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COVID-19 is a sign of changing times and more specifically, time to start your business to become a true woman entrepreneur. You’re never too young or too old to start your own business.
Calling all sisters in business! Whatever you were waiting for before COVID-19 is irrelevant. What are you waiting for now?
The time is now
The illusions that you have job security or that you need to have a big expensive office to be successful are myths that have been shattered. As many of us are unemployed, furloughed, underemployed, and/or working from home, we recognize that we can often do better for ourselves and those we love with our own businesses.
The economy is chaotic, yet it still presents very specific and very real potential for success.
You are still you and if you are a productive person, you can and will be productive again. How will you channel that energy?
Times like these force us to come to terms with what we want out of life, define and redefine our true purpose, and increase levels of self-awareness, including your assets and skills.
Use this knowledge and global pandemic pause to hone in on what your business is supposed to look like.
Make it functional for you and your family. Work on it like it’s your new job because it is. Do your research, explore your passions, and don’t let negative naysayers cause you to doubt yourself.
Understand the demand that you are supplying
Even with COVID business, your company thrives on its starting principle: that we are bringing something new (supply) to a market that wants it (demand). Honestly answer one simple question: what do you like to do? Then ask yourself, what am I good at doing?
Look at what businesses are experiencing success now and how you can be part of that success.
Whenever possible avoid duplication of services to prevent immediate competition conflicts and don’t underestimate the growth potential of a niche market, more specialized business strategy.
Invest in your future
The number one reason women businesses fail, particularly those owned by Black women and women of color, is undercapitalization. You will need money to make money. How much you need depends on your industry, however, know that you should try to infuse as much capital into your business as you can, and don’t be shy about utilizing funding related to COVID-19 that you may not otherwise have access to.
Women entrepreneurs understand that the impact of their work is not limited to themselves.
When women-owned businesses are successful, we help ourselves, our families, our communities, and our nations. The impact is positively exponential.
Adapt to a new, dynamic economy
Change is a constant in life. As an entrepreneur, your acceptance of the ebb and flow, peaks and valleys of entrepreneurship, is required to keep your cool, no matter what. The uncertainties of COVID business during and after the global pandemic makes this especially true.
We learn by doing and sure, you may make some mistakes. If you can accept these mistakes as just part of your learning journey toward success, you won’t put too much pressure on yourself to do everything right all the time.
As the world and your business changes, so should you. Look for it, expect it, and know that it is part of doing business nowadays.
Gain the skills to help you achieve more, faster
Take advantage of online training classes such as the free online courses offered through Harvard University Business School. Learn how to set up, grow, and maintain your business properly to optimize your chances of success.
Engage in the following:
- Proper legal establishment of your business
- Appropriate accounting
- Detailed recordkeeping,
- Focus and commitment towards your specific business goals, and
- Outstanding customer service.
Make your business about quality and customer satisfaction to build a good reputation and keep it going.
Get the right help
Hiring assistance to do the things that you are not able to do or do not have a lot of time to do is smart business acumen. While your funds may be limited at first, you will likely need the specialized expertise of a professional at some point. Hire smart and only when necessary when first starting your business.
You may also benefit from a mentor, someone who has been there and is willing to help you navigate unfamiliar waters and make it through challenging times.
Sisterhood Agenda is here to help you! Let us know what you need to be a successful woman entrepreneur and business professional.
Photo credit: Thought Catalog, Unsplash