So you want to start your own business? That’s great, as we are all for the ambitious girls who want to do if for themselves. But before you get started here are our Top 5 Amazing Tips For Budding Female Entrepreneurs that you should consider.
1. Dream big, but act small and get by bit by bit to get big! When you have an idea, and you don’t have millions of pounds with the idea, you need to start small and be successful within a small target area, before launching to the next level, and the next level. For example, if you have an idea to open a store for hair products perhaps you should start by working in hair product store first even if your just helping our for a few weekends just to see the products and get an idea of what the customer wants. Then set up and concentrate in your home town , flying and promoting Then, after you perform well in your city, expand to a region, and then expand nationally then internationally.
2. Plan, plan, plan. Yes, you know that you need to market your business for example, but how much does marketing cost? What are the strategies involved? Which strategies will you use and how often? You need to have a sheet, and it could just be a few-page outline, that details the actual daily, monthly and yearly strategies that you will use to grow and sustain your business. Planning helps everything and helps to prevent unforeseen mistakes.
3. Research the competition and failures. Wow that person started a business! I can do that too! Yer right that’s what everyone does and most will fail because they rush into things without researching. But you need to research the circumstances surrounding how your competition was able to start and grow their business, and also research their failures. In fact, you should know more about what makes a business fail than what makes it succeed, and ensure that all your planning centres around ways to prevent failure.
4. Save That Money!!! That’s right. Don’t quit your day job just yet. Save enough money to operate your business and pay the bills.. You will find that you need to spend money on some small and big as well as big items, but you don’t want that money to come from your start up costs. Trust me you wont make much money when you first start your company so you want to sit down and create a pool for your business that is funded by monies outside of your daily personal expenses. And that will be the money that you have saved.
5. Be Smart. Being smart in business is what I have learnt from a few masters of the craft. Understand you surrounding and barriers that may be put up against you and work out a pre-plan to overcome them. For example many women are not taking serious when they start up a business so trying to make deals can be difficult. Try to get to a position of strength before approaching others with your ideas. if you need a loan start as much by yourself like the business cards, the website, or maybe proof of a few sales of your product. This will show you mean business and that you plan to take this forward with or without anyone help.