4 Tips for Women Running a Small Business

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Tips for when you're starting a new business as an entrepreneur.

The number of women-owned small businesses has tripled since 2011. according to the 2014 American Express OPEN State of Women-Owned Business report, four in 10 new firms are started by women.

These latest numbers regarding women in business can’t be ignored. There are 9.1 million woman-owned businesses nationwide, employing 7.9 million employees and generating $1.4 trillion in sales, according to the National Association of Women Business Owners.

They’re running businesses out of their homes, out of makeshift offices or while working full time. The famous Lillian Vernon catalog was started at her kitchen table. If you’re interested in starting your own business, either home-based or otherwise, look at the next steps towards making your dream a reality.

One note: if you are going to run a  business out of your home, you may need to check with your homeowners to ensure you have proper coverage to protect yourself. You may also find yourself asking what is my home worth? Some funding sources require a home valuation if you will be using it as your headquarters.

With so many women opting for career changes and deciding to open their own businesses, it’s important that they’re as prepared as possible. If you’re a woman considering your next big move, keep these four tips in mind.

Define your niche

It can be easy to fall into the trap of doing too much and being too broad. Define the specifics of your business and focus on those. Too many business owners get caught up in the bigger picture to care about the details.

Identify your target audience

Identifying your target audience is perhaps one of the most critical tasks for any business owner. This will help with outreach and marketing efforts to ensure your message is being received by the right people.

Build a successful network

Finding other like-minded individuals can help your business thrive. Use them as mentors, investors, employees. Your network will help you grow and thrive.

Build a robust online presence

In a digital world, your online presence can say absolutely everything about your brand. Establishing your digital presence across as many digital networks as possible helps drive visibility and create coherence for your small business.  Without a strong online presence, potential customers will go to your competitors. Share content, but not too much, and ensure the information you post is accurate.

Women-Led Companies are Thriving in 2018

Employees with female CEO’s experience greater levels of employee-satisfaction as well as fewer layoffs. A recent study showed that women-owned companies experienced a 12 percent increase in year-over-year revenue in 2018. The numbers speak for themselves–women continue to be successful entrepreneurs. More women continue to pursue their own business endeavors and are experiencing great success.

 

 

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