Top 10 Business Tips for Women Venturing into Entrepreneurship this Year

If you are a woman and looking to venture into entrepreneurship, be prepared to face some challenges. Generally, running a business is hard but being an entrepreneur is the hardest. As a woman, running a startup can be difficult because you are literally playing in a field that has been dominated by men.

Little wonder that AIBees, in a December 2022 publication, mentioned that women make up to 82.5% of the total population of solopreneurs. Interestingly, this budding interest in entrepreneurship or running a private business might not always be profitable in the first couple of years because of some factors.

Females tend to suffer the indecision of choosing between their new careers and balancing their roles in the home. They also tend to lack support from mentors and their partners and have little capital to start the business.

Despite these challenges, there is optimism that women would make better solopreneurs. In light of this, we have come up with a list of the top business tips for women looking to venture into entrepreneurship.

1. Business is War; Entrepreneurship is a Battlefield

Generally, running a business requires a combination of industry mastery/knowledge and being good at execution. The competition is always there ready to take away your share of the market if you are not tactical about it.

As much as you are playing in an industry that may be dominated by the male-folk, it shouldn’t force you to give up.

Now that you understand that “business is war,” here are some of the things you can do to be a better “general”:

• Understudy the market to know what works and what doesn’t.
• Do not take your competitors for granted. Always come up with better services to remain a step ahead.
• Be confident in yourself and always remain resolute to keep the business running, despite all odds.

2. Connect with Other Solo Entrepreneurs

“No (wo)man is an island,” they say. You don’t want to stay alone when you could have networked with other business owners. Consider finding a tribe among other women entrepreneurs.

Other ways to connect with entrepreneurs include:

• Reaching out to other business owners (preferably in your niche).
• Joining professional organizations and being an active member.

3. Change Your Mindset and Approach

It is possible that you have been approaching the market as a “woman in business.” That gives off the aura that you want the market to patronize you because you are probably the first woman to venture into that line of business.

If that has been your mindset, it is time to change it. The best way to get more market share is to approach it as a businessperson. Find the opportunities and seize them. There’s no need to be sentimental about it.

4. Be a Solution-Provider

Why are you in business? Do you want to prove that women can start businesses and scale the same? Or do you want to make profits? If the latter is the case, you have to become a solution provider.

Before starting a business, you have possibly understood the market challenges, including the services that were missing. That is a “perfect” opportunity for you to step in and meet those needs.

5. Don’t Hide

One thing some women entrepreneurs may be forced into doing is to “duck behind” or stay away from publicity. The modern-day business environment favors entrepreneurs that are the “face of the brand.”

People want to know and connect with you. So, seize every opportunity you can to talk about your business and the mission it has. Use social media, grant interviews, and give keynote speeches when possible.

6. Build a Strong Team

Except you are looking to be a solopreneur, it makes sense to build a strong team. The employees or the people working for you have a role to play in the business’s success.

If you are not sure of how to go about it, here are tips on how to pick the best team:

• Business Structure: Start drafting an organogram, stating the different tiers in the business and who is responsible for what.
• Create Departments: You are launching a startup, which means playing in an industry or market with established brands. Creating departments for the respective business operations will help the employees to focus on what moves the needle in the different departments. You can have a sales, digital marketing, and financial department.

7. Be Hungry for Knowledge

Nobody knows it all and the person who is starting a new business doesn’t know much. With many “big players” already in the market, you probably have little chance of breaking into the market.

It is for this reason that you have to submit to learning. Be inquisitive. Be hungry for knowledge. The following tips should help you get more information about how to run your business:

• Ask for help from professionals in the industry.
• Seek mentors in your field and get them to guide you.
• Always keep an open mind and be willing to learn new things.

8. Take Branding Seriously

No doubt, your business has a good product but it might remain the “best-kept secret” if no one knows about it.

Get a branding team to help brand the business and give off the vibes that you want it to be associated with.

While working on the branding, also step-up on the product and service offering so you don’t end up offering a brand that doesn’t have any market acceptance for the products and services.

Also read: The Importance of Color in Marketing and Branding

9. Don’t Submit to Stereotypes

It won’t be long before you start getting a barrage of unsolicited advice and calls for you to take it slowly on how you run the business.

These are stereotyped ways of thinking, whereby the general belief is that a woman wouldn’t succeed in business.

Do not let the general submissions, stereotypes, and negative opinions hold you back from running the business to the highest heights possible.

10. Become a Financial Guru

Sometimes, a business crumbles not just because of poor management, but also because of the absence of financial education.

Although you may have financial experts working for you, it would also be nice if you had a bit of information on how to manage the finances of a business – especially that of a startup.

Here are the things you want to learn:

• Financial Projection: How much do you anticipate your business to make? What are the plans you have in place to meet that financial projection?
• Learn how to track the business’ cashflow, including the income, profit margin, and expenses.

Final Words

It might not be easy running a business as a woman, but it is doable. Whether you are already running a business or looking to start one soon, having an idea of the market you are venturing into should help you plan ahead.

Above all, your conviction should be your propelling force. Have an audacious goal to run one of the most successful brands, put in the efforts and you could just hit the mark.