Why an increasing number of women 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.

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