7 Powerful Tips for female Entrepreneurs to Crush it in Business & Build a Successful Empire

We live in an incredible society that is increasingly celebrating women, and recognising the value that women innately hold. I know that there are many parts of the world where this still needs work — but I feel incredibly grateful for the way women are recognised and celebrated here in Australia.

With the development of the pill and with the progressive feminist movement — more and more women are able to work and contributing to our economy today. There are more women starting and building businesses today than ever before too. Which is amazing. Shout out to all my girl bosses out there, taking the road less taken, doing what you love.

I’m a firm believer that women and men have equal rights and hold equal value — but I also understand that have a varying range of natural strengths and weaknesses too. Just by nature. Biologically. Physiologically.

E.g. Women are able to carry life, and experience pregnancy. Women also have a menstrual cycle. Both of these incredible factors can change the hormone levels in our bodies as women. Varying levels of estrogen, progesterone and luteinising hormone can, will, and does affect our mood, energy, productivity and focus. This is nothing to be ashamed of and embarrassed about.

Running a business as a woman requires many of the same skills and strategies as running a business as a man. However, there are also unique challenges that women may face, such as gender bias, stereotypes and even things like pregnancy and needing to wear many hats.

But don’t worry gals, you already know this — but there are also a whole heap of unique strengths that us women bring to the table when it comes to running a business too.

If you’re a girl boss or an aspiring girl boss — here are some tips for you, to run and build a successful, meaningful business. (Tips that I’m also learning too).

1) Believe in yourself

I know, I know. I know what you’re thinking..

This is cliche. This is airy-fairy. Everyone says it.

But I want you to really think about this.

I don’t know any successful person who hates themselves and consistently doubts their abilities to achieve their goals. Self-doubt is a normal part of growth and success — but if that’s the blueprint and constant undertone of all your ventures — it’s probably not going to set you up for growth.

I don’t think delusional arrogance is the answer to anything, but having level of self-confidence, self-belief and self-efficacy will have a profound impact on your mindset, ability to take action, and build a healthy foundation for your business to grow.

This is the first step to crush it in business. Believing in yourself and your abilities. Having confidence in yourself. Not allowing anyone to make you doubt yourself or your capabilities. It’s a mindset game. It always was, it always is, and it always will be.

When you believe in yourself, you are more likely to trust in your abilities and decisions which will help you navigate the challenges that you face (which you definitely will face, no question) — and make sound business decisions.

Believing in yourself can also help you develop greater resilience and perseverance, which means that you’re able to bounce back after you face setback after setback, which is also bound to happen if you’re running a business. These traits are also essential to become an effective, confident leader who can inspire confidence in others and build a strong team.

Confident leaders who have a positive mindset and a strong sense of self-believe are more likely to see opportunities rather than obstacles which can help leaders stay goal-focused and driven to work toward them with greater motivation and determination.

Girl, if you believe in yourself, it will free up your mental real-estate from doubt and anxiety — hence, give you the space to think creatively and be more innovative. You’re more likely to take calculated risks and try new approaches when you have confidence in yourself and your abilities — which are all essential for starting, building and scaling a business.

2) Build a strong network

Connecting with other business owners — whatever gender, demographic and background is a key step to building a strong, successful business.

Being in business is a whole different sport to working for someone else. There’s so much more at stake. If you’re running a startup, there’s no regular paycheck. And if you’re within 2-5 years of operating in a bricks-and-mortar business (e.g. you have a shopfront lease), there’s likely to be little, if any profit, that’s often needed to reinvest into your business.

There are different challenges that entrepreneurs face, and for that reason, it’s important to build relationships with other business owners who can provide emotional support, practical advice, encouragement and mentorship when facing setbacks or challenges.

How do you do this?

The answer isn’t easy. You have to put yourself out there. Research who are some of the local business owners either in your field, or in your area. Jump onto Facebook, Instagram, Eventbrite or Meetups to find networking events for entrepreneurs and business groups to expand your network.

Building a support network is critical — not just women entrepreneurs, but any business owner. As it can provide you with the guidance, emotional support, networking opportunities, learning and growth, increased confidence, and greater visibility — which are all pillars to build a healthy business foundation.

3) Develop a clear business plan

A solid business plan is essential for success. A strong business plan should include your goals, strategies, marketing plan, financial projections, and contingency plans.

By creating a clear business plan, you’ll have clarity around your business goals and objectives. This clarity will create space for you to develop innovative strategies that will give you the roadmap for achieving your goals. 

Having a strong business plan will also help you to identify potential challenges and opportunities that might rise up. Instead of being surprised by the challenges that will come your way, you’ll have strategically prepared to face, embrace and overcome the foreseen challenges. And prepare your business, and your team to face them.

It’s also important to have a clear business plan when it comes to seeking funding from investors or applying for bank loans. Writing a business plan will require you to do a lot of research about your target market, marketing strategies, cash-flow management, organisational structure and competition. If you show that you have taken the time to create a sound foundation and big picture planning for your business — it can be favourable in investors and bank lenders eyes. 

Business plans can work as a great mirror. It can serve as a tool for measuring your business’s progress based on your financial projections. As you continue to measure your progress based on your blueprint, it will allow you to make adjustments, pivot, or continue persevering as needed. 

Read more about why it’s important to build a strong business plan in 2023.

4) Be financially savvy

If you’re anything like me, you don’t like maths. And you don’t do money.

God bless all the tax agents, financial planners and accountants out there.

For me, money is a means to freedom, choice, etc. I didn’t grow up with sound financial education like many of us. The first money lesson I learnt was doing chores: that you get paid for working. The second money lesson I learnt was moving out: that you have to pay to live, and that you need to live beneath your means to be able to afford everything. The third money lesson I learnt was after signing my first commercial lease. That running a business requires capital funding, and the amount of expenses that a business requires (as well as the stress that it brought) was well beyond what I had initially anticipated.

In a nutshell — I’ve never wanted to be filthy rich for the sake of being rich — but I found out the hard way that cash-flow is king when it comes to the livelihood and growth of a business.

I’m currently learning more and more about financial management, budgeting, and accounting. Even if I do outsource my taxation and budgeting — I know that I need to have a firm grasp on the basics of money management in my business to feel confident that I’m managing my finances effectively.

5) Hire the right people

It’s important to hire a team of people who get your vision. Your culture. And can represent the brand that you’d put your heart and soul in developing. Well, it’s not just important — it’s essential.

Building a team of talented and dedicated staff members who share your vision and values is one of the most important things you can do for your business. The quality of your team will determine the quality of your brand. And hiring people who aren’t the right fit for your culture — or people whose values don’t align will bring you difficulties, challenges and heartbreak that can have implications that go beyond just one unhappy customer.

Be sure to pay them fairly and provide opportunities for growth and development.

Hiring the right people is crucial to building a successful business because surrounding yourself with staff members who have the right skills and experience can help you achieve your business goals and stay competitive in the market. There’s only so much you can do as one person. At the start — you might need to wear all the hats to get your business off the ground (Admin, marketing, delivering or producing the service or product) — but there will come a point where you need to outsource. Building a team with the right people who bring a range of skills and expertise can help you:

• Bring fresh perspectives and innovative ideas

• Provide excellent customer service

• Increase customer satisfaction

• Identify new opportunities

• Find ways to improve your products or services

• To build and grow your business to succeed

• Save you money in the long run by reducing staff turnover and increasing productivity and efficiency

It is so important to take hire the right people who get your heart. It’s an essential part to building a healthy, successful business. The right people can bring skills, expertise, innovation, and help cultivate a positive company culture, which can help you feel supported (as you support them too), and give you a boost to achieve your goals and stay competitive in the market.

6) Stay focused and adaptable

Running a business can be challenging, and you will face many obstacles along the way. Staying focused on your goals, but also being willing to adapt your strategies as needed will take you a long way. Clarity and focus will allow you to prioritise your tasks in order of importance and urgency, make informed decisions, and stay on track towards achieving your goals.

Being focused and adaptable when running your business will also help you make informed decisions that aren’t skewed by your emotional impulses, maintain consistency in your work (which will help you establish a strong brand and reputation in the market), increase your productivity and give you the wisdom to know when you should pivot, innovate or change something that’s either not working, or could be better to enhance the culture, reputation and quality of your business’s products and services.

7) Celebrate your successes

Starting, building and scaling a business is no small thing. With challenge after challenge, it can be difficult to see through the fog sometimes — especially if you’re riding solo, or an avid perfectionist who is working on their inner-dialogue and self-doubt (AKA. if you’re anything like me).

As a small business owner, or any business owner — celebrating your successes is more important than you think. Taking a moment to reflect and appreciate the goals you’ve hit and the ways you’ve grown can help you, as the owner, and your team to stay motivated.

When you celebrate your success with your team, it can help boost morale and show them that their hard work has paid off. You can organize a team outing, a team lunch or dinner, or give out bonuses or rewards to show your appreciation too.

A couple of simple ways you can celebrate your hardwork and success can be to:

• Share your success on social media to build your brand and engage with your customers. You can share a post or create a video to celebrate your success and thank your customers and followers for their support.

• Treat yourself to something special to celebrate your success. This could be a nice dinner, a day off, or a small gift to yourself.

• Use your success as motivation to plan for the future. Set new goals and make plans to achieve them.

It’s so important that you recognise and celebrate your achievements along the way. You are incredible for being able to build something from the ground up, and take it to the next level. By celebrating your successes, you can create a positive environment for your business and motivate yourself and your team to achieve even greater success in the future.

Remember, as a woman in business, you have the power to make a difference and succeed. Yes, there may be gender biases. Yes it may be hard if you’re juggling motherhood alongside leadership. Yes, there might be times in your menstrual cycle that make it hard to focus and be motivated. But despite these challenges, you’ve made it this far today.

Imagine where you could take your team in 5, 10, 15 years as you stay the path and continue to innovate, delegate and celebrate all that you’ve achieved, and will continue to achieve. Stay strong, stay focused, and keep moving forward.