Entrepreneurs come in several packages- some have left good jobs and fat pay packets to pursue their entrepreneurship dream, there are quite a few who have been fired from the so-called good jobs and have found entrepreneurship the next best option and there are also plenty who treat entrepreneurship as a good part-time option while they pursue multiple passions…I belong to the rare breed of accidental entrepreneurs. My journey as an entrepreneur began while on a sabbatical post the birth of my second child. I started off as a part-time option from home but gradually I started loving being an entrepreneur with its multiple responsibilities combined with flexibility in terms of work schedules and ability to take independent decisions and have successfully managed to stay away from the lure of a well-paying job in the process. After facing several pitfalls in my entrepreneurship adventure which led me in some ways to understand why even now only around 14% of women are entrepreneurs in India (Source: sixth economic census), I feel that there a few tips which every aspiring woman entrepreneur especially in the digital space should be aware of before taking the plunge.
• Choose the right business: First and foremost decide on what service you want to offer in tune with what your area of expertise is. For e.g.: if you have done a course in graphic designing and you think you have fresh ideas, you can start a business of wedding card designing.
• Plan ahead: One of the most challenging aspects of running a business is determining how to grow in a smart way. Create a one page business plan and a plan of who should be your key team members in your venture.
• Cover all legal bases– Decide on a business structure for your business like sole proprietorship, partnership etc. Personal liability, taxes, paperwork and regulations vary greatly among the different legal business structures.
• Create your business identity: Create a name and visual identity for your business, get the cards printed. You can even create your website and email account by doing a bit of research on the internet. Identify an office space…initially co-working spaces also work well to save expenses or you can work out of your home if you do not require a team.
• Use technology and social media. Create Twitter and other social media accounts to help make those connections and spend a few minutes every day to promote your business on these platforms. Technology support systems like Gsuite total range of functionality for businesses like domain names, email accounts, analytics, etc.
• Find client referrals and testimonials: Get your first paying customer as soon as you can and gradually but steadily build a network. Volunteer to offer your services at a nominal fee in return for a testimonial or a referral initially to build up your credentials.
• Identify funding options: Make use of available Central and various state governments as well as bank schemes for women entrepreneurs. Portals like sheatwork.com provide comprehensive information on various government schemes.
• Upgrade yourself regularly: Always be ready to skill yourself up and upgrade your knowledge of the domain you are. Start reading blogs or Web forums related to your business. Most of us women especially working mothers are quite averse to professional networking but nowadays it doesn’t necessarily mean that you have to step out of your house. You can join an online community of people who also do similar work.
• Be ready to put on multiple hats as someone famously said that you are your Chief Operating officer as well as your Chief Plumbing Officer.
• Don’t take no for an answer. Inevitably, you will hear “no” when running your own business. Don’t stop there – ask the person who says no to recommend whom you should approach next.
Your entrepreneurship journey will be filled with many small steps but always keep the big picture in mind as you pursue your dream.
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– By Ruby Sinha, Convener, BRICS CCI Women’s Vertical and Founder, sheatwork.com