10 Tips For Female Entrepreneurs

Studies have shown that successful Women entrepreneurs start their businesses as a second or third profession. Because of their previous careers, women entrepreneurs enter the business world later on in life, around 40–60 years old. As women are now overtaking their male peers when it comes to education, having higher education degrees is one of significant characteristics that many successful female entrepreneurs have in common. Source: http://en.wikipedia.org/wiki/Female_entrepreneur

By Annie Xu, US general manager of Alibaba.com

With many women still struggling to find a role in male-dominated boardrooms, a growing number are branching out and setting up their own companies.

In the US alone, women-owned enterprises are starting up at a rate of around 550 a day, and this trend is being mirrored across the globe, with figures from the Enterprise Research Centre showing that businesses led by women add around £130 billion to the UK economy.

If you are considering taking up the reins and becoming your own boss here are our top tips for female entrepreneurs.

Get planning

If you've had an amazing idea swirling around in your mind for a while now, the first step to making it a reality is committing it to paper and writing a business plan.

Unfortunately, it is often the case that women have to work harder to prove themselves in business, but a thorough plan which outlines your business's mission, highlights what sets it apart from existing companies and includes a detailed financial forecast will ensure people take you seriously and prove invaluable in obtaining investment.

Choose an area you are passionate about

When you start your own business you have to live and breathe it for at least the first year while you get things up and running, and the chances are you will always spend more time on it than you would a typical 9-5 job. With this in mind, you should choose something you are passionate about and won't get bored of quickly.

If you are passionate about your products and services this will also come across when dealing with potential investors and clients, making them more likely to want to work with you or buy from you.

Make your business work for you

There aren't any hard and fast rules about what a business looks like, so make sure your company fits in with the rest of your life. Take time as part of the planning process to consider how much time you are willing to devote to your company, whether you are willing to travel extensively on a regular basis and whether you'd like to be able to work flexibly.

Some people dream of global domination, while others would prefer a smaller operation which brings them a healthy income. Remember that as your life changes, your business can develop and grow too.

Find your USP

There are hundreds, if not thousands, of businesses starting up every day, and the reality is that not all of them will still be up and running in a year's time. To give yours the best chance of succeeding you need to identify your Unique Selling Point which makes you stand out from the crowd and make sure you are promoting it to investors and customers alike.

Get a mentor

Starting up a new business is daunting and the chances are you will have lots of questions, especially in the early days. And who better to answer them than someone who has been in the same situation themselves?

Continued on SMBNow.com Top 10 Tips For Female SMB Entrepreneurs