Did you know 22.4% of small business owners in the US are women? There are about 13 million female entrepreneurs and, every day, about 1,817 women start their business in the US.  

Congratulations for being one of them!

You will also be surprised to know that 59.2% of women-owned businesses were profitable in 2022 despite pandemic, inflation, and economic uncertainty. If you want to know what you can do to become a successful female entrepreneur, this is the right place for you. Below, we have listed 30 ways that can help you understand where you currently stand and what you can do to not just survive but also take your business to the next level.

How to understand your current situation

A smart business strategy can help you navigate through the highly competitive market and carve out a niche for your business. Here are a few things you can do to prepare yourself for your next best move-

1. Access your current situation by doing a SWOT analysis
2. Make sure you have a comprehensive and up-to-date business plan
3. Do a competition research and compare are how well they are performing against yours
4. Routinely conduct a market research so you don’t miss out on latest market trends and influences

How to improve your performance 

To scale up your business, you need the right strategy and approach. Here are a few things you can to keep your business on track and help it grow-

1. Set a benchmark for your business to perform better than your closest competitor/s and/or other small-size businesses
2. Figure out your KPIs and prepare a plan that helps you achieve them
3. Learn the art of pricing your products/services to sell-
4. Diversify your offerings but carefully
5. Attend seminars, webinars, and conferences for small businesses
6. Go social and global even when you are local business

How to foolproof your business

Even if you are doing fairly well, you should always remain prepared for rainy days. Here is what you can do to reduce the risks-

1. Identify the risks and manage them timely
2. Improve your business operation in a way that is not ‘founder dependence’ i.e. it can operate even when you are not around
3. Have a good business credit rating
4. Make sure you have at least 3-6 months of expenses as a cash reserve
5. Prepare a budget and stick to it no matter what
6. Learn why small businesses fail and make sure you do not make those mistakes
7. Be ready to adapt to changes
8. Use your customer feedback to improve your offerings

How to build a sales funnel

Sales funnel is a process of attracting potential leads and converting them to clients. Basically, it helps generate a constant flow of revenue. Here is what you can do to create a reliable sales funnel for your business-

1. Reward your recurring customers to build a loyal customer base
2. Use upselling and cross-selling strategies to increase your revenues
3. Do everything you can to increase your customer retention
4. Reward your customers for referrals, reviews, etc.
5. Form strategic partnership with businesses that may have the same audience /target audience as yours

How to utilize your employees for business growth

Admit it, you can’t run your business with unreliable people. You need them to be self-motivated and loyal. This is what you can do to get the best out of them-

1. Have the best possible resources
2. Create a positive work culture where your employees feel valued and respected
3. Offer incentives to your employees to keep them motivated

How and where to seek help in times of crisis

The US Small Business Administration has special programs for women-led entrepreneurs. You may seek their help.

1. Reach out to SBA or other credible agencies for guidance

How to market your business effectively even when you don’t have a marketing budget

Here are some low-budget marketing ideas that can help you catch the attention of your prospects-

1. Practice corporate social responsibility
2. Be a part of local events
3. Use smart, unconventional, and cost-effective ways to promote/market your business such as influencer marketing, word-of-mouth marketing, etc.

Let’s dive into the details and learn how each of these ways can help you become a role model for other aspiring women-entrepreneurs.

More information: https://www.significantgps.com
We help you Grow, Pivot and Stabilize your business through Goals, People and Systems
Franne McNeal: https://www.linkedin.com/in/frannemcneal