3 Strategies for Women Entrepreneurs to Overcome Common Barriers in Business

The opinions expressed by entrepreneurs contributors are their own.

For many women entrepreneurs, success seems to come at a higher price: with more time, effort, and sacrifice than men might have to make. If you feel like this, you are not alone. In fact, the majority of women say they have to work harder to achieve the same level of success as their male counterparts, according to the latest Small Business Owner Report from .

Although the climb is steeper, it hasn't deterred millions of women from starting a business. Women have driven record levels of small business creation since the pandemic began in 2020, and according to Fairygodboss, women are now creating 1,200 businesses a day. There are many things we can learn from those who have been there before. Recognizing that everyone's path is different, here are three strategies to help women business owners overcome common obstacles:

Related: 8 Qualities Women Entrepreneurs Need to Succeed

Although women's access to capital has improved over time, our report found that more than a quarter of women entrepreneurs believe they will never have equal access to capital. It's obvious that we still have to overcome systematic obstacles, but there are strategies that can help women business owners right now.

Time and time again, I have seen many women entrepreneurs think they need a perfect plan before going to a bank. The truth is, you don't have to wait until things are 100% polished to talk to a specialist. Don't let the fear of rejection stop you from seeking critical advice from professionals who assist a wide range of businesses daily and can help you refine your plan and advise you on the most appropriate source of funding and next steps.

And there are alternatives to consider. Community development financial institutions () are a great resource for those who may not qualify for a traditional loan, for example. Moreover, today there are more and more funds run by – and focused on – financing women. At Bank of America, we make strategic investments in funds like Chloe Capital and Coyote Ventures because they're so good at empowering talented, underrepresented women entrepreneurs.

may feel lonely, but you don't have to go it alone. And you may not know this, but just by being a female business owner, you are already enjoying an outpouring of support from a huge and passionate community. fellow female entrepreneurs. There are so many organizations, programs, events, and circles of support you can join.

Take, for example, the National Association of Women Business Owners, a group that began in 1975 with 12 women, now has 5,000 members and 60 chapters across the country, offering a range of benefits to propel your business growth and fuel personal and professional development.

NAWBO is one of the benchmarks, and there are many other great communities to consider, from global to local, large to tight-knit: Vital Voices, Female Founder Collective, HerAgenda, and BizWomen , to name a few. Also take a look at what's local to you, and there may be a physical space for you to network and work. For example, New York-based Luminary is a global business networking organization and non-traditional coworking space designed specifically for women entrepreneurs.

Find the group that clicks with you and feels most comfortable in, based on the type of resources you need, the conversations you want to have, and the person who inspires you. You can use these networks to