3 Tips to Secure Business Financing in 2023

Is securing funding to grow your business one of your 2023 goals? Put these three tips into practice:

1. Build and tap into your network

The majority of women business owners in our community who have successfully secured business funding were referred to the funder through someone in their network - a friend, their accountant, a former colleague, etc. Certainly some entrepreneurs start off with a strong network as an advantage, which contributes to systemic inequities. Start where you are -- take the time to connect with investors and fellow business owners through events, entrepreneurial communities, and social media.

2. Ask for more

A study on debt financing found that women entrepreneurs ask for $33,000 less than men on average. Inflation and supply chain issues are expected to persist in 2023, so think about extending your runway in terms of your funding ask.

Instead of seeking the amount you need for the next 12 months, figure out what you need for the next 18-24 months.

3. Find the right financing product

Venture capital investment rounds come up often in the news, which can make them seem common, but only about 2% of businesses raise venture funding -- and that number has not moved much. The terms and growth expectations of these investors are not a good fit for most businesses, so consider alternative financing options, such as grants and revenue-based financing.

Need some help figuring out which financing option is the best fit for your business?

Reach out to our team to request to be one of the first to test our new offering, the "What Type of Financing is Right for Me?" Quiz!