The corporate world has been long considered to be the battlefield of shrewd men, where the pressure of profit-making amplifies stiff competition and aggressive strategies. However, the tenacity and determination of many smart women have helped in creating a place for female entrepreneurs in this chaotic environment, which deserves long-drawn applause. The number of global businesswomen has soared in recent years, and Australia is not far behind.
In fact, 12.1% of the 5.9 million employed women in the country were running their own ventures in 2019, according to the latest report of the Australian Bureau of Statistics. Interestingly, Adelaide has been experiencing a new wave of innovative start-ups launched by females which are going up the ladder of success.
With more and more women opening up to the idea of launching their own business or purchasing an established business for sale in Adelaide, the demographics of entrepreneurship are experiencing a welcome change. It has become easier for women to get involved in micro-businesses or home-based businesses which allow them to concentrate on the family as well as work. So if you too are harbouring a dream of becoming a small business owner, then here are a few tips to get started.
1. Leave Your Inhibitions behind
The most challenging task for aspiring female entrepreneurs is to get out of their comfort zone and leave all their fears behind. You cannot be bogged down by uncertainties and doubts of failure. The apprehensions and nervousness should not stop you from achieving your goals.
Moreover, failure is a part of the game. Failing at something is an important learning lesson. Thomas Edison failed several times at inventing the light bulb but did not give up. He took it in his stride by stating that he had not failed. He had found 1000 ways that won’t work. So take calculated risks and don’t be afraid to take the road less travelled.
2. Learn A Variety Of Things
You cannot focus on one aspect of the business and keep everything else on the backburner. You need to learn about all the different roles that are required to run a business in Adelaide successfully. Register for online courses, speak to likeminded people, attend workshops and seminars for budding entrepreneurs and read business books to keep yourself inspired and motivated towards the accomplishment of your goals.
Diversify your skill-set as much as possible because a small business does not have the luxury of hiring experts for every little task. So stay on top of things with growing knowledge and constant learning through government resources and virtual platforms. You must also know about the state tax laws and get all the required permits and licenses before moving forward.
3. Take Stock Of The Competition
You have to take advantage of market research to analyse the target audience, competition, customer behaviour and more. The internet has made this task quite effortless as most of the customer reviews and ratings are now available online. You can track the number of followers on social media profile pages of other businesses to understand their popularity.
Take a close look at their marketing plan and customer acquisition strategy to learn the tricks of the trade. You must also pay attention to the negative reviews and identify the weaknesses of the competitors and the aspirations of the customers. Talk to your target audience and know the pulse of the buyers. You can fill all the gaps in your offering and capture the market.
4. Find The Perfect Support System
As a woman, you are always concerned about your home and family, and if you have kids, they remain your first priority. As a working mom, you are guilt-ridden about not spending enough time with your children and other family members. However, the stereotypes are breaking, and more supportive husbands and other family members are proving to be the backbone of households.
So when you are planning to don the hat of an entrepreneur, you must have your back-up ready at home so that you have one less thing to worry about at the office. Create a schedule where you divide responsibilities with your partner and manage a healthy work-life balance.
5. Start Networking
Women are resourceful and great at forging strong ties that stay with them forever. So get your peers involved in the process and find a mentor who can show you the way forward. Speak to your batch mates in Adelaide and seek out people who can be helpful. Take feedback about your business idea from the industry people and improve upon your business plan and funding strategy.
You can even consider crowd-sourced funding and learn more about the process online. Find other women entrepreneurs and collaborate with them and exchange ideas and words of wisdom. Get references for suppliers, vendors, investors from them and make a list of all the important people and start contacting them.
6. Write A Business Plan
When you have accumulated all the information and spoken to as many people as possible about your business, you are in a better position to write your business plan. It must be a detailed synopsis of what your organisation will offer, how it will be sold, who will be the customers, what will be the organisational structure, financial projections, budget, competition, funding, and short-term and long-term goals. It must also have information related to the management team and employees, marketing strategy and estimated sales figures for the first three to five years.
7. Start Financial Management
Women are good at saving money but utilising capital for a business is a different ball game altogether. It would be best if you first started by operating separate personal and business accounts. You will have to figure out how much money you will need each month to sustain your current lifestyle and how much of your personal investment can you afford to put into your business.
Prepare your budget accordingly and ensure that you have working capital as well as enough personal savings for any unforeseen situation that might need significant expenditure. If you are lending money from friends and relatives, then make sure to have things on paper to avoid any confusion later.
Besides putting in all the hard work, you need to believe in yourself when pursuing a business opportunity in Adelaide. Stay away from negative people who lower down your morale and put your best foot forward. Also, do not get affected by the upheavals and stay focussed on your goal.