Members of the lesbian community face many challenges in their day to day lives. While many lesbians are strong and resilient, they face a common difficulty with everyone else and that is finances. Benjamin Franklin was right to say that nothing in this world is certain except death and taxes. Although we will not be discussing about taxes in this post, we will talk about its cousin which is business. When it comes to business challenges and the tips to overcome them, there are many things in common with every other entrepreneur. One of that is having a good, solid financial plan.
Be Part of a Network
One of the common challenges that lesbian entrepreneurs face is that they are mostly not a part of a bigger network. The issue of inequality is not new but when it comes to business, it is necessary to have access to networks. For example, as an entrepreneur, you need to be a part of network so that you can gain access to even a small business loan. This kind of loan can make or break your business, and if you can’t have access to that, then your business will be left behind.
Fledgling lesbian business owners can check StartOut. They offer lesbian entrepreneurs with mentoring programs. New entrepreneurs are paired with more experienced business owners. The result of this is that the newbies get to take advantage of the knowledge, advice, and resources of the other entrepreneurs, helping them to grow their business. Other than that, the more experienced lesbian business owners also get to share their in-depth understanding of the many unique issues and challenges that lesbians face when it comes to business.
Be Mindful of Your Credit Scores
Another important thing that lesbian entrepreneurs have to be mindful of is their credit scores because this will have an impact on the ability to get a loan. When you have a bad credit, it will plague you with high interest rates and will prevent you from securing a loan for your business. It is for this reason that you have to settle all your credits when you are going to start a business. If you and your partner will be the ones running the business, it is important that you disclose your credit history. As partners and business partners, if one of you has a bad credit record, it will affect your loan applications and your business. So keep in mind to settle your credits early on.
Seek the Help of Professionals
Lesbian entrepreneurs can take full advantage of the expert knowledge of professionals such as financial planners and lawyers. These professionals are experienced when it comes to handling the many unique challenges that you will be facing as a business owners. Going to them for help will prove to be worth your while.
Sadly, we still have a scarcity of literature and statistics about the number of LGBT entrepreneurs. However, there are a lot of successful lesbian business owners in the world who have made a name for themselves. One quick Google search and you’ll be presented with a list of them. Hopefully, the numbers will increase and the world will get to know more about them and their success stories, and that you will be a part of that, too.
Heidi Kim is a professional business consultant and legal researcher focusing on business laws. She is passionate in helping those who have any queries regarding business laws and how these may affect their respective businesses. Follow on Twitter @gehreslawatty