Women Entrepreneurs Startup Series
SUPPORTS YOU WITH
BUSINESS OPPORTUNITIES AND TIPS FOR SUCCESS
Female entrepreneurship is growing -- but it still has a long way to go. Here are ten tips and resources that will empower you to get started today.
Women have long been underrepresented in entrepreneurship, but that trend is shifting. Since 2007, the number of women entrepreneurs in the US has increased over 30 percent, making up 36 percent of all businesses, according to the 2012 census.
Globally, entrepreneurship rates among women increased by 13 percent versus 5 percent for men, according to the Global Entrepreneurship Monitor (GEM), which monitors 40 economies from around the world.
Moreover, it has been estimated that if more gender parity existed in entrepreneurship, and women started businesses at the same rate as men, global GDP might increase by $28 trillion by 2025.
Even greater than the gender disparity between entrepreneurs is that of role models for aspiring female entrepreneurs. In a business environment dominated by males, the ability to access a woman role model with personal experience is a significant challenge.
One female entrepreneur trying to have an impact in this regard is Kavita Sahai, CEO and Founder of Have BIG Plans, which conveniently, affordably and virtually (through a unique text business coaching platform) connects entrepreneurs with certified business coaches.Kavita has more then ten years experience working with entrepreneurs and helped establish the entrepreneurship program at Lynn University.
"Even though I had been a successful coach, consultant and investor, and seen the common pitfalls and mistakes," recalls Sahai, "I still hesitated when starting my own business. As I reflect on the day that I finally made that jump, I wish someone would have been there to give me tips and told me, 'this will be the best decision you ever make.'"
Sahai has made it a point to help other female entrepreneurs who find it challenging to access other woman role models with personal experience. Here are ten tips she gives to others.
If you’re a woman 50+ thinking of becoming your own boss, I say: go for it.
I’m not the only one. David Deeds, the Schulze Professor of Entrepreneurship at the University of St. Thomas in Minneapolis, believes women over 50 are well suited to starting their own businesses. “First, they are willing to learn,” says Deeds. “Men, as we get older, tend to be set in our ways. Women, in general, are more open to learning and are collaborative. Entrepreneurship is a team sport, and women are good at working with others. That gives them a little advantage.”
Your ultimate success in running a small business will come from having a clear vision. Before you get started, ask yourself: How much time can I really devote to it? How flexible do I want it to be?
10 tough lessons I learned as an entrepreneur
Never be afraid to take decisions because you fear making mistakes. Mistakes are good, says Anu Prasad.
Anu Prasad , founder-director, India Leaders for Social Sector, a Delhi-based non-profit organisation shares some of the key learnings she had in her career.
Tip # 1: Own or Franchisee Route
Ideas- based on key strength of women
These suggestions are based on the true life stories of successful women entrepreneurs whom I have mentored.
Niche Areas of Focus
1) Children 2) Beauty 3) Food
Views of Ms. Srikanthi- owner of beauty salon in Bangalore for the past 8 years.
1. The cost of setting up a beauty salon is around INR 1.5-1.8 million This covers thousand square feet space and required equipment.
2. Choosing the right location is critical
3. The facial segment is the most popular segment. Customers, especially, youngsters are willing to spend INR 1000-2000 per month.
4. Bridal makeup is an attractive area and the average spend is INR 15000.
5. Trained Professional employee availability and retention has been and continues to be a challenging area
Ms. Srikanthi has doubled her turnover in the last two years.
For a salon the best way to become popular is word of mouth publicity. A satisfied customer becomes a permanent client
2.Location of the Salon
Location is also a critical component in the success of a salon. It is ideal to choose an area that has a lot of offices and other commercial establishments as that, more often than not, ensures a steady stream of customers
3.Hygiene and Customer safety
This business requires focus on hygiene and safety of customers. The services also need to be professional and quick. It has often been seen that customers especially prefer salons that are always well kept.
The equipment and products being used should be of the best possible quality. There should be zero possibility of a customer being infected anyhow or else it can hamper the salon’s chances.
Towels should be washed, and clean, free of odor.
4.Wide Range of services
Offer wide range of services so that the customers can choose according to their preferences and budget.
5.Availability of Trained professionals
This is really a key requirement as they are the ones who interact with customers. The employees can create a positive impression or mar the reputation even if all the other factors are the best in the industry.
2. Bridal Makeup
3. Hair Styling
The professional hair care market— hair forms a large part of the grooming consumption in India—is of the order of around $150 million (around Rs 1,000 crore)
Another segment expanding rapidly is bridal makeup. Earlier, it was usually only the bride who visited the salon prior to the wedding ceremony, but now friends and relatives often join her and salons offer special packages for them. These packages vary from INR 50K to 500 K and if the price is right, the salon sends the beautician to the venue itself. This saves time for the bridal party ,travel tie and waiting period is eliminate
Tip No.1-Opportunity to be Tapped
Starting a beauty salon has become an attractive option due to the changes in the attitude of both men and women towards spending money on their looks.
The beauty salon business is growing at more than 20% and the average spend per person is also increasing.
These factors have attracted many new players creating intense competition.
Any startup has two options. They can either set up their own salon or become a franchisee.
Experience sharing by Pre-School Entrepreneurs
Experience of Two Women Entrepreneurs from Bangalore
Reason for location - The preschool is very easy to locate and reach. It is right at the center of R.T.Nagar, Bangalore.I wanted a location which is not on the main road but one lane inside, as it would not have a traffic problem, yet easy to locate.
Reason for location -Malleshwaram- Bangalore is an area with mixed culture, it has both nuclear & joint families. There are lot of values & culture learnt from the kids & taught by our teachers to the kids
There are two
options available to setup a preschool
1. Own School
Right after food & beverage, the hottest and happening franchise business sector in India is, probably, education.
3. Investment for both Models
Investment INR 0.8-1.5 Million
Area Required:1000-2000 Square Feet
Franchisee Model- 7+years - Sridevi Kalyan
Kids are a wonderful creation of God. They are blissful & so giving. They spread a lot of happiness, joy & love to everyone. They have no expectations, no conditions. There is a child hidden in all of us, but we pretend to be adults.
Basically, love for kids, passion & flair for teaching, gave me the idea to start my school
Ms. Lata Krishna Mohan -A woman entrepreneur with 4+ years in Preschool recounts her experience
Own Pre-School-Origin of Idea
I was running an After school activity center teaching English (Phonic program), as a natural progression and to utilize the space in an optimum way, I thought of the preschool.
· Unmatched Rapport with Children: It has been proven by research that women possess stronger soft skills and social intelligence than men. As a result of which, the bond that they can form with children with their utmost care and affection, enable them to effortlessly handle kids.
· Parents’ Trust and Confidence: There has been an upraised awareness amongst parents about choosing the correct preschool with efficient management for their children, early on. And there is little doubt that most of them prefer women more over men, when it comes to the custody and safekeeping of their children at playschools.
Preschool Startups Tip # 3
Tip # 3-Benefits of Pre School from Experts to Support Marketing
TIP #3-Experts View #2 on the benefits of Pre-School
"But my child is so small!" Yes, they're still wee tykes, but a high-quality preschool is designed to set up" -Great School Staff
TIP #2-Experts View #1 on the benefits of Pre-School
"There's increasing evidence that children gain a lot from going to preschool," says Parents advisor Kathleen McCartney, PhD, Dean of Harvard Graduate School of Education. "At preschool, they become exposed to numbers, letters, and shapes. And, more important, they learn how to socialize -- get along with other children, share, contribute to circle time. “
TIP #1-WHAT IS THE EXPECTATION OF YOUR CUSTOMER?
Parents enroll their kids in preschool with the belief that their child will learn and acquire skills under the supervision of trained professionals.