As an entrepreneur myself, and mother of three (soon four) and someone who has worked with countless women entrepreneurs, I've seen firsthand the unique challenges facing female entrepreneurs. Here are my top five tips for those brave and wise women looking to begin their own business:
One of the main causes of a startup's failure is not having enough capital at the beginning. Be realistic about your financing, and don't try to extend yourself beyond your means. Find creative ways to fund your business, such as working out of your home, bartering with vendors and leveraging social media and networking for your marketing.
As an entrepreneur, you're going to have to wear many hats. But that doesn't mean you're going to enjoy or excel at every aspect of your business. Some tasks (like bookkeeping or blogging) are bound to be a major drain on your time and well-being. Recognize where you're struggling and look for an alternative such as hiring help or asking a friend or family member to pitch in. You'll be freeing up your time for other critical areas where you excel.
Did you know that the word "no" can be a complete sentence? Although saying no is never comfortable, it's absolutely essential. Just remember that every time you say yes to someone, you're saying no to yourself and your priorities. To be a successful entrepreneur, you've got to learn to drop some of your time commitments and set healthy boundaries. Just remember to prioritize time for your clients!
It's undeniably the least glamorous part of your business, but don't overlook the legal aspects of your business. Many small business owners choose to form an LLC, or limited liability company, to protect their personal savings and property from any liability. Adding an LLC or Inc. (for a corporation) after your company name boosts your company's credibility in the eyes of some customers and partners. It used to be expensive and time-consuming to file for an LLC, but this is no longer the case. So take the time to do it.
The road in front of any entrepreneur is exciting, uncharted and almost always a little bumpy. Along the way, don't forget to acknowledge each success, no matter how small. These celebrations will help you stay inspired. Remember to pat yourself on the back now and then.
For more tips on starting your own business, visit www.corpnet.com.
Here's to your business in 2011!
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