Monday, 27 May 2019

Top Tips for Becoming a Woman Entrepreneur

More women are taking control and starting their own businesses. As a matter of fact, the number of businesses owned by women is going twice as rapidly as the number of all startups. Women have also begun to break stereotypes by moving away from the typical women-owned businesses such as makeup sales and expanding into every type and size of business. From real estate to professional services, from technology to construction and from Fortune 500 companies to consulting, women have dipped their toes in pretty much everything. While the bureaucratic and legal rules are same for men and women in the business world, there is no denying that there is a unique set of hazards for women on their road to success.

Women entrepreneurs often find themselves facing some issues and problems that men typically done and the only way to become successful in their business venture is to overcome them.

Luckily, here are some tips that can help every woman entrepreneur in beating the odds and coming out on top:

    1- Start a business that fits with your career goals and your personal life. One of the biggest challenges for women in the business world is finding work-life balance. Bear in mind that there are no set of rules for defining a ‘real’ business. Everyone measures success in a different way; some may consider success to be an international operation that has hundreds of employees whereas others see it as a home-run business that brings in a healthy salary and gives you plenty of personal freedom. Figure out what your definition is and plan your business accordingly.

    2- Take bureaucracy in stride. A lot of women are ready to take the leap into launching their own business, but they get confused about how to deal with the legal rules. However, this is mostly due to the hype created rather than the reality. It is best not to sweat the bureaucracy as these hurdles are not that big of a deal. When you are starting a sole proprietorship or even a partnership, there is not much paperwork involved. There is some additional paperwork when you set up a limited company, but even that is doable step by step.

    3- Have adequate funds with you. One of the most common reasons why businesses fail is the fact that they don’t have enough money for riding out the early lean days. You should remember that early on, the business is going to require plenty of capital injection and you will not get enough returns. There is a lot of overhead you have to deal with, especially during the first year. Most businesses that are successful these days were able to reach break-even after a year or two of operations. You need to remember that and have the necessary capital at hand to survive the initial losses.

    4- Don’t get financing from traditional banks. Women entrepreneurs often complain that it is difficult for them to find startup financing. This is probably because they go to traditional banks, which don’t have the practice of lending to new ventures as they don’t have any creditworthiness and track record of success. Thus, instead of going to traditional big-chain banks, women entrepreneurs should give some thought to credit unions, local community banks and other local financial institutions. These places have a less strict criteria and you will be able to get the financing you need for your business.

    5- Networking is of the utmost importance. Even if you are not a very social person, you will have to become a social butterfly if you want your business to get off the ground. You have to cultivate relationships with people, community leaders, other businesses and others who present profitable opportunities for your venture. The point of networking is to extend your circle of contacts as it comes in handy for spreading the word and you can also reach influential people when needed. Most women are concerned that networking involves unsavory schmoozing, but this is not the case. You only have to indulge in sincere and open communication for networking purposes. Also, it is best to forge relationships before you actually need people to help you as you want to leave a favorable impression.  

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