Business ownership is a wonderful accomplishment for anyone, but it seems that women business owners are enjoying an exceptional period of growth and success when it comes to starting and running small and medium sized businesses. There are a number of federal programs available that can assist woman-owned businesses. Federal contracts can result in secure work which helps a business get going and begin to thrive.
Each year, the SBA’s (Small Business Association) Business Development Program awards millions of dollars to small-business owners who are in the beginning phases of start-up. What’s more, the program especially looks at minority-owned and woman-owned businesses as favorable candidates for receiving financial assistance.
In addition to the assistance that now exists for these business owners, there are a myriad of personal and circumstantial reasons women decide to go into business for themselves these days. Entrepreneurs who are successful at achieving their goals of business ownership often attribute that success to an undeniable passion for the work that they are pursuing. This passion carries them through the uncertain times of prepping and planning, which many entrepreneurs do while still holding a day job.
So ,while small business ownership is not easy and can be time consuming depending upon your business model, a lot of working moms find there is a great benefit to being able to chase your passion AND make your own hours. Also appealing is having the opportunity to run your business from your home – especially when childcare is a concern. And today, the ease and global accessibility of the internet offers a hosts of benefits for would-be business owners to pursue avenues for extra income on one’s own terms.
Do you have what it takes?
If you are considering venturing into entrepreneurship, you should closely evaluate your individual situation to determine if you have an idea that is ready to be marketed. For example, will you be selling a product or offering a professional service – is there a market need for what you hope to sell? How will you stand out from your competition – who is your competition? Take a close look at your strengths and weaknesses, including your startup capital (how much do you have/need and where is it coming from), your existing network and the tools you already have that can help get you started. Will you work full-time as you start your business? Consider the impact the venture will have on your family and personal life.
If you do decide that starting a business is the move you want to make, be sure to set both attainable and stretch goals, trust your instincts and be sure to acknowledge your time and energy as precious resources. Most importantly, be sure to define success in your terms, so that you know what you’re going into for – be it for more money or the simple pleasure of being your own boss – and you know when to get out if it your needs are not being met.