According to Huffington Post, the number of women entrepreneurs in the United States increased by double that of their male counterparts from 2015-2016. Women own over 11.3 million of the businesses in America, and statistics show that not only do women make great business owners, but their companies often perform twice as well as those run by men.
Now more than ever women feel empowered to step up and into the role of entrepreneur, making the scary leap of working under a corporate umbrella to making their own rules and running their own companies.
Even though it’s an exciting time to be building your own business, it’s still not easy. There are lots of things trying to get people’s attention nowadays, and to stand out you have to be willing to roll up your sleeves, be constantly learning and willing to evolve.
As an entrepreneur myself, I’ve learned a lot about what can make or break one’s career as an entrepreneur! I wanted to share some of my top tips with you today.
Here are a few strategies to help increase your chances for success and profitability in the women’s business world:
#1 Focus on Your Dream Client vs A Demographic
Old advice would say to focus on a specific demographic (i.e. women over 40). But this is not effective. You want to think about WHO your dream client is and why she needs you. For example, your dream client may be a woman over 40 who is feeling burnt out in her career, tired of climbing the corporate ladder, who wants more time and freedom to focus on doing what she loves. She isn’t afraid of taking risks and she is motivated and driven to reach her goals. Get specific and speak directly to HER. In your content, ads, product labels, opt-ins, sales copy, etc. talk pointedly to this type of client. If you do this and do it well, your dream clients will listen and take actions.
#2 Spend Wisely & Build Capital
Nothing kills a business faster than no money. You can have the most incredible product or service on the market but if you are in debt or are under-capitalized, you won’t be able to create the impact of growth you need to truly succeed and become profitable. Always have a “cushion” for when things don’t go as planned. Budget for your business and your personal life so that one or two bad months don’t crush you. This is a great area to hire experts or mentors to help guide you!
#3 Prioritize Quality Over Speed
The first several months to a year of building your business you are faced with decisions that can either lead you to success or hinder your progress significantly. An estimated 75% of startups fail; generally because they run out of money, try to grow too quickly, hire the wrong people, lack proper marketing or don’t take the time to build something high quality. It can be tempting to take off at full speed and build out a team and rush to “the finish line” but this will likely end your business in flames. Build slowly, hire the right people, stay financially on course and be patient. Entrepreneurship is not a “get rich quick” scheme!
Being a business owner can be an incredibly fulfilling experience. Take the time to do it right and don’t be afraid to ask for help or mentorship so that you have the best chance for success.
To learn more about launching an online business, register HERE for the Woman Entrepreneur Series - Strategies for A Successful Online Business.
This is a no cost to you event full of powerful women entrepreneurs who have walked the path of creating, launching and successfully running a business! Join me as we listen to advice and strategies from the best of the best.
Have a great week!