Starting and sustaining a business is never easy, more so for women entrepreneurs who have multiple responsibilities to juggle.
If you are one of those budding lady bosses, you will probably know how challenging things can get. One of the biggest challenges that you may face in the beginning phases is indecisiveness.
There are times when you will have ideas but may not be able to implement them for setting up a viable business. The best way to overcome this challenge is by having a strategy in place.
This approach is gender-neutral but is written for women. Here are some smart and sustainable business strategies that you can implement.
7 Smart And Sustainable Business Strategies For Women Entrepreneurs
1. Be aware of your challenges
For women entrepreneurs, the best way to start is by being aware of the challenges that lie ahead.
Evaluate your current situation in the context of your personal life, career, and challenges. Identify your challenges and build a strategy that focuses on overcoming them.
For example, if you have a toddler at home, you can plan to start with a work-from-home business. Gradually, you may move to a full-fledged office as the little one is grown up.
2. Have a support system
Before you get started with your business, have your support system in place.
Get support from wherever you can, your spouse, siblings, parents or friends. Look for people who can help you with money and moral support because you may need them both at the initial stages.
Young mommies can do with someone who can tend to the kids while they are busy working late hours. A solid support system keeps you motivated for navigating the challenges of a startup.
3. Start a business that matches your skills
As a woman entrepreneur, you may find that people tend to take you less seriously.
So the best approach would be self-reliant instead of depending on people. It is a great idea to start a business that matches your skills.
For example, you can become a stylist if you have a great fashion sense or become a blogger if you have a flair for writing.
Remember that you can make money fast using these techniques if you have the basic skill set needed. Working independently at the initial stages is also a good idea if you want to save money.
4. Prioritize flexibility
Becoming a boss requires great commitment as you may have to be available for your clients 24 by 7.
Schedule your tasks while bearing responsibilities in mind, yet have a flexible approach.
A smart way to handle things is by using technology tools such as Skype and Google Hangouts for communication and calendar apps for scheduling.
5. Onboard people you can trust
Often, people are biased about working with a woman entrepreneur. If you want to make it big, steer clear of people who do not trust you because you cannot trust them.
Ideally, start working with a small team that has skilled, reliable and capable people. Experienced resources can bring rich insights but getting freshers on board is a good idea because they bring in new ideas.
Moreover, young people seldom have ego issues and are ready to take orders from the boss, whether a man or a woman.
6. Be completely involved
The biggest mistake that women make is not to be involved in their business. Whether it is client dealings, finances, recruitment or operations, keep track of every single aspect of your business.
Rather than delegating responsibility, be ready to get your hands dirty. Even when you have the best people working for you, know everything inside out right from the start.
Upgrade your skills if you need to because you may need them to handle certain tasks that you are not good at.
7. Take calculated risks
Winning in business is all about taking risks but calculated ones. Women entrepreneurs often play too safe because they are scared to fail. But this strategy may restrict your growth potential and you may end up at the same place even years later.
Conversely, you must study the business landscape and competition in your domain and come up with a viable business plan that targets growth. Be willing to take calculated risks. Don’t be afraid to fail because failure is an inevitable part of the business.
Beyond these strategies, make sure that you focus on your health and well-being. Take a break once in a while and do something you love. At the same time, be passionate about your business and you will definitely achieve what you desire!