Even with all the positive strides that females have made in the corporate world, there’s still one area where there’s a gender gap: entrepreneurship. A significant number are hesitant to start their own business. If you’re one of them or want to know ways to improve the chances of being a success, check out these 11 tips every female entrepreneur needs to know.
As an aside, this guide is female-oriented because that’s the nature of this site. We know that many male entrepreneurs can benefit from these tips too.
1. Figure out your finances
Even before you choose a niche, you need to have your finances in order. Map out your startup costs and any future expenses you know you’ll have.
If you’re sure that you’ll need additional financial assistance, you could apply for a small business loan. You can tailor the loan to your needs while keeping your savings in the bank. You should create a financial projection sheet prior to applying and have a detailed list of expenses you have now and in the immediate future.
2. Decide on your business model
While traditional brick-and-mortar locations are still around, more and more female entrepreneurs are now options to open online businesses. You can sell on a third-party platform or directly to consumers.
While online businesses are usually easier to get up and running, they can be just as time-consuming as one with a physical location. However, if you’re interested in selling globally, then a DTC model might be the better choice.
3. Female entrepreneur needs: Create your goals list
Being your own boss gives you the freedom you don’t typically have working for someone else. You can make the decisions when it comes to project management and strategy execution.
However, before you put your ideas in motion, you need to write a list of goals. Break them into both short and long-term categories.
You can think about when you’d like to officially launch or when you hope to start seeing a profit. You may also want to consider what you’ll need to do to reach those goals. Will you need to hire outside help, or can you accomplish the goals on your own?
4. Keep stress levels in check
Starting a business is stressful, so you need to find ways to unwind. One of the biggest mistakes that new entrepreneurs make is trying to do everything.
While some might be successful temporarily, most others eventually run out of steam. Even if it’s only once in a while, you need to ask for help.
This can come from hiring freelancers or from friends and family. Doing so can reduce stress levels and give you a chance to focus on yourself. Try to regularly set aside time each week to do nothing but relax.
5. Female entrepreneurs need to embrace challenges
No new business is without its share of challenges. As such, it’s important to not see these as setbacks but as a way to learn new things.
When things don’t go as you hoped, look back to the events leading up to it. Could you have done things differently?
6. Identify your strengths
Even on the days when you feel like you’re not making progress, think about how far you’ve come. Identify your strong points and pat yourself on the back for a job well done.
For example, you might be tech-minded and understand business apps, software trends, and more. That’s a strength that can help you grow and stay modern.
7. Don’t be a people pleaser
As much as you may want to please everyone, it’s simply not possible. Instead, focus on yourself, those who mean the most to you, and reaching your goals.
8. A female entrepreneur needs to manage money well
How you manage money can make or break your business, whether it’s a restaurant or any other type. So, take the time to iron out your finances.
Learn how to budget effectively, for example. Also, plan ahead for financial setbacks.
9. You need to support other female entrepreneurs
There’s probably no better feeling than having the support of like-minded people. To help you find that support, look for networking groups where you can meet other female entrepreneurs.
There are many benefits to gain from doing so. Not only can you learn from them, but you can cheer each other on while building your dreams.
10. Know that it is a process
As eager as you are to reach your goals, understand that it’s a process. It takes time to get to where you want to be, so you need to be patient and enjoy the journey. Even when it seems impossible, it’s worth pushing yourself a little further. If you need a break, don’t feel bad for stepping back until you’re ready to get back to work.
11. Remember why you started
In between the day-to-day tasks, and possible setbacks, remind yourself why you started. Far too often, people get caught up in just making money, not remembering why they decided to become their own boss.
Think about your “why” and use it as a catalyst to push through feelings of defeat. Remember, no one really needs to understand your reasoning. It’s your journey, and most people will probably say it’s not going to work – Don’t believe them!