With more and more professionals exploring career opportunities outside the normal 9-5, the small or start-up business space is booming. Women entrepreneurs employ over 9 million people and generate annual revenues of 1.7 trillion dollars.
Have you had a business idea that has been brewing at the back of your mind? Have you wondered if you have the capacity to become an entrepreneur? All these questions and more are all valid when you're thinking of starting a small business. Some people start side businesses to supplement their normal income, while others start them with the purpose of making the business their full-time job and primary source of income.
With more and more professionals exploring career opportunities outside the normal 9-5, the small or start-up business space is booming. Women, especially, are bringing their entrepreneurial spirit to life. Female entrepreneurs employ over 9 million people and generate annual revenues of 1.7 trillion dollars. According to the 2018 State of Women-Owned Businesses Report, women-owned businesses grew 58% from 2007 to 2018, and firms owned by women of color grew at nearly three times that rate (163%). The report also mentioned that if revenues generated by minority women-owned firms matched those currently generated by all women-owned businesses, they would add four million new jobs and $1.2 trillion in revenues to the U.S. economy. Well, that is proof enough that women are the future of entrepreneurship.
Thousands of women are working on innovative ideas, visions, and skill sets for the future. There are many small business ideas for women, but the best ones are those that are tailored to your budget, interests, abilities, and other variables. The possibilities are unlimited, but the most crucial factor is what you find intriguing.
But before you start, there are a few things to consider, such as what you're looking for and what abilities you already have.
For a woman looking to start a small business, the world is their oyster. There is no dearth of opportunities and space. And once you have narrowed down the idea, you just have to research your market, find your funding, and get started.
So let’s start with the first step of narrowing down on a small business idea that suits you. Pick something you're enthusiastic about, and think about the talents and resources you already have at hand.
According to a study, the number of yoga practitioners in the United States increased by 15% from 2012 to 36.7 million. Yoga and fitness programs like aerobics, spin classes, and personal training are booming business avenues. An increasing number of entrepreneurs are now entering the area to cater to numerous customers.
The foremost thing to do in the process of starting a fitness centre is to get certified. Obtain a fitness instructor certification from a recognized authority or institution. The Yoga Alliance and affiliated institutions are some of them. If you are passionate about fitness and helping others reach their best personal selves, getting a certification will help turn your skillset into a business.
Have you always had a penchant for writing, a way with words? Then freelancing as a writer could be a great side hustle. And once you have built the foundation, this can also grow into a full-time freelance career.
From content writing, editing, proofreading, transcription, strategy, and research, the freelance content market is looking for people who can cater to these niches. Platforms like Upwork, Fiverr, LinkedIn, and more are great places to start. Once you have had enough experience and a portfolio in the field, you can move on to taking individual clients and creating a network and content company of your own.
If you have an eye for design, aesthetics, and an understanding of space, then a home improvement business is the one for you. Starting a home improvement business may sound labor-intensive, but is a field where you can literally see the fruit of your work in all its beauty.
Interior designers must have a bachelor's degree from an accredited university (those without a bachelor's degree are known as interior decorators). Along with this, it is important to have extensive knowledge of the materials, software applications, and structural and health codes that must be followed when constructing a home or business. You may also need to meet certain interior designer licensing benchmarks, depending on where you live. Interior design legislation has been passed in 24 states to this end.
To find out the city, county, and state permissions you'll need to start your interior design business, contact the Small Business Administration or your local chamber of commerce.
While interior design requires a little more formal training, painting businesses require less training with a similar skill set. Plus, there is a never-ending market for painting businesses, from residential to commercial spaces. So if you’re a beginner, you can take up smaller projects, like home painting or interior paint jobs. Once you have developed a good clientele, reputation, and labor force, you can expand into commercial projects
The funding requirements for a painting business are comparatively minimal, especially if you’re collaborating with a solution provider like Hoist. When you partner with Hoist, you get all the support and tools you need to get your business up and running in 30 days. This covers everything from training and onboarding to creating your LLC, designing your logo, full-service marketing and so much more - all for a reasonable cost.
You can learn more about how we work and get started today!
For those who have a green thumb and like to get their hands dirty, an urban landscaping or organic farming business would be the perfect fit.
Due to rapid urbanization, the demand for organically grown farm products and a greener touch to neighborhoods has constantly increased. An urban landscape artist is a specialist who transforms your home into a green oasis by strategically placing gorgeous plants throughout. It's more akin to gardening, but with a professional edge. On the other hand, with an organic greenhouse business, you’ll need a thorough understanding of organic farming, natural insecticides, and organic supplies. This venture has a strong potential to expand and flourish.
While you don’t need any certification for these businesses, all you need are business licenses, insurance, and a business plan.
The food and beverage industry is a great place to turn the fruits of your labor into a full-course meal. From cafés to restaurants to catering businesses, these ideas will help you convert your passion for cooking into a full-fledged business. The pros of starting small-scale food businesses are the low investment to start up and the vast scope they have in terms of expansion. While these jobs may be time and labor-intensive, you will already have a readily available customer base with just a bit of marketing.
Before you can start selling, you will have to pass a few inspections and get a few licenses. Keep in mind that every food business is subject to the applicable food safety regulations in your state.
Over the pandemic, various online and home-based education services have seen a boom. From teaching and tutoring to online skill or hobby classes, many professionals have harnessed this increase to raise a side income. This is because these businesses/services need a low investment, less space, and can be done from the comfort of your home.
If you have expertise in one or a wide range of educational and hobby skills like painting, cooking, ceramics, or others, starting an educational/instructional program is a great way to spend your time and make connections. The biggest advantage of this business is that you can do it both in-person and online, with several platforms available for the latter.
If design, style, and the latest trends in the world of fashion are topics that interest you, then you can explore this world for a lucrative small business idea. From textile design and manufacturing to sourcing, fashion designing, or even styling, there is a wide variety of options.
While you don’t need certification for this job, your business outcome depends on your portfolio. You also don’t need a high level of investment, and there is upward mobility. Additionally, even a small home space can be turned into a studio to facilitate these services.
With the boom in social media, marketing and sales businesses are increasingly becoming a necessity for every industry. Roles in marketing strategy, graphic design, copywriting, public relations, and SEO strategy are a wide variety of options for someone looking to break into the marketing field.
While a certification is not a necessity, it surely adds to your reputation and brand name. The pros of this business are the vast clientele, the demand for marketing, and also the scope for expansion. So if you are interested, the easiest way to get into the field is to freelance or join a start-up marketing firm and build a portfolio. Once you have developed your work skills and network, you can expand your team and, in turn, your business.
Starting your own bookkeeping business could yield a good profit, especially if you have a natural aptitude for numbers. You can enroll in a few bookkeeping classes to gain the exact skills before you begin.
Accounting necessitates more education, but you can begin by bookkeeping while taking accounting classes. Plus, you can find flexible online bookkeeping work for small firms, so it's a business you may conduct part-time or full-time. With a bit of experience, this venture can soon turn lucrative and, as you expand, you can also get a further certification.
While starting up in a STEM field can be considered a lot of work, it's not always the case. There is a multitude of small business ideas for women in the STEM field, from independent diagnostic labs to tech start-ups (big data computing, website design, etc.) and manual skill jobs like data entry and research.
STEM businesses aren’t as inaccessible as they used to be a decade ago. With minimal certification and low investment, one can pursue businesses in these areas. Additionally, a lot of present-day options in STEM fields are slowly moving towards online and hybrid practices which is always a plus.
Once you have locked in on an idea that you wish to pursue, the next big step is funding.
When raising capital for your firm, the most important thing to remember is that you are not alone in this process. The US Small Business Administration (SBA) helps women entrepreneurs launch new businesses and compete in the marketplace. They connect with the training and funding opportunities specifically for women. Through initiatives managed by SBA district offices, the Office of Women's Business Ownership (OWBO) assists women entrepreneurs in setting up their businesses. Business training, counseling, federal contracts, and credit and capital access are among the programs available.
Women's Business Centers are supervised by the OWBO. These centers aim to level the playing field for all female entrepreneurs, who continue to confront specific challenges in the workplace. In addition to the 8(a) Business Development program, the SBA also has federal contract funding programs that are meant to assist women entrepreneurs.
With numerous initiatives in place to support women entrepreneurs, all you have to do is gather your information on how to avail the same. You can use the above list to analyze all the solutions that are available to you, and then weigh your alternatives to determine which works best.
As the saying goes, "You miss 100% of the shots you don't take."
When considering your business possibilities, remember to think beyond the box, because the higher the risk, the higher the reward. Make the best use of all the tools, resources, and platforms available to you. You can find development programs, forums, networking sites, and other resources online that help you connect with successful women entrepreneurs. You can even consider tried-and-tested platforms like Hoist, especially if you would like to explore the possibilities of owning your painting company. We can help you start, run, and grow your business, hassle-free!
So, if you’ve decided on the perfect small business for you, it's time to bring your idea to life. Get started with this step-by-step guide by Hoist to help you get your small business off the ground.
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