Taking the leap and starting your own business can feel daunting — but taking it one step at a time can yield impressive results without taking a toll on your well-being. There are plenty of good reasons to dive headfirst into entrepreneurship: you’ll be your own boss, have freedom with your schedule and location, get to be creative on a daily basis, and really revel in your business’ successes. Entrepreneurs are the change-makers that drive society and humanity forward.
All businesses, even the most successful ones, had to start at zero. With a little insight, a supportive community, patience, and dedication, your business will begin to scale and succeed. We want to help you along your entrepreneurial journey. This is why we’ve created an all-encompassing guide for fierce women looking to launch and scale their own small businesses.
Tips on starting your own business
There are many things to consider before making your services or products available to the public.
Nail down your business concept
It’s fabulous that you’re following your passions, but in order for your company to be successful and sustainable, it needs to turn a profit. Make sure you have a firm idea of what your business will involve. Are you selling a product that will make peoples’ lives easier? Or are you improving upon a product or service that already exists?
Having a clear understanding of your business model is also crucial before speaking to potential investors.
While living in the moment sounds rather sexy in other aspects of your life, it’s not ideal for small biz growth. When you are faced with a decision, don’t just think about what will benefit you in the next few weeks or months — look further down the road. Depending on the industry you’re in, purchasing cycles may be longer. Big financial decisions should also be made with the future in-mind as these hold the power to make or break a small business.
Surround yourself with the right people
It’s important to spend time with people who inspire and motivate you as this positive energy will trickle into every aspect of your life. Lean on your support system, don’t be afraid to ask for help, and reach out to mentors for advice when needed. It can be easy to surround yourself with people who only tell you what they want you to hear, but this won’t be beneficial to your business.
How to scale your business
Scaling your business is really a fancy way to explain the growth that needs to happen in order to be successful. This means increasing revenue as your business adds resources like revenue and team members.
Look at ways to increase sales
More revenue equals more growth! A few ways you can increase your business’ revenue is by understanding customer behavior, focusing on a specific market, addressing any customer feedback, and developing a comprehensive marketing strategy.
Develop your own skills
As an entrepreneur, you should always be eager to learn and advance your own skill set. Developing your time management, leadership skills and critical thinking can contribute to growing your business. This can be done through mentorship, taking online courses, attending conferences and events, or reading self-improvement books.
Few people enjoy spending copious amounts of time figuring out new automation or e-commerce platforms, but the pay off can be huge. Incorporating technology into your business can free up time by streamlining processes and automating tasks. Instead, you can spend your time focusing on your business goals and tackling tasks that can’t be handled by technology or AI.
Common mistakes that entrepreneurs make
Everyone makes mistakes, however, familiarizing yourself with some of the common missteps made by entrepreneurs might just save you from making them.
- Being afraid to fail and hesitant toward taking risks can hold your business back from scaling and succeeding.
- Neglecting organization can lead to unproductivity, stress, and important tasks slipping through the cracks. Keeping a to-do list or using a project management software can keep you from getting scatterbrained.
- Trying to do everything yourself can lead to burnout. Enlist the help of advisors, mentors, and friends when things get hectic.
- Launching too quickly before customer-facing processes are flawless. There are few things less professional than a website with errors or glitches.