Tips for the female entrepreneur

Starting a business is no small task. But as the 21st century progresses, more and more female entrepreneurs are embracing the challenge of starting their own businesses.

Though each entrepreneur has his or her own motivation for starting a business, the chance to be your own boss and turn an idea into a successful business is a driving force for both male and female entrepreneurs. And though male and female entrepreneurs face similar hurdles when starting a business, many female entrepreneurs might be more hesitant to set out on their own, fearing that old stigmas about women in the workplace might affect their chances at success by making potential investors or financial institutions wary of women setting out on their own. Though such concerns unfortunately are legitimate, women should not assume that such stigmas prevail. The continued success of female entrepreneurs has shed new light on just how successful female entrepreneurs can be. The following are a few tips for women looking to start their own business.

• Seek out a mentor. Many female entrepreneurs have blazed the trail you are about to embark on, and such women can prove an invaluable resource as you begin your journey. Find a female business owner you can connect with and ask her for any advice she can offer. She might not be able to help you with any specifics regarding your business, but she can very well share stories of what you can expect as a woman setting out to start her own business.

• Have an airtight business plan. As unjust as it is, a stigma about women in the workplace still exists in the minds of some professionals. This means women must be especially diligent and detailed when creating their business plan. One helpful hint is to act as if you are pitching yourself. Look at your business plan and ask if you would invest in yourself. Ask yourself the questions you would ask a fellow entrepreneur if he or she approached you with the same business plan you just developed. There’s no harm to be done by using every resource at your disposal, especially your own business savvy and experience.

• Don’t expect to finance the business entirely on your own. Unless your business is going to be especially small, you’re going to need capital to start your business. If you think you can finance the business on your own, you might want to reconsider. A business loan or investors can help you plan for the unexpected. If you attempt to go it alone, open your business and then find you need a business loan, the lending institution might find your brand has already been damaged and is less likely to succeed. That can make it harder to secure a business loan. Though it’s possible to finance your business entirely out of your own pocket, it never hurts to partner up with a bank or a handful of investors.

• Rely on your support system. Many women with business experience might feel they need to prove something to themselves when starting their own business and need to do so entirely on their own. While that’s great motivation, underestimating the value of your support system, including your spouse, children and even your mentor, is a mistake. Rely on these people who all want you to succeed, and turn their support into extra motivation.   Metro