Why an increasing number of women are turning to entrepreneurship
7 min read
30 April 2015
It's no secret there's a growing number of women who are taking action and becoming business owners. All over the world the numbers are growing daily, which is pretty amazing, and here's why females across the globe are turning to entrepreneurship.
According to a recent study conducted by the Government Equalities Office, ten per cent of the female population in the UK are thinking about starting their own business.
And worldwide, according to the Global Report on Women and Entrepreneurship, there are over 126m women starting or running their own businesses – that’s pretty brilliant!
The driving force
One of the top reasons for women to start their own business is passion. Instead of being stuck in a job that they don’t really like, they want to follow their passions and start a business. Then, of course, hot on the heels of that reason is to achieve a work-life balance.
That’s no surprise, it’s why I started my first business. I, like many other women, wanted to achieve a work-life balance and by starting my own business I thought I could be there for my children while still earning money too.
99.9 per cent of the women I speak to daily say that the driving factor behind starting their own business is indeed that work-life balance that they crave, whether they have families or not, they’re still looking to achieve a work-life balance, which is awesome.
But right now, statistically it’s more likely that a woman will close her business down in the first 12 months of business compared to a male business owner, and that’s not good.
Four business tips for women who want success
So how can women successfully and effectively run a business from home and achieve that work-life balance they desire?
1. Start off by being clear about your vision
It’s really important that you’re working towards what you truly desire. Some people want to end up with a huge international business with hundreds and thousands of employees, for others, that’s not something they ever want. It’s important that you understand what success looks like for you, what it is that you’re trying to create and be clear on it.
When you start your journey it’ll be really easy for you to get distracted and pick up everyone else’s visions. As such, it’s important that you know before you dive in with both feet what it is that you desire for your life and work in the future and what success truly looks like for you – understand your own vision before you get clouded by everyone else’s.
2. Set yourself boundaries
It’s important that you don’t find yourself working 24 hours a day, seven days a week. It’s tempting to fall into that trap when you work from home because you’re essentially always at work. However, if you start answering customers 10pm at night then they’re always going to expect it and you’re getting yourself stuck in a tricky situation.
You need to make sure that you have set boundaries. Your laptop or computer gets shut off at 8pm and you don’t think or talk about work for the rest of the evening, little things like that. It’s important to have time away from your business.
Continue reading on the next page to discover the correct way to set goals and why a support network is so important for your success.
3. Set goals the RIGHT way
It’s important you set yourself goals to keep yourself moving forward. But when you set that goal make sure you break it down and plan out how you’ll actually achieve it too.
Ideally you want to be setting goals for yourself with deadlines, so 30 day goals and 90 day goals, they’re not too far in the future that you’ll forget about them and they’re near enough for you to keep yourself motivated to meet them.
Set yourself goals, break those goals down, understand how you’re going to make them happen, plan it out and then action it.
4. Get yourself a support network
You don’t have to do this alone, there are people out there who can help and support you. Working from home can be a lonely place, and if you don’t have anyone that understands your dreams and what you’re trying to work towards then it’s even worse.
Surround yourself with likeminded people who believe in you and your dreams – they’re either on the same path as you or they’re slightly ahead of you.
You might have to look further afield than your friends and family because they don’t understand what it takes to run a successful business. You can try networking groups (online and offline) to make honest connections with people who ‘get’ it. You don’t have to do this alone.
Read more on female entrepreneurs:
- Women leading the way for the UK’s independent professionals
- Government-backed online tool launched to “unlock female potential”
- Why entrepreneurs need to change their mindset on building skills
When you have a solid vision, the plan to make it work and the drive to execute each action, and the support to keep your spirits high on those bad days, your business can grow and last forever.
Jane Willmott is a high end business coach, helping women to build and grow a freedom-based business by exchanging their expertise for payment. She’s helped women all over the world quit their jobs and consistently earn 5-6 figures a month. You can schedule a complimentary session with Jane.