Do women have it harder in the business world? In many cases, yes. It’s harder to get funding and women face gender bias in the business world.
Women are judged on appearances, they’re seen as too emotional, and it’s not easy to be taken seriously.
That hasn’t stopped women from starting businesses, however. There are more than 11 million women-owned businesses in the U.S.
These women entrepreneurs employ close to 9 million people and have nearly $1.7 trillion in sales.
Those are remarkable numbers, but it doesn’t mean that it’s easy for women in business. Keep reading to learn the top business tips and advice to become a successful business owner.
1. Validate Your Business Idea
How do you know you have a profitable business idea? You’re in business to build a profitable enterprise and make money.
You need to have the minimum viable product to know that what you have will work. You should also have a solid business plan.
A minimum viable product (MVP) is a product with basic features. You’ll be able to test it and see if your product fits the needs of the market.
This way, you’re not investing too much money on product development upfront. You can make adjustments to improve your product based on user feedback.
A business plan is a detailed document about your business. You have to know your customers, market positioning, financials, and risks.
2. Look to Other Women for Inspiration
You might be the only female entrepreneur in your area. Know that you’re not alone. There are plenty of women in business who are doing remarkable things.
Amber Leong, Angela Benton, Suzanne Clark, Sheryl Sandberg, and AmanyKillawi are leaders in the national business community.
Get to know their stories and learn about their challenges. Chances are, they had to overcome a lot of the same things you struggle with.
3. Get Clear About What You Do
Can you tell people what you do for a living in one sentence? Does it make people curious to know more about your business?
This is your unique selling proposition (USP). As you start to promote your business, it’s critical to get this down.
It gives you the confidence to answer the question, “What do you do?”
Start to draft statements and practice saying them. You’ll refine them over time, but you want to have a strong USP to start with.
4. Find Supportive Communities
You can look to the most successful business women for inspiration. You can also find women entrepreneurs in communities.
There are countless networking groups, Facebook groups, and industry associations for women entrepreneurs.
These groups are a great way to get support as you build your business. These are often safe spaces to brainstorm ideas, talk about challenges, and celebrate your successes.
Mentorship is another way to get support. Some networking organizations offer a mentorship program.
5. Overcome Imposter Syndrome
About 75% of women executives said that they experienced impostor syndrome at some point during their careers.
Imposter syndrome is the feeling of doubt in your abilities. You could have a wealth of experience in your field, but still feel like a fraud or you’re not good enough to belong.
This is particularly common among women entrepreneurs because they have to prove that they are capable. Entrepreneurship is also a brand new venture outside of your comfort zone.
It’s normal to feel self-doubt. You can’t let it be your dominant feeling. Look over your skills and experience.
Tie them to your current work. You’ll see that you do have the skills and experience required to do well.
6. Work On Negotiation Skills
About 60% of women have never negotiated their salary. Yet, many believe that they’re underpaid and would rather quit.
Negotiation is an important skill to learn no matter what your career is. It’s a skill that’s practiced over time. You can work on this skill with your mentor to get confident and comfortable.
Set a goal for the negotiation. Understand where the other side is coming from and what they want to accomplish, too.
In their case, they probably want to hire you for the least amount of money. You’ll want to come prepared for the negotiation. Back up your case with data and value.
Make sure that you listen and don’t talk that much. Silence makes a lot of people uncomfortable. Give the other person space to think about the offer at hand.
They’ll break the silence and you’ll have a win-win situation.
7. Charge What You’re Worth
Why is self-confidence so important in your work? You have to be able to charge what you’re really worth.
After all, you’re in business to make money and earn a comfortable living.
This is something that’s common to men and women. Without self-confidence, you’ll undercharge for your services.
You’ll spend more time serving clients for less money. You’ll need to get more clients to make ends meet. Your quality of service suffers because you have to do a great job for more people.
In the end, you’re frustrated and burned out.
You have to believe in the value that you provide your customers, whether you’re selling a product or service. Write down all of the ways that you wow your customers.
Then, put a premium price on that. Make sure that you sell your services based on your value.
8. Know Your Leadership Strengths
You don’t have to lead like a man to be a good leader. In fact, many of those qualities make you a horrible leader.
You already possess some of the most valuable leadership qualities naturally. You’re an empathetic person, so you can understand your employees on a deeper level.
The best leaders are empowering because they trust their employees to do great work. When employees feel empowered, they’re more productive.
Great leaders have a grand vision for the business. They share that vision with excitement. That creates a shared purpose that employees work towards.
9. Have a Financial Cushion
One of the main pressures of entrepreneurship is financial. You want to make sure that you’re in a position where you only work with the right clients for your business.
All too often, business owners take any client because it helps them make ends meet for the month. That leads to a bad experience for the business owner and the client.
You can take the stress off of yourself by having a financial cushion when you begin your business. Have at least six months of expenses saved up when you start your business.
10. Be a Problem Solver
Women entrepreneurs encounter all types of problems every day. You have a choice to make with each problem.
You can complain about it, or you can seek solutions. Focus on being a problem solver, not just for your business, but for your customers.
That’s how you add a lot of value and can charge much more.
11. Don’t Take Things Personally
You’re going to hear no a lot as an entrepreneur. Women entrepreneurs take this personally because they are the business.
The reality is that people aren’t saying no to you. They’re saying no to what you have to offer.
It doesn’t mean that there’s anything wrong with you or your offer. All it means is that it wasn’t the right thing at that time.
Keep believing that you have a great offer that adds a ton of value to people.
12. Let Go of Perfection
If women have one great strength, it’s the desire to be perfect in everything that we do. It’s also a paralyzing weakness.
The need to be perfect keeps women from taking action. Many assume that if they can’t be perfect, then they should quit trying.
The best thing you can do is take imperfect action. Focus on a few things that you can do each day to move closer to your goals.
Give yourself the OK to try different approaches and skills. You also have to be OK with failure. It’s fine to make mistakes because they’re part of the learning process.
You mess up, learn from it, and move on. It’s a freeing approach to running your business.
The Best Business Advice for Women Entrepreneurs
It’s true that being a woman in business is an uphill climb. Fortunately, you’re far from alone in your work.
There are communities full of women entrepreneurs to get the support and understanding that you need to make it. You’ll find plenty of examples of successful business women that you can look up to for inspiration.
The best business advice is that your business starts with you. You have to have incredible belief in yourself and your experience. Know that you have what it takes to be one of the most successful women entrepreneurs.
If you liked this article, you’ll love the other business articles on this site. Check them out today! When you’re ready to sell your business, contact Nash Advisory.
