Women Are Succeeding in Business Like Never Before — and You Can, Too
Women Are Succeeding in Business Like Never Before — and You Can, Too
By Chelsea Lamb, businesspop.net
Women have been making tremendous strides in the world of entrepreneurship. In fact, the number of women-owned businesses has increased rapidly in the past 15 years than the number of businesses in general. Additionally, many of these startups are owned by women of color. This increase in diversity and opportunity for women in entrepreneurship should be encouraging for women who are wondering if business ownership is right for them. If you are a woman with a great idea for your own business, here are the steps to get started.
How to begin
Find out whether there is a market for the product or service you have in mind and whether you would be facing any competition. Some competition can be good, but too much gluts the market. For instance, if you are thinking of selling upcycled clothing, see who else is doing the same, how much they are charging, and whether there’s enough demand to go around — you want to be sure there is a niche for you.
Write a plan
The process of writing the plan will be useful for you as you decide what direction you intend to take — whether or not you want to bring in partners, interest investors, acquire a separate space for your business, etc. Your business plan will consist of the following: an executive summary, a company description, a list of products and services, a market analysis, and a financial plan. If you opt to apply for a loan or bring in investors, they will probably ask to see this business plan.
Select a location
One important question when starting a business is whether you can run it out of your home or need a separate location. If you think your home will suffice, see if you can set aside a dedicated space exclusively for your business. Make sure it is equipped to handle utilities and internet, as well as any through traffic. If you anticipate that your business will grow and bring in more personnel, consider seeking space to accommodate it away from your home. You can rent in the beginning, then decide whether to purchase a business space.
Register as an LLC
Although you don’t have to be an LLC (limited liability company) in order to launch, it is a good idea — especially if there’s an overlap between work and home life — because an LLC comes with the protection of personal assets. There are also tax advantages that will save you money and, ultimately, make for less paperwork. Research your state’s guidelines on starting an LLC since they differ from place to place.
Put together a team
Even if you aren’t planning on hiring any employees in the beginning, you will at least want the services of a professional accountant who will work with you during your startup and assist you afterward in filing taxes and quarterly reports and managing your budget. If you do decide to hire staff, make sure you bring in reliable individuals with experience and work ethic. It can be tempting to hire friends or family, but this is often a bad idea. Seek the help of an employment agency if you are uncertain how to find good employees.
Make wise investments
Depending on the nature of your business, you may be able to launch without investing in many supplies. At the very least, you may need to invest in additional tech, equipment, and materials to get started. If you anticipate needing to make a lot of purchases, see if you qualify for a small business loan, or look into grants specifically for women in entrepreneurship. Go over your family’s finances to see what you can afford to spend.
It’s a great time to be a woman in business. It won’t be hard for you to find role models to emulate, as well as services specifically designed to assist women taking the leap into business. For support and guidance as you balance work and life, check out the Miraculous Mamas website and podcast.