Being an entrepreneur can be a tough gig, but in a business sphere that still largely caters to men over women, it can be particularly daunting for a young woman to break into the market. Here are some tips that will help any young female entrepreneur knock hurdles out of her way and successfully launch a business:
Prepare for the market before you begin
Do your market research before starting your business. Being passionate about the product or service you’re offering is great, but it won’t verify your business strategy. You need to find out what people want and what they’re willing to pay for it.
Develop a one page business plan that clearly outlines your vision, business objectives and purpose for being in business. Identify your target market, how you are going to promote your product or service and revenue targets.
Cash is King
Engage an accountant who can advise you on the most effective way to set up your business and a business banker who can advise on your banking needs. If you don’t have financial skills, get some education! Most businesses fail because of lack of financial management.
Project what you want others to see
You only get one chance at a first impression so make it count! When meeting customers or joint venture partners for the first time, remember that these people don’t know you. Customers will become clients if they like you, so create a memorable first impression, both in personality and appearance.
Stay true to your concept
Everyone fears criticism and skepticism when starting a business, but younger women can often take criticism personally and start doubting their plans. Don’t let your critics sidetrack you; stay true to your concept and listen to what their experiences can teach you to enhance your good idea(s).
Be outgoing. Be confident and show a positive and outgoing attitude, demonstrating credibility and experience. Engage in conversations, listen and share relatable experiences. Add value!
Your focus needs to be on gaining respect for your sense of business and expertise as well as delivering on what you say you will do. Never over promise and under deliver.
Engage a mentor
Connect with other entrepreneurs who have successfully built businesses and find a mentor who understands your vision and is willing to be your sounding board. They will challenge your thinking and keep you accountable. A good mentor can provide a powerful boost to the success of you and your business.