My 10 lessons learnt from being a female entrepreneur

Global Mai 13 _072

As you know I have been an entrepreneur for 1.5 years now. Even though I started to prepare the steps needed for launching my business back in 2010 already. It has been a journey with a lot of learning and I would like to share my 10 lessons learnt with you. You will also find a presentation covering this topic here.

 

1) Prioritize your clients. Use 70% of your time for delivering an outstanding product or excellent service to your clients. 20% of your time you should network with current and future clients (prospects), 10% you need to do accounting, hr, marketing etc.

2) Build and maintain your network. In the beginning work with your personal contacts before you start traditional business development.

3) Analyze your niche. Understand your competitors, their products or services and price structures. Define your USP. Define your ideal costumer.

4) Market, market and market. Spend time and money for Marketing, especially in a good (static) website. If you have zero money start with Social Media.

5) Get the basics right. I know too many business owners who have never made a business plan. If you do not know the meaning of cash flow and break even your work is a hobby not a business. Cash flow is a constant challenge in the first two years so learn to manage your invoices and hire an accountant. >> Work with your business plan.

6) Limit your financial risk. Start with a limited financial risk by opening a limited liability company. If you want to sell handmade socks you might not need to do that but in general it is better to protect your personal assets. Most business advisors will tell you that you need to be able to survive the first year without income.

7) Learn everything about running a business. Study all areas of a business from Accounting to Social Media Marketing. Then when you have done it once you can outsource the areas you have no passion or patience for. LEARN all the time. CHALLENGE yourself by asking yourself questions outside of your comfort zone.

8) Find your strategic “friends” in the market and build partnerships. Build strategic friendships with business owners you like and who support and motivate you. Find likeminded peers and use each other as a support group

9) Plan what you give in exchange for “favors”. Offer time exchange and internships if you cannot afford to hire someone. Respect other people’s time commitment and aim for balance between giving and taking. BTW: Giving usually comes before taking.

10) Enjoy your profession and built your life around your business. Get a cleaning person and other support for your household, childcare, shopping because this will give you more freedom to focus on your profession. I try to shop online only (but I regularly buy my groceries in the neighborhood). I have started to minimize expenses but I love to buy gadgets that are tools for my work.

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  1. Pingback: Business Bee #1: Here’s to success in 2014 | Global People Transitions

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