The number of women working to start up their own small and medium sized businesses is ever-increasing. There is a potential to grow the proportion of entrepreneurs in the UK massively if business driven females are given the support and advice, they need to start their venture.
Here are 7 savvy tips women can use to feel more confident in improving and expanding their small businesses:
1. Invest in your growth.
Whenever you do any task, I am sure you think to yourself: what will be the final result? Whether you are working towards a sale or a daily profit, or gaining a new client, these are all examples of end goals that you might want to achieve for your business. In order to achieve these goals effectively and quickly, you often need the help of outside funding.
A good funding option for business growth, that will also allow you to maintain complete control over how your business is run,are known asmerchant loans and cash advances. You can borrow up to £500,000 and repay flexibly and affordably using your card terminal. There are no fixed repayments, as the amount you pay back is calculated as a percentage of your daily card sales. In other words, repayments are always in sync with your business’ cash-flow (if you earn less, you also repay less) making it a great funding option for start-ups.
2. Be known inside and outside your industry.
By making yourself known in the industry you are going into, you will be immediately placing yourself at an advantage over competitors. Well known businesses (with a positive reputation) are more likely to gain returning, loyal customers and new customers will be willing to try something new if they have heard positive reviews about it first.
Outside of your industry it is helpful to be known in order to make connections and have a good relationship with a range of suppliers. Your image is crucial as an enterprise for other companies as what they see from the outside is how they will judge you and through this perception decide whether or not you are a company worth investing in.
3. Listen to your employees.
While it is a huge asset to be known in and out of your industry, you will not manage to do this successfully without the support of your employees.
They are the backbone of any organisation as no matter how dedicated and independent you are in terms of running a small business, it is never a one-man job. By having a healthy relationship with all of your employees you will be helping them help you as the quality of work will be so much better if they are treated well. Listen to their ideas and suggestions for growing your business and build up a strong network within your own company so that other industries can see how stable you are as a whole.
4. Talk to other women.
As a female entrepreneur it can be daunting, particularly if the field your entering ismale dominated. This should not put you off creating and managing a small business of your own.
Talking to women who are also developing their entrepreneurial skills and can share their own struggles, should help you feel more encouraged and inspired to make your business the most successful it can be. Discussing your wins, losses and where you are stuck, is essential to all women-owned business leaders. On the Government website there is a whole section on women in enterprise which gives useful links to different support and advice that may be a good aid for growing your company.
5. Prepare to make sacrifices.
Managing an early business can be a lot of work and it is imperative that you are always aware of how your company is being run, from paperwork, to employees, to your customers.
In order to be completely successful with a business you would also like to grow, it does unfortunately mean that some sacrifices have to be made in other areas of your life. You may have less time for recreational activities and running your own company is not a 9 to 5 job. Expect some early starts and late finishes – don’t be too disheartened because a venture you have invested all your time, effort and money into will be sure to give you rewarding results.
6. Simplify your business.
It is easy to jump in the deep end when you have an amazing business idea and want to see it succeed immediately. However, any business takes time to grow and you must be patient. Yes, you probably have loads of great plans and schemes but rather than becoming muddled by all the possible ways you could run your company, take a step by step approach.
That means getting all your financials in order to begin with, so you at least have something to invest. Then you need to plan and re-plan until it is concrete. Sometimes it is better to keep it simple and perfecting a simple idea that is reliable for your employees, your customers and yourself the owner.
7. Take risks.
Although it is important to simplify your business in order to make every aspect manageable and successful, your business won’t change,or ever improve and grow if you don’t take a few risks. The risks do not have to be a massive financial investment because for a small business this could be a fatal decision. Instead, you can change a product line, or the way your employees manage their tasks, or the design of your shop to suit the constant change in customer trends.
Again, it is always possible to use alternative funding options, like merchant loans and cash advances, which could help you with an ambitious idea that you want to carry out for your enterprise. Risk taking can be carried out in many areas of your business and if you have a stable plan in place and the financials sorted to make a change, it could create a more profitable future.