Launching your own small business can be terrifying. You’re putting yourself and your ideas on the line. For women, in particular, there are more hurdles to overcome than your average entrepreneur. Expect more hoops to jump through, more people questioning your experience and less belief in your abilities. But don’t let that stop you.
In 2020, only 5% of the FTSE 100s’ CEOs’ were women. That means 95% of them were men. If you needed a reason to take the plunge with your carefully crafted business plan, that’s it. But that’s not the only reason. It’s the best way to have full control of your financial future and happiness.
Women embracing their entrepreneurship is the best path to empowerment and social change. And you won’t be trapped in the same old toxic work environment. But before you become a big-time boss lady and change the world, there are a few things to consider.
Family and kids
68% of women are caregivers, so considering your families situation is paramount. Think about how the commitment to building your business from the ground up affects your home situation. Consider whether moving closer to your office location will help with caregiving responsibilities. Maybe it’s worth putting off having a child at the beginning of your blossoming career.
Careful planning can help alleviate the stresses you might face in the future. When all parts of the family understand their new roles before starting your business, you can channel all of your energy into work. And you’ll be needing it.
Prepare yourself
Starting a business will push you to lengths you didn’t know you were in you. As a woman, you’re more likely to be questioned by others. And according to a recent survey, women are less likely to believe they have what it takes to go alone. Only 39% of women said they were confident in their skills to start a new business compared to 55% of men.
Be prepared for these obstacles by taking good care of your mind and body. Have a solid business plan, and always remember to pencil in time for yourself. It’s vitally important and something you might find hard to do when your time is filled with upcoming tasks and problems that need solutions.
Choose your new team with care
Choosing who you work with is one of the bonuses to having your own business. No more putting up with people who don’t share your work ethic. It’s a good idea to write a list of what you want in prospective colleagues. Assemble a crew that shares your vision and want the company to prosper as much as you do.
Be prepared to be perceived as difficult. When it comes to women in work, setting boundaries will ruffle some feathers. That’s because women are expected to be ‘nice’ all the time. But as a business owner, now’s not the time for niceties. You’ll have to make tough decisions. And not everyone’s going to like them.
Define your own success
Take a minute to think about what success looks like for you. What do you really want from your work life? Maybe that means a 50/50 split between work life and home life. Or building your empire to the highest heights. Don’t get pulled into the trap of comparing yourself to other entrepreneurs and their success. Your business should fit neatly into your vision of life and your own success.
It makes sense too to have passion for what you do. Success comes easier when you’re doing something that you genuinely love. And that makes it easier to spark a passion for your business in other people too.
Embrace some fear
It can sound counterintuitive to embrace fear. But fear is actually a powerful motivator. The fear of failure encourages you to work hard for your goals and keeps you on your toes. It can help you think more creatively about approaching difficulties and seeking out opportunities that’ll help your ideas flourish.
There’s a reason the work ‘some’ is in the header, though. Allowing too much fear can have the opposite effect and leave you trembling in the corner. Confidence is key to success too. Trust in yourself and your abilities inspire confidence in prospective clients.
Realistic expectations
Remember to keep your vision in the realms of reality. A business can be an overnight success, but most take time to grow. Everything isn’t going to go according to plan all the time. Not all of your team will get along instantly. You won’t land every deal that you set out to get.
Having a realistic idea of the next 5 years of your business will help you be productive. It’ll also leave you more prepared for when the tough times come your way.
Solid support
A company isn’t built by you alone. And while women are seen as great multi-taskers, one person can’t do everything in business. There’s finances, colleagues, clients and company growth to think about. And that’s just the tip of the iceberg.
Having a reliable support system of family, friends and colleagues will help take some of the weight off your shoulders. Even if they’re not directly helping maintain the business, having someone to unload to works wonders for your mind.
Goal setting
Having clear, defined goals helps set out a road map for your business. You need to know where you want to go and how you want to get there. Don’t just think about the long-term, though. Setting short-term goals create achievable stepping stones to your final destination.
Remember, goals don’t always have to be set in stone either. As your company grows, goalposts change, and unforeseen events change the trajectory of your vision. Allow yourself to move and evolve alongside your business.
Find your niche
To smash the glass ceiling, you’ll need to know your niche. It’s no use trying to hit every audience in the hopes that’ll encourage more revenue. It can, in fact, have the opposite effect. Focussing on a specific audience allows you to maximise profits and footfall. You’ll create smarter products for people to shout about because having a niche helps you find gaps in the market.
If you have no idea about your niche, take some time to find it. Targeted marketing really does works wonders for a business, so don’t think it’s not for you. It is.
Get online
You might already realise how important having a website is, but it can never be said too much. Especially right now. The COVID-19 pandemic has created a boom for e-commerce. Having a website helps you reach audiences you just wouldn’t have the opportunity to reach without it. It’s the best way to market your brand in its purest and most authentic form. Plus, you get tonnes of info about your audience. When they’re logging on, what they like, and how long they’re staying there.
Make sure to do your research correctly. Find a great company to help create your vision and do the leg work when making sure your perfect domain name is available. You’ll need a quality law firm if you make the mistake of using another company’s name or domain. Be individual.
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