32 things Women should know before starting a business
Updated: Aug 24, 2020
Starting a business can feel overwhelming.
But what if you could take what other women have learned and apply it at the start-up stage of your business?
Well, I have compiled a list of information gathered from other women in business, that they wish they would have known before starting their business. There is a lot of gold nuggets here take it, apply it, and be successful. The best way to succeed is by listening to those who have already made the journey and learn from both their mistakes and success. And although I do realize that men and women may face the same challenges with their startup, there are some things that are specific to women.
According to a SCORE article, women-owned business make up 39% of the 28 million small businesses currently in operation in the U.S. This percentage is expected to continue to grow. These businesses also employe around 9 million people and generated a total revenue of $1.6 Trillion.
From 1997-2017 women-owned businesses have grown 114%! This was taken from an article titled The 2017 State of Women-Owned Business Report commissioned by American Express.
1. Timing is Everything
Yes, timing is everything!
Personally, I tried three times to start my business, the concept was great but the timing was not.
When it comes to timing you should consider your personal timing and the economy ~ whether consumers are ready for what you are offering.
In my case it was my personal timing that was off. And what I mean by that is what was going on in my life at the time. At the time I first tried I had a toddler and then got pregnant again, the second time we had to move, so the timing for me was off.
The economy is important too.
For example, AirBNB and Uber.
When AirBnB was looking for investors many passed on them because they didn’t think people would want to rent a room in their house to strangers. But because AirBNB came out during the recession, in 2008, it was a time when people needed extra money. Now it has an estimated worth of over $2B.
Uber also launched during the recession, when people needed extra money. Now, Uber has a valuation of $72B.
There’s a great video on how important timing is. In this video, Bill Gross did a study of 100 companies his company founded and 100 companies that were funded by other. Each company was ranked on a scale of 1-10 with five factors, idea, team, business model, funding, and timing.
The results were impressive.
So consider your personal timing and if consumers are ready.
2. Don’t play small because you’re a woman
Just because you’re a woman doesn't mean you have to back down or back up.
Now more than ever women are owning and becoming more and more influential in business.
And you can too!
According to an article by Lioness Magazine, “businesses led by women have dominated private growth in America since 2007”.
Women are very capable! Don’t shrink back, be aggressive and dominant growth!
3. Be proud of what you have done
Starting a business is a big deal!
The fact that you can start something and make a living out of it is a huge accomplishment in itself. Building something from the ground up is always something to be proud of.
4. Focus on Your Business
If you are a woman with a family you really need to focus on your business when you have the time to do so.
For Example, for me, as well as others female entrepreneurs, I focus on my business when my kids are in school. I don’t clean the house, or watch TV, or talk on the phone, etc. I just focus on working on my business.
Sometimes you’ll have to wake up super early while everyone is still in bed or work while everyone is asleep. And during those times you have to focus solely on your business.
5. Charge What You are Worth
Don’t be afraid to charge what you’re worth.
When you charge less than your worth, you will end up resenting the client, your business and the quality of your work will go down.
But by offering the right price you will have quality clients, be proud of the work you are doing, and you’ll be happy.
Remember people equate quality with price. So charge what you’re worth!