If you’re a small business owner, you ‘re familiar with the day-to-day operating difficulties. It is truly a work of love which presents many challenges, especially for women over 40.
The reasons behind that are complex and varied.
Numerous studies, however, have shown that females in this age group are in a disadvantage over their male counterparts.
This naturally adds an additional level of complexity for women-owned enterprises.
They are nonetheless not insurmountable. Continue reading this post to uncover the challenges of women over 40, related to a small business.
1. Still being confident
Women over 40 are challenged with remaining confident, no matter how successful they may be.
It is essential to boost your self-confidence at work, in order to be successful in business.
Research have shown women of any age are less likely to speak for themselves than their male counterparts.
Even the small business owners with the most confidence find it hard to self-promote.
This lack of confidence is especially obvious when it comes to accolades or decisions relating to their small business.
The confidence gap is a problem for women over 40, related to a small business.
Only when women “own” their qualifications and talents will it be resolved.
2. Fighting self-indulgence
Another of the most difficult emotions to avoid is one of self-indulgence. It’s a challenge for women over 40 to tackle in relation to their small business.
The older we get, the easier it is for new ideas to shut their doors.
After all, your company is flourishing so why do you need to change what worked all these years? When you think about it it it makes sense.
Successful women over 40 in small business are just as likely to stick to routines and decline new approaches as men.
The reality is that this ever-changing world demands innovation and without it, your business can suffer.
Taking a step back from your daily routines and looking at the various facets of your company could be all you need.
Everyday exercises like these will help you withstand complacency
Another huge challenge for women over 40 relating to small business is finding solutions for business financing. That applies to start-ups and existing companies.
Studies have shown that women applying for loans from small businesses get substantially less funding than men.
As such, they tap into their financial personal resources to fund the business.
Women business owners should avoid this practice at all costs as it can affect both business and personal credit scores negatively.
If you’re a woman over 40 looking to finance your small business, you may need to be creative in order to secure funding.
4. Be technologically savy
In many aspects of today’s life, technical skills are a necessity but keeping up with technology can prove to be an additional difficulty for small business owners.
In the male-dominated technology sector, many women lack the visibility they need to remain on top of recent advances.
The technology challenge gets magnified for women over 40, when you add in age.
Unless you own a business that provides technology services, it should not be your priority to keep up with the technology. Instead, recruit someone for your company to assist with tech-related tasks.
You can therefore focus your attention on other facets of your small business and not keep up with the technology.
5. Get gender biased questions answered
If you are a small business owner and a woman over 40 then at some stage during your career you will find yourself answering gender-based questions.
That these situations still happen seems unplausible, but they do.
The challenge is being prepared with a response should somebody ask something like, “How will you run your small business and raise your kids? “Unfortunately it is extremely unlikely that you would expect your male colleagues to answer a similar query.
The problem relating to women over 40 in a small company is not insurmountable.
However, if gender-based questions arise you should be ready to answer them.
For women over 40 the difficulties related to a small company cover a number of fields.
We often involve personal development, such as staying optimistic and avoiding complacency.
Some times these challenges allow business owners to think “outside of the box.”
For example, if you are unable to obtain funding, you may need to consider alternate solutions.
In addition , women over 40 should assess their technology skills and decide whether they can keep up with focused business technology.
If not, the best option would be to hire someone for the challenges of the technology.
In addition, it may seem around 1900 but today women business owners are still faced with answering gender-based questions.
If you are a woman over 40, it is important to consider these challenges in relation to a small business.