Four things Female Entrepreneurs need to consider before starting your own business
Across Australia, entrepreneurs are starting innovative business, and according to the last Census, women make up more than 33% of them. At Aspen Corporate, we work every day with women who are passionate about building and running a business which gives them the flexibility and control over their life and work.
Over the years of working with entrepreneurs, I understand that starting and running your own business isn't easy. It requires a great deal of preparation and planning to get things going. Our experience has shown us that addressing the following four areas from the beginning should save you a lot of stress, sleepless nights and heart ache.
Build your basic financial literacy
Can you read your Financial Statements? Do you know how to map out a long-term business plan? Do you understand basic accounting cloud software, and cyber security? Can you read and interpret business contracts – loan documents, leases, supplier agreements - just to name a few?
Understanding and interpreting financial documents is key to running a successful business. There are plenty of great short courses and online tutorials available, or you can come in and talk to our accounting and bookkeeping staff to help you build your financial literacy. We can even help you select appropriate cloud accounting software and draw up a business plan.
Planning
We can't stress how important it is to learn to spend the time on the business before you spend the time in the business. Identify where you are not strong, and then employ or collaborate with others to fill those gaps. Build up relationships with regulators and corporate partners in your chosen industry.
Proper planning will enable your business to move forward quickly without serious damage
Use technology to find work life balance
Juggling your work commitments, personal relationship commitments and family is a challenge. Balancing your individual needs between work and other aspects of your life is not new concept. It goes without saying you need to spend enough time working to ensure your business is running.
Technology changes and advances however have made it is possible to complete work on a 24 hour cycle rather than traditionally have the 9 to 5 work day. By embracing technology, a female business owner now has more flexibility to achieve both business and personal commitments. You can decided when, where and how you work to cover the require time to ensure the business is running successfully. You have the flexibility with these new tools to provide convenient services to your customers while balancing your other personal commitments around it.
As a director, mother and member of various boards and committees I have come to embrace technology which helps me spend time on my business, as well as spend time with my family.
Be a mentor and find a mentor
A business mentor can bring perspective, experience and connections that would otherwise be out of reach. Find a business mentor for yourself, a trusted person that you can listen to you and provide feedback.
And remember, as your business grows ensure you offer time back to younger females starting their journey. Regularly meeting with and sharing your journey will increase the number of females building successful businesses.
About Bernadette: Bernie has been a director at Aspen since 2003. She has sat on various CPA practice committees since 2010, and was the past Chair of the 'CPA WA Public Practice Committee'. Bernie is a member of 'Women on Boards' and sits on 'Not For Profit' boards in variety of roles.