Starting a small business as a woman can be an empowering journey. But it can be marked by numerous roadblocks, too. Success doesn’t come without some serious hustle.
With many business ideas out there, it can take time to figure out which you can get involved in to record success. But, did you know that women own 42% of all businesses in the U.S.?
This demonstrates there is still some gap you, as a woman, can fill. At the same time, it should strengthen your resolve to become an entrepreneur, seeing that the business world is not alien to women-run projects.
In this article, you will be guided on the first few steps to help you get started well as a woman entrepreneur.
Find Your Passion – Then Monetize It
If you are going into entrepreneurship, why not do something you love? It could be fashion, tech, or crafts. Just figure out what makes you excited. Then, brainstorm how you can turn that passion into a money-making machine.
For instance, if you like helping businesses, you can get a certificate and offer Salesforce CRM implementation services to other small businesses, helping them optimize their operations.
You don’t necessarily need to sell a product to lay claims to being an entrepreneur. With about 12.3 million businesses driving innovation and community impact in the U.S. being run by women, adding yours to that list should not be much of a challenge.
Only take a good look at your hobbies and interests. If there’s something you are already good at that could solve a problem for someone else, you know where to begin.
Research the Market and Know the Demand Before You Dive In
Before you start whipping up those products or services, pause and research your market. What do people want? How many businesses already offer what you are planning to? Most importantly, what makes your business unique?
According to CB Insights, 35% of startups fail due to a lack of market need. Market research can make all the difference between wasting resources and creating something of value that people have a demand for.
Create a Business Plan
Your business plan might not be the most glamorous part of your journey, but it will keep you laser-focused when things get tough. If you’re seeking funding, investors will want to see this.
Start with these basics:
- Your vision: What’s the big dream for your business?
- Target audience: Who is your ideal customer, and what problem are you solving for them?
- Financials: Know how much you will need to start and how long it might take to turn a profit.
Build a Strong Support Network
Being a woman in business is amazing, but it also comes with its own set of challenges. This is why you must surround yourself with like-minded women who understand it.
According to Harvard Business Review, 70% of women-owned businesses report the importance of networking in overcoming business challenges.
So, whether it’s a mastermind group, a mentor, or just a circle of entrepreneurial friends, you need a tribe that will cheer you on when the going gets tough.
Seek Out Female-Friendly Funding Options
Women often face more financial barriers than men when starting a business. But there are more resources out there for you now than ever before. From women-focused grants to venture capital funds geared toward female entrepreneurs, there’s money waiting for you to claim it.
Work Smarter by Delegating Tasks
Delegation is a necessary part of growing your business without burning out. You will only sometimes have the resources or wherewithal to handle all aspects of your business at all times.
Hiring help at these times is key for sustenance. It could be a virtual assistant, a social media manager, or someone who handles the tasks you just don’t have time for.
Businesses that delegate well record more than one-third growth faster than those that don’t. So, delegate those tasks and focus on the more innovative aspects of your business.
Know Your Numbers
You must understand your business’s finances even if you are no math marvel. Get familiar with your profit margins, overhead costs, and cash flow.
There’s nothing worse than pouring your heart into a business only to find out you are losing money. Invest in accounting software or hire a bookkeeper early on to always know where your money is going. The sooner you get control of your finances, the easier it will be to scale.
Don’t Skip Legal – Stay Informed About Compliance
Contracts, licenses, and trademarks. No one said the legal stuff was fun. However, they provide necessary protection for your business.
Whether you’re a tech startup or a fashion brand, you need to know your state’s business regulations, tax obligations, and any specific licensing requirements for your industry.
Skipping legalities is risky. Ensure you file your paperwork and consult with a lawyer if needed.
Time Management is Key
Everyone has the same 24 hours as Beyoncé, but not everyone manages time as well. Time is your most precious resource as an entrepreneur, so learning to schedule efficiently is non-negotiable.
Use tools like Trello, Asana, or Google Calendar to keep everything on track. Work in time blocks and prioritize your most important tasks.
Don’t forget to schedule time for yourself. Being a successful entrepreneur doesn’t mean burning out. The Pomodoro technique (25-minute work sprints followed by short breaks) is a favorite among busy entrepreneurs. You get things done and prevent burnout.
Endnote – Staying Resilient and Adaptable
Starting a small business as a woman isn’t just about breaking barriers, it’s about creating something uniquely yours that can make a difference. You will face obstacles, no doubt but you must remain resilient.
If something isn’t working, never hesitate to make a turn. You must remain adaptable as an entrepreneur while staying in the loop on ways to improve and innovate your business brand. Also, your business will thrive with a solid plan and the right support system.
About the author Lorine Kyler: I’ve been in digital marketing for over six years, working in content marketing and PPC specifically. I started my career at a small agency, where I learned the ropes of SEO, social media, and email marketing. I then moved on to a larger agency, where I was responsible for developing and managing campaigns for clients in a range of industries – from tech startups to global brands. I’m now a Marketing Specialist at Blondie Consulting, where I use my experience and skills to help my team achieve desired results online. When I’m not working, you can find me spending time with my family and friends, or out exploring new places.
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