As Napoleon Hill once said, "Ideas are the beginning points of all fortunes.” Do you agree? Well, we hope so because these wise words couldn't be closer to the truth. Every successful business, whether it is a small local bakery or a huge IT outsourcing company starts with an inspiring idea that ultimately turns into a source of profit. Due to this, we have decided to single out the best small business ideas for women just like you. By the time you finish reading this article, you will have a few brilliant ideas up your sleeve for making your own success story come true.
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Forget about your boring nine-to-five job and become your own boss with our list of inspirational entrepreneurial ideas for women. Even if you are at a crossroads right now and don't really know what to do, it is not a big deal. It takes a good idea, a spark, and a talent to bring even the most adventurous dreams to life. And guess what? Here you will find a plethora of awesome women-owned business ideas to make that happen. Dive in!
How to start a business/startup project
Ask any successful businesswoman and you will find out that an idea itself, no matter how good it is, doesn't work unless a person puts in enough effort. Not only does this apply to the period when you get a business up and running, but also to the steps which an entrepreneur has to take before launching a business venture. So, if you are wondering where to get started, mapping out a clear plan with steps is the way to go. Here they are:
Decide on a worthy business idea
After all, this is the reason why you are here in the first place. Allow plenty of time for browsing through small scale business ideas for women which we have outlined in the post. The idea should suit your interests and skills. Pick something you are really passionate about since you are going to be in the game for a long time.
Research your market opportunities
It is crucial to conduct thorough research regarding the field you are planning to work in as well as the audience you are targeting. There are quite a few questions that need to be answered before starting a business project.
How relevant is your potential business venture? Can it offer a better solution than the ones your competitors already have? What is the size of your target market? How much time will it take you to make your investments bring the desired income? Collect SEO data, browse through the business-related surveys, find out your target customer needs and preferences, etc.
Of course, this is just the tip of the iceberg since there is a lot more work to be done. Nevertheless, with an approach like this, you have better chances to “survive” in the highly competitive world of small business.
Create a thorough business plan
Setting up well-defined goals and ways to reach them is an integral part of a successful business plan. Once you have researched the target market and decided on what the best small business for you is, it is time to map out a clear strategy. A step-by-step plan has to be written down and thought through to the tiniest detail.
The slogans that call for action without hesitating are common. However, it is always a good thing to be prepared for all the possible outcomes, isn't it? During this stage, it is also recommended to define exit routes for your business just in case.
Examine your financial opportunities
Everything has its cost, and your business project is no exception. This is why it is important to make accurate calculations of your expenses to get your startup off the ground. Are you planning to seek funding? Do you want to invest your own savings or take a loan from a bank?
Keep in mind that it will take some time before your startup starts bringing in money. Until then make sure that you have enough resources to stay afloat. The most common reason why small businesses shut down is the lack of required startup capital. Don't underestimate the importance of the startup costs estimation process since a potential profit depends on it.
Be smart with expenses
There is always a risk of overspending money on things which you, as a business owner, can do without. This can be fancy equipment that costs twice as much as the ordinary which have the same features. Being sensible with money when making purchases is the best thing a new entrepreneur can do. We are not saying that you have to be stingy.
Make a list of things you need to buy, compare the prices, and purchase those which provide the best value for your money. You can choose the best entrepreneurship ideas for women in the world, but if you keep spending money recklessly on things you can do without, they won't work to your advantage.
Create a unique brand
Whether it is a huge enterprise or a small startup, a strong brand is one of the key elements to success since it adds up to the loyalty of customers and increases sales. The brand name should be attention-grabbing and unique. It should represent your business and convey a certain message. Be creative and sincere!
Make your business legal
Decide what kind of entity your business would be–a partnership, a sole proprietorship, a limited liability corporation, etc. The tax obligations and legal requirements will depend on the structure of your business. You will also need to register your business name and trademark it to protect it on a legal level. After that is done, consider getting an Employer Identification Number (EIN) from the IRS if it is needed.
In some cases, business owners have to receive certain licenses, permits, and insurances, so make sure you have everything protected. No entrepreneurial ideas for women will ever work without this work being done properly.
Launch a website
An online presence is a must-have for every successful business these days. No matter how promising business opportunities for women are, without a properly set up website they tend to fade away. Also, consider getting listed in the most popular online directories.
Find your audience and promote your business
The products or services you offer can be the best in the industry, but there's no point in them if people know nothing about them. Right? You shouldn't underestimate the importance of business promotion. What is more, a promotion campaign should become one of the top priorities for you.
Marketing strategy has many faces and you need to get acquainted with each of them. As mentioned above, first define your target audience. This includes research regarding who your potential buyer personas are. The following data should be taken into account:
- The areas where your potential customers live
- Their gender
- Their age
- What their jobs are
- What their money spending habits are, etc.
By researching this, you will get a clearer picture of what factors influence the purchase decisions of your customers. Also, you will be able to reach out to the right audience with your products and/or services.
The usage of the right marketing techniques, both inbound and outbound, is another important step on the road to success. You can benefit from things like SEO, SMM, PPC advertising, content, and email marketing big time. It is also important to create a strong link-building strategy to increase the authority of your website/e-shop. Moreover, if you live in a small community, you can take advantage of some old-fashioned ways of advertising such as flyers, billboards, television, and radio ads. All of this will help you get the word out about your startup business.
Now that we have outlined a clear plan, women-owned business ideas seem to be a lot more realistic to implement.
List of small business ideas for women
According to the latest statistics, the number of female entrepreneurs is rapidly growing and counts about 13 million businesses all over the US. It is approximately 42% of all firms. These stats are pretty impressive, huh? And it is getting better and better each year. Truth be told, we couldn't be happier since this shows that women have as many opportunities as men.
But there's still room for growth so we have singled out these hobby ideas for housewives and entrepreneurship ideas for women of all ages. Take advantage of every opportunity that appears on your way and make this world a better place to live.
So, what exactly can you do? Check out these top 10 small business ideas for women:
Build an online shop
You can join the community of e-commerce website owners with a properly set up online shop. Thanks to platforms like Shopify, it's easy as pie. Online shopping is getting more and more popular these days so you will definitely succeed with this business idea for women. All that is left to do is to pick the sphere you want to work within. What kind of goods would you like to sell? Decide on that and start making money today. The average monthly revenue an online store can generate varies between $10,000 and $50,000. But of course, it depends on several factors.
Become a freelance content writer
If you are passionate about writing and can’t imagine your life without it, turn your passion into a profitable business. Luckily, we live in a world where working from home as a freelancer is no longer a dream. Thanks to platforms like Fiverr, Behance, and Upwork, it is possible to find desired work in the blink of an eye. And the best thing is, you can choose the number of hours you'd like to work. Starting off can be difficult since you will need to build a portfolio first which takes time; however, it always pays off. On average, a 500-word article costs $50. How many articles can you write per day?
Get into blogging
Believe it or not, blogging is one of the best small scale business ideas for women of all ages. Not only will you get flexible work-hours, but you also will be able to work from anywhere in the world. The only thing that you need is an appealing website and you are ready to go. Of course, you will have to work on the promotion of your website to boost monthly traffic and earn money. As for the field of interest, it totally depends on you.
Whatever you are interested in can become a topic for your blog. It can be beauty blogging or travel blogging, for instance. Besides, you can also charge for advertisements, which is always good money. Blogging is the sphere with a salary that can range from $30,000 per year to $200,000 per year.
Find your place among photographers
Are you famous among your family and friends for taking the best pictures? Why don’t you turn your hobby into a profitable business? Sure thing, there are quite a few photographers out there but the good ones are hard to find. For starters, you will need to purchase appropriate equipment and it will be costly; but in the long run, this money will pay off. Photography belongs to the list of hobby ideas for housewives which can bring from $26,000 to $30,000 a year even if you are a complete beginner.
Become a tutor
Tutoring belongs to those be-my-own-boss ideas that are easily accessible. Simply put, if you are good at something, teach it to others. This could be online classes for children who need extra help with school subjects such as Math, History, Science, and Art. Or you can teach English as a second language. As for revenue, it depends on the number of students you have. The hourly rate of a private tutor varies from $20 to $45 and more.
Help people as a life coach
Do you have exceptional problem-solving skills? Are you eager to help other people find the right path in life? It seems that a life coach might be a perfect profession for you. It is simply one of the most valuable business opportunities for women. There are so many people out there who don’t really know what to do with their life. They feel lost, confused, and helpless in the face of life issues. You can become a savior for many of them. Life coaches are in great demand in the US today. You can make around $40,000 a year if you have more than one year of experience.
Make use of social media and become an influencer
Being an influencer on social media has become a trendy profession. It is one of those new business ideas for women that can become more than just a hobby. Who is a social media influencer? In a few words, this is a person who has gained a credible reputation for their knowledge in a specific field and can influence the decisions their followers make. You can make breathtaking videos on YouTube, write interesting posts on Instagram, communicate with people who follow you on Facebook and you can make money by doing this. Even those who have few followers can earn some good money, up to $60,000 per year.
Start your own food service business
Food service is one of the best small businesses for women to consider. Whether it is a small bakery, a coffee shop, or a food truck, you will be in demand. It is a great opportunity to turn your love for cooking into a business that brings lots of money. Although competition is rather high, the food service business is worth opening. For example, an owner of a food truck can make up to $20,000 a month.
Offer daycare services
Daycare centers are getting more and more popular as modern parents are getting busier. If you get along well with children, take this idea into account. Initially, you will need space, toys, and equipment such as children’s tables and chairs. You will also have to obtain a license for opening a private daycare center. As well, consider hiring experienced nannies since you will need some extra help. It is one of the best women-owned business ideas, but unfortunately not the most profitable. It should be noted that as a home daycare owner you can expect to earn just $10-15 per hour.
Start your career as a fitness trainer
Are you a yoga addict? Do you like doing aerobic exercise? Are you enthusiastic about fitness in general? It is time to start making money with something that brings you joy. People actively search for qualified personal fitness trainers and you can become one. Although it will take some time before you actually start making good money, a fitness trainer definitely belongs to the category of those small business ideas for women that are worth trying. Personal sports trainers can potentially make up to $130,000 per year.
We do hope that you have gained enough inspiration and found a few useful small business ideas for women from the list in the article. If you have more ideas up your sleeve, feel free to share them with us.
In conclusion, we'd love to remind you of the most famous Mark Twain quote, "Find a job you enjoy doing, and you will never have to work a day in your life."