What are the best ways for female entrepreneurs to scale their business?
Business competition today is fierce and female entrepreneurs do their best to succeed in the masculine business arena. Scaling a business initially is never an easy task for female entrepreneurs. However, their intuition and wisdom will guide them to find the right strategies to grow and expand their business horizons. And it has become a lot easier for women in today’s digital world. Female entrepreneurs make a significant contribution to economic growth and poverty reduction worldwide. However, female entrepreneurs face time, personal, physical, and social challenges that may limit their ability to grow their businesses.
Here are a few steps to grow a business as a female entrepreneur
1. Evaluate and Plan
Look closely inside your business to find out if you are ready to scale your business. Plan what you can do to increase sales. Imagine that your orders doubled overnight. Does your business have a plan to handle that new order without failure? To grow your business, you always should increase your sales. Create a sales plan with forecast and targets. The more specific you are, the more realistic your sales acquisition plan will become. Then make a forecast of your costs, based on adding technology, people, infrastructure, and systems to manage your growth. You might need to find the help of a business coach for women to plan this strategic growth.
2. Find the Funding
Growing a business is not always for free. You may require staff recruitment, new technologies, additional equipment and services, and performance measurement systems, and maybe even management. How will you get the investment to grow? Without investment, you will not have the opportunity to scale your business. Getting a loan or credit line is a proven way to fund the scaling of your business. Businesswomen often don’t like to be in debt. They love to self-fund the growth of their business. This is often the reason why their businesses grow much slower than those of men.
3. Automating processes
Automation allows you to run repetitive processes at a lower cost because you need fewer people to do the work and it is a lot more efficient. It also saves a lot of time. Automating is an important part when you want to scale your business. And it is the first thing you should consider. Since you can already do this when you are still running a one-woman business.
4. Identify your target customer
Identifying the right customer will take time. But this step and its inevitable mistakes lead your business to sustainable growth and a lot more dedicated customers. And it will also be easier to find them and convert them into paying clients. Two tips to keep in mind when identifying your right customer:
- Pick one target market:
Do not sell to too many different groups. Understand your right customer and choose a repetitive, profitable, and excellent way to sell them.
- Sell to them again and again:
When you have found your ideal client and are happy with your products and services; it will be a lot easier to sell to them again. They are already happy with your business. It is also a lot cheaper to be able to sell repeatedly to the same customers. It saves you a lot of marketing expenses. Finding a client costs more time and money than nurturing those clients with new products and services.
5. Find the Right Outsourcing partners
As you grow your business, it is essential to start to hire team members or outsource your work to other businesses. For example, in the early stages of the business, your core team will be a few part-time working members. When your business grows you can start to hire experts to develop and streamline processes so that your core team can grow the business while maintaining quality.
6. Find a business coach for women who knows all about how to scale and grow your business.
Someone who does it over and over with other businesswomen and someone who also has done it herself with her own business.
About the author:
Tineke Rensen is in business for 30 years. She built an international Outdoor and Survival business from scratch and sold this after 22 years. Tineke was a national whitewater kayaking champion.
She now is one of the most all-round business accelerators you can find. There are very few topics she cannot help you with your business. Many people find it hard to believe when they hear this. How much do you think you know about a topic if you live it day and night for 30 years?
Tineke works with female business owners to grow to their full business potential. She uses her own system the “Blueprint for a Successful Business Makeover”. She is a women’s business coach.
Tineke is the author of “Maximum Business Growth For Women”
If you want to watch business videos with Tineke Rensen you can like the Powerful Business Academy Youtube Channel