Many women are choosing to escape the traditional 9-5 workday in order to become their own boss. More than 12 million businesses today are completely owned and operated by women. If you’re thinking about starting your own business, you may be wondering where to begin. Here are some great tips for starting your very own business:
Do Your Research
Only 80% of the small businesses that were started in 2014 were able to make it to the next year. It’s extremely important to do extensive research on your business idea and industry before deciding to dive in. Spend time getting to know your industry and competitors and see if there truly is a viable market for your products or services. Look at how your competitors are conducting their businesses and marketing to their customers, as well.
Calculate Your Costs
Approximately 82% of businesses fail because of issues with cash flow. You can help prevent this by calculating all the costs it will take to launch and operate your business on a monthly basis. You will also want to take into account all of your personal expenses you need to pay for in order to survive. Once you have these numbers figured out, you can then create a business budget.
It will take some time before your business will be able to generate a profit. How will you pay for things in the meantime? Are you willing and able to take out a loan or seek investor funding in order to make ends meet? You may want to consider starting your business on the side while still working for an employer. Try to save up at least six months of expenses before you officially quit to pursue your entrepreneurial passion full time.
Create A Business Plan
Creating a business plan helps you map out your overall goals for everyday operations, finances, and marketing. Many people want to skip this step, but it’s important that you take time to think things through as completely as you can. It will help you prepare for the things you need to get as well as keep you on track. It can also help you hone your message.
Describe your products and services in full detail. List how you plan to market it and how much your prices will be. Write down how you stand apart from the competition. List what assets your business has and who the team members are and describe your ideal customers.
Register Your Business
Before you start selling, you are going to need to register your business and choose what type of legal entity it will fall under. Acquiring permits and a business license may be required, depending on your industry. You’ll also need to decide if your business will be set up as a sole proprietorship, partnership, limited liability company, or corporation. Depending on your business, you may also need to get insurance. You may want to consider hiring a lawyer to draft the legal documents to make sure that you are setting up everything correctly.
Financing Your Startup
Now that your business is fully set up, it’s time to figure out how you are going to keep it going financially during its first year. You can apply for a bank loan or ask family and friends for a startup loan. Many people fund their businesses themselves through income obtained from other sources. Some business owners acquire funding through crowdfunding websites as well. You may even be eligible for one of the more than 1,000 grants available from the government.
It’s also possible to bootstrap your startup through investors. The option you choose will depend on how much control you desire over your own business. The more people that invest in your company, the less control you’ll have.
Stand Out From The Crowd
Marketing is incredibly crucial for making your business a financial success. You’ll need to figure out how to make yourself stand out from the crowd of other businesses similar to yours. When it comes to trying to stand out from the competition, 80% of businesses believe that professional printing helps them to achieve this goal. The way you present your brand to the world will determine how well you attract your ideal customers.
Seek Professional Help
When you’re first starting out, it’s helpful to seek out professional assistance to help you become successful. Business coaches can help you develop the right mindset, push through your fears, and overcome obstacles in your way. They can help you figure out where you need to acquire more knowledge or skills to take your business to the next level. It’s important to note that by value, ocean vessels carry 53% and 38% of U.S. imports and exports, respectively — be sure to work with professionals who can supply you with everything you need in a timely and efficient manner.
Build A Team
To scale your business, you’re going to need a team to handle the multitude of responsibilities that come with running a business. Figure out the most important roles you’ll need and what the job duties are for each position. You’ll need to acquire the proper forms and follow a screening procedure during the hiring process to make sure you are building the right team to accomplish your goals.
Choosing Your Location
If your business will be located outside of your home, there are a few things you’ll need to consider to find the right place for your business. Consider where most of your customers are located and try to find a spot that is in close proximity. You’ll also need to make sure that your business location is easily accessible to people with disabilities. How much does the location cost and are there ordinances that might prevent you from doing business in that area? Take, for instance, a new winery or wine cellar business. When planning your wine cellar, do plan ahead of time and know how much space you need, even if budget and room aren’t restrictions. Pick a spot away from major appliances, as heat and vibration from those units could rattle your bottles and consider the humidity and maintain a level of 50% to 70% humidity in the room. Make sure that you have any building fully inspected before you sign any agreements to prevent expensive problems that may pop up in the future.
Owning your own business can be one of the most rewarding experiences you’ll ever have, both personally and financially. There’s no better time than now to become a successful female entrepreneur. By following these nine tips, you’ll be well on your way to starting your very own successful business.