Here’s something you already know: the world needs female entrepreneurs and women leaders. For too long, positions of power (or the opportunities to acquire them) have been given to men on default. While there has been a huge push in recent years to change this, recent statistics show that 252 million entrepreneurs out of approximately 582 million in the world are female - meaning just 31% of business owners are female-identifying.
However, there is a way in which you can be on the positive change on this side - beyond ensuring that you support female-led business. And that’s by becoming a business owner yourself. After all, if you have a vision that you believe can turn into a successful business or a passion that you are keen to monetize - what are you waiting for?
With that in mind, here are some top tips that you can use to steer your female-led business to success.
Find your niche.
According to recent data, over 627,000 new businesses open each year. This means that your business will be met with intense competition from the word go, and you need to be able to find a way to stand out from the crowd. The easiest way to achieve this goal is by identifying a gap in the market and carving out a niche for your brand. To put it simply, you need to be able to identify a clear USP (Unique Selling Proposition) for your products or services (i.e., what factor(s) are unique to your products or services that your customers could not get anywhere else). This could refer to the quality of your product or your price point.
Show the human side to your business.
Studies suggest that modern consumers are more likely to support a business when they feel as though they know the people behind it or are given a glimpse into the ‘human side’ of your business. This is because your brand instantly becomes more relatable instead of appearing somewhat faceless and robotic (especially if your brand operates entirely online). It also means they feel as though they are spending their money wisely as they can see the people they are supporting when making a purchase.
Thankfully, there are various ways in which you can achieve this goal. For example, you could include a ‘Meet the Team’ section on your website and work with a Corporate Video Production to film some behind-the-scenes videos on-site. For example, this video could shadow a member of your team through their workday or showcase new products.
Studies also suggest that videos, whether they are featured on your social media or website, are often viewed upon more favorably than other forms of content (such as pictures or blogs) because they feel less contrived and more genuine. This is because they can see your facial expressions and hear your voice as you talk about your business - which feels like they are interacting with you directly. As a result, you will begin to develop a relationship with both your current and prospective clients.
Take care of your employees.
Right now, we are experiencing a shift in workplace culture known as the great resignation. Fueled by the COVID-19 pandemic and general career dissatisfaction, more employees than ever are leaving their jobs in search of greener pastures. While this is excellent news for employees seeking new opportunities for themselves, it's a disaster for employers. An empty seat in your office means an increased workload for everyone else - and this is before you even consider the costs of hiring a new employee.
Thankfully, you can remedy this by simply ensuring that you become a leader worth working for. For example, you should ensure that your practices and management style fuel wellbeing, not burnout, so that your employees feel supported, respected, and happy at work. You should also provide them with plenty of opportunities for personal and professional development so they feel as though they are investing their time wisely. For example, you could develop a mentoring scheme or cover the cost of additional training.
However, you should also ensure that your employee's mental and emotional needs are met. For example, you should make it clear that they are able to approach you should they have any issues at work without feeling as though they are putting their career at risk when asking for help. You should also compile a list of resources they may find helpful if they are struggling, such as contact details for therapists or charitable organizations that they might want to rely on.
Get on social media.
Social media, when managed correctly, can quickly become your business's best friend. This is due to the fact that once again, it helps show the human side of your business by providing your customers with an informal, friendly way to interact with your brand - whether they’re commenting on your posts or sending a direct message. It's also a great way to drive traffic to your website and increase sales, as you can incorporate a call to action in your posts.
However, it's crucial that you take your social media seriously, as there is a science behind making it work for your brand. Don’t post for the sake of it - and ensure that you curate content that fits your brand. While it is fine to advertise your products and services on your social media, this should not be the only content you put out there. For example, you could also post relevant lifestyle content, customer reviews, or inspirational quotes.
You should also make sure you choose which social media platforms you use carefully - as different age demographics spend their time online differently. For example, if your brand is catered towards younger people (25 and below), then TikTok may be your best option.
Get to know your finances.
Regardless as to whether or not math was your favorite subject at school, running your own business requires you to dust off your calculator and make a wide variety of financial business decisions. For example, you are in charge of sourcing materials for your products, employee salaries, tax payments, and office or venue hire (to name a few). As a result, you should make sure that you get to know your finances sooner rather than later so you can track your spending and ensure your company remains financially healthy and viable.
By paying close attention to your finances, you will be able to stop any problems in their tracks before they become a serious issue. You’ll also be able to identify the areas in which you may be mismanaging your funds, saving you hundreds of dollars in the process.
Work on self-development.
The best leaders in the world are able to identify their own faults and actively work towards improvement. This is the only way in which you can continue to grow alongside your business, catering to the rapidly changing needs and demands of your consumers. As a result, if you want to be a successful business leader, you need to invest in your own professional development too.
In the same way, in which you’ll expect your employee's skill set to grow and develop, yours should grow alongside them. Think carefully about the areas of your business you find the most difficult to tackle - be that your finances or management - and then put plans in place to change this. For example, you could sign up for training courses.
Give yourself a break.
Many entrepreneurs feel as though they have to be ‘married’ to their job or working 24/7. This mindset is particularly common amongst female entrepreneurs, who often feel as though they need to work twice as hard as their male counterparts in order to prove themselves. However, working continuously without rest is not productive - it's simply putting you on the path to burnout. Over time, this mindset will actually begin to detract from your ability to do your job, which could spell trouble for your entire company.
As a result, it's essential that you understand that rest can be productive - whether you clock off a little early one day or stop eating lunch at your desk. Whenever you feel stressed or overwhelmed, step away from your computer and go for a walk. This will help you to clear your head to destress and could even help you figure out the solution you were looking for at a much quicker rate than you would if you kept working continuously. To put it simply, health and wellness should become your main priority if you want to be successful.
To put it simply, there are various steps you can take to steer your female-led business to success. However, it's crucial that you believe in yourself beyond anything else. Know that you have what it takes within you to grow and achieve your goals and that your vision for success can become a reality so long as you keep working and refuse to give up. Stay focused, even when encountering difficulties, and make it happen for yourself.
