5 Ways to Grow Your Business as Women Entrepreneurs
Have you watched this Netflix series called Self-Made? If yes, then did you know that it was inspired by the real-life journey of Madam C.J Walker, a popular US businesswoman, and the first self-made millionaire?
Madam C.J Walker started small with a product line for hair care that was aimed at the market target towards black women. Very soon, she built a big business out of it for several reasons. First, her products were effective. Second, it embraced the natural beauty and hair of black women. Third, she partnered with several agents that boosted her product distribution.
The story of Madam C.J Walker is an inspiration for all women aspiring to be women entrepreneurs. Ladies! If you also want to enter into the business world but you’re holding back because of your fear and responsibilities, then this American Business Women’s Day, it’s time to take charge.
It is natural to be afraid before starting something new but that doesn’t mean you should never start. You may ponder around with questions like what are best business practices, should you have a plan B, and blah blah. However, once you start solving these questions, make a business plan, and follow effective tips for business growth, there is no stopping you.
Continue reading as we delve into the world of women entrepreneurship, some popular names, and the best tips to grow your business.
Women Entrepreneurs in the U.S- A General Report
Before we talk about real business, let’s first see a few data pointers related to women’s entrepreneurship. Hoping this helps boost your energy levels.
According to a report by the World Economic Forum, women entrepreneurs make up about 47% of overall entrepreneurs as of 22. Before COVID-19, the percentage of women entrepreneurs was just 29%.
The report also suggests financial stability and flexibility were the top two reasons why women considered funding their businesses.
41% of women entrepreneurs suggested their will to supplement household income as their reasons for entrepreneurship.
Increases in prices, heavy household budgets, and professional exhaustion are some other reasons why women are shifting toward entrepreneurship.
How to Grow Your Small Businesses as Women Entrepreneurs
Women in business drive innovation, promote diversity and reshape history. Plus, their fresh ideas and leadership qualities bring a new approach to decision-making.
Let’s see some effective ways that can transform your business landscape for the better.
Networking is the Key
For a business of any size: big or small, no matter being run by who, building a network is one of the most important things you can do as an entrepreneur.
Networking can help you in several ways. First, it helps you find new opportunities, opportunities that can come in handy in your growth and business expansion. Second, when you build a network of people, you get to learn a variety of new things from other people’s perspectives and experiences. Third, it helps you get the right support and mentorship when and wherever needed. Plus, it helps you stay updated with industry trends and news.
Here is how can build networks for your business:
Attend industry events, seminars, and meet-ups that help you find new investors, audiences, or collaborators.
You may use online networking tools like LinkedIn, Twitter, and YouTube to build and attract new audiences.
Make the most out of your existing relationships. Don’t miss out on counting anyone, be it your friends, family, yoga friends, or anyone else who can help you with your business.
You can also get help from professional teams and institutions. These help you have access to such events where you can build a solid network.
Reach out to women networks in entrepreneurship. They give you the right support, solidarity, access to resources, and the like-mindedness that you may need.
Never forget to contribute back to your network. Share your knowledge, experience, resources, and everything you can. Not only does this make you look credible, but it helps strengthen your relationships in the long term. Remember, these small acts of kindness go a long way.
Dreaming Big & Consistent Learning
As women, we are always burdened with a bunch of responsibilities. We are so much involved with everything else that sometimes we don’t even want to dream big. As women entrepreneurs, you cannot afford to make this mistake. Only when you dream big, can you picture your goals and make them come true.
Once you’re sorted with what you want to do and achieve, learn more and more. Participate in events, take advice, mentorship support, professional training, and everything else you can do. Consistent learning is important to keep you evolving and relevant.
Here is what you may learn from successful women business entrepreneurs:
Try tapping into their journey, how they started, and what worked well for them.
Their art of balancing. What were their goals, and how they have been managing their personal-professional work balance? And see if you can find something useful.
Consider following your role model entrepreneurs to see their business ideas. See what forced them to tap into the specific industry, read their interviews, and follow accordingly.
Don’t Avoid the Risks
Marissa Ann Mayer, President and CEO of Yahoo (2012-2017), says, “If you push through that feeling of being scared, that feeling of taking a risk, really amazing things can happen.”
Whether you’re thinking of starting a new business or expanding an existing one, it involves a certain amount of risk. As an entrepreneur, taking risks is quite important. Not only it helps you explore new opportunities but it is highly helpful in driving innovation. It gives you valuable lessons. Plus, you’ll never know if something is going to work out or not if you’re not willing to take risks.
Here is how you can make the most out of your risk-taking abilities:
Understand different types of risks associated with an entrepreneur. For example, market risks that come with market fluctuations, competitor’s risks that are associated with your competitor’s product and services, credibility risks, and more.
Once you’re done identifying your risks, have a proper action plan. This action plan shall have a list of immediate actions that can be taken if anything goes wrong or something unexpected happens.
If you already have a well-established business, trust your employees with specific risk-management responsibilities. Try assigning them active roles in risk identification, mitigation, and management.
Make Yourself Visible
One of the best ways to upsell your business is by actually upselling yourself. Make yourself visible and build networks. This helps improve your brand’s credibility and trustworthiness.
Doing interviews and sharing your thoughts and resources can help you earn a reputation as a thought expert. This, ultimately, helps you gain new followers and audience, helping your business grow and expand.
Here is how you may enhance your visibility as an entrepreneur:
Always have an “About Me” page on your brand’s website.
Use social media to actively engage with your target audience. Create posts, captions, and hashtags to enhance your reach.
Networking events are one of the best ways to build strong relationships and enhance your visibility.
Try using local media and interviews to pitch your business ideas and expertise.
Create quality content, including reels, blogs, infographics, and much more to earn a reputation as a thought expert.
Try collaborating with influencers whose content matches your business ideas. You can co-host podcasts, join promotional events, etc.
Consider enhancing your visibility by being a speaker at events, meetups, or business conferences.
Just Start & Trust Yourself
Prati Kaufman, Founder (Small Biz Marketing)
So many of us just don’t want to start with our startup idea because we want it to be perfect. We are often molded to think that failure is bad. However, it is not. In business, you may learn a variety of things from those failures. So, instead of beating yourself up and overthinking all around the clock, start!
Just do the needed research, have a rough draft and a risk-management analysis, and start!
Once you’ve started you can see the lacking areas, now take the review and feedback, and make the changes whenever necessary.
Trust yourself. Try affirming and manifesting your positive thoughts and let everything fall into place.
Here is how you may try manifesting success for your small business:
Try replacing your negative thoughts with positive affirmations. Have a positive mindset, follow your hobbies, do journaling, or whatever helps.
Lay down a clear roadmap of your goals. Try breaking down your goals into short-term and long-term goals. And always make SMART goals.
Try visualizing. However, don’t just visualize your results but your actions as well.
Putting necessary efforts and action is also important.
Wrapping Up
These days customers love supporting women entrepreneurs. When women entrepreneurs thrive, society benefits in several ways. They give it back to their family and community and promote inclusivity. So, what are you waiting for? If you have a startup idea or you’re thinking of a business expansion, this Business Women’s Day is the right time to follow your dreams and turn them into reality.
Small Biz Marketing is all in for cheering small business owners and women entrepreneurs. From helping you improve your brand’s visibility to blog writing, strategic marketing, social media management, and web design and development, we do it all. We believe in you, your products, and your services.
Collaborate with us where we help you attain new heights and succeed.
