In 2019, 40% of new entrepreneurs were women. Female entrepreneurship is rising rapidly. In fact, since 1972, the number of businesses owned by women has risen by almost 3,000%.
Establishing a business from nothing is challenging enough but maintaining success in the long-term is even more tricky. Statistics say that half of all new businesses don’t get past five years.
Although failure is common as an entrepreneur, there are countless success stories from unlikely beginnings. What’s more, there has never been a better time to be a woman in business. With this in mind, here are four key success tips to empower female entrepreneurs.
control your finances
Debt, in business, can be a hindrance. Not only does it contribute to stress and the business budget, but it can affect your ability to secure certain deals, grants, or bank loans. While some debt is normal to have, it’s important that you prioritize eliminating it.
Whether you create a plan for aggressive repayment or you look into debt discharge options, what’s important is that your business being debt-free is a priority.
failure is progress
Failure in business comes with benefits. When you try something and it doesn’t work, you start eliminating obstacles. You learn to keep trying until you find what does work and most of all you create a great back story for your business. As you learn to embrace failure, you are further developing an entrepreneurial mindset, which is fundamental for your long-term success.
Female entrepreneurs should inspire and empower each other. Networking and establishing key relationships with industry peers can go a long way. Reach out to other women that you admire and connect. Never make a request before actually building a relationship and gaining their trust.
- Join FB groups for other women in business and maintain contact with those you connect with.
- Ensure that your professional relationships are mutually beneficial
- Always try to offer something of value back to fellow entrepreneurs.
learn how to market
Every business relies heavily on marketing. In the digital era, we have unlimited access to information, resources, and potential customers. While you don’t have to revolutionize an industry through your marketing strategy, you shouldn’t settle for anything less than excellence.
- Know your target market
- Create a quality website
- Secure your social media profile names/accounts
- Set a budget… then, make the most of it
- Put a process in place to analyze every campaign