6 Tips for Budding Women Entrepreneurs
An increasing number of women are leaving their jobs these days- not to stay at home and be housewives or stay-at-home moms, but to be their own boss! With over 7.8 million women-owned businesses in the United States, you sure have a lot of company if you’re planning to leave your job in favor of owning your own business.
Of course, starting a business is no child’s play and one has to be prepared to work a lot harder to see one’s business succeed. Don’t let this scare you; if you do the right things, your business will definitely prosper.
If you don’t know where to begin, read on for some tips.
For a lot of people, creating a business concept is often the hardest part of starting a business. Chances are you’ll find it tough too, but that doesn’t mean you just quit your job, assuming you’ll figure out things later. You need to have your business concept ready before you take the plunge and if you think through this carefully, you’ll be able to nail it!
Conceptualizing your business involves determining your business type and deciding on the type of product or service you want to sell. Creating a business concept will help you focus on one thing and propel your business in the right direction.
Perhaps you want to stick to something that you are passionate or knowledgeable about- being able to put your skills and expertise to use will definitely help your business grow. Alternatively, look around you for ideas; there’ll be a lot of competition, but if you can add a twist to your business, you’re bound to get ahead of your competitors.
Identify Your Target Customers
Determining who your customers are and describing your products or services specifically will help you gain attention. For example, if you’re selling a skin cream and marketing it as ‘skin cream for women’, your product could well be passed off by consumers as one among many. But if you target your customers say, teenagers or women over 35 and market your cream accordingly, you’ll reap better profits.
Being specific about your products or services will help consumers get an idea about you and your company. Emphasizing what’s unique about your products or services also helps you establish your company in a particular niche.
Keep Things Simple and Clear
If you need to give a lengthy explanation about your products or services to your customers, you probably won’t be as successful. Simplify things as much as you can so that people can grasp your idea quickly.
Additionally, have a clear business plan in place. A detailed business plan with facts, figures, and in-depth analysis will help you advance in the right direction. What’s more, an easily comprehensible business plan will appeal to investors!
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Remember that you won’t have your regular income to rely on. So don’t splurge on your business right away; spend only on what’s absolutely necessary.
Making smart choices like working from home or a small office instead of renting a large office, outsourcing accounting and payroll work to virtual assistants instead of hiring a team of professionals, etc. will pay off in the long run.
The more you network, the more likely you are to be taken seriously and given work. So don’t live in a shell, get out there and tout your work.
Keep in mind that networking isn’t equal to marketing, so instead of trying to sell your products or services, try to be useful to people at conferences and business meets. These people in turn will talk about you when they go elsewhere, thereby publicizing your company.
Additionally, join online forums and networking groups that cater to your niche. Offer useful advice on these platforms or take to write guest blogs for blog sites related to your field of work.
Before you begin though, make sure you have a good functioning website and some professional-looking business cards. Not having either of these can be detrimental to your business.
Refrain from thrusting your business card at other professionals or business owners; ask for their cards and hand them yours only when you’re asked for it.
Get Your Customers to Buy from You
You won’t taste success if you don’t sell your products or services, so don’t be shy to market your business to consumers. Networking is important, but you’ll have to devote the majority of your time to sales and marketing.
You’ll need to approach your sales and marketing plan wisely. A well-structured marketing plan will help you capture and convert leads, increase your conversion ratio, save time and money, and create devoted customers that will advocate your brand.
A good way to market your product is by giving free giveaways. This way, you’ll get consumers to test your product for free. You can also consider giving items like caps or tee-shirts printed with your company’s logo for free. Just buy quality products like Gildan t-shirts wholesale and get your logo printed on them.
Giveaways work two ways- consumers may get hooked onto your product or service, or they may feel obliged to purchase from you because they received a gift from you!
Furthermore, don’t overlook the power of social media; a good social media presence can earn you a large fan following.
Starting your own business may seem tough, but now that you know how to get your business up and running, you have nothing to worry about. Use the tips given here and you’re sure to succeed!