The number of women entrepreneurs has risen considerably in the recent past thanks to the positive change in societal structure and general outlook towards the so called ‘weaker’ section of the society who are now making it big in many challenging enterprises. It’s hard to find any venture where women haven’t made their mark. Women who are thinking of starting a new business may have innumerable fears in mind but that shouldn’t deter their spirits. Read on to find out what fresh women entrepreneurs must keep in mind when they’re starting their business.
Does the enterprise suit you well?
You may have all the ability and determination to take forward the business you have planned but there are some crucial questions that play a decisive role in determining whether or not you should go for it. This involves considering your personal life along with your business. Do think thoroughly about how much space your work will occupy once you’ve kicked off and how it will affect your family and kids. Once you’ve listed down all possibilities; if you seem comfortable with whatever changes your business is going to bring about at the personal front, consider it as a green signal. If you think you will not be able to cope with the drastic changes, you do not have to give up your idea of starting a business, but may be you could start at a smaller level and acquire help from more people later on as you progress.
A thorough market study
The business idea that you’re working on may seem quite bright in the first place but it must be weighed against all possible hitches. Firstly, understand if there is a good need for your product, service or idea. If yes, what is the level of competition in the market and how you plan on going ahead of your competitors. If your strategies are weak and do not address these issues, you may face lot of difficulties surviving in the market. It is also important to look into other essentials such as the manpower you wish to hire and the place where you want to have your office, production unit or showroom, keeping cost considerations in mind.
The most critical element of a new business- finance is something all would- be entrepreneurs need to plan on. Some may invest money from their own pockets, while others go for business loans to fund their ventures. Either way, you need to plan your investment smartly, so as to get maximum returns with the least possible investment. Depending on what business you are going ahead with, you may require financial support ranging from a small to a very large sum. And it’s not just the initial investment that you’re going to require, your business may take months or years to start yielding any net profit. Till that time, keep adequate backup for overheads such as maintenance costs, raw materials, salaries, etc. Thus proper budget forecasting helps you understand how much capital you will actually need to have in hand so as to keep it going without any glitches.
Be equipped for all outcomes
Your business will do well under all circumstances is something you can’t be completely sure of, no matter how much of hard and smart work you put in to nurture it. Sometimes new ventures storm the market and make money quickly whereas others may take their time to grow, still others may not give any returns, leading to losses. Be prepared beforehand for any such consequences, especially with regard to financial backup.