Funding Online Business Women: Smart Guide for Mums

(Admin) The Thrivology Company
Aug 17, 2024
5 min read

Funding Your Flourishing Online Business: A Smart Woman's Guide

Funding your online biz as a mum? Get smart strategies & conquer fears! Build confidence & fuel growth. Read now!

Right, let's talk money, ladies! Because honestly, funding your online business can feel like navigating a maze blindfolded, especially when you're juggling nappies, school runs, & the never-ending quest for a decent cuppa. (And don't even get me started on trying to find five minutes of peace to actually think about your business strategy – it’s usually while hiding in the pantry with a digestive, am I right?!)

But here's the thing: securing funding doesn't have to be a daunting, patriarchal mountain to climb. It's about making smart, strategic choices that align with your vision, your risk tolerance, &, crucially, your beautiful, chaotic, mum-life reality. Remember, you’re building a business that serves you, not the other way around.

According to a 2023 report by the Boston Consulting Group, female-founded startups receive significantly less funding than those founded by men, despite generating higher revenue per dollar invested. Honestly, I've been there, juggling my own ventures while raising four kids, pursuing my PhD, & yes, occasionally cleaning mysterious substances off the carpet. (Let’s just say my toddler recently decided the perfect canvas for her "banana & blueberry smoothie" masterpiece was our newly-cleaned cream rug. Cue the frantic scrubbing & mental recalibration of my "work-life balance" aspirations. It's a journey, right?! There was that raw moment of panic where I just sat there amidst the blue splatter, thinking, "I can't even keep a clean house, how am I supposed to run a successful business?". This was pre-Espresso joining the family chaos!). So trust me, I get the unique financial pressures we face as Millennial women, & how these can make finding the right funding path feel even more urgent.

This post goes beyond simply listing loans & grants. We're going to dive into how to make smart decisions about funding, tailored to your specific stage of business, using the Business Flourish Framework as our guiding star.

Finding Your Funding Fit: From Foundation to Flourishing

Just like no two businesses are identical, no two funding journeys are the same. What works for a seasoned CEO won't necessarily work for someone just starting out. And what works for a mum with limited local support will look different for someone with a full-time nanny. (Let’s just acknowledge that reality, shall we? We're all doing amazing, given our unique circumstances!)

Here’s a breakdown of funding strategies aligned with each stage of the Femmeprenista journey:

Foundation Builder: Nurturing Your Seed of an Idea

At this stage, you’re all about validating your idea & gaining traction without breaking the bank (or your sanity).

Bootstrapping & Smart Resourcefulness: This might mean using your existing skills to generate income while you build, leveraging free resources, or getting creative with bartering services. Remember my first "business" selling sweets in the playground? Pure bootstrapping brilliance!
The Spark of Validation (Low-Risk Exploration): Before you jump into big investments, consider programmes like our Spark Programme, designed specifically to help you validate your idea, define your niche, & build a rock-solid foundation before spending a fortune. It’s about getting that initial spark of validation without risking everything.
The Ready-to-Launch Leap (Fast-Track Your Foundation): If you're ready to hit the ground running & want to bypass the tech overwhelm, our Ready-to-Launch Kit could be your secret weapon. It’s like having your own personal tech fairy godmother (without the pumpkin carriage) setting up your entire online business foundation in a matter of weeks.

Scaling Leader: Fueling Sustainable Growth

You've got proven traction, now it’s time to scale strategically without burning out.

Strategic Reinvestment: This might involve reinvesting a portion of your profits to fuel growth, perhaps by upgrading your systems, investing in marketing that attracts premium clients, or seeking expert guidance through coaching. Remember, sometimes reinvesting in yourself & your business is the smartest move you can make.
Momentum & Mindset Mastery: If you're ready to supercharge your scaling journey, our Momentum Coaching programme could be your game-changer. It’s not just about business strategy; it’s about mastering your mindset, building smart, AI-enhanced systems, & achieving that elusive work-life integration we all crave (especially as mums!).

Visionary Leader: Amplifying Your Impact & Legacy

You’re leading a thriving business. Now it’s about long-term impact, legacy building, & optimizing for freedom.

Strategic Partnerships & Investments: This might involve seeking investors who align with your values, exploring joint ventures, or strategically acquiring complementary businesses.
Ascend to Your Vision: Our Ascend Executive Coaching programme (application only) is designed to support visionary leaders like you in achieving exponential growth, building a powerful team, & creating a lasting legacy. It’s about playing a bigger game, with a focus on holistic high performance & long-term impact.

Overcoming Funding Fears & Limiting Beliefs

Let’s be real, ladies. Funding your business can bring up all sorts of internal gremlins. Imposter syndrome might whisper, "Who am I to ask for money?" Fear might scream, "What if I fail?" And "mummy guilt" might chime in with, "Shouldn't I be spending this time with my kids?"

Trust me, I've wrestled with these fears myself. In the early days of Nisbett & George, my first real student venture after university (sparked by that "now or never" feeling of the E-Factor competition, even though I was a new mum!), I remember applying for a small business grant. I poured my heart & soul into that application, meticulously crafting the business plan, projecting impressive growth figures (fueled by a potent mix of hope & sheer caffeine), & envisioning all the amazing things I could achieve with that funding. When the rejection email arrived, it felt like a punch to the gut. All that effort, all that hope, seemingly wasted. I felt like a complete failure, like I wasn't cut out for this entrepreneurship thing at all. For a whole week I couldn't look at my business plan. But then, something shifted. I remembered my dad, shouting at teachers when they tried to silence me, & thought, 'No. I'm not going to be silenced by a rejection email.' I analyzed the feedback, realized my financial projections were a tad optimistic (okay, maybe a lot optimistic!), & refocused my efforts on building a stronger foundation first. It was a valuable, albeit painful, lesson in realistic planning & resilience. As my favourite NLP principle reminds me, “There is no failure, only feedback.” It might sound cheesy, but it honestly works!

Here’s your highly practical, 3-step checklist for mums navigating funding fears:

Identify & Name the Fear: Pinpoint your biggest funding fear (rejection, debt, mum-guilt). Write it down. For example: "I'm terrified of taking on debt & not being able to repay it, especially with childcare costs constantly increasing."
Reframe & Visualize Positive Outcomes: Imagine three positive things that could happen if you secure funding. How would your business & family life change? For instance: "With funding, I could afford a part-time virtual assistant, freeing up 10 hours a week to spend with my kids and work on higher-level strategy."
Schedule Your Smallest Viable Step (Mum-Style): What’s one tiny step you can fit into your crazy mum-schedule today? Maybe it's researching grants during naptime, or scheduling a 15-minute call with a financial advisor while your little one is at preschool. Block that time in your calendar now.

What’s your smallest viable step? Share it below! Let's create a supportive network to cheer each other on, because honestly, it's so much easier (and more fun!) when we do this together.