Women are one of the fastest growing groups of entrepreneurs. This makes sense, given how much of the world’s capital women control. In America, recent studies from Forbes and She-Economy show that women make up over 80% of the personal consumption dollars spent. They account for more than half of the purchasing power in the U.S., and are more influential in buying household products and luxury items than men in every industry. It’s no wonder that more and more women are starting their own businesses, taking advantage of this startling rise in capital.
Know Your Pitch
The pitch is the single most important information you can have as an entrepreneur. The pitch encapsulates everything about your business in a single sentence. Try to aim for fifteen words or fewer. Your pitch should contain all essential information about what your business is, what it does, to whom it is marketed, and what need it fills. For example, a pitch could be something like, “I sell up-market ingredients to local mothers with mobility impairments.” This outlines the product, the service, the need the product fills, and the target demographic. Have a one-sentence pitch ready for any time you meet a new contact.
Have a Plan
Every business should have a plan. The old adage, “To fail to plan is to plan to fail,” holds true especially for small business start-ups. The business plan should include a budget, a plan for contacts, a plan for direct mail marketing, a systematic plan for expansion, and a second, third, and fourth budget. If there is no plan for your money, you should plan to see your business fail within a few months at the longest. Not only do businesses cost more than anticipated in almost every instance, but they are traditionally and typically slow to take off and make back their investment.
Build a Website
One of the greatest assets in the small business owner’s arsenal is the website. A professionally-designed website can go a long way to building your credibility as a company, making you easier to contact, and aiding in the branding of your business. If you are unsure how to go about building a website, consider hiring a professional web designer. This can boost your ranking in search engines, as well as associate your product with the brand you choose in your customers’ minds. Make certain that every page leads back to your home page. If you absolutely must design the website yourself, avoid bright and flashing images. Choose simple colors and shapes that make a lasting impression on every single visitor to your website. Trust your intuition about the design.
Market, Market, Market
Marketing may be unrelated to your small business, but it is one of the most important things you will do in the life of your company. Building contacts, making connections, and making the brand association with your company is one of the most important things you can do to start. The average woman has over 150 contacts in her mobile network. Use as many of your contacts as possible.