We know many women like you who want to start a business but aren’t sure what to do next. Just thinking about all that’s involved can be overwhelming. And you might be asking: Do I have what it takes?
Well, you’re not alone. Just about every woman entrepreneur has asked herself this question at one point or another. There’s a reason why studies show that women’s level of self-confidence with respect to starting a business is lower than men’s. But it doesn’t have to be that way. And we’re here to help!
Watch the stories of the women profiled on The Story Exchange and you’ll find that many have had moments where they just didn’t think they had the chops. But they pushed through and kept going anyway. They shared their concerns with other women, tapped into their networks of friends and family for help, and persevered. If you’re having doubts, remember, it’s part of the process. It’s also why we are here: share your thoughts on Your Story Exchange and you will find more women who feel just like you.
Be inspired
One of the most common beliefs about starting a business is that you need a brilliant new idea that no one has ever thought of. The good news is – it’s simply not true! If you look around you’ll find most businesses have grown out from existing ideas (there’s only one Steve Jobs after all). To uncover a good idea for yourself pay attention to your surroundings and the products and services you use everyday. Ask questions like: How can I improve on this? Can I do this better than someone else? Is there a market that’s not being served that I can go after? Is this something I love doing?
Talk to businesses in your neighborhood and watch videos of the women entrepreneurs we’ve profiled. What you’ll find is that most businesses start small and with a simple idea. To get your creative juices flowing, you might want to check out Entrepreneur’s page devoted to tips for developing and evaluating your idea.
One of the big take home messages is to talk about your business idea with others. While your instinct may be to keep it secret — guarding it like your grandmother’s favorite recipe – sharing your idea with others will help you figure out if it’s got potential.
Find support
A number of online and offline groups and organizations are out there to help you along your entrepreneurship journey. Remember, one of them is The Story Exchange, so if you need help, send us your questions.
Throughout the U.S., there are over a hundred Women’s Business Centers that help women entrepreneurs start and grow their own businesses. They offer training and counseling, access to credit and capital, and marketing opportunities. Find a center in your state.
SCORE is a U.S. network of over 13,000 volunteers who offer entrepreneurs free, confidential business counseling services. They offer email mentoring and in-person mentoring at their 350 chapters throughout the U.S.
You can also check out your local community college to find courses and other resources that may be available.
A great way to network with other women is through local Meet up Groups. To find a group for women entrepreneurs where you live, type in your city and country.
NEXT STEPS
Once you’ve decided that starting a business is the right decision for you, there are certain things that you’re going to need to do. Here are some suggestions on how to get going.
Write a business plan
A business plan is like a road map for your business – it shows where you are now and the route to take to get to where you want to be. Your business plan describes your goals, lays out why they are achievable, and describes your plan for reaching those goals. While writing a business plan might seem a bit intimidating, it’s a great way to get your thoughts on paper and focus on the various facets of your business. It’s also worthwhile because most financing organizations will require you to show them a business plan before they consider lending you money.
The U.S. Small Business Administration (SBA) offers advice on writing a business plan that stands out, as well as business plan templates.
Bplans, owned by Palo Alto software, includes tips on how to write a business plan, as well as hundreds of sample plans, broken down by industry.
SCORE has business plan templates that walk you through the various categories, available for download.
Consider financing options
The SBA offers a backgrounder to help you understand the ins and outs of financing a business, including information on loans, grants and funding, as well as SBA’s loan programs that may be available for your business.
Women’s Funding Network is a group of over 160 organizations that help finance women’s initiatives around the world. Funds are searchable through a membership directory.
FITE –Financial Independence Through Entrepreneurship – is a partnership between Kiva and the skin-care company Dermalogica to promote microloans for women in the U.S. and overseas.
Look into legal issues
Small businesses are subject to the same regulations as large businesses, so you’ll need to understand the law. Check out the SBA’s primer on business law and regulations for helpful information on what you need to consider.
Don’t take ‘no’ for an answer
Starting your first business venture is exciting and daunting. You’ll meet challenges and nay-sayers along the way. If you feel discouraged, or fearful, if you doubt yourself and your decisions, it’s normal. Think of the millions of women around the world who have started businesses, big and small, and succeeded. They succeeded because they never took no for an answer.
One last point to remember — you may start the business, but you’ll need support from others to build and sustain it. Never be afraid to ask questions or to seek help. Good luck on your journey!
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