What a woman should know if she wants to start her own business.
When accomplished entrepreneurs share their secrets to success, they normally tackle the same subject: change.
This is seen in an article by Inc.com. Back in 2015, the publication released a list of tips from prosperous, enterprising women and many of them gave words of wisdom tackling the subject. Some discussed how to deal with change, how to embrace it and how to seek it. Some even touched on the idea that it is ill-advised to constantly avoid it. And that is to be expected.
Change, after all, is a common element of entrepreneurship. Many successful brands claim their wins by providing it. It came either in the form of a new service or an upgrade to an old one. It also happened when the founders of these brands decided to launch their endeavors.
That being said, change can be terrifying and dangerous. In some cases, it can even be more so for women who have to deal with long-established systems that don’t favor them. But the challenges change can bring may also be overcome, ironically, by those that have yet to do so.
And a good example of these are the tried and tested tips that women should know if they want to be successful entrepreneurs.
Develop an Entrepreneurial Mindset
To succeed as a ladypreneur, you need to cultivate an entrepreneurial mindset. This means thinking outside the box and being willing to take calculated risks. When opportunity knocks, you have to be ready to open the door.
Fittingly, that which has a handle on this topic is the resource named after it.
According to the publication Entrepreneur, there are ways to develop this mindset.
You can start by relying on positive thinking. As stated in the article written by Chris Kille (founder of EO Staff,) having this mentality is necessary to launch a successful business.
“When faced with a challenge, instead of thinking, ‘I can’t do this,’ try reframing your thoughts to ‘What can I do to make this happen?” he wrote. “Instead of your weaknesses, focus on your strengths and what you can bring.”
He then suggests embracing failure—which he states is “inevitable” in one’s journey as an entrepreneur. This can be a good thing if you let it. After all, each kick can be a boost since every count of failure is a learning opportunity. He then quoted Thomas Edison to sell the idea; “I have not failed. I have just found 10,000 ways that won’t work.”
His next tip is to surround oneself with positive people. It also helps if they are like-minded and will inspire you instead of bringing you down.
You can then follow this up by setting goals that will keep you motivated; he suggests starting by setting up long-term goals which can be broken up to smaller more achievable ones. And once these are set, take action.
He says that you should embrace risks but not before you calculate their worth. Weigh their pros and cons before making your move. It also helps to adopt a mindset that aims for growth; this means that you must have the willingness to learn and change.
In the midst of that, self-care is important. Yours is a demanding task that you simply cannot bulldoze through. A properly rested mind is more likely to make better decisions than one that is tired.
And when you do get somewhere, the entrepreneurial mindset overcomes the imposter syndrome. “It’s the feeling that you don’t deserve success and will be exposed as a fraud,” he wrote. “But the truth is that most successful entrepreneurs have felt this way at some point in their journey.”
And a way to overcome many of the challenges mentioned above involves his final tip: having a good support system. This involves individuals that can help guide you to the right path by having the advantage of walking ahead of you; this can also involve people who care about you.
Master Your Money
Mastering your finances is among the top skills you’ll need to learn.
The first step to financial mastery is knowing exactly how much is coming in and going out each month. Set up a simple spreadsheet to log all business income and expenses. Review it regularly to spot trends and make sure you’re staying profitable.
You must also ask yourself such questions: where do you want to be financially in 6 months? A year? 5 years? Set specific and measurable goals to keep yourself accountable. Maybe you want to pay off a business loan in 18 months or build up an emergency fund with 3 months of expenses. Review and revise your goals quarterly based on your business’s progress.
Once you know your income and expenses, you can craft an effective budget. Allocate funds for essentials like rent and utilities first, then discretionary items. Try to keep discretionary spending under 30% of your income. Look for ways to cut costs in your business too, like renegotiating supplier contracts or moving to a less expensive office space.
As a ladypreneur, having a financial cushion is essential in case of an unexpected downturn in business. A good rule of thumb is to have 3 to 6 months of expenses in an emergency fund. Start by saving any surplus from your budget each month, and look for ways to boost your income or cut costs to contribute even more. Your future self will thank you for the peace of mind.
It also helps to consider outside financing. Sometimes ladypreneurs need a little extra help, and that’s okay. Consider applying for a line of credit, business loan, or business credit card to help cover larger expenses. Just make sure the payments fit comfortably in your budget. Crowdfunding from fans or an angel investment are other options if you need a cash infusion to take your business to the next level.
Once you have your money matters down, it’s time to start spending by building a brand.
Build Your Personal Brand
Branding matters because this is the way by which people remember you. In this world of fast information and low attention spans, having a good brand allows you to stick to the minds of potential consumers; it allows you to stand still in the current that tends to overwhelm so many.
Don’t be shy about establishing yourself as an expert in your field. Create a professional website to showcase your services, experience, and work samples. On your website, share insights and advice to position yourself as a thought leader.
Build an engaged social media following by posting regularly on platforms like Linkedln, Instagram, X, and Facebook. Share blog posts, industry news, and start discussions. Respond to comments and messages to build meaningful connections. Participate in Linkedin Groups and other social media groups in your niche to increase your visibility.
Develop a consistent brand message that conveys your key strengths and values. Use it on your website, social media profiles, email signature, and business cards. A compelling brand message helps people remember you and what you stand for.
Public speaking is a great way to boost your credibility. Look for opportunities to speak at industry events, conferences, or local organizations. You can also host your own webinars or start a podcast. Speaking in public allows you to share your expertise with a wider audience.
Networking online and in-person is key. Join relevant professional organizations and attend local meetups. Start building mutually beneficial relationships with others in your field. Collaboration and partnerships with complementary businesses are great ways to cross-promote to new audiences.
Building a personal brand takes time and consistency. But by positioning yourself as an expert, cultivating meaningful connections, and delivering value to your target audiences, you will gain recognition and new opportunities. Leveling up your personal brand is key to success as a ladypreneur.
Leverage Digital Marketing Strategies
Today’s startup landscape is competitive. As an entrepreneur building your own business, you need to leverage digital marketing tools to reach potential customers and stand out. Building an online presence through social media platforms like Instagram, TikTok, X, Youtube and, yes, even Facebook is key.
Create social media profiles for your business and start posting content like blog posts, photos, and short videos to build brand awareness and engage with your audience. Use hashtags to make your content more discoverable and collaborate with influencers in your industry.
Respond to comments and messages to build connections and loyalty. Track your metrics to see what content resonates most with your followers.
Email newsletters are a great way to stay in touch with your customers and promote your products or services. Offer a signup form on your website and social media profiles. Send a weekly or monthly newsletter with content like blog posts, product updates, special offers, and company news. Keep your content short and scannable with eye-catching images and headings. Track open and click-through rates to optimize your newsletter.
Once you’ve built an audience, run social media ads and Google Ads to promote your business to new potential customers. Target your ads to specific locations and demographics interested in your product or service. A/B tests different ads to find the most effective copy and images. Track impressions, clicks, and conversions to determine the success of your ad campaigns. For the best results, combine advertising with your other digital marketing efforts.
Using a mix of social media, email marketing, and paid advertising, you can build brand recognition, engage your audience, and attract new customers. With time and consistency, your digital marketing strategy will pay off and help level up your business. The key is starting now and learning as you go.
Cultivate a Supportive Community for Women in Business
Connecting with other entrepreneurial women is key to overcoming the challenges of starting and growing your own business since it gives you an insight on how others deal with problems you might also be facing. Seek out local networking groups, online communities, and mentors to help boost your confidence and skills.
Look for networking groups geared toward women in business in your area. You can share advice, collaborate, and support each other through the ups and downs of entrepreneurship.
This can also allow you to foster bonds through mentorship. A good mentor can help guide you and introduce you to new opportunities. Look for an experienced entrepreneur in a related field who you admire. Don’t be afraid to reach out and ask them to coffee to pick their brain. You can also offer to mentor other women just starting out. Helping others is a great way to strengthen your own skills and confidence.
Platforms like Facebook Groups, Reddit, and Linkedin provide ways to tap into the collective knowledge of women entrepreneurs around the world. Join communities related to your industry or target audience. Ask questions, provide useful tips, and engage with others.
Building your community of supporters will make the journey of entrepreneurship more rewarding. Surround yourself with people who share your drive and determination, and don’t be afraid to ask for help when you need it. Together, you can overcome any obstacles in your way.
Soft Skills Can Get You Through Hard Times
When building your brand, every opportunity to do so counts and this is when soft skills shine.
First of which is communication. As a ladypreneur, you need to communicate clearly and confidently to network. Practice active listening, speak with conviction about your business, and get comfortable with public speaking.
Building your confidence is the next natural step. Starting a business is challenging but it is even more so if you don’t believe in yourself. Do your research, set small goals, and celebrate your wins—these will help you build your confidence. Don’t be afraid to take calculated risks because when they work out, that too can increase your belief in yourself.
Of course, having that in mind, this means you also have to be adaptable. Things change quickly as an entrepreneur. Learn to adapt to changes in technology, client needs, and economic conditions. Stay up-to-date with trends in your industry and make adjustments to your services or business model as needed.
You then have to develop your problem-solving skills. There will be obstacles and issues that arise. Develop strong problem-solving skills by actually taking the time to assess every problem. Anticipate potential outcomes, evaluate options objectively, and make thoughtful decisions. Seek input from others if needed to determine the best solution. With practice, problem-solving will become second nature.
Time management is also a key skill. As a business owner, your time and the time of your clients is valuable. Learn to manage your schedule while taking variables into account; learn also how to prioritize important tasks while avoiding distractions. Meet deadlines, arrive prepared, and make the most of the time you have available to build your business.
The path to entrepreneurship requires determination and hard work. Developing strong, soft skills and a growth mindset will help you navigate the challenges of starting and sustaining your own business. Remember that your brand will likely not be built overnight. It may take one step at a time to do so and these soft skills will be necessary to make each of those steps count.
Change for the Better
Reviewing the tips above, the message is quite clear: having the capacity to change is the hallmark of a good entrepreneur. It allows you to stay relevant, meet challenges effectively and it allows you to grow. But it isn’t the only wisdom tackled there. Generally, they also touch upon the need for good judgment; the capacity to know when alterations should be pursued or not.
When running a business, you shouldn’t forget the most crucial aspect about change: that it isn’t always good. To commit to it for shallow reasons is to risk wasting resources and causing more problems.
Attesting to this are the tips above. The ironic reality is that while they advocate for change, they have also been essentially consistent due to the successes they’ve led people to. They’ve been passed down from one entrepreneur to the next while being vastly unaltered because they remain effective.
The moment they stop being so, however, is the moment good entrepreneurs stop following them. That, after all, is the nature of an effective business owner. At the end of the day, it’s all about providing what is needed—whether its consistency or change.
