Joining the 1628 community gives you access to support from experienced women entrepreneurs. If you are looking to start your business, 1628 has all of the resources you need to be successful including its own Women Empowered program. Read the blog below to gain advice when it comes to opening your own company.
Starting a business is an exciting prospect, but it’s not without its challenges. For women entrepreneurs in particular, there are unique considerations to think about before launching a business. From funding to managing personal relationships, here are five key pieces of wisdom from the trenches that all women starting businesses should consider.
Funding Your Business
Finding capital is one of the most important things to consider when starting any business. This can include seeking out investors, applying for small business loans, or crowdfunding through platforms like Kickstarter or GoFundMe. When researching potential sources of capital, make sure you understand the advantages and disadvantages associated with each option before committing to anything. You want to make sure that any deal you enter into is beneficial for both parties involved.
Managing Personal Relationships & Family Time
It’s important to remember that running your own business takes time and energy—two resources that may be in short supply if you also have family obligations or other commitments outside of work. Think carefully about how much time and energy you can realistically devote to your business while still respecting those other commitments. It may be wise to start out part-time until you can properly assess your workload and dedicate more time as needed.
For more tips on work-life balance, read this article from Business News Daily (2023).
Developing Professional Connections
As a woman entrepreneur, it’s important to establish yourself in the professional world before starting your own venture so that you can build strong connections with colleagues who might be able to provide advice or references down the line. These connections can help give you access to new opportunities and increase awareness of your brand as well as help open doors for future collaborations or partnerships with other organizations in your industry.
Finding Mentors and Advisors
Having trusted mentors or advisors who have been through the process before you will be invaluable during your entrepreneurial journey. Make sure you seek out people who have experience in both the industry sector in which you plan on operating as well as people who have expertise in various aspects related to running a successful business (e.g., legal advice, financial services). Having someone with knowledge at hand will help guide decision-making during times when uncertainty arises and will prove invaluable throughout the duration of your venture’s life cycle.
Building Resilience & Self-Awareness Running a business provides countless opportunities for self-growth and reflection; it’s essential that women entrepreneurs embrace this fact by building resilience, remaining open-minded towards failure and risk-taking, and having an honest understanding of their strengths and weaknesses when it comes to running their own venture. Doing so will not only allow them greater success but also provide clarity around their purpose within their chosen profession as well as greater satisfaction from their achievements along this journey towards achieving their goals!
Launching a successful business requires hard work, dedication, perseverance—and sometimes a bit of luck! By taking these five key pieces of advice into consideration prior to starting up your venture, women entrepreneurs can ensure they are setting themselves up for success while still balancing other commitments they may have outside of work such as family life or personal relationships. With knowledge acquired from trusted mentors/advisors combined with self-awareness gained from previous experiences, there’s no telling what heights women entrepreneurs could reach! Good luck!
Looking to get involved in an empowering community of women entrepreneurs? Join 1628’s Women Empowered program.