Women are turning to entrepreneurship at higher rates than ever before. Embarking on the process to start your own business can feel intimidating, but it doesn’t have to be. As many have discovered – and used to their advantage – there are a wide variety of available resources and options to help turn your dream into a successful reality.
Post-pandemic, women business owners are driving economic growth and development in the United States. According to Forbes, there are more than 14 million women-owned small businesses accounting for nearly 40% of all businesses in the country, generating $2.7 trillion in annual revenue and employing almost 12.2 million people.
Could business ownership be in your future? As you prepare to start your own business, consider these five tips.
1. Buy an existing business.
Before starting a business, it’s important to evaluate established businesses for sale. There are many benefits to buying an existing business, including:
- Tested products and/or services
- Established team
- Structured processes and systems
- Existing customer base to build from
Most businesses are created because they solve a problem or fill a need, but a lot of successful businesses that fill these gaps already exist.
2. Turn your hobby into a business.
Do you have a hobby or skill that could be monetized into a business? Many side jobs can turn into successful full-time businesses over time. Since the business starts as a side project, business owners often still have time for additional employment to bring in needed income while growing their business. However, it’s important to generate a business plan and set goals with any business endeavor to determine if it will be viable in the long term.
3. Engage with available resources.
Several free resources exist and are available to support you along your business ownership journey. Do some research and consider reaching out to these organizations:
- Small Business Development Center (SBDC)
- Small Business Administration – Women’s Business Centers
- FIN Capital Investor Association, a women’s angel investor group based in Des Moines
- Local business brokers
Additionally, seeking out professionals you trust who can advise you on next steps and help you better understand the benefits and challenges of owning a business can be beneficial.
4. Build meaningful business contacts.
Aspiring entrepreneurs should prioritize networking to gain valuable relationships that could provide future business leads, partnerships or even mentorship. Building a strong community of contacts can be invaluable for your growing business.
5. Don’t let risk overshadow opportunity.
When it comes to business ownership, the vast number of unknowns can be overwhelming. However, business ownership skills can be developed over time. With the right planning, funding and determination, business opportunities will outweigh the risks.
Business ownership is a big endeavor, but with some preparation, education and collaboration you too can start your own successful business.