Startup tips for female entrepreneurs – how you can achieve success
There’s no doubt about the fact that COVID-19 has had a drastic impact on the businesses of America and women entrepreneurs have already started feeling the impact of this slugging economic state.
In fact, as per reports from the Institute for Women’s Policy Research, during 2020 November, jobs of women in non-office payrolls were down by 5.38 million since February’s pre-covid levels as compared to non-office payroll jobs among men.
This trend is given the term ‘shecession’, which has given women a valid reason to explore the fate of their career in starting new businesses.
In 2021, though the growth in jobs were on an upward trajectory, there is still enough uncertainty due to the ebbs and flows of Covid-19. Here are a few tips for women to start a new business this New Year.
Risks are associated with different territories
If you have already had the experience of being an entrepreneur, you’d know that failure always comes hand in hand with success. While there are dfmea example or fault tree analysis example to measure the failure of equipment and ward off the possibilities of an unpredicted downtime, the key is to identify the upfront risks.
There are many women who have a dream of becoming an entrepreneur but who shy away as they’re not ready to face the risks and sting of failure.
Be passionate about achieving your goal
Due to the fact that starting a business needs lot of energy and time, it is a fulfilling and exciting experience. Being a woman, you must be eager to start building your business based on your skills, interest and knowledge. When you put in your love and soul towards it, it becomes easier for you to stay on the right track and follow the course. Hence, one tip for women entrepreneurs is to follow their passion.
Start bootstrapping to control expenses
When it comes to launching a new business, it is vital to control your expenses. Remember that the lesser money you spend initially, the more will be the cash flow that you’ll get during the ramp-up time. Few ideas to conserve your hard-earned dollars is by starting e-commerce online, working from home, practicing frugality and choosing freelancers or other contractors.
Get a mentor rather than being a hero
Thankfully, since you’re a woman entrepreneur, you’ll have several places to resort to for guidance like SCORE, Women’s Economic Ventures, or your local SBDC or Small Business Development Center.
There are also local community colleges that provide courses on bookkeeping and accounting practices, marketing, entrepreneurship, and proper management of business. You may also join professional women’s organizations that get you connected with other business owners.
Watch out for easy access to capital
One of the most vital steps of starting a small business is looking for capital. This can be one of the biggest challenges of women owners. You have to first check the kind of relation that you share with a bank or other financial institution.
This will be important during fund application, like for example, a small business personal loan or a line of credit. You also need to draft a business plan as without one, no lender will lend you funds.
Get your health insurance plan
It can be expensive to start off with a small business but it is not costly enough to get a proper health insurance coverage. Women need comprehensive and yearly screenings to make sure their health is fine. Most start-up business blogs don’t discuss this factor but you should certainly get a basic health insurance coverage if you’re thinking of becoming an entrepreneur.
Therefore, when you have entrepreneurship goals in your mind, you should first follow the tips given above by experts. Don’t lose your confidence and stop believing in the age-old entrepreneurship myths that are shared only to discourage women.