In 2018, all kinds of women have the opportunity and ability to start a business whether full-time or part-time. Social media has changed the perception of a lot of women’s wants, desires, and perceptions. Many women are taking the risks to become entrepreneurs. Times are changing and here are six tips to help in the transition of running a successful business.
Understand the need for your business
Understanding your business and what you are looking to accomplish is key. Oversaturation has become an issue in various markets. What makes your product different? Who is your target market? Why should consumers purchase from you? These are all questions that you should ask yourself when you are planning to open a business. Take the time to create the need for your business. Opening a business isn’t an overnight process especially when your market is already saturated with current vendors. During this process, create a SWOT analysis for your business. A SWOT analysis is a process of highlighting your strengths, weaknesses, opportunities, and threats.
Understand passion will create your purpose
The process will not be easy. You are opening a business so you won’t have the support from everyone on the initial release or announcement of your idea. That is okay. Your passion for opening your business will create your purpose. When things seem as if they can’t go any more left, your passion will push you back onto the right path. Why did you open this business? What sacrifices did you make for your business? These are all things to remember as you go along your journey. There will be tons of things that will arise that will and can take your focus off the common goal. Don’t get discouraged because many of the same women entrepreneurs before you went through the same up’s and down’s as you.
Understand your personal brand is key
Your personal brand tells a lot about your company. People love to support brands that are run by women with a great yet relatable story. Maybe you quit your job and jumped out on faith or you were fired and still jumped out on faith. Your story has a lot to do with how people perceive what you are selling. The public loves the underdog but they also love a positive person as well. Positivity always brings progress. Nobody supports the rude or obnoxious business owner longterm. Promoting yourself in a positive light on social media and even in person should always be your first thought process. People are always watching and paying attention. Remember, positivity brings progress.
Understand saying “no” is a part of the business
You can’t be a part of everything. Somethings you must say “no” to. There hasn’t been a successful person yet who hasn’t had to say no to a few ideas pitched to them. It’s okay; it’s a part of the process. Maybe a person wants you to be a part of their pop up shop or maybe they just want you to collaborate with them. If the timing isn’t right, say no. Your business is your business for a reason. Your brand solely ticks and tocks off of your hard work and time. Everything isn’t good for your brand. The wrong move can bring about a setback all because you were trying to please another person. Remember: even salt looks like sugar, so pick and choose wisely what you say yes to.
Understand setbacks are a setup for success
We all have setbacks whether they are minor or major. How you perceive them and push forward through them determines your outcome. Many of times, setbacks can be the prevention tool we needed to keep us from destroying the business later on. Maybe you needed funding and you didn’t receive it but you also didn’t pay attention to the long-term interest rate attached to the needed funding you requested. Sometimes we get so excited to make a move that we are let down when things don’t go our way. Now let’s go back to the same needed funding that I just mentioned. You may have been turned down due to various reasons but you may have gained the money elsewhere without a heavy interest rate. Some setbacks aren’t really setbacks but are triggers to help you learn more about your business but to also set you up for success later on in life.
Understand that copycats should be loved
No one business will ever go without having a few or many copy the key parts of their product or business. Be flattered that someone took the time to copy what they think it is that makes you and your company successful. Many of times, we take this as a form of disrespect and tend to become angry at the thought of another person duplicating our item or service. No, don’t become angry — they are just admiring your hard work. When this happens, take advantage of the opportunity to re-design, re-develop and re-direct your brand or product in a different light. Maybe add a new service or even a new feature or even switch up your entire product along with the marketing pitch. Whatever you decide, remember the copy is never as great as the original.
