The number of women-owned businesses has risen by over 20% in the past five years.
There are many reasons why women choose to set up business on their own. If you have taken the leap from enjoying the the benefits of a steady job, it’s likely that you appreciate your independence, pursuing your personal interests and making your own money.
In order to ensure the continued growth of your business, there are several considerations that can help you eventually scale in 2020 and beyond.
Let’s take a look at three of those factors now!
Spreading the Word
Once you’ve taken the step to go it alone in business, at first you may find that you miss the company and camaraderie of a busy office. Professional networking groups are valuable for women in business, providing a space to share expertise, solve problems and receive honest feedback for new ideas.
Most importantly, they are a great way to make contacts, through which you can then spread the word about your expanding business, reach out to potential clients and let people know you are hiring.
You may also consider renting a desk at a coworking space, which can be a fantastic way to find talent, engage in skill-sharing and be among like-minded entrepreneurs who can offer advice as you look to scale.
Hiring More Staff
With a flourishing business, hiring employees will be necessary to help with the increase in workload. It shouldn’t be too difficult to find people to work for you, as more than 50% of Americans would prefer to work for a woman.
This is because, in addition to being more likely to meet their financial targets, female-led businesses tend to take better care of their staff. As a new boss, one of your first jobs will be to ensure your employees are covered by workers comp insurance.
This will cover medical expenses and lost earnings in the event of an accident in the workplace. Taking responsibility for your employees in this way can also benefit you in the long run, as your employees will be happier and more satisfied at work.
Expanding to a Larger Location
As you begin to scale your successful business and require more staff, you will need to start looking for a larger office. As well as finding somewhere attractive and prestigious for visiting clients, make sure the premises are also suitable for your employees.
A convenient and safe location with adequate parking or good public transport links could help to attract and retain employees, saving you the trouble of re-hiring on a regular basis. Again, working out of a coworking space may be the most financially sound option, where monthly costs are often much less than a commercial office space, so it’s certainly worth your consideration.
The number of businesses run by women is growing, and, as well as being sole proprietors, women are employing an increasing number of employees.
In providing a safe and comfortable environment for your team, your business is even more likely to succeed and scale.Lastly, I'm starting to tell other women about a health newsletter that I've benefited immensely from and that I highly recommend. I think you might like it, too. If you want, you can sign up here.
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