For anyone who has dreamed of owning their own business, we are beginning an exciting new series on our blog to help you achieve your dream! Read our “Women Entrepreneur Tips” articles starting with The 5 Step Plan for Getting Started as an Entrepreneur, and more to come.
Step 1: Ask yourself why you want to be an entrepreneur
You probably have a long list of “pros” to becoming an entrepreneur, but don’t forget to be realistic about the “cons” side of the chart. Establishing and growing your own business requires hard work and long hours, it will consume your life and definitely affect your personal life, family and friends. Are you in a position financially and emotionally to take risks? Are you prepared for the pressure and responsibility of being your own boss?
Step 2. Start with your passion
Do not analyze which business provides the best profits or lifestyle, first analyze what you are truly passionate about. Starting a business solely for the money will not be enough to get you through those tough times when profit is slow (especially the beginning), and you will likely end up being disappointed. Doing something that you truly enjoy, or something that is important to you, is the fuel to the fire, which feeds the drive. It is your reward when money isn’t there, and enables you to push on to realize financial success.
Strategize your passion into a business that utilizes your strengths and personality – how can you bring value to others with your passion? For example, if your passion is food/cooking, some options could be:
- restaurant
- caterer/private chef
- food blogger
- cookbook author
- food critic
- dietitian
- cooking instructor
Step 3. Create a solid plan
Get expert help in creating your business plan.
- Set your purpose and goals
- Identify your audience/clientelle
- Marketing strategy
- Profit goals and projections
Step 4. Collaborate, delegate, ask for help
Look to make connections with others in your field.
- Barter your expertise with the expertise of others
- Ask for help from experts
- Ask advice and get knowledge
- You have passion for your business’s purpose, but you are probably not a business expert, so focus your efforts and creativity on the product/service and get help with the business logistics.
Step 5. Begin with the right mindset
Believe in yourself and your ability to succeed (your biggest obstacle to success is YOU). Know that there is enough business for you too – find your niche, work hard, work smart and you will grab your fair market share. Behave as though you are already established and successful – do the work with passion and confidence, be open to change, creativity and growth. Give and you shall receive – pay it forward, offer your advice and assistance, provide value to others and you will be rewarded with the same.
We found some more great articles you can check out:
- 8 Simple Tips From a $50M Female Entrepreneur (forbes.com)
- 4 Pieces of Practical Advice for Women Entrepreneurs (MIT)
- 7 Tips for Women Entrepreneurs (nolo.com)
Watch for our workshops and webinars in the fall 2014: “Me Inc.” is all about how to succeed as an entrepreneur! To learn more or to be placed on our contact list, please send an email to: info@womenandmoney.com