All entrepreneurs face challenges when launching a new company. However, women who want to start a small business may often encounter obstacles most other entrepreneurs do not, including limited funding, gender inequality, and an inadequate support system.
Women-focused business organizations like NAWBO are made up of like-minded women entrepreneurs who support each other and offer advice on everything from getting access to capital and advocating for a more level playing field.
6 Tips for Women Wanting to Start a Small Business
In a recent survey, successful women entrepreneurs were asked to share their wisdom on what it takes for other women to start a small business. Here’s what some of them had to say.
1. Building a Business Takes Time
While building your women-owned business, remember there’s no deadline for success. Most small businesses take at least two to three years to show a profit and don’t become what’s typically defined as successful until they’ve hit the seven to 10-year mark. As for those women entrepreneurs who truly experience overnight success? They’re outside the norm, which is why they get the headlines!
2. Start Before You’re Ready
It can be tempting to overthink things, imagine different scenarios, and try to get all your ducks in a row before starting a business. Though you need to have a business plan, there is a point where you must stop thinking and start doing. No one who starts a business knows for sure whether it will succeed, so it’s essential to just keep doing the work, regardless of what might be waiting down the road.
3. Connect with Other Female Entrepreneurs
Joining a women-focused entrepreneur network can be a game-changer in your entrepreneurial quest. Women you meet in groups like NAWBO have been in your shoes and faced similar struggles, so they understand what you’re going through more than others may.
4. Find Sources of Capital
Though women own 40% of all businesses in the U.S., six in 10 say they don’t have the same access to capital as their male counterparts. Nearly a quarter of them never expect to. Networking with other women entrepreneurs can help you learn where and how to access funds to take your small business to the next level.
5. Be Tenacious
Tenacity, passion, and risk-taking are three critical traits women small business owners need to possess. When the going gets tough, these attributes keep you going back to the drawing board and ensure you don’t take no for an answer. Groups like NAWBO Southern Nevada give you access to a network of thought leaders, mentors, and friends who keep you accountable, encourage persistence, and cheer for your successes.
6. Build a Strong Team
You might start your small business without any help, but surrounding yourself with other strong and supportive people gets you closer to success. As your company gains traction and grows, you need a team that provides fresh perspectives and supports your goals. Support organizations like NAWBO help you build your leadership skills, including assertiveness, inclusiveness, risk-taking, and problem-solving, so you’re best equipped to put together a successful team.
Overcoming Business Challenges Together
Starting a small business can be an exciting adventure. Make sure your efforts succeed by taking advantage of all the benefits including monthly workshops, discounts and more with a NAWBO Southern Nevada membership. Visit our membership page today to learn more today.