Female entrepreneurs — Although female entrepreneurs have been around for decades, there has been an evident surge in recent times of how many new businesses were started by women.
HR services company Gusto reported that the numbers went up from 28% in 2019 to 49% in 2021. Meanwhile, the US Census Bureau reported that 21.4% of US businesses were owned by women, and even more impressive is that the businesses had 10.9 million employees.
The numbers represent how far women have advanced in a profession that has long been dominated by male entrepreneurs, and here we take a look at how female entrepreneurs can get started with their businesses in 2023.
Choosing the business
When it comes to entrepreneurship, you need to remember that it’s important to determine the type of business you want to start. It’s also important to prioritize yourself and your goals.
While passion is certainly an essential driver, it’s also crucial that you do research on the business you’re looking to break into. Some things you have to consider are the size of the market and whether it’s growing or shrinking. The last thing you want is to find yourself in a market that’s heading towards obsoletion. Everything you need to know can be found on the internet.
Consider startup costs
For most entrepreneurs in their first gig, startup costs can be a problem. However, there are many kinds of businesses that you can delve into that aren’t as costly. For example, a home-based business doesn’t require that much of your finances.
There are other options that can help bring you the capital needed to start, including SBA loans.
The working woman is often faced with the dilemma of juggling their work and family lives. Female entrepreneurs have to be careful that they choose a business that gives them flexible hours or the option to work from home, giving themselves the right work-life balance.
Businesses female entrepreneurs can delve into in 2023
Even before the Covid pandemic, ecommerce businesses had been thriving, but the industry has grown exponentially. 2021 witnessed a massive growth wherein global ecommerce sales hit $5.2 trillion.
Ecommerce also offers enough options of the products you want to sell and where you can sell them. Entrepreneurs looking to delve into this industry can choose a product based on their interest with a large target market and sell it on either Amazon, Shopify, or your own website.
Creatives can create their own products and put them up for sale on Etsy, but for those who plan to resell, they can find a manufacturer that provides dropshipping.
Social media management
Female entrepreneurs who have a knack for social media or experience with social media marketing can kick start their own social media management business.
The work entails managing the social media businesses by positing and running ads for them on top of other tasks, including helping the business develop an overall social media strategy.
While social media management companies charge between $50 and $100, you can price at a similar amount if not higher once you’ve established yourself. In 2021, the social media management market was valued a little higher than $14 billion. Now, it is expected to go beyond $41 billion by 2026.
Freelancing has been the top source of income for people with writing, illustrating, or graphic design skills. This year, freelancers in the United States have grown rapidly, reaching 70 million.
There are sites you can sign up for like Upwork, providing freelance postings and giving you a chance to post your profile and experience to bring in new clients. It also provides female entrepreneurs with the work-life balance they might be looking for along with the ability to set their own rates and work in their own time.
While the option to get a tutor will never go away, online education takes the gig to the next level by utilizing the technology we have.
Online education is expected to generate an excess revenue of $166 billion in 2023. Entrepreneurs who want to impart their knowledge can sign up for online sites with their own course curriculum and set their fees for students.
The majority of the courses are self-study, which means that once the curriculum goes live, the only thing you have to do is answer the questions and provide feedback on assignments.
Women in technology is becoming more common, which means female entrepreneurs can dive into one of the hottest markets today. App development, in particular, is among the most lucrative businesses today.
With nearly everyone owning a smartphone today, apps are in demand. You have the option to either create your own app and monetize it or start a business creating apps for fellow entrepreneurs who have the idea but lack the experience needed to create their own apps.
The world has turned a leaf and entered a digital era, and with more people looking for companies and products online, digital marketing is one of the most ideal spaces to get into for female entrepreneurs. To emphasize the point, $616 billion was spent globally on digital advertising in 2022.
Although it takes experience to start a digital marketing agency, it shouldn’t be hard finding clients as most companies are doing their marketing digitally.
One of the easiest industries to break into is the real estate industry. Anyone can take online classes to take the exam in their state and obtain their license. However, the hard part is everything that comes after.
Real estate is one of the industries that will require you to spend some money, mainly to market your business, but it is also very lucrative, bringing back 2% to 7% of the home purchase you sold.
Female entrepreneurs can also consider starting a real estate investing company to buy homes so they can flip or rent them out. Rental properties are a good way to make passive income, especially if you hire a management company to handle the units and tenants.