It’s refreshing to see how many more women are powering up and starting their own businesses. According to the 2015 State of Women-Owned Businesses Report, the number of women-owned firms in the U.S. continues to climb, and is now estimated to have surpassed 9.4 million enterprises – 30% of all businesses in the country;. As I know firsthand, starting a business is challenging, no matter who you are. But for women, starting a home business comes with an extra set of gender specific obstacles. Here are a few tips to keep in mind to help guide your decision-making!
- Sometimes you have to choose. Women tend to think they can have it all and do it all but honestly, sometimes you can’t. As an entrepreneur there is a give and take in priorities. There will be times where you will have to choose what is important in that moment. Women who are incapable of finding that work-life balance or who try to do everything all the time will fail. Sometimes, work comes first and sometimes, it doesn’t. You have to choose and walk that line.
- Know how to manage money well. The most important element of running a successful business is to manage money properly. Be sure to keep your personal and professional finances separate and know what you have in your bank at all times. Know your expenses and spend within your means! Entrepreneurs tend to spend outside of their budget, then seek new money. That is the totally wrong approach to running a successful company. The simplest advice is taking what you have in the bank and divide it out for about 12 months, then spend within what you have. Don’t ever go over budget.
- Never be intimidated by a man. When doing business, regardless of what a man says or his gestures imply, stay focused on your objective. It will be the woman’s loss if that woman takes that man’s words or actions personally.
- Be Tech Savvy. The Internet and social media have changed everything about the way we connect with people, significantly accelerating the pace of traditional “word-of-mouth” marketing. Today’s female entrepreneurs should fully embrace this modern approach for conducting their businesses, using it to spread their influence globally. The only way any business can fulfill its greatest potential in the modern marketplace is to think globally.
- Have conviction. A female entrepreneur must inherently have conviction on how her idea serves a greater purpose. This drives her forward, faster than any other entrepreneurs who second-guess their own moves.
