Starting up a new business is not always easy, no matter who you are. There are many tough decisions to make in brainstorming for a business idea, compiling a business plan or finding out how you can secure funding. But, with a strong support system, self-determination and some great advice, any woman can become a successful entrepreneur in today’s world. Being an entrepreneur is becoming a more heavily considered option by women now than it has ever been in the past. 

“Women are becoming more aware of the opportunities for entrepreneurship in their lives,” Susan Duffy, executive director of the Center for Women's Entrepreneurial Leadership at Babson College.  If you are planning on setting up your own business but are unsure or struggling to get your idea off the ground, don’t worry you are not alone. 

The initial phase of your business can be a challenge even for the most dedicated entrepreneurs. Just remember that setting your mind on starting up your own business, that would have been your ambition or dream, takes a lot of guts. You should be proud of taking the first step in putting your dreams into reality.  

So what kinds of businesses do women these days usually start? The majority of these lie in app development, retail, dog walking, catering & restaurant managing, law, beauty, medicine & health. Deciding to make a breakthrough in any sector will take a lot of determination, perseverance and planning. 

The following are some tips and advice from fellow women entrepreneurs that should help you kick start your business dream. 

Tell people about your business

Get your friends, family and even your acquaintances in on the word of your business. The people close to us are usually one of the first few customers of a business. Hence, when it comes to a product or service you are selling, your business would be the first in people’s minds. So don’t be afraid to spread the word on exactly what you are doing and trying to achieve with your new undertaking. Formulate a sweet and snappy sales pitch for your business so that you can ask people you know to invest!

Form a network of women entrepreneurs

See how you can get involved with your local group or friends who are women entrepreneurs. Finding a group based on your industry would be a bonus.  It is important to network with like minded women who are growing their business. You will be able to seek advice, learn some marketing tricks and also encourage your fellow entrepreneurs on their journey. Being in such a group is also an easier way to tap into new clients or be referred to an investor.  

Identify your target audience

You definitely need to know your market before starting the sales for your business. Usually, many small business are confident that they know exactly what their customers would be ready to pay for without doing some research into their potential market. As a start-up, you may not have the funds for a market research company. What you can do is find information online and through the opinions of other people. 

Start by researching into businesses similar to yours on social media and also check out the website of your potential competitors. Think about who your ideal customer is, what is your specific target audience and how big your customer base would be. This will help you discern what communities your audience would be a part of and will give you ideas on how to tailor your product and marketing to a specific community. 

Know your strengths 

You may be competent in running a successful business but you feel indecisive about the specific nature of your start-up. If this is the case, have an honest conversation with yourself. Go back to the basics, think about what you are good at, what sector or skill are you seeking to master, what do you want to achieve from your business and get back from it. Are you motivated to start your business as a source of second-income or to spend more time with your family? If so, the structure, financials and growth of the business would be very different from a business that would be your main source of income. 

It is not uncommon for women to second-guess themselves or feel they are not worthy of starting a business. Many come across feelings of ‘imposter syndrome’. Just know that you if you have a focused idea of what you want to do, prepared to work hard and pick yourself up during setbacks, no one can stop you from building a successful business! 

We are not finished here, stay tuned for the next blog for further tips on how to be a successful entrepreneur as a women!