Being an entrepreneur requires a lot of forward-thinking, planning, and preparation. Whether you’re a small business owner or working toward a larger goal, there are a few essential considerations that can help you succeed.
It’s well known that female entrepreneurs face additional challenges when starting up and running their enterprises. Accessing funding and building a strong network are just a few of them, whilst dealing with weird and unrealistic social expectations is another.
Here are five ways to get ahead in your next entrepreneurial venture.
#1 – Take Charge
Making your mark in a male-dominated world requires taking charge of your goals, work, and career. It’s important not to undervalue yourself or what your business can offer. Therefore, start by charging what you’re worth. It’s also vital to try to maintain a positive attitude and realise that you not only have the skills, but also the talent to thrive and succeed in any endeavour you choose.
Never back down on your rates or collecting for services rendered (or products delivered). Your time, effort, and ideas are valuable so you should be compensated fairly for them.
Adopt the idea that if somebody wants to do business with you, they should pay you what you’re worth – you don’t need their business if they can’t see the intrinsic value of what you bring to the table. There will always be clients out there that appreciate your value, especially if you take charge and position yourself for success.
#2 – Communication and Support
Understanding your value is essential, but having good quality communication skills and a support structure is also quite critical. Use your platform as an opportunity to talk about your accomplishments and highlight the value you bring to potential clients. Never be afraid to get to know people and try to find ways to support them.
Building these connections is so essential to running a business successfully that you should prioritise this strategy as much as you can. Although it may be hard to believe that if you support your staff and clients, they’ll support you, the truth is that working toward accomplishing your goals requires extensive communication and an atmosphere of understanding.
#3 – Focus On Growth
Growing your business from the start-up phase to a thriving organisation with potential global impact is a worthwhile goal for any entrepreneur. Access to credit, networking, and training for employees puts you on the path for growth and success no matter what type of business you are in.
Whilst female-led start-ups are often quite successful, they unfortunately don’t always survive. Paying close attention to growth and development — whether it’s in your staff, operations, or clientele — can help you succeed and overcome the challenges of entrepreneurship.
#4 – Offer Outplacement To Employees
Sometimes, you need to let people go due to restructuring. When this happens, outplacement is a great idea to explore and it can be a great investment. Outplacement provides assistance to redundant employees to find new employment – either as a benefit you provide directly, or through a specialist service. It also shows existing employees that you care about them.
Offering outplacement services to displaced employees has several benefits for both you and them. Firstly, a layoff or dismissal can lead to negative feedback from the affected employees, causing reputational damage that can hinder the growth of your business. Furthermore, dismissing one employee or a few employees might also negatively impact your current employee morale.
A good outplacement firm can also provide extensive return on investment. Through a mix of robust technological solutions and professional job coaching, outplacement services can help the candidate find a new job again very quickly. This has the positive side effect of improving your reputation while taking care of the human element.
#5 – Prepare For Tax Season
For most of us, tax season is an annoying time of the year but it’s over and done with quickly. But as an entrepreneur and business owner, you need to plan for tax time and have the right tools in place the whole year. The key to successful tax preparation is organisation and making sure you have all of the details available when it becomes time to prepare your taxes.
The tax agency also has unique deadlines for different types of businesses, so understanding when you need to have your taxes done is quite important. If you don’t have an accountant who can help you prepare your taxes, you’ll need to make sure you understand what deductions you can make, what your tax liability is, and other key considerations for preparing your accounts for the year. When it comes to taxation, it’s always better to consult a tax professional if you can, whilst educating yourself and keeping organised as much as possible.