Breaking free from the constraints of traditional employment, a growing number of women are taking the reins of their professional lives by becoming successful entrepreneurs. According to recent statistics, female-led businesses are on the rise, with women owning nearly 40% of private businesses in the US. This significant shift is a testament to the ingenuity, determination, and resilience of women who are turning their passions into profitable ventures.
As a woman looking to turn your business idea into a reality, you’re likely facing a multitude of questions and uncertainties. What type of business should I start? How can I turn my passion into a sustainable income stream? What sets successful female entrepreneurs apart from the rest?
Work for All Kinds of Clients
One of the joys of running a small agency is that we get to work for all kinds of clients from the very small (literally Mom and Pop startups) to the massive (Ford, Chase, 3M). I think we usually learn more from our work for smaller clients and that’s counterintuitive, isn’t it?
When I was very young, I thought that knowledge and business experience flowed downhill from the lofty heights of executive boardrooms to home offices. I have since learned that just as often, the knowledge flow is uphill from the small to the huge. I should have known that, anyway. My dad used to say, “We’re leaving money on the table if we don’t follow up with every buyer who comes into our showroom, whether we got a purchase order or not.”
In those days he owned a jewelry manufacturing company on 36th Street in New York City. The plant was downstairs with the designers. My dad stayed upstairs, in the showroom, where he’d display his jewelry on beautiful black velvet trays for buyers from chain stores and the jewelry equivalent of wholesalers. He always sent each buyer a follow-up thank you note, often with a small gift. His business flourished for years, thanks at least partly to his follow-up notes.
Do you do that kind of thing in your business nowadays? Does anybody? I used to do it a lot but I stopped for some reason, probably the Internet. I’m going to start again. Now that I think about it, I’m going to start tinkering with four more of my Dad’s “business secrets” and you might want to give some of them a try whether or not you’re responsible for a massive corporation or a sharp neighborhood operation:
- Always keep three business opportunities on your desk. This might sound difficult, onerous, but it’s not once you get started and keep the opportunity list top of mind. It’ll become a (profitable) habit.
- A second source of opportunities comes from referrals. A current customer recommends you to another company. (Don’t be afraid to ask for referrals, either.)
- Nothing matters much until money changes hands. My Dad always believed that you shouldn’t fall in love with your own product or service until your customers do – voting with their money and not just their opinions.
The 2-2-2 Rule
My Dad also believed in the 2-2-2 Rule. Every day do two things that will pay off in two weeks, two things that should pay off in two months and two things that might yield results in two years. The beauty of this idea is that it sets up a success cycle, even in rough economic times.
Some of the ideas you begin to plant may not germinate, but the idea is that you plant so many programs, write so many queries, call so many prospects, speak to so many people via social media, that something good will happen.
Communicate regularly with current customers without selling at them. Send thank you notes, holiday cards, newspaper clippings, emails with links that might help them in their businesses. There is something about a handwritten note that always gets it opened first. Try sending two or three a day. (And boy, does this idea work!) Figure out which customers will be good for your business and which ones won’t. This is a not an easy task and I’ve been wrong many times in my own business.
Pivoting and Adapting in Uncertain Times
Understanding Pivoting
A pivot is by definition the central point, pin, or shaft on which a mechanism turns or oscillates. In business a pivot usually occurs when the business is required to make a fundamental change if their product or service isn’t meeting the demands of the market. One could refer to it as a course correction, a strategic move to encourage growth – others might call it ‘plan B’.
During this pandemic and lockdown, many businesses are facing a time of economic uncertainty and it has forced their arm in some part to take the steps necessary to stay above water. The difference being the pivots widely discussed in the start up world are often a long term solution, whereas this current crisis might call for a temporary pivot (although some may find the pivot is actually a successful change).
I think it is easy to talk about the importance of pivoting or being adaptable during a crisis but for many they want to understand how to substantiate the theory and utilise it to maintain or progress their business. To which end, I asked some of my mentoring community; a group of successful and budding entrepreneurs how they have pivoted or what they have implemented to stay ahead.
I am sharing it with you in the hope that it inspires you to think about the pivots you can make in your industry, small business or business idea. Regardless of the industry or business types listed below, we can all learn how to change our business for the better with these examples:
- Greeting Cards: For me, it’s been about pivoting to digital! We typically provide physical greeting cards, notebooks and planners, but the current pandemic has brought an opportunity to create digital products which can be sent electronically. Same functionality but less cost to us and the consumer – it’s a win win. Georgina Fihosy, AfroTouch Design
- Natural Beauty Products: The Covid crisis have been a positive for the brand we have seen our online sale grown by over 49%. We supported this natural growth by increasing our online paid marketing running three different advert simultaneously, we also set up a Google shop, which increased our online presence/sales another 15%. We also changed some of our practices in order to keep up with our online sales increase for example signing up with Royal Mail click and drop, this made it much easier and quicker in getting orders out to customers. Sandra Brown-Pinnock Founder Primal Beauty Natural
- Technology Innovation: During this period, as a serial founder, I wondered how I could help my 17 year old daughter who has finished all her coursework and exams and is waiting to start university. I decided to develop an online business with her, which would teach the key skills of project management, marketing and sales, and teach me increased patience. Together with a friend of hers, we wondered how we could help people who have several social media links, websites and contact details, connect easily with others. We also wanted to provide more features than our competitors, at a great price. At the start of May we launched a link page service, which allows people to share one link rather than say 6 or 7. I hope it will provide her with the additional pocket money that she needs, yet I know the skills she is learning are invaluable. Dionne Jude, Dejai Jope and TJ White founders of One Link
- Hair Salon: Due to the ‘stay home’ lockdown restrictions, I had to pivot my business from my salon to my home. I took a service I already provided such as customising human hair wigs to now offering a wig and weft laundry service. This service will help bring back to life any wigs and hair extensions that need a bit more TLC with a deep clean, as many clients have been struggling to keep their wigs and hair extensions clean during this time. The laundry service has been a huge success and has allowed me to keep my business running smoothly during this challenging time.
Real-Life Examples of Pivoting
The pandemic has necessitated a shift in business strategies, compelling many entrepreneurs to pivot their operations. Morningpicker explores how small business owners have adapted to the new normal, offering insights into the diverse ways entrepreneurs have navigated this challenging landscape.
Greeting Cards and Digital Products
Georgina Fihosy, founder of AfroTouch Design, shares her experience pivoting from physical greeting cards to digital products. “For me, it’s been about pivoting to digital!” Fihosy explains. “We typically provide physical greeting cards, notebooks, and planners, but the current pandemic presented an opportunity to create digital products that can be sent electronically.” This pivot not only reduces costs for both the business and the consumer but also aligns with the current trend of digital communication.
Natural Beauty Products and Online Sales
Sandra Brown-Pinnock, founder of Primal Beauty Natural, saw a significant boost in online sales during the pandemic. “The Covid crisis has been a positive for the brand; we have seen our online sales grow by over 49%,” Brown-Pinnock shares. To support this natural growth, she increased online paid marketing and set up a Google Shop, which increased online presence and sales by an additional 15%. Additionally, Brown-Pinnock streamlined operations by signing up with Royal Mail’s Click and Drop service, making order fulfillment more efficient.
Technology Innovation and Online Business
Dionne Jude, along with her daughter TJ White and friend Dejai Jope, saw an opportunity to develop an online business that would teach valuable skills to her daughter while also providing a useful service. “During this period, as a serial founder, I wondered how I could help my 17-year-old daughter who has finished all her coursework and exams and is waiting to start university,” Jude explains. They launched a link page service called One Link, which allows users to share multiple links through a single link, offering more features than competitors at a competitive price. This pivot not only provided additional income for her daughter but also equipped her with invaluable skills in project management, marketing, and sales.
Hair Salon and Wig and Weft Laundry Service
Another entrepreneur, whose name has not been disclosed, pivoted her hair salon business to a wig and weft laundry service due to lockdown restrictions. “Due to the ‘stay home’ lockdown restrictions, I had to pivot my business from my salon to my home,” she shares. This pivot allowed her to continue offering a valuable service to clients while adhering to safety guidelines. This success story underscores the importance of adaptability and resourcefulness in maintaining business operations during challenging times.
Lessons Learned from Pivoting
The Benefits of Being Adaptable
Adaptability is a key trait that has emerged as essential for business survival during the pandemic. Morningpicker highlights that pivoting has not only helped businesses stay afloat but has also opened new avenues for growth. Entrepreneurs who were able to quickly adapt their business models saw increases in sales and customer engagement. For instance, the shift to digital products by AfroTouch Design not only reduced operational costs but also expanded their market reach.
Learning from Mistakes
Pivoting is not always a smooth process, and mistakes are inevitable. However, these setbacks can provide valuable lessons. Brown-Pinnock from Primal Beauty Natural learned the importance of streamlining operations and the value of a Google Shop in increasing sales. Similarly, the founder of One Link understood the significance of teaching valuable skills to the next generation while also providing a useful service.
Expert Analysis and Insights
Experts at Morningpicker emphasize that successful pivoting requires a blend of creativity, resourcefulness, and a willingness to experiment. “The key to a successful pivot is to remain agile and open to new ideas,” says Morningpicker’s business analyst. “Entrepreneurs should be willing to try different strategies and learn from their failures. This approach not only helps in identifying what works but also builds resilience.”
Practical Applications
Morningpicker offers several practical tips for small business owners looking to pivot their operations:
- Assess Market Needs: Understand the current market demands and adjust your products or services accordingly.
- Leverage Technology: Utilize digital platforms to reach a wider audience and streamline operations.
- Engage with Customers: Maintain regular communication with customers to understand their needs and preferences.
- Educational Opportunities: Use the pivot as an opportunity to teach new skills to team members or family, as seen in the case of One Link.
Conclusion
As we reflect on the 36 small business ideas for female entrepreneurs highlighted in the Forbes article, it becomes clear that the opportunities for women to start and succeed in their own ventures are vast and varied. The article presents a compelling case for the growth of female entrepreneurship, citing the increasing number of women-owned businesses and the significant contributions they make to the economy. From service-based industries like coaching and consulting to product-based businesses like food production and artisanal goods, the ideas presented offer a range of options for women with different skills, interests, and passions.
The significance of female entrepreneurship cannot be overstated. As women continue to break down barriers and challenge traditional stereotypes, they are creating new opportunities for themselves and others. The growth of women-owned businesses has the potential to drive economic growth, create jobs, and foster innovation. Furthermore, female entrepreneurs are often driven by a desire to make a positive impact on their communities, which can lead to the development of businesses that address social and environmental issues. As we look to the future, it is likely that we will see even more women starting and leading successful businesses, and this trend will have far-reaching implications for the economy and society as a whole.
The future of female entrepreneurship is bright, and it will be exciting to see the impact that these women will have on the business landscape. As female entrepreneurs continue to push boundaries and challenge conventional wisdom, they will inspire others to follow in their footsteps. The article’s presentation of 36 small business ideas for female entrepreneurs serves as a testament to the power of innovation and the potential for women to create lasting change. Ultimately, the success of female entrepreneurs will depend on their ability to turn their passions into profitable ventures, and as they do, they will become a driving force for economic growth, social change, and female empowerment, leaving an indelible mark on the business landscape for generations to come.