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Starting your own business can be an empowering way to take control of your financial life, while (ideally) allowing more flexibility in when and how you work. But knowing where to start or what to do can be daunting.
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To help you get started, I spoke with financial experts and people who started their own business to get their thoughts on the best small businesses to start.
How to choose the best small business for you
When deciding what type of business to start, it’s important to look for an opportunity that matches your skills and interests.
“There are endless small business ideas – the trick is to find the one that works for you,” said Gabe Krajicek, CEO of Kasasa, a fintech that provides community banks with financial products and services. “Think about your existing skills, talents and interests, or those you wanted to develop. Next, assess how your business idea will fit into your lifestyle. Do your due diligence and make sure there’s a market for your idea, you have a competitive differentiator, and you can cover your start-up costs.
You might want to consider starting a business that caters to other women, based on a need you’ve experienced firsthand.
“Women should look for opportunities to start businesses related to their own lived experience, with a predominantly female customer base — like women’s health or consumer products that address barriers faced only by women,” Joanna said. Kuang, vice president of impact at Capital of Enlightenmentan impact fund that tackles systemic inequalities by reducing racial and gender biases in investments.
You may also want to focus on an industry that has the greatest potential for growth.
“According to our latest Small Business Owners Report, 41% of women business owners believe the tech industry will see the greatest influx of new entrepreneurs in the coming years, followed by personal services and industries. construction,” said Sharon Miller, president of small business. and Head of Specialized Banking and Loans at Bank of America.
To get an idea of what may or may not work, talk to other women business owners.
“Connect with mentors and network with other experts to exchange knowledge, share best practices and learn from each other,” said Derek Ellington, head of small business at Wells Fargo.
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Small Business Ideas for Women
With these guidelines in mind, here are some ideas for small businesses.
“Becoming an Amazon seller is a great opportunity for anyone to dive into the business world,” said Yoni Mazor, CGO at GETIDA. “Selling products on Amazon is a game of pure performance, and it provides an equal opportunity for anyone who is performance-driven to succeed. If you are passionate about creating new products and building a brand with a vision and a clear distinction, Amazon is an incredible platform for reaching consumer marketers in the US and around the world.
Owner of a jewelry store
“During COVID, I discovered that ‘retail therapy’ is really a thing – people needed a pick-me-up after being home all day, and buying pretty jewelry helped pick them up morale,” said Priya Vasan, owner of Priya Jewelers. “Being in a Zoom call, wearing the same jewelry every day was starting to annoy women. Indian women love gold and diamond jewelry anyway – add COVID to that and you have a winning business idea. Because I am the only Indian female jeweler in the area, women are more comfortable buying jewelry, which is personal, from a woman.
IT support company owner
“We still live under a cloud that incorrectly says that women are not well suited to work in the computing, programming or cloud computing industries. It just isn’t,” said Steve Gickling, founder of ETLrobot. “The future looks extremely bright for women interested in any or all of these technical fields. The rise of artificial intelligence is a particularly promising field that will require all kinds of skills to designing user interfaces, protecting the security of our data, etc. More time spent working from home could represent a huge opportunity for women (or anyone, really) to train for their own IT support company or of advice.
Social media consultant
“My advice for anyone considering starting a small business, including women, would be to follow what you love to do, but don’t follow the trends,” said Chalmers Brown, former CTO of Due. “If you love creating content, don’t just specialize in helping others learn TikTok. Be recognized as a complete social media expert. This will help you sustain your business for longer.
Tips for Women Small Business Owners
Here are some additional tips from executives and entrepreneurs.
“I encourage potential small business owners to choose a digital product or service for their business,” said Yenn Lei, former engineering manager at Calendar. “It gives them flexibility in when and where they work. They can start their business on the side until it makes enough money to become a fully built business, or they can run it while staying at home with their kids. There is more flexibility with digital.
do what you love
“As far as I’m concerned, women should seek to make a dent in any industry that they are both qualified and willing for,” the professional speaker said. John Hall. “‘Do what you love to do…the money will follow.'”
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Gabrielle Olya contributed reporting for this article.