How to Start a Business | A Guide for Female Entrepreneurs
More and more women are choosing the path of becoming female entrepreneurs. Moving away from the traditional cookie-cutter career track, more female entrepreneurs are paving new paths for themselves.
With statistics showing that women are still underrepresented at senior levels in corporate business, starting a business is one way for women to put financial stability in their own hands.
With the growth of eCommerce and other online-based businesses, there are endless opportunities for starting a business.
From small online shops through to massive eCommerce enterprises, female entrepreneurs are taking the process of starting a business to new heights.
Building a business does, however, come with its own set of challenges. To be successful, you’ve got to put in the work and know exactly what you are getting yourself into.
Starting a business is not an easy process, but there are certain things that you can do from the get-go that will give you an edge up.
When trying to figure out how to start a business, follow the below tips to guide you in the process.
1. Avoid beginners’ mistakes and get on a fast track of building your successful business
“If you are starting your own business, the best shortcut is to find a good mentor.”
– Kim Kiyosaki, Entrepreneur, Author and Financial Educator
Sometimes the process of starting a business can feel isolating and overwhelming, but keep in mind; you’re not the first and only woman that decided to start a business. There have been many female entrepreneurs before you, some that have failed and others that have succeeded beyond their dreams. There is endless support available to you and your venture.
From these peer female entrepreneurs, take the time to hear their stories, note their advice and learn from their mistakes. Before starting your business, reach out to fellow business owners in the same field, or even a different field, and ask if you could meet.
Use this opportunity to ask them about their biggest tips on how to become an entrepreneur and their journey thus far. Listen out for the mistakes that they made or things that they wish they had done differently.
You can also follow other women entrepreneurs online – find them in Facebook groups, on Instagram, Twitter or other online spaces such as forums. Depending on your city, there may even be networking events, talks, conferences all geared at helping new businesses succeed.
Look online for events close to you, a popular platform for this is MeetUp. Within these online spaces and face-to-face events, you’re bound to find other female entrepreneurs that are willing to share their entrepreneurship journey and are happy to answer your questions.
2. Identify the market potential of your business
Research. Research. Research. When building your business, ask the tough questions and find answers by researching your market or industry:
- Who are your potential customers?
- How are they currently being served?
- What pain points are they currently experiencing?
- How can you break into their world?
You need to be clear on who your target market is right from the beginning. Your target market will impact your brand positioning and marketing strategy through to your product development and business plan. Take the time to really understand your customer’s desires in order to align your business to serve these needs best.
“If you’re clear on what you believe, you have a great foundation to go make a market.”
– Ginni Rometty, Chairman, President and CEO of IBM
If the market doesn’t exist, make sure that you have a good plan to create a market and community around your product or service.
Want to start a business but not sure what you should sell, read our guide on Getting Started with Selling Products Online.
3. Reach your target audience and win your first customers
Once you know who it is that your product needs to target, go out and get them! Use the insights generated from the research that you did when identifying the target market, and make use of the best methods to win over your first batch of customers.
To reach your target audience, you need to make sure that you are talking directly to (or better, with) them. Ensure that you are on the same platforms that they are on, that you are communicating in their language (this includes tone, jargon and lingo) and that you are sharing a message that will both grab their attention and resonate with them.
Once you’ve reached your target market and have managed to win your first batch of customers, you need to start building their trust and credibility from the start. You don’t want once-off customers – that is not how to succeed in business.
Satisfy your customer needs, build their trust, foster a community around your brand and keep innovating on your products or services to serve the ever-evolving desires of your consumers best. This way, you’ll get returning customers and create advocates for your brand.
4. Choose the right business model for your business
New entrepreneurs, not just female entrepreneurs, often make the mistake of not focusing on developing a good business model. Defining the right business model requires much thought and consideration, with various approaches to choose from.
A business model essentially includes either designing and manufacturing a product or acquiring a product, selling the product and making money from the product. It’s the overarching plan of how to succeed in business.
Understanding your market potential as well as acquiring a few initial customers, will help you form a good business model. This business model will accurately predict potential revenue and provide you with a chance to innovate and remodel your business plans if required.
5. Get financing for your business
Now that you’ve done the base work for your business – clearly defined your target market, satisfied your first customer’s needs, and put a good business model together – you can go out and get financing for your business.
These prior steps are imperative to get right before getting financing for your business. Firstly, to prove credible to potential investors and secondly to have a realistic idea of the type of funding that you require. Finding funding for your business can be difficult for female entrepreneurs, which makes it so much more important to have a good business model and in-depth knowledge on the business’ potential readily available.
All new businesses will need financing to get off the ground. Business financing is used for everything from purchasing stock to marketing and hiring staff.
Still wondering how to start a business?
The main thing to remember is that you are not alone on the female entrepreneur journey. Sure, you may be a one-woman business, but that doesn’t mean that there aren’t other women in the same position as you.
Reach out for guidance from other female entrepreneurs, be it online or at networking events. Don’t be afraid to ask as many questions as you need.
Then, all you must do is start. Start identifying your market, play around with products, create a business plan, start targeting your customers, and prototype your product or service! A successful business starts with just one happy customer and grows to countless more!
Looking for help with your first entrepreneurial venture? We offer a range of services tailored to helping female entrepreneurs like you get your business off the ground. Get in touch with BuzzBrand and we’ll help you build your venture.
Go on, start that business!
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