demystifying money and investing.
- I hired a lawyer who decided fresh out of school to set up her own practice.
- I worked for a career coach who specialized in helping women get a pay rise.
In fact I began working for many female business owners: in financial services; HR; law; and creative industries.
I began to pay attention to what these female business owners were doing.
And I realized: it’s possible for women to win at business, on our own terms.
Find and offer support to other female entrepreneurs
Running a business is hard. 45% of businesses will fail within their first 5 years.
Men (particularly if they are well-off and white) often have access to the “old boys club:” a network of connections who will provide liquidity, referrals, tips, etc.
Women are often excluded from these informal networks: which is why we need to make our own.
We’re often taught that to be successful in business we have to act like a predator and treat everyone like a competitor.
But success isn’t zero-sum.
Throughout my years in business I’ve had amazing women, including women who operate in the exact same market as me, offer me support, advice, and referrals.
From sharing details about their pricing strategy, to giving me their boilerplates, to providing advice on how to handle tough client situations, and even passing along work to me, these women have shaped my business.
Now that I’m more established, I pay it forward by offering my time and insights to newer business owners.
Here’s the thing: there’s more than enough to go around.
In fact these days, I often find myself having to pass on work because I’m too booked. It feels great to be able to recommend another business-owner I respect in these situations and to remember that we can be successful while lifting others up, too.
Learn how to say no
From a young age, girls and women are taught to become people pleasers.
Society values women who are compliant and helpful.
But in business, you have to learn how to say “no.”
No, I won’t work for $2 an hour.
No, that isn’t part of my services.
No, I cannot “just move up the timeline.”
Personally, saying no is something I still struggle with – and it’s why I’ve often ended up overbooked and stressed out.
I’ve found that the following tips have been helpful in setting better boundaries:
- I send written quotes via email (and have a rate sheet readily available)
- I am clear about what services I do and do not offer
- I set a number of ideal hours I want to work in the week and block out how all my current work is slotting into that framework
When you learn how to say no, you not only protect your own energy and well-being. You protect your clients and ensure you’re providing them with your best work.
I’ve had to learn I’m not a machine; I wasn’t built to grind. I serve my clients best when I have time and space in my schedule to really dedicate to them.
Of course, in order to take on less clients, I needed to learn how to properly price my services.
Recognize your value
I remember reading this tweet thread in 2019 about how women freelancers often charge up to 30% less than their male counterparts.
Think about that for a moment.
Even when we’re running our own show, women replicate the gender wage gap.
For the first few years in business, I sold myself short. I suffered from imposter syndrome, and lacked the guts to ask for the kind of rates I saw other copywriting businesses commanding.
I was acting like an employee, and not a business.
My partner has been a huge help in getting me up to market rate. His philosophy?
You can always negotiate down, you can’t negotiate up
As an entrepreneur you have to recognize that negotiation goes with the gig. You also have to be able to advocate for why you’re worth your rate, and be confident enough to demonstrate your skills.
As I gradually started to raise my rates, something interesting happened. I got more business, and more of the kind of work I enjoy.
Turns out when I valued myself, everyone else did too.
Understand your why
Variable income. Risk. No company benefits or pension. Long hard hours and heavy responsibility.
The path of an entrepreneur isn’t easy.
But it can be worth it for so many reasons.
I don’t ever expect to end up featured in Forbes, but I am building a business I’m proud of and one that works for my life.
I started my own business partially because I needed work that better met my mental health needs, partly because I wanted freedom and flexibility, and partly because as an immigrant to Canada it felt hard to land the kind of roles I was interested in.
Years later, and I am happier and more engaged in my work than I ever was working my 9 – 5.
I don’t believe running your own business is for everyone – and there are many obstacles in women’s paths. If security and low risks are very important to you, this might not be the career move for you.
But, security matters to me; and I’m not a natural risk taker. My “why” was just stronger than all my objections.
Maybe you have a great idea you just can’t shake. Maybe you want to build a business around your family. Maybe you want to be the one in charge. Being clear about your why can make all the other challenges of running a business 100x easier.
Final Thoughts
By ignoring female entrepreneurs, Venture Capitalists are missing out on great business ideas from half the population. It leaves us all poorer when women aren’t given the same chance to contribute as men.
Women have formed our own informal and formal structures to build successful businesses. And as women begin to succeed, we’re paving the way for new funding models.
Take SheEO, an activator that is building a $1bn fund for women by women. Started in Canada, they’re now going global.
It’s infuriating that male-dominated VC funds and traditional funding routes have overlooked women-run businesses for so long.
But after all, necessity is the mother of invention.
Perhaps changes to the funding models and blueprints we have for “successful” entrepreneurs were long overdue for a revamp.
Perhaps women running and succeeding in business will be the next great “disruption.” Business might be better for it.
