Top 5 Tips for Women When Starting a Business
Before the global pandemic, Covid-19, women worldwide were fueling their entrepreneurship engine by starting new businesses. According to American Express reports, enterprises that women own represent 45% of all businesses in America, employing more than 9.2 million employees and generating over $1.93 trillion in revenue.
Having a business as a woman isn’t a dream you can’t achieve. There are many lessons to learn from the success stories of women who have traveled the journey and the tips they used. Some of the common tried-and-tested tips may include the following:
1. Master Your Conviction
Your conviction doesn’t just control the way you think. It can also affect how you act and make or break your confidence. Then your words become a routine, thoughts become words, and words become a behavior.
If you can change your narrative and believe that you may attain success, you will be more likely to make that dream a reality. It is imperative to look for ways to avoid negative thoughts to have a positive mindset.
2. Reel off Your Financial Needs and Current Finances
Most women in business say that investors want you to be street savvy on financial details about your business, allowing you to discuss everything easily. That is where some women mess up. And this could be the major reason their loans are not approved.
Like men, you can learn these things. It is just basic math that involves percentages, adding, and subtracting. If you are not sure of your business’s current finances, learn from anyone who gets it right.
3. Have Confidence
Women especially find it difficult to overcome their fear of failure. However, this is where your mentors and pod come in to remind you that you are still invaluable in the entrepreneurship community.
The adage, fake it until you make it, might sound hyperbolic. Though it is worth mentioning that everyone fakes things at some point in life. Faking some things can actually help you develop confidence. And when you believe in yourself, other people will too.
Showing up and networking for trade shows is the best way of ensuring that your business gets valuable face time among retail partners. If in-person trade events don’t work for you, virtual trade shows can still come in handy.
A trade show can also allow your business brand to look at and analyze the competition, meet potential/existing partners, and learn more about new industry trends.
5. Pitch Well
You must be a good salesperson for your business idea. Besides, no one else will be able to pitch that business idea better than you could.
Create and work on a business pitch until it gets better. Spend more time, too, to practice and get prepared to respond to questions from potential clients.
The Bottom Line!
In the 21st century, becoming a women entrepreneur is vital because independence is really important. According to recent data, it is evident that women hold and run more than 88% of small businesses. The only motivation here is independency and belongingness. So be part of the community and do something you can be proud of.