On Saturday, 7th December, I’ll be attending The Coaching Catalyst’s Thrive Event for Coaches. This date also aligns with Small Business Saturday in the UK, making it the perfect time to explore the growing trend of women starting their own businesses. With that in mind, I’ve written this article to share practical tips and insights aimed at empowering women entrepreneurs across various industries. While the focus isn’t on coaching businesses specifically, it highlights how a career coach can provide essential support in making the leap into entrepreneurship and ensuring long-term success.
Small Business Saturday celebrates the entrepreneurial spirit, focusing on small enterprises that contribute significantly to local economies and communities. For senior women leaders, the day offers an opportunity to spotlight the possibilities and challenges of entrepreneurship. With experience, resilience, and networks accumulated over decades, senior women are uniquely positioned to succeed in business. However, understanding the steps to establish and grow a venture is vital for long-term success.
This article provides actionable advice, insights from industry studies, and an exploration of how career coaching can be a transformative resource in the entrepreneurial journey. Drawing from insights and statistics from SmallBusiness.co.uk, Startups.co.uk and the Rose Review of Female Entrepreneurship underscores the opportunities for women to lead and thrive as business owners.
Women Entrepreneurs: A Rising Force
The entrepreneurial landscape for women in the UK has evolved significantly. As highlighted by the Rose Review, women are driving the fastest-growing sector of new businesses. From 2018 to 2021, the number of all-women-led business incorporations increased from 56,200 to 145,200.
Despite this progress, challenges persist. Women-founded businesses receive only 9% of equity funding, compared to male counterparts who receive the lion’s share.
Additionally, societal expectations and internalised confidence gaps can deter women from pursuing business ownership. These barriers are particularly prevalent among senior women who may feel reluctant to risk a stable career or retirement savings for an entrepreneurial venture.
A Blueprint for Success: Starting and Growing Your Business
1. Identify a Niche with PurposeBegin by identifying a problem your business can solve or a gap it can fill in the market. Purpose-driven ventures resonate with customers and sustain motivation during challenging times. For instance, businesses focused on sustainability, health, and community impact are experiencing significant growth.
2. Develop a Robust Business PlanA clear and actionable business plan is the cornerstone of success. It should outline your goals, market research, revenue projections, and marketing strategies. A good plan also simplifies funding applications and provides a roadmap for scaling your business.
3. Explore Funding Options for Women EntrepreneursWomen entrepreneurs have access to several funding programmes. The Women in Innovation Award provides £50,000 grants, coaching, and business support. Similarly, the Hatch Female Founders Programme offers mentorship and seed funding for early-stage ventures. Familiarising yourself with such resources can alleviate financial pressures and accelerate growth.
4. Establish a Digital PresenceIn today's interconnected world, a strong digital presence is essential. Create a professional website, optimise it for search engines, and leverage social media to engage your target audience. Platforms like Instagram and LinkedIn are particularly effective for showcasing expertise and building community.
5. Build and Leverage NetworksNetworking is indispensable for business success. Joining women-focused organisations such as Women in Business NI or regional small business communities can open doors to partnerships, funding opportunities, and peer support.
Practical Tips for Senior Women Entrepreneurs
1. Start Small and Grow StrategicallyRather than diving headfirst into full-time entrepreneurship, consider starting your business alongside your current employment. This approach allows you to test your concept, refine operations, and build confidence before committing entirely.
2. Manage Finances PrudentlyBudgeting and financial planning are crucial. Separate personal and business finances by opening a dedicated business bank account. Utilise accounting software or hire an accountant to ensure accurate financial tracking.
3. Balance Confidence with HumilityMany women, particularly those re-entering the workforce after a career break, struggle with self-confidence. Embrace a growth mindset and surround yourself with mentors and peers who inspire and challenge you.
4. Seek Continuous LearningStay updated with industry trends and continuously develop your skills. Many programmes, including free online courses and local workshops, are designed for women entrepreneurs.
The Role of Career Coaching in Entrepreneurship
Starting a business requires navigating uncharted territories, and a career coach can provide invaluable guidance. Career coaches help refine business visions, clarify goals, and overcome psychological barriers such as impostor syndrome. They also offer tailored strategies for networking, pitching to investors, and balancing personal responsibilities with entrepreneurial demands.
For senior women, a coach can also facilitate the transition from a traditional career path to the dynamic and unpredictable world of entrepreneurship. Whether you need help defining your niche, improving communication skills, or building a sustainable business model, career coaching ensures you start on a solid foundation.
Small Business Saturday: A Day to Empower and Inspire
Small Business Saturday serves as a reminder that every great business begins with a single step. For senior women leaders, it’s an invitation to harness experience and passion to build something meaningful. The challenges are real, but the opportunities are boundless. By tapping into funding programmes, leveraging networks, and seeking career coaching, women entrepreneurs can break barriers and create impactful businesses.
Make this Small Business Saturday the day you take the leap, and embark on your entrepreneurial journey with confidence and clarity.
This guide ensures you are equipped with both the inspiration and tools to thrive in your entrepreneurial pursuits.
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