It wasn’t that long ago that men dominated entrepreneurship and women sat by in the sidelines. However, in recent years, the number of female entrepreneurs is growing at a significant rate. In fact, since the early 2000s, female-owned businesses have increased 1.5 times more than any other type of small business. And, in the US, firms that are owned by women have generated a staggering $1.7 trillion since the year 2017.
In other words, the world of business ownership is changing – and in a very good way. If you’re a female who is considering running your own business, the odds are in your favor. Here are some tips to help you join the ranks of other women entrepreneurs
Don’t Let the Fear of Failure Discourage You
You have a great business model, but you’re petrified of the risks. Those fears are understandable; however, if you let the fear of failure get in your way, you’re never going to make it. It’s that simple. Failure is a part of success, but you learn from it and grow from it. Turn your fear into power and you will be able to accomplish anything.
Research, Research, Research
Sure, you can set up shop and hope for the best, but if you really want to be a success, you need to invest in a great deal of time in research.
Find out as much as you can about the industry you want to start a business in. Assess the competition. Find out what they’re doing right – and what they’re doing wrong. Pay close attention to negative feedback your competition has received and find out what those who are giving negative feedback are unhappy about. Learn from the both the strengths and weakness of competitors and use them to formulate a plan-of-action that will really meet the needs of your target audience.
Knowledge is Power
If you want your business to continue growing, remember that learning is a never-ending process. Sure, you may be an expert in your field and have all of the best products, services, and tactics in place; but, if your goal is to remain successful, you have to keep learning.
No matter what industry you are in, it’s important to remember that things constantly change. New innovations are constantly emerging, and the needs of your audience are ever-changing.
To stay abreast of those changes and offer the best products and services to meet the ever-changing needs of your clients, you have to keep learning. Take classes; read books; attend workshops and seminars lead by industry experts. The more you know, the more successful you’ll be.
Don’t be Afraid to Ask for Help
You may be the head of your organization, but you are going to need a lot of help along the way. No successful entrepreneur has gotten to where she is without the help of others.
From collecting capital to get your business off the ground to skills and strategies; determine what it is that you need at every stage of starting your operation, find the right resources, and ask for help. Without the help of others, it’s going to be virtually impossible to get to where you want to go.
Take Time for You
You’re going to have a lot on your plate. All of the decision making, research, and everything else that goes into starting and running a business is very time-consuming and can be extremely stressful.
Make sure you leave some time in your busy schedule for yourself! Get massages; take walks to clear your mind; take a soak in a hot bath filled with fresh flowers… Anything you can do to relax and unwind will help you stay focused on the task at hand and will prevent you from crumbling under the pressure of running your own business.
With the right tools and knowledge (and by taking some much-needed “me time”), you can become a successful female business owner.