Decide what you really want for your business – Finder blogger, Betty Ashman, shares her top 3 tips for her fellow female entrepreneurs.
Female entrepreneurs are often daunted by familial responsibilities as mums and daughters. As a mumtrepreneur myself, I’m here to show you how owning a business and having a family is not a zero-sum game.
To start, you need to decide what you really want out of life and your business. A clear vision fuels your business motivation and decisions.
1. Know your lifestyle goals
The first step to achieving what you want is to know what your ultimate goals are. Clear goals keep you focused and motivated through rough patches.
Consider what you really want:
- What are you unhappy about in your current situation?
- What sort of business do you want to create and why?
Once you have some clarity about the business you want to create, think about how much you really want it.
- Are you willing to sacrifice your current lifestyle for the sake of your business?
- How much risk you are willing to take, financially and emotionally?
- What do you need to feel fulfilled? Are they short-term, long-term, or both?
That last question is crucial if you want to improve your work-life balance and have more time with your family. Entrepreneurship is meant to bring happiness to your market and yourself. Remember why you want to start a business: to take control of your life as your own boss and as a mother.
2. Match your business to your goals
Once you know what you want, the next step is to create a business model suited to your goals.
What to sell?
- Is your target market saturated with your product or service idea? What differentiates your offering?
- How feasible is your idea to acquire, sell, and deliver?
When to sell?
- What’s the state of the economy and target industry?
- Is there a special occasion appropriate for launch?
Where to sell?
- Is it more beneficial if consumers see your product/service in person?
- How can people find your product? Is the market online or offline?
Brick-and-mortar shops are traditional – customers feel comfortable browsing items and experiencing services in person. However, they incur high fixed costs in furnishings and rent. Thus, many retail stores are online only, especially as consumers enjoy the convenience of shopping at home.
Good alternatives are temporary physical market places such as fairs. They cater to small business owners with selling spaces, and cover otherwise expensive marketing expenses and venue costs.
3. Leverage Strengths and Outsource Weaknesses
You have limited resources, time and energy. By knowing your strengths and weaknesses, you can use those wisely by leveraging your own strengths and by outsourcing, hiring and partnering with those who have strengths in other areas.
List your top 5 strengths, and top 5 weaknesses. Then find five people (preferably past colleagues) who know you well and ask them for the same list. See if they think similarly and whether you should update your list.
Relate your strengths and weaknesses to your business idea to understand your position within the company. Find capable colleagues and partners to compensate for your weaknesses, and you’ll have a sturdy foundation for your new company.
I hope this article addresses some concerns and gives a practical starting point for your entrepreneurial journey.
For more detailed advice to build a better life for yourself and your family, pick up a copy of my mumtrepreneurial book, Make It Happen, at bettyashman.com or Kinokuniya.