How Female Entrepreneurs Can Level the Playing Field and Become Successful
Guest Post by Besty Wise
Did you know it's possible for female entrepreneurs to change the world?
There are more than a fair share of success stories out there. For example, Rebecca Minkoff built a clothing and accessory empire and Angie Hicks grew Angie's List into a reputable source for finding service providers.
Unfortunately being a woman business owner doesn't mean you won't encounter struggles. In fact, women can have a harder time succeeding when competing alongside male-dominated markets.
However, women don't let that reality in the business world stop them. They can implement tips to increase productivity like looking into small business loans for women or analyzing the competition.
Keep reading to discover helpful tips on ways to maximize the efficiency of how you run your business.
5 Ways Female Entrepreneurs Can Improve Productivity
1. Keep your Costs Low
If you fail to create a budget, you won't have the first idea of what you spend and on what.
Invest in budgeting software to track expenses and income. By managing finances, you have a clear picture of what's ahead for your business. A budget is similar to a road map. You can review financial reports to comprehend and analyze data to make timely adjustments to your finances.
2. Get help
Female entrepreneurs are great at multitasking. However, there may come a day when your business requires more time than you have. That's especially true if you're a Mom navigating the business world and home life simultaneously.
A virtual assistant can schedule appointments, maintain your social media accounts, or take care of bookkeeping responsibilities. You could outsource duties like vetting new employees, preparing data presentations, or following up on business leads.
3. Consider Getting a Grant or a Small Business Loan
Investing in your business frees up your working capital to grow your business.
Let's say you want to develop an exercise app for working mothers which includes a database of exercises they can do on the go. You could look into the InnovateHER Challenge and Girl Boss Foundation grants that empower female entrepreneurs.
Moreover, small business loans for women are offered through government programs, online lenders, and business lines of credit.
4. Join a network
By joining a female community, you become a member of a support group of likeminded business owners. For instance, the Female Entrepreneur Association helps women create bright business futures.
The Association's mission is "to help you build a wildly successful business." The online hub provides access to inspirational videos and a place to garner help from other female business professionals. Similar helpful networks include The Boss Network, SheWorx, and others.
5. Help others
One way to increase productivity is to give away your skills. It will not only help you get your name out there, but it will be a great practice to improve your skills. Non-profits and advocacy groups may not have money to pay staff members but they don't mind touting to others how much they appreciate volunteers.
If you're a marketing expert, donate your skills on behalf of a charity. Caterers can cook a free meal on behalf of the homeless. If you have great organizational skills, organize a food drive at your child's school or within your neighborhood. You support a needed cause and get free advertising for your business at no cost.
How do you plan to level the playing field and become a successful female business owner?
By now, you probably have your own list of tips to increase productivity. Would joining a network, hiring additional staff, or applying for a grant or small business loan help make your business dreams become a reality?
If so, what tip do you intend to implement first on your way to success?
Author Bio: Betsy Wise is a contributing writer. She also worked as a Deputy Clerk for a school board and as Accounting Manager for the boat, construction, and legal industries.