Seven start-up tips female entrepreneurs need to know
Starting your own business can be a liberating way to support yourself financially while exploring your passions. Here are seven start-up tips female entrepreneurs need to know.
While just 34% of businesses in Australia are female-owned, female entrepreneurs who have their own businesses often experience growth at twice the rate of other firms, making starting your own business a potentially prosperous venture.
With this in mind, starting your own business can be a great venture if you know what to expect. Here are 7 startup tips women entrepreneurs need to know to help their businesses thrive and succeed.
1) Understand the risks
Unfortunately, starting your own business is never free from risks, but understanding the potential hazards you can experience can help prepare you to overcome them. Potential risks for small businesses can include financial issues, getting into liability problems and security risks, as well as damage to your reputation.
Anticipating these issues early and finding ways to combat them is a smart business move as it shows you understand your industry. Researching potential issues and areas where competitors have failed and your business could fall into similar issues can help you prevent experiencing the same fate.
2) Balance enthusiasm with understanding
Starting your own business is an exciting time as often it will be based on your passions and interests. Creating a business in an industry you understand can be easier as it will help you to commit to your business.
However, it is important for your business to fill a demand in the market that does not exist, rather than being a duplicate of an existing company. Strive to have your own take with an original business idea and your company is likely to thrive.
3) Cut costs where you can
Starting your own business is likely to have some essential costs that you cannot avoid. On average in Australia, it costs around $500 to register a business, with over an additional $40,000 spent within the first year. Therefore, it is essential to save money where you can.
While businesses shouldn’t cut costs on their products or services, it can be useful to operate with some frugality. For example, do not hire office space immediately and choose to work from home to save money on expensive rent. Consider beginning your business on a part-time basis while growing to avoid unnecessary costs.
4) Talk up your business
It’s no secret that word-of-mouth marketing is the most efficient way of attracting customers to your business. Statistically, recommendations from friends and family are 92% more likely to be believed by future customers and attract them to your business.
Hosting local events, promoting your company on social media, advertising in local business windows is a great way to get your name out there. Having memorable marketing schemes is a great way to get customers to remember you.
5) Find a mentor
It can be intimidating starting a business, therefore finding someone with lived experience to give you advice can be a great way to give you understanding and boost your confidence. Work with other women who have been in your position and ask for tips to help you to succeed.
Additionally, online research can be a great way to start, as there are many sources of advice on the internet. A good beginning is to understand the key terms of business so you’re knowledgeable in the area. This includes things like insolvency definitions.
6) Remain positive
It is likely with your startup you may encounter trials and tribulations, however the best way. To overcome these is to maintain a positive attitude. Refusing to give in to uncertainty and staying focused on your goals will help you to succeed.
Practising a positive mindset is crucial to success and can help lead you on the way to achieving your dreams.
7) Be patient
The most successful people and businesses weren’t made overnight, which is why it’s important to be patient with your business. If you’ve taken the right steps and are consistently putting in hard work and dedication, then you’re on the right path to ensuring your startup will be successful. Just keep going, be patient, and you’ll get there!
We run the world, girls, which is why being a female entrepreneur can be so rewarding, particularly when your business is focusing on something you’re passionate about. By following these 7 startup tips, women entrepreneurs are sure to find success in their ventures.
Photo by Adam Winger