In 2007, women entrepreneurs in the US had increased in numbers by about 30 percent, making up 36% of all businesses. According to the Global Entrepreneurship Monitor (GEM), globally, the entrepreneurship rate among men has increased by 5 percent only, giving way to more women business owners at 13%.
It has been estimated that if women had started in entrepreneurship at the same rate as men, the GDP might reach $28 trillion by 2025. Although female entrepreneurship is growing, it has not yet reached the ideal global numbers.
So whether you own a small business or are just about ready to embark on an entrepreneurial venture and looking for inspiration, here are five tips and resources that will empower you to ask more questions on how to start a successful franchise business.
1. Know Your Worth
As a woman in the business world, it is easy to get overwhelmed by the gender pay gap to stereotyped roles. But suppose you are confident and you know your worth. In that case, you will have a positive outlook and continue to develop professionally. Acquire training and arm yourself with the right tools to become the best in your field. Once you have the skills and the right attitude, you will be able to carry yourself more confidently. You will be able to pitch your business to others and do a better job for your clients.
2. Do Not Be Afraid to Fail
To enhance your skills, you have to move outside your comfort zone. Including your failures in your resume is excellent proof that you are willing to take risks. Most of the time, women are affected by losses, and they let it affect their confidence. Failure is part of success, from here, you will learn to strive harder and aim for better and loftier goals.
3. Ask for Support and Have Big Plans
Women tend to underestimate their potential and end up failing to dream big. Think about the legacy you’re going to be leaving behind. As a woman, you can shorten the path to success by learning from successful people and learning from others’ failures. Having both mentorship and accountability is essential, so you don’t get stuck in your own head and be overwhelmed by the amount of information on the internet.
4. Say No
They say opportunities knock only once, but some prospects or clients are not a great fit, don’t pay enough, or you don’t have time and skill to do. When these arrive at your doorstep, don’t be afraid to say no. If things don’t serve you or help you achieve your goals, you keep them off your plate. It is best to leave room for people and better opportunities that come along.
5. Keep Learning and Become an Expert
The key to innovation, growth, and success is knowledge. Every successful entrepreneur doesn’t get tired of learning. A successful CEO reads up to 60 books a year. There are other opportunities you can learn besides reading like audiobooks, online classes, or enrolling in a University for additional education classes.
Keep learning and become an expert as people give value to authenticity and expertise. Showcasing your knowledge can expand your business’ exposure. You can be a speaker, public relations specialist, and even a blogger. Grab the opportunities to be seen on TV, YouTube, or podcasts.
Businesswomen who start businesses are usually ones that help create a better world. Once women have the right tools and knowledge, they can build the foundations for an innovative business environment that is diverse, tolerant, and looking to better the world.