Category: Small Business

By Nionila Ivanova, founder of IT Creative Labs and creator of IT Project Management training.

Starting a small business is tough, especially for women who often face unique barriers and challenges. While the rise of women entrepreneurs has been inspiring, it’s also been hard-fought. Despite the progress, women still encounter obstacles that can make the process even more difficult.

But don’t worry — this article is here to help. Whether you’re just thinking about starting a business or are ready to take the next steps, I’ll share some practical tips that have proven to work for women. You don’t need a business degree or years of experience to get started. By the end of this guide, you’ll have the confidence and know-how to become a successful business owner.

Table of Contents

• Step 1: Identifying Your Business Idea
• Step 2: Creating a Business Plan
• Step 3: Funding Your Business
• Step 4: Navigating Legal and Regulatory Requirements
• Step 5: Building Your Brand
• Step 6: Celebrate Small Wins
• Step 7: Maintaining Work-Life Balance
• Final Thoughts

Step 1: Identifying Your Business Idea

The first step to starting any successful business is a solid idea. But how do you find that idea? Speaking from years of experience as a tech entrepreneur, I’ve learned that the best business ideas often come from the intersection of your skills, passions, and market needs.

Start by assessing what you’re good at — whether it’s a skill you’ve honed professionally or a hobby you’re passionate about. Then, look at where those strengths overlap with a real market demand. What problems can you solve? What value can you bring that others can’t?

For example, when I founded IT Creative Labs, the idea came from two things: recognizing a gap in the market for customized IT solutions that didn’t just meet technical needs but also aligned with clients’ short and long-term business goals; recognizing a huge gender gap in the tech field, so the mission of the company was to even the field, providing more opportunities for women to enter and grow within the technology industry.

Remember, your idea needs to solve a problem, meet a need, or offer something in a better way or different than what’s currently available. Keep it simple, authentic, and ensure there’s a market for it.

Step 2: Creating a Business Plan

Once you’ve decided on your business idea, the next step is creating a solid business plan. Your business plan should outline your goals, target market, competition, and financial projections.

Start with your business goals, both short-term and long-term. What do you want to achieve in the next year? In five years? Be specific, measurable, and realistic.

Next, you have to analyze a market. Understand who your customers are, what they need, and how you can meet those needs better than your competitors. Also research your competitors and find out their strengths and weaknesses.

Financial planning is another critical element. Outline your startup costs, revenue projections, and funding needs.

Finally, decide on your legal structure, which best fits your business goals.

Step 3: Funding Your Business

Securing funding is often one of the biggest hurdles for new entrepreneurs, especially women. There are several options available, and with the right approach, you can find the funding you need to bring your business to life.

Start by exploring funding options specifically tailored for women-owned businesses. Many organizations and government programs offer grants, loans, and resources specifically aimed at supporting women entrepreneurs. For example, the Small Business Administration (SBA) provides loans with favorable terms for women-owned businesses, and there are numerous grants available if you know where to look.

Crowdfunding is also a powerful tool, especially if your business idea has broad appeal. Platforms like Kickstarter or Indiegogo allow you to raise small amounts of money from a large number of people, which can add up quickly. Plus, it’s a great way to build a community around your brand even before you launch.

I also suggest you pay attention to bootstrapping — using your savings or reinvesting early profits to grow your business. While this approach requires more financial discipline, it gives you complete control over your business without the pressure of external investors.

Step 4: Navigating Legal and Regulatory Requirements

This step might seem daunting, but getting this right from the start can save you headaches down the road.

Register your business with the appropriate authorities, which usually involves choosing a business name and filing the necessary paperwork. Depending on your location and business type, you may also need to obtain specific permits and licenses.

For women-owned businesses, consider applying for certifications like the Women-Owned Small Business (WOSB) certification. This can open doors to government contracts and other opportunities.

Don’t forget to familiarize yourself with local, state, and federal tax requirements. Consulting with a legal or financial expert at this stage is often worth the investment, ensuring that you’re fully compliant and protected as you move forward.

Step 5: Building Your Brand

At this stage focus on creating a unique brand identity (a business name, logo, colors, and messaging). Your brand should reflect your values and appeal to your target audience.

A professional website is also what every business must have. Your website is often the first interaction customers will have with your business, so it needs to be mobile and user-friendly. Include essential information like your products or services, contact details, quality photos, and a clear call to action.

In the digital era having social media is a key to success. At the beginning I recommend analyzing and choosing platforms where your target audience is most active (for instance, Instagram, Tik Tok, or LinkedIn), and then regularly create content that engages and informs followers on these social platforms.

Step 6: Celebrate Small Wins

After all the paperwork, don’t forget about yourself.

Recognize and celebrate your achievements, no matter how small. Celebrating small wins keeps you motivated and reminds you that progress is happening, even if it feels slow at times. When you hit a milestone, like landing a new client or finishing a big project, take a moment to recognize it.

Celebrate in ways that resonate with you. This could be as simple as treating yourself to a favorite coffee, taking a well-deserved break, or sharing your success with your team.

Step 6: Joining Women Entrepreneur Networks

Building a strong women support system is vital for any entrepreneur. These networks provide a space to connect with like-minded women who understand the unique challenges you face and can offer valuable advice and support.

When you start a small business, you will quickly realize the power of these communities. This is a place where you can build relationships, find mentors, and even collaborate on projects. Many women entrepreneur networks offer workshops, webinars, and events where you can learn new skills, stay updated on industry trends, and gain insights from experienced business owners.

Step 7: Maintaining Work-Life Balance

As an entrepreneur, it’s easy to let work consume all your time, but maintaining a healthy work-life balance is crucial for long-term success and well-being.

From my experience leading a company and training project managers who especially often face burnout, here are some key strategies to achieve this balance:

1. Define specific work hours and stick to them. Avoid checking emails or taking calls outside of these hours.
2. Create a dedicated workspace to physically and mentally separate work from personal life. 
3. Focus on high-impact tasks and delegate routine or administrative work when possible. 
4. Just as you schedule meetings and deadlines, schedule regular breaks and personal time.
5. Practice self-care (exercise, meditation, and hobbies).
6. Don’t hesitate to ask for help from family, friends, or mentors.

Final Thoughts

Being a woman in entrepreneurship is both challenging and exhilarating. The way is filled with obstacles, barriers, and setbacks, but each of these is also an opportunity for growth and learning. Rather than viewing these challenges as roadblocks, see them as new stages in your business’s evolution.

With the practical tips I’ve shared, you’re now armed to handle obstacles and turn them into triumphs. I hope these insights help you feel more prepared to handle obstacles and guide your small business toward achieving great things.

Ever wondered about the powerhouse driving a significant wave of change in the business world? These businesses – dynamic entities owned and operated by women, significantly are shaping the market.

According to the NWBC 2023 Annual Report, 14 million women-owned businesses make up 39.1 percent of all U.S. businesses — a 13.6 percent increase from 2019 to 2023. That’s not just numbers. It’s a testament to the growing influence and impact of women entrepreneurs.

Table of Contents

• Challenges Faced by Women-Owned Businesses
• Importance of Supporting Women-Owned Businesses
• A Woman-Owned Success Story of IT Creative Labs
• Strategies for Supporting Women-Owned Businesses

Challenges Faced by Women-Owned Businesses

Running a business by women entrepreneurs often comes with its unique set of struggles.

Access to Capital

Women-owned businesses frequently encounter challenges in securing funding compared to their male counterparts. Whether seeking loans or venture capital, the financing landscape can be less accessible, limiting growth opportunities.

Gender Bias and Stereotypes

The persistence of gender biases and stereotypes can cast a shadow over women entrepreneurs. Preconceived notions about leadership capabilities and industry suitability may hinder their ability to be taken seriously in certain sectors.

Work-Life Balance Struggles

Balancing the demands of entrepreneurship with family responsibilities can be particularly challenging for women. The expectation to fulfill traditional roles at home while navigating the demands of a business can lead to burnout.

Networking Challenges

Networking plays a crucial role in business success, but women may face challenges in establishing the same level of connections as their male counterparts. This limitation can impact access to mentors, partnerships, and business opportunities.

Limited Representation in Leadership Roles

The scarcity of women in leadership positions within established companies or industries can limit visibility for aspiring women entrepreneurs. A lack of role models may affect confidence and discourage potential business leaders.

Access to Education and Training

Disparities in educational and training opportunities can hinder women entrepreneurs in acquiring the skills and knowledge needed to thrive in competitive markets.

Social Expectations

Social expectations and cultural norms may impose additional pressures on women entrepreneurs. Navigating these expectations while pursuing ambitious business goals requires resilience and determination.

Systemic Barrier

Institutional and systemic barriers, such as discriminatory policies and practices, can impede the progress of women-owned businesses. Addressing these structural issues is crucial for fostering an inclusive business environment.

Importance of Supporting Women-Owned Businesses

Actively supporting women-owned enterprises is a strategic move that reverberates through the fabric of our global economy.

Economic Impact and Job Creation

By actively supporting women-owned businesses, we catalyze economic growth. The statistics speak volumes – increasing the number of women-owned businesses can inject trillions into the global economy.

It’s not just about revenue; it’s about job creation. These businesses often serve as engines for employment, fostering stronger and more vibrant communities.

Diversity and Innovation in the Business Landscape

Women bring a unique perspective to the table, spurring creativity and out-of-the-box thinking. By actively supporting women entrepreneurs, we inject diversity into the business ecosystem.

This diversity becomes a driving force, leading to fresh ideas, new approaches, and ultimately, a more resilient and adaptive business landscape. The businesses thrive, and so does the ecosystem.

Empowerment and Breaking Gender Stereotypes

Supporting women-owned businesses is a tangible way to dismantle age-old gender stereotypes. It sends a powerful message that gender should never be a barrier to success.

When women see other women thriving in business, it becomes a source of inspiration. It challenges preconceived notions and sets the stage for a more inclusive and equitable future. Empowered women empower others, creating a ripple effect of positive change.

A Woman-Owned Success Story of IT Creative Labs

IT Creative Labs was founded because of two main factors:

1. Lack of support for working mothers in the corporate world.
2. Lack of support for women in the technology space, which was (and still is) heavily male-dominated.

Thus, IT Creative Labs is founded on the principles of human-first approach and diversity & inclusion.

Being a woman-owned business we face the challenges we spoke of above first-hand, bias being the biggest one. But because IT Creative Labs was formed to tackle those biases, we have not only shown resilience in the face of challenges but also aim at improving the situation overall, investing in bringing more women into the tech space and supporting fellow small diverse businesses.

Despite constantly being doubted and given very little opportunities, IT Creative Labs manages to persevere through hard work, dedication to driving change and delivering high quality innovative solutions to our clients.

So to all our readers who are looking to go into tech space – be brave, be strong and don’t let anyone stop you from fulfilling your goals and dreams; and to all our clients and partners who supported us throughout the years – THANK YOU!

Strategies for Supporting Women-Owned Businesses

Supporting women-owned businesses is an active commitment to fostering diversity and empowering a demographic that has historically faced unique challenges. Whether you’re an individual or a business, here are some strategies to actively contribute to the success of women entrepreneurs:

Tips for Individuals:

1. Choose Women-Owned Products and Services: Opt for products from women-owned businesses to direct your spending power towards supporting their growth.
2. Spread the Word: Amplify the voices of women entrepreneurs by sharing their stories and promoting their businesses within your social circles.
3. Participate in Events: Attend and support events, conferences, and marketplaces that showcase and promote women-owned businesses. Your presence fosters a supportive community.
4. Offer Mentorship: If you have experience in business or a related field, consider offering mentorship to aspiring women entrepreneurs. Share your knowledge, provide guidance, and help navigate the challenges they may face.
5. Invest in Women-Led Ventures: If feasible, explore opportunities for investment in women-led startups. By becoming an investor, you play a direct role in providing the capital needed for growth and expansion.

Tips for Businesses:

1. Supplier Diversity Programs: Implement supplier diversity programs within your business. Actively seek out and engage with women-owned businesses as potential suppliers or partners.
2. Equal Opportunity Employment Practices: Ensure that your company practices equal opportunity employment. Create a workplace culture that values diversity and provides opportunities for women to thrive in leadership positions.
3. Sponsorship and Networking Opportunities: Create sponsorship and networking programs that specifically support women entrepreneurs. This could involve providing access to industry networks, mentorship programs, or sponsorship for relevant events.
4. Flexible Work Policies: Implement flexible work policies that accommodate the diverse needs of employees, including women entrepreneurs. This fosters an inclusive workplace and supports those managing businesses alongside professional responsibilities.

Collaborative Initiatives and Mentorship Programs:

1. Industry Collaborations: Collaborations between established businesses and women-owned startups can include joint ventures, shared projects, or mentorship programs that facilitate knowledge transfer and growth.
2. Government and NGO Partnerships: Advocate for and participate in government initiatives and programs that support women-owned businesses. Collaborate with non-governmental organizations working towards the empowerment of women entrepreneurs.
3. Establish Mentorship Networks: Create formal mentorship networks within industries. Encourage successful business leaders, both men and women, to actively mentor and guide women entrepreneurs in navigating challenges and seizing opportunities.
4. Educational Workshops and Seminars: Organize and participate in educational workshops and seminars that focus on the unique challenges faced by women-owned businesses. Share insights, best practices, and success stories to inspire and educate.

By adopting these strategies, both individuals and businesses can play an active role in leveling the playing field for women entrepreneurs, contributing to a more inclusive and thriving business ecosystem.