What do I need to grow my business?

There are now over 1 million self-employed women in the UK, and whilst over 70% own their own businesses, less than 20% of those have employees. Some might argue that women don’t want to grow big businesses, but it’s not true for many female entrepreneurs today. So what will encourage women to grow their businesses to a size that contributes to the economy by providing jobs for others?

Three things: aspirations, capabilities and resources, and underpinning them all a good idea that is scalable.

Business Model

Many women start out delivering a product or service that is based around their own skills e.g. complementary therapy. Whilst you might be the best therapist in your local area, the business can only be scalable if you create a business model which helps you (and others who may become involved in your business) understand how it makes money.

A business model should describe how your business positions itself within its industry and how it intends to generate revenue. It should answer the following questions:

1. Who pays? (consumer, producer, or third parties?)
2. What for? (goods, services, expertise, assurances of quality or security.)
3. To whom?
4. Why? (perceived value, competitive price etc.)

You need a clear and convincing answers to the above questions, especially “why”.

If your business model cannot be replicated then it will difficult to turn your service into a growth business. But assuming that it is, then consider the other areas too.

Aspirations

Many women start up in business for different reasons to the traditional entrepreneurial values of financial success, power and status. Some tend to be motivated by personal comfort or self-actualization goals that allow them to work at something interesting and maintain flexibility. Running a high growth business tends to demand high levels of energy, commitment and leadership skills and might not seem so appealing.

How to get inspired

- Read about women who are running growth businesses and find out what it’s really like
- Think about your future and what you would like to achieve. Think about the benefits of investing time and effort for a few years in order to build a business that has the potential to be sold. This could provide the finance for you to achieve your longer term vision.
- Believe it is possible. Sometime the greatest fear we have is fear of success, not fear of failure so create your own model for success based on your ideal work environment.


Capabilities

This is the combination of knowledge and skills that you bring to the table. Sometimes I think many of us like to imagine we can do it all, and it’s foolish to believe that this is the case. This encourages you not to delegate and get others involved, which is what is needed to grow a business.

- Critically assess the skills and capabilities that you have. Be honest with yourself and recognise that if you are focusing on your strengths then you can start to value strengths in others and it’s easier to delegate.
- Some useful tools to use are Strengths Finder and Wealth Dynamics profile

Resources

Resources are the combination of financial and social capital that you have available which can help you make the transition from lifestyle business to growing business.

Finances

Over the years, maybe you have not had as much interest or taken the responsibility for understanding and managing finances, and research shows that women spend less time engaged in activity related to acquiring finance at the start-up stage.

This could be because we can be more risk averse regarding business funding. I wish I had a pound for every woman I have spoken to that will only start their business on a shoe string because they don’t believe it’s really going to be a success! Yet it’s this under-capitalisation of a business that can cause problems if you intend to grow.

- Find someone you can help you gain the financial knowledge that you will need or read books or attend a course.
- Challenge your thinking – ask yourself - what is attitude to financial risk? Would you put up your house as security? If not, why not? Is it that you would not put your family in jeopardy, you don’t believe in the potential of the product/service? By asking yourself these questions, you can begin to think like an investor – if you don’t believe in your business, then why should the bank or an investor?
- Contrary to popular belief, successful entrepreneurs are not risk takers, but what they do is carefully evaluate all the risks before making a decision.

Social Capital

As you begin to grow, you will need to find good people to help you. They might be business specialists, investors, potential members of staff, mentors etc. and the more diverse networks that you have, the greater the chance that you will be able to find the right people.

- evaluate all the networks that you are part of already. E.g. family, school friends, other parents, business networks, evening class contacts, people at the gym, and you will amaze yourself at the number of people you know.
- Even if you don’t have a large network, you can “borrow” social capital from others who do and that is where a mentor comes in. If you are looking to build contacts in a particular industry sector then you might consider seeking a mentor in that industry. Whilst this might seem a “one-sided approach” if you have ever mentored someone else you will know that the mentor gets a lot of satisfaction too from being able to help their mentee and to make introductions.


What do I need to grow my business? - To learn more about this author, visit Sue Stockdale's Website.

Like this article? Share it with your friends

E-Mail | Print | More

Related Articles
Twelve Strategic "Grow Goals" To Grow Your Business According To Your Strategic Thinking Business Coach
	Any time is a good time to think about how to grow your business. The last month of your calendar year or fiscal year is a very good time to think about and plan for the growth of your business. Companies need to ...
The Dreaded "To Do" List
	Most of us have one, yet rarely are they used in the right manner. I’m referring to that dreaded to do list. More often then not, instead of creating organization, they create overwhelm. What does your to do list...
How Smart Women Tend Their Gardens
	This article communicates what’s really involved in the process of women growing their preferred garden of life. What are you passionate about? What do you want your life to look like moving forward? Growing a be...
The Only Object of Life
	Margaret Fuller wrote: “Very early, I knew that the only object in life was to grow.” I love this quote and imagine this perspective had a profound impact on the quality of her life. If each of us shared Margare...
Business Growth and The Peter Principal
	A business can rise no higher than the level of its leadership.

---

Related Forum Posts
	Persistence gives live to small business.
	Re: Persistence gives live to small business.
	To Grow or Not To Grow
	Are you afraid to really GROW?
	Re: Persistence gives live to small business.
	Ideal professional services provider
	Re: Who Did You Learn Most From and Why?
	To grow or not to grow?

---

Related Businesses - Evan Elite Authors

Kim Castle With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website

David Barr David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

Accessible Business Consultants Dave Turkin, President, of Accessible Business Consultants is a full service business consultant that has over 32 years of experience working with small-medium size businesses. Dave has designed and implemented numerous business and marketing plans, designed internal programs for accounting and operational procedures. He has analyzed businesses and prepared strategic plans setting budgets for growth, expansion and business restructuring. He currently sits on the Board of Directors of various corporations as an advisor. For many years he has been the Business Coach to many executives offering advice and guidance from old and established companies as well as new companies just getting started. Dave has the ability to analyze a business quickly and get a strong indication as to the necessary steps to improve operations, productivity and profitability. - Visit Accessible Business Consultants's Website

Jeff Foster WebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. - Visit Jeff Foster's Website

Vwodek Wojczynski Business Coach and Consultant Vwodek Wojczynski (pronounced Voy-chin-ski) brings fun, awareness, accountability and fresh perspectives based on his diverse experiences in life and business. Born in Poland and educated in Greece and Canada, he is trilingual with 8 years experience in business development with clients in Canada, USA, Switzerland and Poland. His approach is systematic and process-driven. He fuses the know-how of proven business methods with his commitment that entrepreneurs experience satisfaction and joy based on their values, motivations and strengths. He believes that businesses succeed based on their ability to generate value by providing what’s needed and wanted. Ultimately, he trains executives and true business owners - people who work less, produce more, own businesses that run automatically after a while and make a difference globally. His current research focus is the development of intelligent business systems and the application of emerging artificial intelligence technologies in business. He is also an avid traveler, spoken word performer and visual artist. He resides in Toronto, Canada. - Visit Vwodek Wojczynski's Website

Anne Barr Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

Leanne Hoagland-Smith Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland-Smith's Website

Dr. John Oda John Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website

The Evan Elite Authors program is currently in beta phase. For details please contact us.