The number of female-led businesses has increased by almost 60 percent in over a decade. Altogether, these women have earned $3.1 trillion in revenue. Clearly, female entrepreneurship is a force to be reckoned with. If you’re looking to hop on the bandwagon, follow these tips for success:
Selling Your Own Product
While women-owned businesses only make up about 30 percent of all U.S. companies, 86 percent of Etsy sellers are women. Online marketplaces like Etsy offer many women the ability to monetize their talents with flexible hours and an easy way to set up shop. Women are selling everything from photography and clothes to soaps and stationery.
Although some women start with online marketplaces to earn extra cash, some turn their hobby into a business. For example, one Etsy seller started to sell hoops for hoop dancing in 2009. Since then, she quit her job at an interior landscaping company, and her shop is now a full-time job. In fact, 30 percent of sellers on Etsy say their shop is their sole occupation.
Direct sales consultants can purchase a starter pack of products from a company, and then market and sell the product on their own schedule, essentially running their own business. This industry has evolved, as more and more different products and services are being sold to customers—from essential oils to bakeware.
The idea of running a business using direct sales is not new. Avon has been using the model for more than 130 years. There is a perception that direct sales are in decline, but that is not true; in fact, direct selling has actually been on the rise in the U.S.
According to Black Enterprise, those working in affiliate marketing earn commission “through either the promotion of another brand or company’s products, tools or services, or shared revenue generated from selling products and services to joint customers and audiences.” The obvious benefit of affiliate marketing is that it generates passive revenue. However, there is a second benefit: By recommending beneficial tools, services, and products, you are establishing trust and authority with clients and customers.
Many affiliate sites take their marketing efforts to social media. This is a powerful way to generate revenue and form connections. The key is to create engaging, attractive, and informative content. The Wire Cutter, Gear Patrol, and Nerd Wallet are just a few examples of businesses that have found success with social media marketing.
Other Sources of Business
Instead of starting your own business from scratch, you can invest in startups. You can either directly invest with the company, or you can leverage investing platforms as more of a low-risk option for yourself. Although there are obvious risks to investing, it can be a smart financial move that generates hefty returns. Consider choosing a company that’s involved in something you understand and in which you can potentially add value. Also, it’s a good idea to invest in multiple deals, which will help to expand your portfolio.
Where to Operate
You might be thinking about setting up your business in an actual office, but do consider the alternative: working from home. A home office allows for more flexibility in your schedule, and you won’t have to pay as much for overhead costs. Working at the dining table isn’t ideal, though; opt for designing an office complete with a custom desk, ergonomic chair, places to store papers, and anything else you require to work efficiently.
Instead of buying your desk at a furniture store, consider hiring a handyman to create a desk tailored just for you. It can include any features you wish, like shelves, cabinets, and a cord organizer. If you live in Miami, you can expect to pay between $168 and $579 for handyman services.
Entrepreneurship was once considered a man’s domain, but with more women-owned businesses than ever, the times are changing. Whether you turn your hobby into a career, monetize your cooking blog through affiliate marketing, or become a direct sales consultant, there is a way to turn your dream of entrepreneurship into reality and success.