When it comes to the world of entrepreneurship, women entrepreneurs are often underrepresented. But in 2007 the trend started to shift as the number of female business owners increased at least 30%.
If you are an aspiring female entrepreneur, we have listed seven planning tips that you can follow.
Start With a Business Plan
Before you start with your business, you need to have a solid plan. This includes knowing how to define opportunities, creating a clear business mission, identifying your target market, and more. A business plan allows you to establish a measurable goal and figure out whether it is time to make a pivot.
Applying for business loans can be challenging, as lenders are often wary about new business. As such, your best bet is to bootstrap. This means that you may need to start your business using your personal savings. Thus, you need to manage your finances and be creative in finding resources that can help kickstart your business.
Having connections is one of the most important parts of the business. That's because it is one way of helping spread the word about you and what you do.
Simply put, building connections is your way of being your own brand ambassador.
To build your momentum, attend wealth events, networking groups, and trade shows. This will help you to connect with other business professionals. This can also help you find future mentors, target prospects, investors, and even strategic partners.
Connect With the Right People
It is important that you connect with the right people when building your network. That's because your connections can be your mentors and strategic partners.
That said, look for smart, hardworking, and talented people who share and agree with your vision. With these kinds of people in your team, not only will they help you transform your business, but they will also help your business to grow.
Anticipate the Next Big Thing
A successful woman entrepreneur should be able to see trends and anticipate the next big thing. That way, you would know how you can maximize your products, services, and existing market.
If you’re already content with your business as it is, then there’s a risk that your business might fall behind. If you want to be a successful businesswoman, always check what's the latest trend. Lastly, make sure that you can easily adapt and shift as needed when a new trend comes.
Register Your Business
Registering your business and taking other legalities into consideration is crucial for running a business.
For one, it allows your customers to deem your business as trustworthy and legit. Second, it is easier to apply for a business loan and find suppliers if you own a registered business. Lastly, it allows you to issue official receipts, which could come in handy when filing your taxes.
Aspire for Work-Life Balance
Having a successful business can be cumbersome and time-consuming. Hence, remember to maintain a work-life balance while aspiring for success.
Sure, you might be generating millions of income per year. But it will be useless if you are incurring one medical bill after the other.
That said, it would be best to take a break and take the time for self-care. You need to recharge as needed because being a woman entrepreneur can be exhausting.
The business planning tips listed above can help you start your new venture while ensuring a work-life balance. Who knows? This might be the nudge you need to take action and fulfill your mission as a female entrepreneur. Women Empowering Women Now members enjoy monthly planning classes. That’s only one of the many perks they enjoy. If you’re interested, get to know more about us!
Doreen Dilger, Certified Business Coach, Author, Artist and Founder of Women Empowering Women Now.