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Important lessons for women starting a business in their 40’s

by on September 11, 2017 in Digital Marketing, Latest News, Lead Article, News you can use, Nuggets, Research, Small Business, Startups, Women for Women

Important lessons for women starting a business in their 40’s

Some people think that being 40 means you’re over the hill, but many women today are proving that life truly begins at 40. Instead of slowing down, they make drastic changes and reinvent themselves.

It’s now quite common to see women launching a business venture at this age. They say it’s intensely intimidating, and even reckless to a certain degree, but they go ahead with it because the prospect of success is just too great to pass up.

Business Setup Information is abundant

The business sector points out that the environment for new enterprises is actually quite ideal. Most elements required for setting up a business are already quite accessible. This is thanks to more lenient bank policies, as well as well-crafted provisions to assist new business owners in managing various aspects of their operations. Likewise, there are business formation companies that are ready to assist with setup.

It’s important to mention as well that the Internet is a wonderful source of information. New entrepreneurs can find the best commercial real estate brokers online as well as properties for rent or sale. In addition, everything from training materials, to classes, to guides on how to make a business plan and more is also now available online.

Suffice it to say, if women in their middle age want a fresh professional start, now is indeed the time to put their plans into action.

Tips on becoming a Business Owner

1.     Do the research.

Gather all the necessary information on the industry and how to effectively run a business. Seeking the guidance of coaches and other industry specialists always helps. Increasing the potential for success with the venture lies in having the right set of skills and knowledge.

2.     Look for creative financing solutions.

The ideal business bank can provide various financing solutions. These are not only designed to generate funding but also to improve working capital. The biggest commercial banks offer capital management.  This helps businesses unlock funds caught in the supply chain, and stay on top of incoming and outgoing cash flows effectively throughout the organization.

Before making the business operational, entrepreneurs should already have all these financing solutions in place.

3.     Being online-savvy is a huge advantage.

Learning the fundamental principles of online marketing can do so much in pushing the business forward and creating brand awareness. Don’t think of SEO and other online marketing strategies as tasks to get around to when the business is already operational. Have all these ready by the time of the official launch of the business.

Taking a conservative approach is fine, but in a competitive business scene, employing the expert assistance of web developers, designers and SEO professionals can do wonders.

4.     Marketing is everything.

This is another business component that needs to be set up before the launch of operations. Promoting the business and making sure that there’s a loud buzz about it is crucial to success.

How to go about marketing:

●       Allocate at least 3 percent of the capital to promotions.

●       Identify the target audience and find the best medium to reach them.

●       Choose the medium that can best represent the business.

●       Advertise, advertise, advertise – repetition is key.

5.     Study the competition and improve upon their offerings similar to yours.

It’s imperative to provide something that’s different or better. This is the best tactic in netting in a good share of the market. Consumers rarely look for an equal alternative; they want something that provides stronger value.

It’s important to upgrade the act over a period of time, too. This is a demonstration of commitment to upholding standards that meet customers’ requirements.

6.     Look for solutions that can simplify or protect processes.

For new enterprises, a simplified process is always best. It can improve the speed of productivity, and ensure a reliable trail of cash movement. For example, when the business uses a corporate credit card, the bank provides a record of all purchases and payments. Recently, banks have also begun notifying account holders of the latest accomplished transactions to prevent fraudulent activities.

Such solutions will not only expedite business processes but also create defense barriers against questionable activities within the operations.

It’s completely normal to feel anxious about making a major life change such as starting a business. With proper preparation for a better understanding of the business game, the fear can easily transform into excitement. Just keep on learning and seeking expert help – nobody is ever too old for that.

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