Do you Want to Become a Fempreneur (Female Entrepreneur) in 2021?
Let’s face it, 2020 was not our best year as women. We had to pivot, homeschool and many of us left the workforce entirely (some 2.2 million US women between February - October 2020). We were stressed, stretched and in need of change. As we move further into 2021, it’s time to regroup, recharge and come up with a new plan. We want more for ourselves professionally- a gig that provides greater flexibility and control.
So, what’s your plan? Could it be that you want to launch your own business this year? More and more women are making that exact move. In fact, 42% of all US small business owners are women.
Although the freedom and flexibility of an entrepreneurial lifestyle are very appealing, and many women want to become entrepreneurs, that initial leap into becoming a female founder can be scary. If you’re like most, you’re probably reluctant to give up that nice, comfy paycheck. Never fear. There are some things that you can do to ease your apprehension. And, as both an entrepreneurship coach and the author of Launch Your Inner Entrepreneur, I’m here to help with a few tips:
- Begin by doing your homework. Think about your passions, skills and the value that you have to offer, and what type of business might be a good fit for them. Maybe you’re considering photography, real estate, design, or consulting; there are countless options. Then, armed with your ideas, research the markets that you’re interested in (competitors, customers, existing products, etc.) and see where you might fill a hole or an unmet need.
- Next, move on to planning. Figure out what your unique selling proposition (USP) will be (that thing that sets your business apart from those already operating in a market). Survey potential customers and industry insiders to get it right. Then, work on your MVP (minimum viable product), set up your website, complete the required legal paperwork, establish your social media accounts, and formulate your business plan and goals. Be sure to strategize about how you’ll fund and monetize your startup as well as how long it will take for you to become profitable.
- Consider starting as a side hustle. Launching your endeavor as a side gig affords you time to gain traction before giving up a steady income.
- Then, focus on developing an entrepreneurial mindset. In order to become a thriving fempreneur, you must have the right attitude. This entrepreneurial mindset starts with taking action and then making small tweaks in terms of the way that you think and approach things. There are certain areas that women in business struggle with more than men including issues related to confidence, improving their money mindset, dealing with impostor syndrome, fighting self-sabotage, building resilience, becoming comfortable with risk-taking and more. You must develop mental strategies to grow in each of these areas, and to foster the grit and determination you’ll need to stick with it for the long haul. But, with some minor mindset shifts, you can do it!
If becoming a female founder is something that you’ve always dreamed about, this may be your year. Remember, the most critical steps that you can take to make it happen are to formulate your plans and goals, work on shifting your mindset, and then, taking action. 2021 may well be the year of the fempreneur!