Female Entrepreneurs, Ten steps to creating your own business

Ten Steps for the Female Entrepreneur in creating their own business

Setting up your own business can be an empowering experience, taking charge of your working environment and hours can be truly liberating, but how do female entrepreneurs get from a desire to create their own business to actually living their dreams?

So, what’s the big idea? Business ideas can be inventive where you have identified a need or a problem and have invented a unique solution. How often have you thought in your everyday life that you are having a problem with some household chore and thought of how you can resolve it, most inventions are born out of these day to day frustrations. But don’t worry if you haven’t had a eureka moment, you can still run your own business. Follow these ten easy steps to understand what type of successful business you could run.

Understand your life purpose

We tend to be more successful when we are following our true-life purpose. Doing a business that is being true to yourself that you believe in is essential. If you have no belief in what you are doing neither will your customers. Be real, be authentic and most of all be you.

What are you passionate about?

Whatever you choose ensure that you love what you do. Running your own business requires self-motivation and it is far easier when you are truly enjoying your work to be successful. Passion and love of what you do, translate to your customers and reflects on their experience of your service or product. A passionate business has a sense of pride and as a result happy customers. Click here to explore our full list of accredited courses to choose the right one for you

What are your strengths and weaknesses? 

We all have areas of strength and areas where we are not so strong. There are many different businesses to choose from that require different skillsets, pick the one that plays to your strengths. Create your SWOT analysis with us

Understand the needs of your community or target market

Understanding the needs of who you want to sell your product or service to is essential. As much as you might have a love for what you do, are there customers that want to buy them?

What is the market share

Understanding the number of people that want to buy your product or service is key to knowing how much income you can potentially make. Similarly, it is good to know how many people in your area are doing the same thing, if there is limited competition this means you will be able to get a larger section of the pie, even if it is a small one.

Creating your own USP

You may already have a unique invention or idea that you are able to trademark. However, most start-up businesses are based around existing offerings in the market place. A USP is a feature or characteristic that distinguishes it from others of a similar nature making it appealing. What makes your product or service stand out from the rest? Is it packaged differently? Have you personalised your service?

A good illustration of this is bread. Bread is in large supply and for quite a few years mostly in supermarkets. However more recently artisan bread shops have started to spring up. The product is still bread but they are offering it in a different way, more variety, the smell, the service creates a USP.

Understanding the set-up costs

It is always good to be clear on how much money you will need to create your own business. Most first time female entrepreneurs do not have large funds to get their businesses of the ground. There are many businesses that can be created initially at very minimal costs. If you do not have the funds, make sure that you choose an idea where you can earn money from the business then reinvest. Many businesses start small with low capital and the owners grow over a number of years.

Making sure your business is visible

Thinking about how you can get your product or service in front of your customers is key, you could have the best product in the world but if no one knows about it then it won’t sell. How are you going to use social media, email lists and traffic to your website so you are known? Click here to take a look at our marketing our social media courses

Listen to your (potential) customers

Gather feedback, listen to your (potential) customers, this is a quick way of being able to learn how to better service them.  The most valuable feedback you will receive is negative. Negative feedback doesn’t feel nice, but it provides you with valuable lessons and tools to be more successful or fine tune what you deliver better.

Develop the Entrepreneurial mindset.

To be an entrepreneur you need to believe in yourself and visualise your end goals. You might not be equipped with all the tools at this moment, but the exciting part is learning and developing these.  

Wellbeing Centre for Learning offers a female entrepreneur rose members club that can take you step by step into practically helping you to progress into building your own business and connected with other female entrepreneurs to share experiences. We also offer live webinars, workshops and accredited courses on all areas of businesses, to provide to you a tailored package for your needs to build your successful business. Click here to start your journey together

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Carrie