Before Covid-19, women in the US were fueling entrepreneurship engines by starting new businesses thrice the rate of their male counterparts. According to an American Express report, women-owned businesses represented 45% of all businesses, employed over 9.2 million employees, and generated approximately $1.89 trillion in revenue.
Now owning a business you can call your own doesn’t have to be difficult. With the help of the following pro tips, you can venture into women’s entrepreneurship and start your own business:
Network
Most entrepreneurs believe they are in it alone and should show signs and even avoid signs of susceptibility by not getting advice or help.
Starting a new business takes hard work, but know you are not alone. You will be part of a massive community ready to share and listen to you.
Hire a Business Coach
If you are one of the aspiring female business owners out there, you might have the cash to hire a business coach, and honestly, you won’t get good counsel and advice from a mentor.
However, a skilled and talented business coach can point you in the right direction. And if you are a well-paid expert looking for that third or fourth act, business coaching will still come in handy.
Keep Learning
Learning is something that every woman entrepreneur should continue to do. Whether you want to learn something new or master the trade, continued learning helps to build the possibility for new ideas, opportunities, and improvement.
The three best ways to learn from others is to consider surrounding yourself with people who excel in something you don’t. This may include finding a good mentor, joining mastermind groups, and employing BoD ahead of the new venture or business.
Practice Your Sales Pitch
You should be the best salesperson when it comes to your business idea. Besides, no other people can pitch that idea better than you could. So spend your time practicing and preparing to handle all sorts of questions.
And if you get an opportunity, try watching other people pitch their businesses so you may learn from their expertise and skills. When practicing your sales pitch, ensure you also get honest feedback from friends or trusted advisors.
Invest in Your Financial Knowledge
To run a sustainable and profitable business, you need to invest in your financial knowledge. Understanding the financials of your business should be the first step to setting prices for your offerings, securing funding, planning for growth projects, and setting reasonable revenue goals.
Growth needs you to know your company’s financial health and gain financial visibility, which means you need to know the story behind cash flow, profit & losses, and balance sheet.
Final Remarks
The adage, fake it until you make it, might sound hyperbolic. But the truth is that everyone fakes things in one way or another. Actually, faking things can help you build confidence; once you achieve that, you will also get to believe in what you do.
