Tweet

What do I need to grow my business?

Written by: Sue Stockdale

Article Overview: 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? Read this article to find out more....

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.

Related Articles
  Twelve Strategic "Grow Goals" To Grow Your Business According To Your Strategic Thinking Business Coach
  Hydroponic Grow Closet: The Perfect Place to Grow your Own Food
  Pursuit of Leadership Happiness
  The Dreaded "To Do" List
  Targeting Your Niche Made Simple – Start Small, Grow Later

Article Tags: 1 million, aspirations, assurances, business model, business positions, capabilities, complementary therapy, different reasons, economy, entrepreneurial values, female entrepreneurs, financial success, flexibility, growth business, leadership skills, local area, personal comfort, services expertise, success power, third parties



Related Forum Posts
Persistence gives live to small business. - While I was reading about the 10th year anniversary of google, I counted back 10 years and what I see was persistent. Every small business can grow big if we will be persistent. Persistent actually brings consistence. There is no business that cannot grow big if the owner will not be too haste to succeed. Hastiness has always been the bane of colapsed small business. Whatever you do as antergreneur keep at it and be innovative about it, you will soon be celebrating growth. To me, there is no business that cannot grow be if persistence is employed.
Re: Persistence gives live to small business. - [quote="topeyinka":160scfau]While I was reading about the 10th year anniversary of google, I counted back 10 years and what I see was persistent. Every small business can grow big if we will be persistent. Persistent actually brings consistence. There is no business that cannot grow big if the owner will not be too haste to succeed. Hastiness has always been the bane of colapsed small business. Whatever you do as antergreneur keep at it and be innovative about it, you will soon be celebrating growth. To me, there is no business that cannot grow be if persistence is employed.[/quote:160scfau] Thanks for the contributions am real informed better now!
Are you afraid to really GROW? - Now i'm not generalizing here.. ok maybe a little. I've recently been noticing a very strange trend with small business owners. Many of the business owners i've met with recently are afraid to really grow. They want to make more money and they want to improve, but when it comes down to it, they are scared of what those changes may or may not mean to their business. This fascintates me. Isn't the whole reason we've chosen to start a business mean we eventually want it to grow? Are they scared it will move too fast and get out of control? I'm curious to other's thoughts on this.
Re: Persistence gives live to small business. - [quote="topeyinka":vf3wc4t6]While I was reading about the 10th year anniversary of google, I counted back 10 years and what I see was persistent. Every small business can grow big if we will be persistent. Persistent actually brings consistence. There is no business that cannot grow big if the owner will not be too haste to succeed. Hastiness has always been the bane of colapsed small business. Whatever you do as antergreneur keep at it and be innovative about it, you will soon be celebrating growth. To me, there is no business that cannot grow be if persistence is employed.[/quote:vf3wc4t6] Hi topeyinka, Actually, you have started a good thread here. I have seen alot of people that have started good business but failed to continue due to lack of persistence. What my granny always taught then was that there is no business you want to do that has not been done before but what makes one to stand other fall is the persistent of the owners. She did give me examples of her mates that they did same business alike then but quit because they could not endure the heaps of the business, she said despite what she went through, she could scale through because she was persisited. Several times, my granny had given task in business to see if I would backed out. This training is keeping standing today that there is business that cannot grow big if we continue it through innovatives and persist to succeed. It is good to have ideas but you will not be persisted with your ideas, you might found out that ideas is not enough. Thank you. cheers!
Ideal professional services provider - Hi James, What I like in a professional service provider is that they go beyond their area of expertise to try to help your business grow. They try to introduce you to other clients or people in their network who might help you. If they come across an article that might be of interest to you, they send it. They give you suggestions for your business based on the other companies they have seen and worked with. My lawyer, financial advisor, and accountant are all great at helping me grow my business beyond providing their professional services (still working on my banker!). This is why I use them and I send many of my friends and associates to them.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Sales Flubs

Tips to Take Control of Credit Card Debt

Stress: What Causes It and How To Deal With It

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.