5 Tips for Women Starting A Small Business

Australia needs more women in business.

Of the CEOs running Australia’s 200 biggest companies, 14 (or 7%) are women and 186 (or 93%) are men. In 2019, such a statistic is difficult to believe. But it goes to show that Australia needs more women in business. With that in mind, here we share five expert tips for women at the beginning of their journey: starting small businesses.

1. Save time and energy by outsourcing

If you’ve been running your business, making all the products, updating the website, writing all the press releases and coordinating all the social media accounts, it could be time to take a rest! One of the biggest threats to small business success is burnout. So, don’t try to do everything yourself. Put your energy into the work that you love the most, then outsource the rest.

2. Find a mentor

Even if your idea is totally innovative, you can still learn a lot from women in business in your field. You don’t need to reinvent the wheel. Find a mentor to whom you relate and organise regular meetings. Not only will a mentor give you advice, she’ll help you to maintain confidence and stay on track.

3. Set boundaries

When starting out, it’s all too easy to find yourself working all day, all night and all weekend. It’s true that success requires hard work, but your goal should be to work smarter, not harder. Besides, to perform at optimal level, you need your rest. Setting boundaries isn’t always easy, so start with small steps. For example, you might begin by setting a non-negotiable rule not to work on Sundays.

4. Build relationships

Even the world’s biggest businesses focus on building relationships: with customers, investors and fellow businesses. You never know when you might meet the person who will become your biggest fan or help take your business to the next level. So, always be open, friendly and alert to possibilities.

5. Be clear about your business’s identity

Your product or service is never going to be everyone’s cup of tea. And it shouldn’t be. Spend time thinking hard about the nature of what you’re selling, the values you represent and how to define your target audience. Stick to these truths, rather than trying to be everything to everyone. Successful women in business know who they are and what they stand for.

Katie Bryan is the Founder and Principal of Propeller Advisory – which won Best Accounting Firm in the 2018 NAB Professional Services Awards. The Awards are judged independently by FirmChecker and based exclusively on verified client reviews of law, accounting, bookkeeping and conveyancing firms. You can use FirmChecker to find the right professionals for your business. 

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