Gone are the days when the world of business was dominated by men alone. Now the number of women entrepreneurs in the United States is almost 50% of the total number of business owners in the country. This proves that the modern women possess the skills, ideas, and resources to work independently and chase their dreams. So, if you’ve been thinking of becoming a businesswoman, there’s no reason why you shouldn’t go ahead with it. Not sure how to start a business as a woman? Here are some effective tips and plenty of offline/ online business ideas for empowered aspirants like you.
Why Is 2024 a Great Year to Become a Business Owner?
The World Economic Forum has opined that 2024 will be a revolutionary year for entrepreneurship which is becoming more socially-minded, more diverse, and more confident to multi-hustle. So, this new age seems to be the ideal environment in which female entrepreneurs can prosper as they step into the business world with a wealth of tenacity, innovation, and courage.
For strong, career-oriented, and opinionated women, there are other perks of launching a business. A lot of women around the globe still have to deal with issues like workplace sexism and less salary compared to their male peers. But they can't stop working as financial independence is essential for every human being. So, the best solution is to commence any type of business of your choice and work for your company. Starting a freelance local business will be the most empowering decision of your life as it will offer you the ultimate freedom.
Tips to Become a Good Business Leader
What could be more rewarding that turning your passion/ hobby into a profitable business? But do you have what it takes to emerge as one of the prominent women business owners?
Starting a new freelance editing business or a single mom's business won't be easy and that explains why every business startup is not equally successful. So, here are some tips for aspiring women entrepreneurs to ensure their business venture does not fail.
1. Come up with a kickass business plan
A perfect business plan is one that prioritizes the objectives and goals of the company, Business planning includes everything from business development to financial projections to operational plans. You also have to conduct detailed research to have an idea about the potential risks as well as the opportunities for growth as you will face several ups and downs during the business's lifecycle. So, your vision should be clear regarding where you see yourself in the next five/ ten years.
2. Arrange funds
Starting a business requires money. You will also need money for your small business administration. So, funding the startup will be one of the most significant financial choices you will be making. How you decide to fund the business will have an impact on the business structure and how you run the company. Your current financial situation and your vision for your company will shape its financial future.
Some of your options are self-funding, crowdfunding, taking a small loan from a bank, and finding an investor.
3. Build a network
Here's a piece of advice for a young woman keen on securing her position as a powerful business entity: do not take networking lightly. Fostering meaningful and long-term relationships with people in your industry will open many doors for you. The sooner you surround yourself with successful people and a supportive network, the more insight you will gain. But as a newbie, how will you commence networking?
You can join a networking group meant to help women with entrepreneurial dreams to get in touch with like-minded professionals and form lasting connections. You can also attend conferences, workshops, and business events and leverage social media platforms such as Instagram, Twitter, and LinkedIn. These are great places to meet potential customers or business allies. To be a part of networks that support women, you should also be eager to contribute.
4. Have faith in your abilities
You are about to embark on an adventurous expedition and so, you must not entertain negative thoughts and self-doubts. This is the business you want to build and so, you cannot give up. Instead, prepare yourself mentally that you are brave enough to tackle problems and do not be frightened to take risks. The moment you step out of your comfort zone, your creativity will flourish, and you will discover a new you.
5. Find an accomplished mentor
While some people become successful entrepreneurs after failing multiple times, others don't incur major losses as they do their homework and get guidance. Navigating the potential challenges will be less intimidating when you have a reliable mentor.
When choosing a mentor for yourself, you should look for someone who is experienced in your industry. There are many networking organizations as well as online communities where woman-owned businesses can hire mentors. Many colleges and universities also curate mentorship programs designed to educate small business owners.
6. Learn to manage time
Juggling time between running a business, catering to the needs of your family members, and practicing selfcare can leave you fatigued and frustrated. Moreover, both men and women starting businesses have to devote time and attention to several aspects like dealing with customers, coming up with marketing strategies, training and paying employees, and so on. It won't be wise if you try to manage everything singlehandedly. So, when you start a woman-owned business, you must have good time-management skills and understand when to prioritize which work.
Profitable Business Ideas for Women Entrepreneurs
While the business opportunities are many, you should pick something that resonates with you. Here are some suggestions that include perfect home-based businesses and other small business ideas for women.
1. Travel agency
Starting a travel agency is a liberating business for women who have a wandering spirit. So, if you don't have small children and you like to visit new touristy places, this is a lucrative business idea for you. All you need is a well-designed website that will attract people to your agency. Tour planning can also be incredibly fun and there are so many useful resources online that you can easily acquire all the necessary information from the comfort of your home.
As there are many travel agencies, how do you make yours stand out? You should offer customizable packages based on the preferences of your clients.
2. E-learning platform
When the world came to a standstill became of COVID-19, virtual learning flourished. Online tutoring platforms and online courses are preferred by parents, teachers, and students and they offer a variety of conveniences.
So, if you are a trained professional working in the field of education, launching an ed-tech platform is a fabulous option. This way you can continue to give classes online. Once your learning platform is ready, you will have to hire teachers and a curriculum developer.
3. Wedding planning business
Another lucrative female business idea is wedding planning. As a planner, you will play a key role in helping people have the most memorable wedding. You will select venue, food, and everything else based on the requirements of the clients. If you want this just to be a side hustle, you can arrange wedding in the city where you live. On the other hand, if you like exploring different places, you can make money and indulge in novel experiences by planning destination wedding. Imagine how fun it will be!
4. Affiliate marketing
A quick way to make money without making any investment is by becoming an affiliate marketer. You just have to select a niche (like home decor, haircare, baby products, etc.) and a medium (like YouTube, website, social media platforms, etc.). Your job will be to recommend products/ services that can benefit your audience. As brands keep introducing new products, you will not run out of new products to promote on your website/ Instagram account.
But does this woman owned business generate steady income? The answer is yes. You can keep this as a side hustle and each time someone buys a product after following the affiliate link you've shared on your social media handle, you will earn a commission from the brand.
5. E-commerce store
Having an online store where you sell different products is another business you can start and grow. This business is a great option in today's digital world as more people are inclined towards buying products online. Nobody has the time to stand in a queue at a departmental store, drive to the local market, or spend hours at a mall during the weekdays. So, if you are considering starting your own business as an online store owner, go ahead with it.
6. Food delivery business
As more women are stepping out of their homes to build their careers, many families are dependent on food delivery chains. So, you can become a successful female entrepreneur by showcasing your culinary skills and providing warm and yummy meals to people.
To Sum Up
We may conclude by saying that having your own business will be the most exhilarating experience for you. You will have immense flexibility, something that your monotonous 9-5 job could never offer. There will be obstacles in the path to success, but they will only enrich you and make you undefeatable.
So, don’t worry if you do not have enough funding or the support of your family. With the right mindset and strategies, you will excel. Moreover, the satisfaction that you get when your startup takes off will make you realize that it will worth all the hard work.
Frequently Asked Questions
Q. What are the first steps for a woman to start her own business?
Be it a men-owned business or a women-owned business, when you want to start a business and make profit, the basics are mostly the same. The initial steps include designing a plan, choosing a business name, having a budget, and arranging money.
Q. How can women entrepreneurs find funding for their startups?
Securing funding is an obstacle that you must overcome before you start your business. Fortunately, there are several funding choices for women like SBAs, crowdfunding platforms, business loans, personal loans, etc.
