6 Brilliant Startup Tips That Will Help Women Entrepreneurs Succeed

There was a time when people considered even the idea of a woman running a business to be a joke. But these days, the number of women-owned businesses is actually growing twice as quickly as other startups.

Photo by Bench Accounting

More women than ever have taken control and are making the move to start and launch their own businesses. Sure, it is not easy for women to make their way in the startup world. But it is no longer deemed impossible. With great passion, the right mindset and durable support systems, women can go on to achieve their entrepreneurial dreams.

Nonetheless, it is no secret that female entrepreneurs face some difficult challenges when launching their businesses. This is especially true when they do so in fields dominated by men. They struggle to find other women with whom to engage in business deals. And there is also a lack of female role models.

Furthermore, women who run their own startups also have to deal with the perceptions of others. Often their peers and friends consider their work to be a side project or a hobby instead of a serious business venture. This state of affairs can be incredibly frustrating and often discouraging for aspiring female entrepreneurs.

Here are some top startup tips that can help women overcome these challenges.

1. Find your passion

Bear in mind that you will have to devote long hours to your business. It is therefore a good idea for you to choose an industry that you are passionate about, and not one you simply like.

When you are passionate about something, your enthusiasm will show. And your belief in what you are doing and your energy will translate to your employees and customers, thereby sparking their enthusiasm about your business.

2. Align your business with your personal goals

Are you interested in building a full-time business? Or are you just looking for a way to work part-time in order to supplement the family income? What is your goal? Money or freedom? Or maybe both?

There is no rule in any book that says you have to work round the clock when you are running a business. It is up to you to launch a business or opt for a business style that is in accordance with your personal and business goals.

3. Keep your work and home life separate

One of the most common mistakes that female entrepreneurs end up making is not striking a balance between their home and work lives. They don’t realize that this imbalance reduces their chances of success.

Therefore, it is important for you to set aside time for your work and personal lives. Ensure that each is getting the attention it deserves. You need to establish standard office hours and make it a priority to stick to them unless there is an emergency.

Likewise, you should work just during office hours and not send emails or accept calls after hours. Your clients and customers are going to conform to your schedule only when you also follow it. This means that you shouldn’t contact anyone after hours if you want them to follow your rules.

You should also have a separate work area, whether it is at home or outside, and you should shut the door after your hours are over.

4. Learn to use technology

Technology has pervaded all aspects of our lives, and your business is no different. With the widespread use of technology, it has become increasingly difficult to keep home and work life separate. The enticement of an incoming message is enough to keep you distracted.

You might not be able to concentrate on what you are doing, such as spending time with a loved one or doing a project. Check your emails only at certain times of the day, or let them wait till morning. Use auto-responders for phone calls or let calls go to voicemail after hours.

5. Make great connections

Working alone can be difficult, so the connections and contacts you form are going to be invaluable because they can help you navigate the business world. But your contacts are valuable not merely for your business.  Through them, you can also form a support group where you can share your ideas, along with your frustrations and goals.

Networking is important in any industry, especially when working in real estate. In order to create a successful real estate business or any other business of a similar kind, you need to have some resourceful contacts.

6. Define your brand clearly

Always remember that it is essential for your brand to have a clear definition. What is your brand and what does it stand for?

Make sure that everything you do conforms to your brand, whether your logo design, color scheme, presentations, correspondence, company mission, culture, or customer service packaging. Don’t make the mistake of deviating from your brand. Your clients will remember you through your message and consistency.

These are some excellent startup tips that can be immensely useful for female entrepreneurs. Through this advice, women will be able to make their dreams of launching their businesses come true.

The post 6 Brilliant Startup Tips That Will Help Women Entrepreneurs Succeed appeared first on Growmap.

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6 Brilliant Startup Tips That Will Help Women Entrepreneurs Succeed

3 Sources for Funding Your Start-Up in 2017

For passionate wantrepreneurs, the itch to launch and get started is almost too powerful an urge to resist. The reason someone leaves a stable, traditional career path and jumps into the fray of starting up usually revolves around passion. Passion is what fuels the transition from dreamer to doer.

Fortunately, dreamers are limited by capital. Why do I say “fortunately”? The constraints of capital force dreamers to keep their feet firmly planted or to suffer the consequences.

I am a firm believer that the capital raising, VC pitching, pre-launch phase of a start-up is critical to its success. Every pitch represents an opportunity to revise the plan, gain valuable feedback from potential investors, and improve efficiency.

1. Slash Your Personal Expenses

The first step in becoming an entrepreneur is preparing for the financial strains of the journey. Cash-flow is the name of the game. The more of your hard-earned savings and earnings you can keep in your pocket at the end of each month, the longer you’ll be able to stay in the fight.

Potentially, if you’re able to slash personal living expenses enough, you could completely self-fund your start-up. That’s HUGE! Outside funding is expensive, so get your personal finances in order to build business credit. Think about the value of Facebook’s stocks today. Just a 5% stake in the social media juggernaut’s early days would be worth millions today.

• Get onto a flexible, written budget that accounts for every dollar spent personally.
• Start selling anything and everything that isn’t nailed down.
• Slash monthly bills. Stream Netflix and YouTube instead of paying for cable. Sell your leased car and buy a reliable clunker. When your cellphone contract expires, pick up a prepaid SIM card.
• Cook healthy foods at home instead of eating out. And that Starbucks coffee? The best part of starting up is Folger’s in your cup!

2. Dip into the Equity of Your Home

Many impatient entrepreneurs choose to skip the process of raising outside funds or stockpiling cash. Instead, they take advantage of a home equity line of credit (HELOC) or a second mortgage. I’m personally not a big fan of this approach.

First, it eliminates the necessity to pitch to VC’s and other experienced investors. Missing out on their advice and the benefits of subjecting your plan to the rigors of the capital raising process is a huge loss. Secondly, you’re funding a speculative business with a form of financing that requires consistent, monthly payments.

Mark Cuban is fond of saying that only morons launch a business with a loan. Why? The bank doesn’t care about your business. During turbulent times, the bank will add increased stress as you’re pressured to cough up payments you can’t afford.

Trust me, turbulent times are guaranteed in any start-up. You do not want to be dealing with a silent partner that simply wants a monthly check and will do whatever it takes (including seizing your company’s assets) to satisfy the obligation on its timetable.

Sell Your Home, Instead of Borrowing Against It

If you want to access the start-up capital available in your home, sell it. Selling your home frees up your equity, without creating a bank loan.

And you can transition into life as a renter, where the cost of living is significantly more predictable and manageable. Say goodbye to handyman repairs, property taxes, and HOA dues. In terms of cash-flow, an affordable apartment beats home ownership any day of the week.

3. Start in Real Estate Investment

The path to entrepreneurship and starting up is never a linear journey. My business partner started out in real estate. His strategy was to begin to generate multiple streams of income from rental properties and use that income to launch his future business.

There’s some risk involved in this strategy, as tenants are sometimes late on their rent. There are also chunks of time where an investment property isn’t actively rented, meaning negative cash-flow. Plus, maintenance costs on rental properties are unpredictable and constant.

If you want a good laugh, check out some of the crazy excuses property managers have to deal with when the rent check comes due. Seriously, property management and being a landlord is a major time eater.

But renting out could be an effective long-term strategy for generating additional cash-flow and increasing your personal net worth. As an entrepreneur, both cash-flow and net worth should be buzzwords that get you salivating.

The absolute best strategy for starting up is to create something you can self-fund. You don’t have to launch everything right away. I like starting up in components and letting each piece of a start-up fund the next one.

But if you must take on outside funding or a loan to get going quickly, try to keep outside funding requirements to an absolute minimum. Quick cash gets expensive over the course of a successful business.

The post 3 Sources for Funding Your Start-Up in 2017 appeared first on Growmap.

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3 Sources for Funding Your Start-Up in 2017