HOW TO START BUSINESS AS A WOMAN

History class informed us of the partition called gender roles of earlier days. Men hunted and grew crops while women were saddled with the responsibility of taking care of the home front and making it a place of comfort.

But as the population skyrocketed, the need for economic expansion rose as the sources of livelihood were limited. That birthed the Industrial Revolution, starting with the mining of coal. As wheels turned and machines whirred endlessly, a large workforce was employed to bear labour’s burden.

Putting it succinctly, women thus had to step beyond the confines of their homes shielded in traditional restrictions, to work and earn alongside the male folks in a bid to survive.

From industries to school to business, women have transited and now in the 21^st century have worked through loops to destroy the stereotype of women being the weaker vessels.

Many women out of fear have remained relegated to the background, fading away without putting their strength to profitable business. This article brings to light how the fairer sex can venture into the economic folds of legal business and triumph even in the face of the sect’s challenges.

BUSINESS MODEL: IBUKUN AWOSIKA

Only an average Nigerian lady, she sought to launch her own business when she found herself restless and hating the usual pattern of working from one company to another without fulfillment. After her compulsory one year National Youth Service Corps (NYSC) service, seeking independence and expression, she established a furniture making company called Quebees Limited.

Having no prior business experience, she was denied loans by banks. She also faced the problem of inadequate machinery to meet the needs of clients. It is justifiable to say newbies in the field of business will face similar issues engendered by lack of capital. It could get frustrating until solutions are gotten.

Here, for the wonderful you, is the perfect guide to start your own business with few hitches:

FIND YOUR BUSINESS IDEA

Do you lack the innovative ideas to bring your entrepreneurial desires to fruition? Worry not. The following are simple hacks to it:

1. Consider problems in your environment and solve them. Is it simple? Most certainly. Do you live in a place where the residents go a long way off to get groceries? Begin to sell them, even in your home. You can sell cold water packaged in bottles or satchets for residents living in heat-ridden communities that lack electricity (supposing you have a generator and freezer). There is always a need in communities which serves as a window of business opportunities.
2. Ask your friends and family. Two heads, they say, are better than one. In this scenario, you get different perspectives from your folks on what business you would excel in. Listen to their commendations, criticisms as constructive as they come and filter out the unsavoury comments aimed at discouraging your positive progress.
3. Build on your hobbies. People who enjoy writing, sports, etc. earn a lot from them. Whatever fun activities you have a knack for can be a money-pot for you. Those who enjoy churning words do freelance. Good cooks now cook and sell to customers. Persons who dance for fun have now monetized it via holding dance classes. Begin where you can.
4. Create substitutes to existing products. Unilever’s largest detergent brand, OMO, has lived through the years alongside So Klin, Ariel and Elephant detergents, each pulling market favours of their customers. Business is drenched in competition. As the world grows and product preferences change, consumers will make space for each product of quality standard and relative affordability. Create your own products and meet needs.

DO YOUR MARKET RESEARCH

Market research is an enquiry for detailed information about customers. It is a hunt for honest answers as to market value, profitability of the market, estimated cost prices and sales, demographics of your target customers, their purchase behaviour, the brands they patronize and why, competitors, market trends and marketing means that attract sales.

No business newbie should ignorantly venture into a jungle of customers who make purchase decisions on their own based on your product and market positioning. You must learn how to tilt market favours to your brand.

Do these, newbie:

1.  Delineate your buyers. The marketplace is L-A-R-G-E and that in itself is daunting. Hence, you must know your buyers through and through i.e. their demographics as in age, gender, location, income, family size, etc. This is to ensure you have a targeted audience for your research.
2. Choose the buyers to review. (Define a sample size) A sample size is advised to be derived from a vase population of prospective customers. The sample size… Criteria should be set for sampling.
3. Prepare target questions and engage your participants. Do not probe with a plethora of questions without hitting the ball home. Target them at the needs and inclinations. You can engage them via social media survey or paid online survey via Google and other wide-reaching platforms. And it is A GOAL!
4. Learn your competitors. What are their strengths? How weak are they and in what areas? What opportunities have they explored and profited maximally from? Note them down as reference points.
5. Evaluate your findings. You would find important answers to your questions. Use the SWOT analysis method to probe into the Strengths, Weaknesses, Opportunities and Threats of your proposed business enterprise.

DEVELOP A BUSINESS PLAN

A business plan includes the goals of your business and how to achieve them. It is an entrepreneur’s road map. How do you do this?

1. State your goals encompassing your projections and what you seek to achieve.
2. Determine your means of funding. Will you apply for loans or use up your savings?
3. Note the costs of your products and services.
4. Create a marketing plan. Until you make it known, no one will patronize you.

LEGAL CONCERN

Register your business! There can never be an overemphasis on this point. National laws protect manufacturers and innovators via copyrights, patents, trademarks and registered designs. Until you’re recognized as original owners of your work (s) or products, the right to manufacture them can be stolen from you.

FINANCIAL CONCERN

Create a budget to understand how much capital is needed for a short or long term shot. It helps an estimation of labour to employ per time. Possible revenue, fixed costs and profit are predicted.

GO GLOBAL

Marshall McLuhan, the Canadian theorist, has described the world as a global village. Earth in its large expanse has been made a small place by technological innovations like Google, Facebook, X (formerly called Twitter) and Instagram, among others. Vendors now run advert campaigns and sell their products to buyers all over the world, beating down the force of physical distance. Leverage this.

I am concluding…

Ibukun Awosika has risen to be on a number of corporate and non-profit boards which include First Bank of Nigeria Limited, Cadbury Nigeria Plc, Convention on Business Integrity (CBI) and the Nigerian Sovereign Investment Authority. She chairs the boards of First Bank of Nigeria Limited and Afterschool Graduate Development Centre (AGDC), a platform for addressing employability of youth and entrepreneurial issues in Nigeria. She is just one of the millions of Earth’s women with success stories in business.

The World Economic Forum predicted that in 2023, a new form of entrepreneurship that is “more diverse, more socially-minded and not afraid to multi-hustle” will emerge. Take advantage of new breaks in trade.

Owning a business means you are your own boss and allows you freedom to search all bounds of business innovations and adjustments. Earn and live the love you’ve always dreamed of.

Take that first step today!

Cheers to starting and finishing strong!