06 Jul Boss Up, It’s Your Time To Shine
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Are you ready to launch your own business and take control of your work/life balance, finances, and professional career? If yes, congratulations. You are about to join the ranks of all the boss babes that came before you. Riveter Consulting Group provides career consulting services that help you jump into the world of entrepreneurship as the Head Woman In Charge.
Follow your passion.
No doubt you’ve heard the adage that if you do what you love, you’ll never work a day in your life. This is true to some extent, although you will still have the expected stress and strain that goes along with meeting other people’s expectations. However, doing something you are truly passionate about will give you a sense of purpose. You’ll also find fulfillment, even if you are busier than ever.
Master your education.
Although you don’t need a degree to start your own business, earning an MBA can help you develop professionally. This is crucial if you need to refine your leadership, management, and business strategy skills. Plus, earning an MBA in business administration can help you become more self-aware as you learn to assess your strengths and identify weaknesses as an entrepreneur.
Take advantage of resources.
As a woman, you have access to grants and programs designated for female business owners. You can find information about these on Grants.gov, through your local women’s business centers, and SBA-sponsored Small Business Development Centers. Further, there are many private grants available to women, including a $10,000 grant through Amber Grant Foundation and smaller growth grants through the National Association for the Self-Employed.
Narrow it down.
Once you get started, you’ll still need to refine your business’s operating procedures and business plan. The market you target dictates what products and services you offer. For example, if you want to open a beauty salon in a mostly working-class area, you may need to extend your hours to accommodate women working their jobs.
Do the math.
Your business’s success is not determined simply by how much money you bring in, but also by how much you spend and are projected to earn in the near future. You must understand how to read an income statement, including understanding the difference between gross profit and net income. You will also need to calculate your potential operating expenses, which may include everything from marketing and advertising fees to utilities on your brick-and-mortar location.
Don’t get consumed.
Perhaps the most important thing you can do as a new business owner is recognize when you cross the line between working toward your goals and being overworked. This does not mean you have to count the hours that you work, but rather pay close attention to how your working hours affect your personal life. If you constantly miss dinner with the kids or can’t make it to important family events, it’s time to visualize how you want your workday to go and take action to make it happen.
Hire well and right from the start.
Another great way to keep you from getting burnt out is to hire the right employees from the beginning. While it is easy to say you can do it all yourself (and even tougher to let things be taken over by others), we all need help. Finding the right people to help you grow your business from the beginning means you can grow your relationship with your employees while your
business grows. Plus, you’ll have someone competent that can take over when you step away for a much-deserved vacation.
This is not a comprehensive guide to launching a small business as a woman. But, the tips above are great bullet points to keep in mind as you take the first steps into entrepreneurship. More than anything, remember that you’ve got this. You are smart, strong, and undoubtedly the best woman for the job.
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