| The top reason a lot of businesses fail is poor | | | | aspects of your business, not just the ones you like. |
| management. This is closely followed by poor financing | | | | For example, you may need to have meetings with |
| and lack of experience. Many people, not just women, | | | | lawyers or accountants or consultants. |
| go into business with more passion than business | | | | Do you have a clear vision of where you want to be |
| sense. Whatever path you choose, passion is | | | | in five years? Do you have a plan on how you are |
| important, but passion alone won't pay your bills or | | | | going to get there? |
| replace your day job. You have to have a plan. | | | | A successful business grows out of vision and |
| One thing we need to think about is whether our | | | | planning. Know where you want to go. Then make a |
| chosen business is one which has a high income | | | | plan to get there. |
| potential. According to the Center for Women's | | | | How does having a business fit into your personal life? |
| Business Research, there are more than 10.4 million | | | | Having your own business means you no longer get |
| businesses owned by women, but only 3% of all | | | | holidays and weekends, at least at first. It means you |
| women-owned businesses earn revenues of over a | | | | may have to limit family time during the early years |
| million dollars compared to 6% of men-owned | | | | when you are trying to get your business off the |
| businesses. | | | | ground. Can you make the necessary sacrifices to |
| On the other hand, according to All About Women | | | | give your business a fighting chance? Can you hang in |
| Consumers, when women are provided with relevant | | | | there when you don't attain instant success and persist |
| information, they do more research and due diligence | | | | in the face of defeat? |
| than men. They also tend to become millionaires | | | | WHERE TO GET MORE INFORMATION |
| younger than men and own the majority stakes in | | | | Once you've decided that starting a business is |
| over half of privately owned businesses. | | | | definitely for you, the next step is to visit the Small |
| Ask yourself the following questions as you consider | | | | Business Administration (sba.gov/.) This site has a ton |
| starting your own business: | | | | of information about everything from planning your |
| Do you know why you are going into business? | | | | business to naming your business. There is also |
| You may think it's just to quit your job, to be home with | | | | information on getting licenses and permits, financing |
| your kids or to pursue a dream you've always had. It | | | | your business and paying taxes. |
| could be to attain more of a sense of fulfillment than | | | | The SBA also has a division called the Office of |
| you can ever achieve by working for someone else. It | | | | Women's Business Ownership (OWBO) which helps |
| could be because of the earnings potential. Whatever | | | | women start and own successful business. For more |
| your reasons for going into business write them down | | | | information, visit sba.gov/aboutsba/sbaprograms |
| and keep them where you can refer to them often | | | | onlinewbc/index.html. |
| when the going gets hard and you want to quit. | | | | There are OWBO women's business centers across |
| Do you have what it takes to be the boss? | | | | the country. These centers were created to help |
| For a lot of women who are trapped in an 8-5 | | | | women start businesses, and obtain financing if |
| environment, the answer is an unequivocal yes. But | | | | necessary. |
| owning your own business means you have to be | | | | Starting your own business is an achievable dream. |
| committed around the clock. It means you may get | | | | Take the time to know what your dream is, why you |
| phone calls in the middle of the night or while you're | | | | want to pursue it, where it's likely to lead you and how |
| traveling on vacation. It means you have to deal with all | | | | you're going to get there. Then make it happen. |