In the last 20 years, the number of companies owned by women has increased by over a 100%. Studies conducted by various research groups have also shown that businesses that are founded by women make twice as much money as those founded by men. And in the year 2019, over ten companies owned by women became unicorns. However, not all female entrepreneurs are successful. Over 80% of businesses owned by women generate less than $100,000 annually. In this article, we will reveal to female aspiring entrepreneurs the steps to take to ensure their success. And if you already run a successful business, keep reading as you can also learn a thing or two.
1. Education
As an aspiring female entrepreneur, before starting a business, you must make sure that you have the required knowledge and degrees. It is vital to get a business degree as it proves that you are competent and know exactly what you are doing as a business owner. Having qualifications like an MBA degree will assist you in creating a successful company. This will help you know the right business decision to take. Having a degree will help you learn the basic principles of business, how to know what goods are the most desired in the market, know your target audience, the right location for your business, and the channels to use to get your goods to them.
2. Decide What Business You Want To Do
Now that you have gotten the required knowledge that you need for your business, the next step to take is to decide what business you want to do. When deciding on what business you want to do, it is best to choose a venture that you have a passion for. This will ensure that you have the necessary will to continue even when you start facing different challenges. The passion you have for your business will serve as the fuel that will help you push through rather than opt-out when things get tough. You must consider the business you want to do to create a proper marketing strategy for your company.
3. Build a Team
It is impossible to run the company all by yourself, hence, you have to pick a team. This is a very crucial stage for the success of your company. Picking the right people to work with can break or make your company. When selecting members to be part of your company, some features to look for are: discipline, organizational skills, resourcefulness, good communication skills, and it is best if he/she also shares the same passion as you do. Make sure you select individuals that will be assets to your business rather than liabilities.
4. Know Your Target Audience
Knowing your target audience as an aspiring female entrepreneur will make your marketing decisions and efforts easier. As a result, you will have a clear idea of who your consumers are and this will also decide where your business will be located. Some ways you can know your target audience are by conducting market research, studying your competitors, research industry publications, studying statistical reports, etc. This will also help you decide the right marketing strategy to employ for selling your products.
5. Ask for help
Starting and running a business is not an easy thing to do, hence always ask for help. When faced with challenges that are very difficult to overcome, make sure you seek help from Professional Employer Organisation Services (PEO), other women, entrepreneurs, mentors and veterans in your industry. For example in a country like Singapore, there are many opportunities for female entrepreneurs. In 2019, the country was ranked 25th globally in terms of providing capital for its female entrepreneurs and ranked third for fostering growth for women entrepreneurs in the Asia-Pacific region. As an aspiring female entrepreneur, you can seek help from the country’s PEO to process the payroll of your staff, provide workers’ compensation insurance, health benefits, etc. With the help of a PEO like NHGlobal Partners, you will be able to focus your time and energy on other parts of the business. However, the Singapore payroll shows a 6.0% gender gap between men and women.
Conclusion
Lastly, to achieve success as an aspiring female entrepreneur, after applying all the steps above, you must get a woman mentor and also surround yourself with other successful women entrepreneurs. Having a fellow woman as your mentor will inspire confidence in you and surrounding yourself with other women entrepreneurs will give you a network that you can also serve as your support system. We live in a world that doesn’t appreciate women, you should develop thick skin, but you must also be approachable.
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