Starting Your Own Business

Women have made great strides in entering the business world and starting their own business ventures. In the U.S. there are more than 10 million women-owned firms employing more than 13 million people and generating a jaw-dropping $1.9 trillion in sales.¹ The trend of women in business continues to tick upward. Women-owned firms have grown 42 percent in the past two decades – almost twice the rate of all firms (24%)².

Women become entrepreneurs for a variety of reasons, but two common denominators exist in successful businesses: a calculated blend of passion and planning. It is a great idea to build a business around something about which you are already well versed. Rather than spending time and money learning a new skill set and acquiring the knowledge you need to get a new business off the ground, stay in your area of expertise. Put your effort and resources toward your new venture in something you already know.

Before you jump into the market and launch your business product or service, there are some thoughtful and creative steps to help ensure you create a strong company foundation. Consider your mission – your company model and ethics. Write a business statement and a company profile to solidify your motives, your intentions and your goals. You will need to articulate your business to future investors and clients, so make sure that you spend the time to develop a clear mandate and plan.

Know your market. Opening in the right location for your specific product or service can make the difference between success and failure. There is no need to reinvent the wheel where business is concerned. Many successful enterprises are built by taking an existing idea and tweaking it in a novel or superior way. Take the time to study the field. Learn who your competitors are and what they are doing. If there are no similar enterprises in your area, ask yourself why not. Make sure that you are not overlooking something that other potential business owner might have noticed that would prevent such an idea from being successful.

Things to do to help you get started:

Research your field and gather information
Join organizations and associations that focus on your field and subscribe to publications that focus on your business
Prepare a comprehensive business plan and update your plan regularly.
Identify all potential revenue sources.
Spend regular time building business relationships and networking
Set aside time every day to pick up the phone and follow up on or generate a new business lead
Avoid doing everything yourself – delegate responsibilities to your staff or seek assistance from experienced subcontractors.

There is a wealth of resources available to help you get that business started. Be sure to look for government and bank grants, many that apply specifically to women entrepreneurs. Seek the help of a banker, an attorney, an account and a financial professional to help you lay the groundwork and explore the many facets of starting your own business.

Useful Resources & Links:

1 Center for Women’s Business Research, “Key Facts about Women-Owned Business 2008.”

2 Center for Women’s Business Research, “Key Facts about Women-Owned Business 2007”

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GE 50718 (7/09)