5 Things You Should Know Before Starting A New Business

3 min read

Team VOW
We aim to create a difference in the life of girls and women!

It’s not like it was fifty years ago nowadays. Women have a lot more opportunities, and it’s not so uncommon to see women in leadership roles in businesses In many places in the world women run successful businesses and are very good at it. Female-led startups are very much a thing nowadays, but there are a lot of things you need to know before starting a new business. You’ve come to the right place for tips for startup success!

A startup is a big undertaking. It’s starting a new venture where you’re your own boss. You’re making a lot of major decisions, especially at the beginning, and taking all the calls. There’s no one else to blame for things going wrong, but you do reap a lot of rewards if you’re clever with how you proceed. Starting a new business can be tough, especially for female-led startups, because women encounter more obstacles than men do. But it’s not impossible, and if it’s your dream, you should go for it.

Here are some things you need to consider to ensure you’re on the road to business success.

Pick something you love

Whatever your startup is related to, it should be something you truly have a passion for. Especially in the initial days of business, things might be hard. You’ll be doing a lot of work alone, you might not have much in the way of finances, you’ll be spending extra hours to get the results to grow your business.

Before you start spending your time and money doing something that’s just a fad to you, examine carefully why this decision to start this particular business is important. If you’re starting a handmade jewelry line but you really don’t know the first thing about jewelry, that’s a problem. But if you love coding and all that jazz and you want to start a web development business, you’re on the right track.

Familiarise yourself with your market

When you’re starting a new business, you’re providing some kind of good or service. You need to know what you’re doing that’s innovative or new in that field, or whether you’re fulfilling a demand that already exists and that is not being adequately fulfilled. In order to know these things, you need to know your market where you’re going to pitch your service and conduct some market research in order to ensure business growth and business success. You need to know who your customer is, and draw up a customer profile. 

female-led startups

Begin while you still have a job

Unless you’re well set up in terms of finances, you need to be secure when you launch your new business. If you run out of funds and can’t support yourself, you can’t invest anything in your business or put in the extra cash when things get tough. You need a stable support system. In the early days, when you need to grow your business, it’s a good idea to work on it part-time and keep your day job. You need to keep up with your regular expenses as well as fund your business until you reach some kind of business success.

Get help

Starting a new business all on your own can be really tough, and you might not have a co-investor (although you should consider looking into getting one), but you can definitely try to get professional help, aside from help from people in the industry.

If your business requires a lawyer and accountant, and you can’t do the duties yourself, make sure you hire the relevant people. Listen to the advice that successful people around you are giving you, and take their tips for startup success, because they’re doing something right. 

An important thing you need to keep in mind when starting a business is how to manage your finances and keep a tab of invoices and tax receipts. If someone gets a wind that you are naive, then it becomes very easy to get duped.

Write a business plan 

This is an absolute must before you begin a serious business venture. Starting a new business means you need to outline your aims and goals, in terms of what the startup needs to achieve and what you need to make in terms of finances. You need to have a proper method in place for marketing, and a concrete budget so you don’t overspend. A business plan must be in place before you launch your business, and you should have your advisors and mentors guide you to a certain degree.

Gone are the days when women had to always put their career second to family. Nowadays many families have a more equitable system when it comes to dividing labour, and women need to be free to pursue their own goals. So if you’re gearing up for business success, don’t let anything stop you. Be careful, be steady, and be confident!

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