The road many are afraid to take, but who can blame them? Becoming an entrepreneur is not an easy road to take.
Whether you are a new business owner, or you have been in business for some years, there are skills or new things you need as a female entrepreneur.
The journey you are about to take to become a female entrepreneur is not easy.
If you are already in business, you know and understand what I mean.
Life is going to throw curve-bricks at you left and right.
When you feel like everything is going against you, it is tempting to quit or look for an easy option.
How do you stop yourself from quitting? Motivation, something inside you will not allow you to give up on your dream.
When things are not going your way or as planned. You have to stay positive through these difficult times.
Being a female entrepreneur, you do not wait for someone to pick you up. They pick themselves up, and they don’t let circumstances hold them down.
Entrepreneurs invest in themselves.
When you start your journey as a female entrepreneur seat down and write your skills, strengths, weakness, and knowledge.
When you know what you can and cannot do, you can bridge the gap.
- Why do you want to start a business?
- What do you like?
- Do you want to provide a product or service?
- Will it be a full-time or part-time venture?
- How much capital do you have to risk?
- What are your skills?
- What is your knowledge about what you want to start?
- Strengths and weaknesses?
Who better to ask than the people you are targeting?
When you are starting a business, it means you have the target market you are going to sell to, so doing market research helps you to check and verify that your idea is going to be profitable will they buy it.
Market research is to check your idea by gathering information from your potential customers.
Now you are getting a chance to understand who your target market is and get to know their pain points.
The businesses that are already in your area your competitors what are they doing their strength and their weakness.
The more you understand your competitors, the better competitive advantage you will have for your business.
The more you understand about your product or service, the better.
Most of the time, you think of a business, and you think it is the best business idea ever. Sometimes you do not even want to share your business idea.
No problem, but if no one is going to buy your product or service because they don’t see the need, what is the point?
You cannot sell to yourself, that is why market research is so important?
The product or service you will offer is going to be in what industry?
Every industry is different for food, clothing, ICT, etc. the more you learn about your industry the better.
Who are your competitors? What are they doing right?
Do you need a license to operate? How much money and effort will it cost? Understanding your industry helps when you are going to do your business plan.
A female entrepreneur always does research and more research. You need to know what is happening in your industry.
What are the opportunities in your industry?
Register the business
Every individual is different, some female entrepreneurs will want to register immediately.
The others will want to start first to test their business idea before registering, which is an excellent idea to check if your business idea will work.
Write down five names for your business.
Do you want to register your business as a PTY/LTD, Co-operative, etc.?
To register your business, visit the CIPC website, and register your business.
Get your business papers
Start your business the right way by getting your papers in order.
Businesses differ some will require a large amount of money, some do not.
When you need money to start, you are going to need the relevant paperwork to apply for funding.
Remember starting a business is your dream, so if you need financial assistance, you need to reassure and show the people investing in you, how your business will work.
That is why you need a business plan. You can get someone to do your business plan, but if you understand your business well, you do not have to.
The mistakes entrepreneurs make is getting someone to do them a business plan, and they do not understand half the things in their business plan.
When you do not know what is in your business plan, it will make it harder to present it to if need be.
If you don’t know or understand your business, who do you expect to understand it? Is your dream, right?
Before applying for funding
- Make sure you have your business certificate the Cipro 14.3
- Open a business bank account
- Register your business with SARS
- Register with CSD
Get the skills you need. Maybe you are not good at financial management, communication, networking, planning or marketing, etc.
Equip yourself. Time has changed so much, and technology is a big part of life that can’t be ignored, especially now with the COVID-19 pandemic.
Being a female entrepreneur, you must be willing to learn new things. Like the way, marketing has changed so much that you must now add your business online.
They are a lot of organization that offers financial and non-financial support like Mme Re Ka Thusa Trust Fund it supports female entrepreneurship development.
Business skills support visit Mme Re Ka Thusa Trust Fund, SEDA or NYDA
SEDA => http://www.seda.co.za/
NYDA => http://www.nyda.gov.za/
To add your business online visits Offline 2 Online Marketing at => http://offline2onlinemarketing.co.za/
Register your business with CIPC => http://www.cipc.co.za/za/
Register with SARS =>