5 Tips For Women-Owned Businesses
There are many requirements for starting a business; one is the ability to multitask. Others are having a cool head when those around are losing theirs. Organization skills equal to Nasa. An understanding and empathy for people’s needs at every level. Showing humility when required, being humble when needed, and dominant when necessary. And the ability to work alongside those who inherently suffer from a superiority complex and are too arrogant to know it!
Stands to reason then that the average woman has what it takes to be successful, right The answer would be yes if it was an equal world with a level playing field. But does that mean women need their own rules for success? Unfortunately, yes.
Here are some steps you can take: self-improvements and strategies that will help you level the playing field.
Don’t Box Yourself In
You might already know the business you want, but as recently experienced during the pandemic, to succeed, you need to be versatile.
Quite often, our immediate goals are pre-determined by our end goal, however, change happens, and you need to be ready.
Here’s a real-life example:
My friend hated her job, wanted to become self-employed, and travel the world.
She educated herself in e-commerce (while holding down a full-time job), established a successful Amazon business, and moved abroad. Then disaster, due to lousy stock, her company collapsed over-night.
But she’d learned some alternative skills.
One was how to build and market a website. So, she started a holiday company. Unfortunately, disaster struck again! (the market collapsed due to the pandemic), but her writing drew attention.
She was asked to write a post, then another. She took a writing course, improved her skills, and landed more gigs. Now she’s traveling the world while writing!
The point is, you can reach your end goal even if the route changes. Don’t box yourself in; be open to change.
Know Your Numbers
Did you know that woman business loan applications are less inclined to be approved when compared to male business loans? And male entrepreneurs are three times more likely to gain equity through venture capitalists or angel investors.
Shocking isn’t it.
What’s worse is this isn’t gender-based, it’s because of a lack of financial understanding.
Now, I’m not saying you can’t add and subtract, but an alarming statistic shows the woman do not equip themselves with the level of understanding needed to gain investment when it comes to capital business needs, gross margins, break-even timeframes, etc.
There’s no excuse; this is not rocket science. If you want to gain investment, know your numbers.
Plan Your Day And Live Your Plan
It’s a well-known fact that successful people make plans, implement structure, and set daily goals.
But those plans and goals aren’t all about business.
Instead, they establish a routine that will set them up for the day, help them look forward to getting up at 05.00 am without a second thought. Ones that fill them with vigor and positivity.
You’re all you’ve got; you’re the driving force, no one can do it for you.
So, support yourself, implement a morning routine around you, give yourself time, do things that you enjoy. By doing this, you will equip yourself with the mental and physical endurance needed to run a business.
Try the (8 things every person should do before 08.00 am) routine. Hey, if it’s good enough for Oprah, it’s good enough for you!
Choose Your Company Wisely
How does that saying go?
“You become the five people you spend most of your time with.”
There’s truth to it, but it’s even more imperative that you choose your company wisely when it comes to business.
Surround yourself with people who have different skills (you can’t do everything) but with the same mindset. Find trusted advisors (you can’t buy experience), touch base with other companies in your market (you’d be surprised by how willing successful people in sharing their knowledge)
From day one, build a team around you who you can rely on, lean on, gain information from, and talk to. Good people like to help others, surround yourself with good people.
Your Voice, Your Company, Your Say
Wherever there’s an imbalance, there’s inequality.
If you’re the youngest, the older will judge. The only person of color, prejudice, sits near-by. The single woman, your voice, is undervalued.
Fortunately, society is slowly becoming equal, but we’re a long way from equilibrium.
No matter the situation (asking for a loan, a board meeting, public speaking), remember, you have put yourself there, you’ve made those steps, and each one you take is a step closer to equality.
“Whether you think you can or you can’t, you’re right.”
Your voice matters, so own it, believe in it, and most of all believe in yourself.
