Starting a New Enterprise – Top Six Tips For Women Entrepreneurs
Business is serious business. When the going gets tough, many entrepreneurs choose to get “hired” to help make ends meet. This is an acceptable solution, but only for the first few months. A small business needs time to grow and generate enough cash flow to meet expenses and payroll. During lean economic times, there are more challenges to face than ever.
Many business plans fail because entrepreneurs do not take time to prepare and develop a sound business plan. You cannot successfully open a small business during lean times, when most of America is suffering. Before you seek capital, ask successful business owners for advice, discuss your business plan with friends and colleagues, or work with a business mentor, consider these key takeaways.
o Begin by developing a business plan that emphasizes and shows projected growth. As a new home business owner, there are many potential reasons to start small. Your reason may be related to personal interests such as your love of cooking, your love of travel, your ambition of starting your own business, or your desire to enjoy working at home. All of these reasons can drive your business goals.
o Marketing is essential to expand your customer base. The Internet has given birth to a new industry – online businesses. Ecommerce describes the field of selling products and services online. In addition to having an online business, you also have to have an ecommerce website to support your business.
o Prepare a business plan with a specific goal in mind. Successful businesses have clear business goals that are well defined and can be achieved. Many home business owners say that their business was not successful until they decided what their business was going to be about and how it was going to achieve its goals. Without clearly defined business goals and plans, it’s easy to get off track and lose momentum. It’s important to know where you’re going and how you’ll get there.
o Make a list of your assets, your costs and your liabilities. Your business plan should include an inventory of your assets, the costs that you will incur in startup and operation, and an inventory of your liabilities, which consists of any out-of-pocket expenses that you incur. This inventory list will allow you to break down your costs and identify additional resources that you will use to run your small business. This information will also help the corporation or company to determine if additional funding is required.
o Prepare a business plan that is targeted toward your specific business opportunity. Most new businesses begin with a general idea. When a business becomes a success, it usually starts with a great idea. The best plans are those that address unique issues and problems that customers face. This helps the business owner to focus his or her attention on the greatest potential opportunities rather than possible pitfalls. If you plan to start small, you may want to consider starting a niche business that solves a problem unique to a particular group of people.
o Identify your personal strengths and weaknesses. While many small business owners start up their businesses because they have a great idea, most have many limitations and weaknesses. You should identify what you are good at and what you are not so good at. You should also develop a plan that will allow you to compensate for these weaknesses and use your strengths to overcome the obstacles that you come across.
o Contact small business organizations and women entrepreneurs. Women-owned businesses and corporations are usually looking for capital. Capital is often needed in order to expand into other markets or increase production. Women owning small businesses can be eligible for grants and low-interest loans from the United States Small Business Administration, which are specifically designed to assist small business owners. There are also women entrepreneurs that own publicly traded corporations that may be interested in capital from the United States corporations division.
o Develop your business plan. A well-written business plan is essential when it comes time to raise capital. Your business plan will outline the details of your business as well as why you intend to make it successful. It will also detail how you intend to compensate for any financial setbacks as well as how you intend to market your product or service.
These are just some of the things you need to know if you are going to start small. These tips will help you avoid some of the pitfalls that new enterprises are prone to. Always remember that you should always consider your profit before anything else. Make sure you carefully crunch the numbers to ensure that you’re not losing money because of overhead costs. Taking into consideration these factors will ensure that your new enterprise doesn’t become a money loser.