According to statistics, only 20% of all global startups have one female founder. Although female-led startups are on the rise, they still make up a low percentage of all startups globally. The good news is startups owned by women managed to raise $3.2 billion in 2020 in funding. So, if you’re a woman thinking of launching a startup, you’re in good company. Here are some tips you should apply to succeed.
Networking is very critical for any entrepreneur. Once you launch your business, start attending business networking events to get new ideas and meet potential investors and customers. When networking, avoid only going to all-female networking events. This will hurt your business because you’ll get limited information about market opportunities, won’t maximize your profit potential, and won’t know how to reach all demographics.
2. Get a Mentor
In business and in life, you need a mentor to guide you on the right path. If you’ve just started your first business, you might be clueless about how to make it successful. Luckily for you, there are different organizations offering free mentorship services. You can also meet a mentor by joining a professional women’s organization that connects young entrepreneurs with mentors. That way, you’ll get someone to walk the journey with you.
3. Develop a Marketing Strategy
Once you launch the business, you need to develop a powerful marketing strategy to advertise your products and services. While the marketing budget will depend on your specific business, most experts say 7-8% of gross revenue should be allocated to marketing. Identify and communicate the benefits of your business offerings to your target market. And after implementing the strategy, monitor its effectiveness and keep making necessary adjustments.
4. Plan Your Finances
Planning finances is critical for business success. For your startup to thrive, you need to know how much to invest in the business, which business expenses cost more, and the working capital you need. If you research successful women entrepreneurs, you’ll notice that they have risen to the top by having a great strategy and planning their finances well.
Having enough money ensures your business operates without any financial hiccups. All startups need money to pay for premises, buy new equipment, advertise, and pay staff wages and suppliers on time. If you don’t want to borrow investors a lot of money or give up company shares, you can get a small business loan or use your personal savings. If you are open to creative or alternative financing, consider looking for “car title loans near me” to use your car as collateral for a loan.
Don’t forget to look into local grants! Often, the local city government offers grants or access to financing for minorities. If you’re both a female and a minority, you may have access to many other, low-cost financing possibilities.
5. Be Patient
For your startup to succeed, you need to be patient and consistent. A business comes with its own set of challenges, therefore, you need to find ways to tackle them without giving up. Building a successful company takes time, and you’ll make lots of mistakes along the way. Learn from your mentors, take a business course, and connect with fellow professionals to know which path to take and what mistakes to avoid. Success will come.
About The Author:
Aqib Ijaz is a digital marketing guru at Eyes on Solution. He is adept in IT as well. He loves to write on different topics. In his free time, he likes to travel and explore different parts of the world.