There was a period when a woman went to work only when she lost either her husband or father, and that too just for earning her living. But today, the scenario has changed completely. The number of women-owned small businesses is growing approximately twice as quickly as the national average for all start-ups. Women tend to grow their business much faster than men. Even though statistics say that women as entrepreneurs are slow at decision-making when compared to their male counterparts, the average turnover achieved by female entrepreneurs is higher than that of male entrepreneurs.
Some women are from the corporate executive world and they have strong capital investment, and yet some others are from an ordinary financial background, and they have a bunch of questions at the pre-start-up level. Women with any background can become entrepreneurs by starting their own home businesses. But, there are some difficulties while embarking on this voyage.
Here are some tips to swim through those tidal questions and difficulties in starting your own home business.
Knocking on the right door:
Some people still think that women do not have enough opportunities, however, nowadays women are conquering almost every sector. If there are some fields in which you really are an expert, then give it no further thought, but when you don’t, then more often than not, it is total mayhem. There is nothing like an apt business or a perfect field. Home businesses can vary from poultry farming to radio stations. So finding the right field to enter is the first and foremost task.
Most of the women aspiring to be entrepreneurs are one step behind just because of the difficulty in negotiating bureaucratic hurdles prevailing, especially for women. Even though there are difficulties in getting things done, things have changed, with several hands reaching out to you to help you through the hurdles. And many websites also provide instructions for each and every step in the process. The problem is not so tedious to handle nowadays.
It is better to start a business when you have capital for your business rather starting it without sufficient funds. When you start a business, there may be some unexpected expenses coming your way, and handling it without enough financial support is a great risk. The problem is greater when it is a product-oriented business rather than service oriented business as the capital expenditure is higher.
We can’t ignore the bitter truth that traditionally banks prefer not to lend money for new ventures, especially the ones that don’t have a track record. But starting a business on the whole is not merely task for women. Hence you need to seek help from special kind of banks like Women’s Business Centers (WBCs), Community development financial institutions (CDFIs), Bhartiya Mahila Bank etc. where they empower female entrepreneurs.
Balancing the resources:
Whatever you do endeavour to be the best. There will always be some distractions coming your way while you work at home. Always commit to success. Make a commitment to yourself that you are serious about your business. Be disciplined about your work ethics. And then set up a business-like work environment. You should have a dedicated space for your home-based business. Your computer should be used primarily for business only, and not for any other domestic purpose.