You know you have been thinking about it most of your life. It started when you were in grammar school. When other kids wanted to play house you wanted to play business. Now you are all grown up, work 40+ hours a week in a job that gives you little satisfaction and what you really want to do is start your own business....so what are you waiting for?
A recent report by the Royal Bank of Scotland
finds that women get most satsifaction from having their own business.
"The survey of 300 UK-based female entrepreneurs found that job satisfaction levels among women who have their own business rose from 55% to 75% (100% is complete satisfaction) after they started their company.
The respondents also said their confidence went from an average of 64% to 73% and contentment with their work-life balance improved from 60% to 70%."
Now I know this doesn't surprise any of us, women, that have already started our own business, but it is wonderful exciting news for women who haven't. It proves that what you believe to be true about running your own small business is absolutely FACT. Now all you have to do is - as NIKE says - JUST DO IT!
So, your first question is HOW?
First, what is the right business for you? What are you hobbies? Talents? What do you like to do? Do you like working with people or behind closed doors? Do you like working in a office or outdoors with nature? Do you need and want to work from home? Write down the 3 things you do best. Now research those skills on the internet as to related small businesses. Can you make a living at doing what you are good at and what you love? Are their other small business owners doing what you want to do in your area? Competition is good. It means there is a market for what your business will offer.
Second, how much money will you need to get started? These are your startup costs. Don't expect to make them back in the first year or maybe even the first three years. Once you've launched your business the income you generate will be needed for cash flow for the business. If your business is successful you will recoup the startup costs, but in the meantime these costs must be invested in the business for the long term. Write down everything you will need to get this business going: computers, phone, office supplies, marketing materials, website, utilities, maybe rent, legal, accounting, employees, vendors and much more. Don't leave anything out and make sure you overestimate rather than underestimate. Every business owner I have ever worked with has spent more money getting the business launched than (s)he ever expected. The most important thing to remember here is that you need to plan for money to be available until the business starts generating income. Bottom line, the financial portion of your business plan is the most important part. DON'T NEGLECT IT!
Third, what will you charge for your product and/or service? Be careful because what you charge has to be what your potential customer will pay. Every small business woman and man would be successful if they could charge and get whatever they wanted. The critical key to your business model is to know what your costs are, what your customers will pay and know that you will have a profit at the end of the transaction. Yes, it is that simple and that difficult.
Fourth, how will your prospects find out about your business? What is your marketing plan? The key to business success is having customers that want what you are selling. But, that can't happen if you don't know where or who your customers are. The answers to these questions are found in your marketing plan. The success of social media is an inexpensive way to get your message out but you can't rely on it solely for your advertising. Seek out every media opportunity that fits your market as well as venues, organizations and events where your prospects frequent. You MUST know your target market to market to it. Don't underestimate the difference between marketing and sales. Your marketing plan must align with your sales plan. In other words, what you market must be what you are selling. Get this right and you'll find your customers and keep them.
Fifth, develop a timeline for the time it will take to start working on your entrepreneurial venture and getting your first customer.
My advice for most is : DON'T GIVE UP YOUR DAY JOB! until you absolutely have to - particularly if this is your first time owning your own business.
Your day job will pay your personal expenses while you plan for owning your own business. You won't put yourself out in the street this way or give yourself a heart attack from the stress of not having income coming in. You will, however, find that you will be working at least 18 hour days for a while so prepare yourself and your family for the ride.
Yes, women are starting twice the amount of new small businesses in the U.S. and loving every minute of it! But, that doesn't mean that the journey is easy or fast or even always comfortable. It also doesn't mean that every woman that follows her dream of starting a small business will be successful.
Finding a mentor, or a coach, or a group of other small business owners to talk with as you walk this path will not only help the venture succeed but will also keep you from feeling isolated. Reach out for help. Ask questions of everyone. Then, use your intuition and gut to make decisions.
After all, it is your dream -- your small business -- your baby -- your passion -- your journey and therefore it MUST BE from your mind, spirit and soul.


