Our world has certainly grown friendlier towards female entrepreneurs since the time of the first female self-made millionaire in America, Madam C.J. Walker, but that doesn’t mean that the path is easier. In fact, it’s as challenging as ever. That’s no reason for women to back out of the game, though. It probably even encouraged a lot of us to get into it as statistics show that the number of female entrepreneurs since 2007 has grown 30% and fast forward to 2020, 40% of businesses in the United States are owned by women. Promising numbers. Really promising.
And today, we’re also going to help you cross this threshold yourself by sharing tips on how to become the successful girl boss that you want to be. Here they are:
Develop a Solid Business Plan
There’ll be a lot of rough patches ahead, but a flawless business plan will guide you through. It will help you show your expertise and ward off detractors. It will regain your focus when you’re demotivated. And most of all, it will act as a guiding light during important business decisions. If you do find out that you’re financially lacking the capital you need, then know that there are funding options like cash advances and other kinds of loans that you can apply online.
We know that starting your venture with debt may not be the most ideal, but it’s a good credit decision if you’re borrowing money for a worthwhile investment that can cover debt payment later on.
Prepare for the Worst
In relation to the previous tip, we recommend you to plan for all possible scenarios starting with the worst things that can happen. And when things still don’t work out as you have predicted, don’t be afraid to face failure. In fact, face it enthusiastically, with a smile. View it as a learning opportunity. Failure is a part of business, and most of all, of success.
Pay close attention as well, because even if things don’t end up our way, it may open a path to an even better one that you haven’t even thought of! Look into the histories of the biggest international companies that we know today and we’re sure you’ll find a lot of success stories where the great people behind them were able to turn a dire situation around to the company’s advantage.
One of the reasons why businesses encounter challenges is the failure of the owner to realize certain factors, things that your existing clientele and business associates might be able to point out. Receive their feedback with an open mind and adjust accordingly.
Be aware, though, that you must get them from a trustworthy source. Be wise to recognize the criticism of people who are simply trying to pull you down. This leads us to the next tip.
Distance Yourself from Negative People
The current system is already working against you. There’s a reason why it’s called “The Man”, so you certainly don’t need other people trying to pull you down, instilling self-doubt. What’s challenging is that there are a lot of people who are simply not aware of what they are doing. They don’t understand your vision and out of their love for you, they try to discourage you, unaware that they’re actually doing more damage than good.
Again, this is where a solid business plan can help. You have a clear plan. You have already launched the ship. There’s no pulling you back now. And while you can’t control how your detractors act, you can certainly limit their presence in your life.
Network, Network, Network!
Instead, consider replacing these negative people with those who can help you out instead. We understand how meeting new people and expanding your current network might seem daunting, with a fear of rejection looming over you. We’ve been there, so believe us when we tell you that hustling to establish an expansive network is worth it. Keep them close, though. Don’t let a potential investor or partner wither away because you’ve simply forgotten to keep in touch.
Just remember to attain the balance between building your network and establishing your brand. You don’t want to miss the opportunity to plot out a new marketing campaign because you were busy sending holiday cards to people.
Once you have established your network, you can now start utilizing them to your advantage. Accept their help. Consider their valuable feedback. You need to recognize that you need the help of other people in order to accomplish bigger things.
Interestingly, this is an area that a lot of female entrepreneurs struggle with. In fact, according to the US Chamber of Commerce Foundation, 90% of women-owned businesses “have no employees other than the business owner”.
While there’s something really empowering in looking up to a female solopreneur, it doesn’t exclude the fact that working alone will eventually lead to burnout. Aside from that, you’re also putting a ceiling to your business’ growth potential since it will only expand as much as your current skill level.
By getting employees, or even simply outsourcing tasks to freelancers, you are freeing yourself from menial tasks and the depletion of valuable resources (like time and creativity) that can be better spent elsewhere, such as coming up with a new product or service to offer.
Now that you have more time in your hands and people to help you out, you can finally start planning the next step that your business will take. Don’t just stop plotting for the next few years. Dream big! Go as far as Madam C.J. Walker or Coco Chanel…or even farther! These women also had to start somewhere. They also started small. Just like you. They also had the same small voice that told them of the million ways how their dream far exceeded their capacity, but they didn’t let this fact stop them and neither should you.
The road ahead of you will be full of challenges and there will be times when you simply want to throw in the towel and give up. However, we’re confident that by keeping the tips we have shared with you above in mind, you will be able to surpass each challenge with that innate female ferocity, and build a legacy that your granddaughters will surely feel proud of.