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Reviewed by Ibnujala
Have you ever thought of starting a business of your own? Who doesn’t? Most of us have dreamt of becoming entrepreneurs at least once in our lives, especially women. You might have felt that you have an incredible business idea, but are confused about where to begin.
You are not alone in it. Most people, especially women, forbid themselves from starting their dream business only because of the chaos and confusion of the initial days. Let us tackle it now.
You do not always need degrees, except for specific businesses related to law, finance, or tech, huge investments, or well-established office space, to begin your business journey. Then, how to become a businesswoman? It is about seizing the right opportunity, learning from your mistakes, and staying consistent in your work.
In this blog, we will walk you through the steps involved in beginning a business and the government policies and schemes that benefit women entrepreneurs in India. We will also discuss some popular businesswomen as well as some business ideas women can consider.
As Michelle Obama wisely stated, “Success is only meaningful and enjoyable if it feels like your own.” With that in mind, let’s explore business ideas that not only generate income but also leave a meaningful mark on society.
Achieving success as a businesswoman is a challenging journey. It’s a long and persistent journey that requires ambition, passion, strategy, consistency, and resilience. Whether you are starting from scratch or taking up a corporate business, it is important that you have clarity in your plans, a well-developed strategy, and bold decision-making skills.
If you’re just starting out in this field, it’s natural to feel overwhelmed with questions and uncertainty. But you need not worry, as this section will offer a step-by-step guide that helps you be a smart businesswoman. Remember, no matter what your educational background is, if you have the itch and taste for entrepreneurship, proper guidance and planning can help you excel.
So, let’s get into those details.
Doing things that you love helps you excel and enjoy what you do. So, passion has a crucial role in your business success. In a highly competitive world, you need to be passionate to reach the top. Therefore, the first step in building a business is finding your passion.
However, finding your passion might not be as simple as it seems. While some have a clarity of what they like and what they want to do, others might lack this clarity. But let us help you identify them.
Improving your financial knowledge is essential before starting a business. With the right knowledge about budgeting, saving, and investing, you can tackle the potential financial challenges you might encounter in the future.
However, not many people around us are financially educated. So, seeking help from platforms like FinQuo Versity will be beneficial. They offer various courses, educational resources, and other materials that improve financial knowledge and literacy.
Your skills and expertise are the key factors that help you be a strong businesswoman. Before starting your business, make sure that you have polished your skills to meet the requirements of your business. Be confident about your knowledge and expertise.
Explore the various courses, certification programmes, webinars, and other resources that help you upskill yourself. Think of the possible ways that help you mould your skills through practical scenarios and real-life situations.
Apart from the subject knowledge, let’s have a quick look at the important skills you need to thrive in the business world.
After identifying your passion, you have to finalise a business idea that suits your interest and passion. Conduct a detailed analysis of the market trends, targeted audience, and audience acceptance before finalising your business idea.
Additionally, consider whether your product or service taps into a passion or provides a solution to a particular issue. Furthermore, consider the following points:
On the other hand, if the product has a growing market, you can earn potential benefits over time. So, before choosing your business idea, analyse these factors.
Remember, a strong business plan must feature a Unique Selling Proposition (USP) to make your business stand out from the rest. It has a major role in influencing your target audience. So, ensure that you select your USP efficiently.
Once you have settled on your business idea, the following step is to develop a well-structured and impactful business plan. This helps to navigate the potential challenges and complexities in your business journey.
Take a look at a small guide on developing a solid business plan.
The next step is to fund your business. Strong funding is essential to begin a business from scratch. As mentioned earlier, prior financial management helps you identify your funding needs. If you’re planning a scalable startup with long-term growth potential, you can also consider approaching Venture Capitalists (VCs) who fund early-stage, high-growth companies.
Here are some common funding methods you can opt for.
Registering your business is also important. However, not all businesses need an MCA registration. Private Limited Companies and LLPs must be registered with the MCA before launching. However, sole proprietorships and partnerships may not require MCA registration. They can start with minimal registration, like UDYAM, GST, etc.
However, ensure that you have all the necessary documents before registering. Do not forget to register for GST and other tax implications, as they may cause complications in the future.
Below are the things to consider while registering your business.
Scaling your business is important. However, instead of starting big, it is always advised to begin small with a Minimum Viable Product (MVP), with the help of seed funding, and then scale the business to greater heights.
Begin at a smaller scale and analyse the market trends and customer reactions. Later, establish a proper business plan and growth strategy, and then scale your business to reduce risks and losses.
Marketing or promoting your business is very crucial, as it attracts more customers towards it. So, you have to prepare a proper marketing strategy that includes trending ideas, with the necessary tools, campaigns, social branding and online platforms.
Consider the following marketing strategies to expand your business’s reach to a wider audience:
Similar to building and establishing your business, it is also important to maintain a proper work-life balance. You have to make sure that you set rules and prioritise both your personal and professional life equally. The points below might help you with it.
The Indian government offers various programmes and grants that help increase startup opportunities among women, helping them become businesswomen who lead others. Let’s have a quick look at them:
Stand-up India scheme is an Indian government initiative that offers loans and assistance for women, Scheduled Castes (SC), and Scheduled Tribes (ST) to start new businesses. According to this scheme, the eligible people can gain loans ranging from 10 lakh rupees to 1 crore rupees.
This scheme is developed mainly for greenfield enterprises. Furthermore, according to the official website, borrowers need to provide at least 10% of the project cost to be eligible for this scheme.
Pradhan Mantri MUDRA Yojana is a governmental programme that offers loans for women business owners. This grant has various schemes customised for different businesswomen, like micro-business owners, Small and Medium-Sized Business (SMB) owners, and ambitious entrepreneurs.
Based on the businesses, the grant amount also varies from 50,000 rupees to over 10,00,000 rupees, ranging over different categories such as Shishu, Kishor, and Tarun.
An initiative by the Small Development Bank of India (SIDBI), the Mahila Udyam Nidhi Scheme was introduced to encourage the entrepreneurship of women. This plan, which offers up to 10 lakh rupees, was first launched by Punjab National Bank by SIDBI and later expanded to other lending and financial institutions.
Connecting and interacting with like-minded people will be beneficial in your career, especially when building a new business from scratch. There are various women entrepreneurs who have excelled and set an inspiration for upcoming budding businesswomen. Let’s discuss some of these people.
A popular name in the Indian business world, Falguni Nayar is a strong influence for budding businesswomen. Falguni Nayar, the founder of the well-known Nykaa Fashion, left her investment banking career and started her brand when she was 50 years old.
Oprah Winfrey is highly regarded as a prominent personality in the world of media. Starting off as a TV personality, Winfrey turned to entrepreneurship in 2000 by co-founding Oxygen Media. She hosted her talk show until 2011 and now serves as the CEO of the Oprah Winfrey Network (OWN).
Whitney Wolfe Herd is an inspiring businesswoman who became a prominent figure in the male-dominated tech industry. She started off as the co-founder of Tinder, a dating app. But later left Tinder and began her own company, Bumble.
Upasana Taku, a well-known Indian entrepreneur, has played a significant role in driving the fintech revolution in India. She co-founded MobiKwik, a digital platform focused on facilitating online payments. Upasana made a large impact in India through her initiative, proving that women entrepreneurs can excel in the fintech field as well.
Before winding up this blog, let us discuss some of the top business ideas that can offer a side hustle or startup opportunities for women in India. From home-based businesses to small-scale and startups, the opportunities are endless in our contemporary society. So, let’s have a look at them.
Building your own empire in the business world is not a distant dream anymore. With the right mindset, strategic planning, and proper mentorship, you can also become a successful businesswoman, breaking all the conventional barriers and stereotypes.
We hope this blog has given you a comprehensive guide on how to begin your journey to be a successful female entrepreneur. Additionally, we have also discussed the government programmes that help women entrepreneurs in the country, the success stories of some inspiring businesswomen across the world, and some interesting and beneficial business ideas.
Many women hesitate to begin their entrepreneurial journey due to the fear of failure or intense competition. But with the right support system, you can overcome self-doubt and avoid burnout while building a fulfilling career.
However, remember, success is not something that can be achieved overnight. It needs sheer passion, consistency, and hard work. So, whether it be flagging off your business journey or business scaling, it’s the small but persistent work that counts.
Uma Nair is a professional content writer with over 3 years of experience and a strong foundation in crafting engaging and informative content across diverse domains. Over the years, she has dealt with various niches, and her growing interest in finance has led her to explore the world of financial writing. As an English Language and Literature postgraduate, her educational background supports her ability to convey complex topics in easy and accessible content. In her free time, she stays updated on industry trends to continually enhance the value of her content.
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Ibnujala is a seasoned financial expert of Indian and Middle Eastern markets with an experience of over 15 years. His deep interest in neuroscience fuels his research in seamlessly blending finance and science. With a bachelor’s degree in law from India and an MBA from the UK, his diverse academic background makes him an expert in financial management and mentorship. In addition to being a seasoned investor and serial entrepreneur, he currently serves as the CEO of Finquo Versity.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as financial or investment advice. Stock market investments are subject to market risks, and past performance is not indicative of future results. Readers are encouraged to do their own research and consult with a licensed financial advisor before making any investment decisions. The author and publisher are not liable for any financial losses or damages incurred from following the information provided in this blog.
Uma Nair
