Tips for New Female Entrepreneurs
Women are fleeing corporations in droves to start their own businesses because the gender divide isn’t going anywhere. Currently, females own more than 11 million businesses in the US alone, and that number is growing exponentially. Moreover, the number of businesses owned by African-American women has doubled in the past decade. Finally, the growth rate of female-owned companies is five times that of the national average.
We have compiled these tips from successful businesswomen to provide inspiration or guidance if you’re considering self-employment as an option.
Admittedly, this advice applies to any business owner, but women often face additional hurdles and unforeseen obstacles. Challenges faced by business owners may include changing your business model or location or learning to cope with overly demanding clients. When dealing with such issues, it is important to stay calm and take things one step at a time. Moreover, you’ll find small actions, such as sending clients marketing emails monthly and building partnerships with local businesses, will help you reach success.
Know Your Market
You know what business you want to start, but do you know your market? Find out what your target group is and where you can reach them. Focusing on a niche and making a quality product available will do wonders for you.
Moreover, you can talk to current customers if you are not sure about how to find your target audience. Think about questions you should ask them, which should be focused on their interests, and build from there.
Don’t Be Afraid to Look Pushy
When working for a corporation, it is often necessary to make demands or present ideas in a nuanced way to avoid appearing pushy or demanding. Sometimes, this also applies to how women promote their successes. The problem with that is you can’t afford to be humble and modest when you’ve made the decision to step out on your own. You should draw attention to your successes and calls to fame. You should also avoid downplaying your ability to achieve results when people are trying to decide whether to buy from you or not.
Know your Value
Women earn less than men, both in entrepreneurship and in the workforce. According to data collected by Freshbooks, male business owners earn 28% more than their female counterparts. One reason for this could be that women base their charges on their previous earnings. Instead, your rates should be determined by the value delivered to customers.
You can translate the problem you help your clients solve into numbers or, more specifically, into dollars. Moreover, it should be as simple as possible. Look for a metric, such as how much time people lose on dealing with the problem or how much sales are lost. Then, quantify how you can help with that. In addition, you should aim to offer clients a maximum return on their investment.
Know your Boundaries
Always start with the type of work or industry in which you have a lot or the most experience. This is rule no. 1 to growing a successful business. Sometimes, women who have left behind corporations because of negative experiences turn their back on skills they were objectively good at.
You should know your boundaries and don’t let everyone in. Don’t put your career track behind you, but do not take on toxic clients either. Finally, set your expectations and establish principles of interaction with clients right from the start.