As we stated in our last article, in the last decade, more and more women have decided to take control of their lives and benefit the lives of others by starting their own businesses. On average, there are twice as many new start-ups that are owned by females as there are those owned by males. There are over 8.5 million firms which are owned by women today, and these women-owned businesses employ forty percent more people than some of the top employers – IBM, Walmart, and McDonald’s.
These women are starting businesses in all genres, not just in those that are thought to be typically female-owned. They aren’t just bakers, babysitters, or fashion designers, women are starting businesses in construction, marketing, technology…pretty much anything. They are forming small businesses, and they are building huge corporations. Female entrepreneurs are changing the world, one high-heeled step at a time, but what advice would they give to the up-and-coming woman who hopes to own her own business? Last week we looked at a few grants that are available to women. Here are a few more tips.
Be Prepared, Time it Out, Plan Ahead
One very important piece of advice for female entrepreneurs to do before they start their business is to prepare. Market research is vital to understanding who your target audience will be and what exactly they will want. It is also important to understand that…even when people want a product or service, they may not be willing to pay what you would have to charge to make a profit. You will also need to time your start-up so that you can give it the time that you need to get it off the ground. Plan out your time at work, and time at home, and stick to it. One of the hardest flaws for the business owner to overcome is being disciplined with time.
It is also important that you check and double check the people whom you plan to bring into the business with you. You will need people you can trust who will be able to work unsupervised once they are trained. If you have to stand over their shoulder to ensure that they do the work, you mine as well do it yourself and save the money you are paying them. Business is not about making friends or pleasing family. You cannot hire your sister’s deadbeat kid just because she insists on it. In doing so, you could cost the business time and money, in turn threatening your chances at success.
Use The Tools Available
There are many tools available for all business owners, and the female entrepreneur should definitely take advantage of them. With the internet at your fingertips, researching the market and gaining new business ideas is as easy at “type and click.” Social media is a great way to expand your business and advertise your products and services, often for free. Of course, a well-written and updated website is crucial to making your business look professional in today’s world. Electronic transfers make business transactions and sales much easier and faster. Using these tools and many more can save your business time, money, and reputation.
Sources: Fox Business News, Nolo.com, Stylist.co.uk, Forbes, Hearpreneur