Women entrepreneurs often find themselves struggling in the small business economy, simply because many of the businesses out there are being treated as “part-time” endeavors.
What many people do not realize is that many of the businesses and franchises that are being packaged as things that can earn extra cash often take a full time schedule to maintain and begin.
With so many new small businesses out there, one has to wonder whether or not many of the female entrepreneurs out there can survive on the profits that they make from their companies.
There are several major hurdles that women entrepreneurs often have to face that male entrepreneurs do not.
Women with children often have to balance the amount of attention that they pay to their kids with their businesses. And as more and more women become the primary earner in households across the world, the financial onus that they have to bear can make the financial cushion necessary to start a business nearly impossible to get/have.
To make matters worse, many investors are just not interested in the kinds of businesses that are typically started by women because they are often viewed as not very profitable!
These are all major sources of stress female entrepreneurs will have to deal with as they begin their journey to owning a small business.
However, that being said, there are a lot of factors that one has to consider as a female entrepreneur who wants to turn her company into her sole source of income. It is obviously very possible for female business owners to succeed in any economy (take a look at the CEO of Spanx!). In order to succeed at having a self-sustaining company, here are some pointers.
1. The company has to be in an industry that is known for turning a profit easily. The bigger the industry, the more likely it is that you will be able to make some sort of profit. Industries like finances tend to yield profits that are better than a minimum wage for a CEO within a couple of months. On the other hand, industries like custom nail art might be a lot more difficult to break into and to break even.
2. The woman in charge will have to be very motivated, and able to work hard. You are not going to get anywhere in business without working hard. In many cases, your company is going to have to become your number one priority in order for it to get off the ground.
3. The woman in charge will also have to have a network of people that they can rely on to get the word out and get the job done if necessary. There is much truth in the rumor that who you hang out with will determine your level of success. A rich network will generally yield much more positive results than someone who has to go it alone.
So, while it is possible, it will require a lot of hard work, a little luck, and a little foresight in order to make it work.
Cartoon by Kriti Vichare, entrepreneurfail.com