It’s a fact: Women simply aren’t happy at work. Harvard Business Review cites studies that show women are more apt to experience various forms of incivility in the workplace than men, and that unhealthy environment leads to lost productivity and reduced job satisfaction. While the fight for gender equality in the workplace rages on, women who are tired of hitting the glass ceiling have another option: starting a business of their own.
A growing number of women are pursuing entrepreneurship, with women-owned businesses representing 40 percent of all U.S. businesses. While passion plays a role in the rise of female entrepreneurship, many women are starting businesses to escape corporate life. Entrepreneurship gives women the flexibility and leadership opportunities they’re not finding in traditional jobs without the gender discrimination and wage gaps that are all too common in the modern workplace.
Convinced you should start a business? The Gentle Parenting Institute offers these five steps to get you started.
1. Research Your Business Idea
Do you believe you have a great business idea? Before you bet on it, make sure you test it. Market research compiles information about your target market and competitors so you can analyze whether your idea has the potential for profit.
2. Write a Business Plan
A business plan lays out exactly what a business does and how. It answers questions like what type of legal entity a business will be, where its funding comes from, and how it will take its product or services to market. Writing the business plan is your chance to clarify how you’ll run your business and patch any holes in your plan.
3. Register Your Business
Registering a business with federal, state, and local governments takes it from an idea to the real deal. File articles of incorporation with the Secretary of State if operating as anything other than a sole proprietorship (if operating a sole proprietorship under a different name, file a DBA), register for an Employer Identification Number with the IRS, and apply for business licenses and tax permits as required by your city, state, and industry. Fortunately, there are many companies out there that can help you do the legal legwork for you, including registering your business as an LLC.
4. Establish a Web Presence
Per Business 2 Community, three out of four consumers research a local business online before making a purchase. Without a web presence, consumers won’t have a convenient way to find information on your business and, as a result, will do their shopping elsewhere. If you need assistance with creating an engaging and attractive website, look into hiring professionals, such as JavaScript developers, who will help enhance the dynamics of your website. A good JavaScript developer will be skilled in JavaScrip frameworks like Vue, both front-end and back-end technologies, and build tools like Bower.
5. Get Financing
Financing is the biggest challenge for many women entrepreneurs. Women receive less startup funding from venture capitalists and angel investors than male entrepreneurs despite comparable performance between male- and female-owned firms. Before opting for bootstrapping, which puts personal finances at stake, look into grants for female entrepreneurs and alternative funding sources like peer-to-peer lending.
Depending on the nature of your business, you may have more steps before opening day, like building a team and buying equipment. Learn the ins and outs of running your own business by using resources like SCORE’s small business workshops and connecting with other women entrepreneurs. While it can feel lonely out there, there’s a wealth of resources available to aid you along your journey to becoming a successful business owner.
For information, support, classes, and much more, look to The Gentle Parenting Institute.
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Leslie Campos hopes to provide relief and tips for other busy parents through her site Wellparents.com. Parents can find a variety of information from stress-busters to exercise ideas to healthy eating tips.
Image via Unsplash
