My Money Tree
Advice For The Aspiring Female Entrepreneur
Women are as much a part of today’s business world as men. With many women choosing to begin their careers before having a family and children, or deciding to do both at the same time, one would think the playing field would start to even out a bit. But a cursory glance at the research shows this isn’t the case. The glass ceiling is still there in many instances, and the pressure to do more work for less pay is still very much prevalent in today’s corporate environment. For this reason and others, some women are choosing to go the small business route and become their own boss, where the ceiling is only as low as they make it. Here are a few things for the aspiring female entrepreneur to keep in mind before starting their own company.
The first important step toward successful business ownership is to surround yourself and speak to as many business professionals as possible. This includes a lawyer, who can assist you with the ins and outs of drafting up employee contracts, building contracts, and business deals. It also includes an accountant, who is essential to the successful development of any new business, and an integral part of any existing one. It might also be a wise idea to contact a business coach or simply someone who has been through the ringer already and come out the other wide with a successful business. This kind of expertise can be invaluable to anyone starting their own business.
They can show you what pitfalls to avoid and where to go for the essential startup needs (such as where to get capital). The second step is to determine what kind of business insurance you will require. This could be done either by extending your homeowner’s insurance to cover your business, or finding a separate policy by contacting an independent agent. Make sure you speak to some professionals in the field and do a bit of shopping before settling for an insurance policy. They are not all created equal. Thirdly, you’ll need to decide whether you want to take on a partner or not. There are many prods and cons when it comes to creating a business partnership. It can provide you with additional startup capital, but it can also put your ideas at the mercy of another interested party. Still, if the party is intelligent and business savvy, you may benefit from their analysis. After completing the above steps, you’ll want to create a business plan that details the mission, aims, and cost of your business for the first business year.
This will not only aid you in running your business and making sure you stay on top of your goals, but it will be essential when seeking outside capital. Investors don’t typically invest out of the goodness of their hearts. They want to know they will be making something back. A business plan can show them just how they will be able to do this. With your business plan in hand, and the above steps completed, you will be well on your way toward successful business ownership.
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