HOW TO BUILD A SUCCESSFUL BUSINESS AS A WOMAN
I delivered this as lecture in a WhatsApp group (Godly Women Intercessory Group, a group founded by Famuyide Adeola Elizabeth). I talked about The Business Minded Woman: How To Build a Successful Business as a Woman. I hope you enjoy the post. I have edited some part of the post to suite you. Even though, this is delivered to women, I believe it works for everyone including men.
Today, we will look into The Business Minded Woman: How To Build a Successful Business as a Woman.
My name is Sola Mathew and I started business since I was in university.
No, I can say I actually started business in primary school. At that time, my late mum was a tailor and I learnt how to sew from her.
So, I would get torn clothes from my mates, mend for them and collect money in exchange.
Each time I was in her shop, I would mend clothes for people and keep my share. We used to call it patch patch.
As I type this and remember those days, I smile.
Anyways, I’m not into tailoring right now. I’m into ICT.
To cut the story short, aside the fact that I work with the leading partner of Google, Mind The Gap on the Google Digital Skills programme, I had started a startup business that is making waves in Ekiti.
I have also launched digital products that made and is still making me money.
My book, I Have Been There Before, has been sold in Nigeria, USA and other parts of the world. In fact, I became a bestseller on Amazon ranking with the legendary author, Napoleon Hill, of “Think and Grow Rich”
Enough of me. Let’s talk about The Business Minded Woman: How To Build a Successful Business as a Woman.
First, let me ask you a question: Are entrepreneurs born or made?
Many people actually think that entrepreneurs are born. Don’t believe that! You don’t need to be born with the spirit of entrepreneurship before you can start and build a successful business that will serve as a means of livelihood to you and your family.
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What you need is the right mindset and skills to make your business idea a reality and successful one.
Starting a business can be somehow scary. I have been there before. Many people won’t tell you that but it’s the truth. However, most startups would tell you that it’s the fear or feelings that is driving them to succeed.
Starting a business as a Woman could be quite tasky in particular.
As a woman, our culture has a way of trying to limit you. Some people have the notion that when a woman starts business, she is liable of neglecting her family and her husband; not having time for them.
They don’t know that supporting women means more development for our nation and continent at large.
According to a research in 2015 by the International Monetary Fund and many others, it’s found that women invest up to 90% of their income earned into their families to educate their children, improve family health and provide better nutrition.
I boldly say that I’m so proud of all you women reading this right now. Don’t blush too much o. Ssshhh, I’m proud of you as a man helping women, too.
Now, what is a business and how do you build a successful business as a woman?
According to Business Dictionary, a business is an organization or economic system where goods and services are exchanged for one another or for money.
In my own simple terms, I would say business is about finding and satisfying customers in exchange in order to make profit.
So, business is about satisfying your customers. Simple!
A successful business is about meeting the needs of customers.
This means you have to develop a product that customers want or need.
In fact, it’s better to develop what customers want than what they need.
People don’t often go for what they need instead, they go for they want.
How do you build a successful business as a woman?
Building a successful business as a woman or man is the same. It follows the same principle.
Let me ask you a quick question: What is the FIRST thing you need to start a business?
No, it’s not money.
It’s not idea.
It’s not business plan.
It’s paying customers.
The number one thing you need to start a business is customers who have and are willing to pay you for your product or service.
That being said, let’s look at 5 ways to start a successful business.
What’s in your hands?
What is your passion? Passion is not enough. As much as passion is very important, it’s not passion that’s going to put money on your tables. You need to identify and hone your skills.
So, if you need to go learn more about that skill, please do. I’d advise you find a mentor that you can ride on his/her shoulder.
What’s your idea?
If you already have a business idea. Congratulations! If you don’t, it’s time to think deep and look within and with-out.
Usually, your winning business idea often fall between your passion and skill. That’s what we call the “sweet spot”.
What can you make better?
What can you do faster?
What can you do cheaper?
What can you make better?
What can you develop new?
Those are some ways to develop business ideas.
I would advise that you trust and don’t neglect your intuition too. God uses the small things of this world to teach us great things. So, ensure you step aside and look just like Moses did.
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What’s your business model?
A business model is more like a business plan but it’s different from business plan. It gives you an overlook of what your business is all about.
In fact, if that’s what you’ll learn here today, learn it.
I will share a book with you later for free. The book explains more about it.
You can use the business Canvas model to develop a full business plan later.
Also, you can source for fund with the business model canvas.
Let me share a photo with you quickly.
Legalize your business
I usually tell people to do two things immediately they’ve decided starting business: buying a domain name and registering your business with CAC.
Domain name is your website name. For example, goglobal.ng is my business domain name. Facebook.com is for Facebook.
It’s important you claim your domain and business name with CAC before someone else does that.
Sourcing Fund for your business
I will stop here.
There are different ways to source for fund including but not limited to bank loan, grant, cooperative, etc but the one I cherish most is bootstrapping.
This is the art of raising fund from yourself, family and friends.
It gives you no pressure and allows you to fail and fail until you get it right.
One of the ways for you to source for fund is to have a side hustle.
For example, you can learn social media marketing, simple graphic designs, developing and selling digital products, etc to raise money for your business.
Most of the things I mentioned above require little or no startup capital to start.
Recently, I launched a digital product which I sold and made over 100k in less than 2 weeks.
Some people I taught also got results. In fact, one guy shared his testimony yesterday of making about 30K.
That way, you won’t go hungry while building your business.
I hope you got value from tonight’s class.
Thanks for your precious time.
If you have any contribution or question, please use the comment section below.
Hmmmm. Thank you so much I found this so useful and timely for me.
You’re most welcome, Olaade.