Top 10 Tips for Women Business Owners
Over the past few years, the number of women-owned businesses has continued to rise. As of 2020, stats indicate that about 13 million of all US businesses are women-owned — that's approximately 42% of the total. Though these numbers are promising, the fight is far from being won as the average revenue is still lower than the men's counterparts. What are some tips for women business owners to navigate this wealth disparity?
As a woman, you need more than motivation to succeed in women entrepreneurship. Access to information such as business grants for women and women business networking should be a key recipe for prosperity. Here are tips to help you make it in the men-dominated business environment.
#1 Never be Scared of Failure
If you asked successful women in business what risk they had to take, you'd be surprised by how far they were willing to go for things to work out. Never allow a small failure to clip your confidence. All successful people have a few fluffs in their resumes. The secret is letting go of the past disappointment. Then, focus on the next big thing to spur your business.
#2 Knowing Your Value
It is true women entrepreneurs earn about 28% less than their male colleagues in the same category. The value offered by women firms is no different than that of men. So, why provide services or products cheaply? Build your confidence, serve the customers better, and pitch the right buck value.
#3 Network, Network, Network
You've probably heard people saying, "Your network is your net worth." This statement can't be expressed in better words. Stats show that women networking groups have helped many gain confidence and conquer new areas through referrals and information shared. Attend online webinars and share your knowledge to build your network. Big, but close networks are priceless. Join peer private networks like Pailor to expand your collaboration.
#4 Know Your Skills
After working for years in a particular industry, many women throw their valuable experience away to venture entirely into new areas. This is especially true if they had a negative experience during their corporate working years. We recommend starting your journey in the industry you have the most experience in.
#5 Getting Feedback is Important
The last thing a business would want to do is to ignore good feedback. Client satisfaction is the key to success. Ask people what they would like added or left from your products. Traverse competitors sites, and consider the negative reviews customers have written. Consider whether this is advice worth taking, and move accordingly.
#6 Learning Never Ends
You read that right! Knowledge is the key to growth, innovation, and triumph. Estimates reveal that on average, CEOs read about 60 books annually. Even if you're not a reading enthusiast, at least try out audio books or online classes. Joining online business communities is another excellent way to obtain info.
#7 Make Your Achievements Shine
Women entrepreneurs tend to remain quiet about the professional stories of their professional careers. Know that every bit of professional achievements you've built over the years matters on the business growth. Don't put your reputation in the pocket when negotiating those important business decisions. Put all your strong accreditations on the line to make sure that the firm receives what it deserves.
#8 Seek Financing
Substantive capital is the core of every business. Studies show only 25% of women business owners pursue business financing. The government and a couple of organizations offer business grants for women. Check out these grants and apply all categories you qualify for. It is also now easier to secure women-owned business loans from banks and other lending institutions.
#9 Make it Easy for Employees
Don't be a micromanaging boss! Employees who get fair treatment from their seniors have a high sense of protecting the company. They feel that the business belongs to them too. Therefore, they go the extra mile to help it succeed. As the owner, create an
environment for your staff to grow. Let them know you value them and let communication flow openly from bottom to top. However, don't replace your vigilance at work.
Do potential clients know about your product? What steps are you taking to market your brand? No matter how good the product is, people need to know about it to make a purchase. About half of the women business owners feel they aren't doing enough marketing. Invest in making your brand known. Hire digital and social media marketers to make the business stay up-to-date with the growing digital technology.
Ready to meet like-minded women peers and learn more? Join our free Pailor community of women business owners. Our private network focus is to help women and their businesses to grow.