Entrepreneurship can be challenging for any individual, and being a woman in the field could sometimes make the endeavor a notch tougher. However, the underlying benefits of being your own boss, tapping into your creativity, and perhaps even working flexible hours are all well-worth the effort.
In order to make your business venture a success here are 5 simple tips women business owners (or women wanting to start their own business) can use today:
1. Get Inspired
If you’ve been a homemaker and are now contemplating to start your own business, you could easily draw inspiration from home. Observe all the activities that you juggle at home — partner, children, school obligations, meals, home tasks, and extracurricular activities. All of these tasks require you to manage time and people, both of which are an essential qualities to run a business.
2. Network
Once you are inspired and motivated, the next step is to put that energy into action. It’s important where to constantly look for new leads, and your current resources and network may not be enough. Always stay on the hunt for new business. This can be achieved by finding relevant groups and associations and joining and meeting them regularly.
3. Delegate
As you get more business, your responsibilities as well as deliverables increase. It is therefore important to delegate work to trustworthy employees. You could also outsource additional work. In either case, you need to make sure that the employee or outsourced personnel is well-trained to do the job, so you can focus on other aspects of your business.
4. Continuous Learning
Business today is very dynamic. New technology and innovation can directly impact how customers behave, purchase and utilize services. It is therefore important to never be stagnant, and always be in a constant process of growth and learning to supplement yourself with the latest developments in your industry.
5. Prepare for Financial Challenges
Cash flow can often be a major hurdle to the smooth functioning of any business. It is important to set a frugal mindset right from the start and avoid undue expenses in setting up an office and employing staff. Also, it’s important to get creative and think of ways to save money on your overheads. Avoid getting into the trap of debt at all costs.
6. Ask for Help
Don’t hesitate to ask for help from people around you. Support or fresh ideas could be gathered from anywhere including your friends and family, neighboring businesses, your landlord, the bank manager or even from online forums. However, remember that a business consultant or mentor might be the best person to give you the best advice.
7. Marketing on a Shoestring Budget
You don’t have to spend tons of money on marketing. You just have to be smart about it. Think about where your target market is hanging out and target that area. Marketing could be as simple as creating a Facebook page or marketing via Twitter or Instagram. It could be handing out flyers or going to events. There are also many marketing platforms that automate the process for you so you can run your campaigns on autopilot.
