In regards to entrepreneurship, women have made great progress in the last 25 years. Today about 42% of businesses are owned by women. Even so, female business owners still face some major challenges as entrepreneurs. For example, less than 6% of all female businesses produce revenues of $250k or more; and 90% of female owned businesses are sole proprietorships.
While these statistics may paint a bleak picture, – knowledge of the current business climate is invaluable. We are tasked with taking this information and setting ourselves up for success in the future by doing the following:
1. Find a mentor
This tip is often bypassed or overlooked. However it can be key to the success of your business. In fact 93% of startups said that having a mentor was critical to their success. A mentor can help you avoid common pitfalls. They can also assist you with networking and giving you access to tools that can help you in your endeavor.
2. Create a Business Plan
Many small businesses, especially those that are bootstrapped solo endeavors, do not bother to create a business plan. You may think that you only need it if you are seeking external investments or loans. But the truth is a business plan is akin to a constitution for your business. It’s where you record the purpose and ongoing strategic goals of your business. If you need some guidance on how to get this done, check out the U.S. Small Business Administration’s course How To Write a Business Plan. It’s totally free!
3. Ask for Help
For better or for worse, many women are used to wearing many hats. But the truth is, no one can be an expert in everything. This applies to small business owners as well (believe it or not). The sooner that you recognize that you need help in a particular area — the better off you will be.
For example, if you are a real estate agent — you may be fantastic at networking and working a pipeline of leads — and then nurture them to closing (which is when you get paid). But technology – especially social media, is not your strong point. Therefore it would be very worth it to hire either a part-time assistant or contractor that can crank out effective, visually appealing social media content. And you can spend more time doing what you do best.
4. Compartmentalize
About 1/3 of female entrepreneurs are also mothers. Many of these women may also be single mothers and/or working from home. It is very important to have a dedicated workspace in your home for work and to create a daily schedule. Sure – you took on entrepreneurship to gain freedom over your time. But the consensus is there that creating a structured framework from which to work in is very beneficial. Even where you are working from home.