Starting your Own Business

In the volatile economy after COVID, many of us had to look at ways to replace or supplement our income and starting our own businesses seemed a logical next step. But that can be a daunting task and, for women, there can be additional challenges to overcome. Here are some tips for women who want to pursue their passions and start their small businesses.

Research & Plan
Take your time and research the industry and the market thoroughly before you start. You might want to start a company manufacturing stickers, but there may not be a demand for the products or there may be too many competitors in the market. Understanding your target market and identifying possible challenges may be the key to your success. Develop a business plan that covers:
 – your goals 
 – strategies for achieving these goals
 – financial projections  

In addition, it is important to understand your strengths and weaknesses. If you are an introvert like me, you may find it difficult to start a company that requires you to do a lot of public speaking. Focus on your strengths and build strategies to overcome weaknesses.

Focus
You cannot be everything to everybody. Many small businesses fall into the trap of offering or adjusting their offerings to keep a customer happy. While it is important to give excellent customer service, you also have to understand that customers are diverse and if you keep on adjusting your product for one customer, you may lose customers that you have identified as your target market.

Support
Starting a business can be a lonely journey, but it doesn’t have to be. Many women have to juggle raising children, running a household and a business. Surround yourself with a network of supportive individuals, such as fellow entrepreneurs, mentors, and family members who can offer advice, encouragement, and resources. Joining business organizations or networking groups can also help you connect with like-minded individuals and expand your reach. 

Finances
One of the biggest challenges in any business is managing your finances. It is essential to keep accurate records, track expenses and income, and develop a budget to ensure your business stays financially viable. Having a contingency fund to cover unexpected expenses can make or break your business. 

Promote your business
No matter how great your product or service is, you won’t be successful if no one knows about it. Create a multi-faceted marketing plan that speaks to your target audience. Be brave and try new strategies to see what works for your business.

Adapt or die
The world is constantly changing and it is important to stay informed of new business trends and changes. Be open to new regulations and educate yourself and your team on new technology and best practices to stay competitive. Don’t be afraid to change your business strategy if required and embrace all opportunities to grow.

Running your own business can be challenging but very rewarding. With proper planning, support and marketing you can have a successful business and make your dreams a reality.

Resources:
Entrepeneurs Roadmap to Success: A Guide to Goalsetting and other essential tools
https://bit.ly/3PlQOpc