Half the popular are women, and yet when we talk business, it is very male-focused. And while it is important to celebrate business success no matter who is behind the wheel, it is only in the last few years that women have stepped into the light.
Often, the world’s most famous and high-earning women don’t make the papers, and you might not have ever heard about them, like Zhang Xin, who sits on more than $2.8 billion in profits from her real estate development company. Or what about Janice Bryant Howroyd, the ActOne Group CEO, which was the first black female-led company to achieve more than $1 billion in annual revenue? You can also include Rhianna, Beyonce, and Oprah in this category.
You don’t need to earn billions to make your business a success, though; success is relative – and it is about what it means to you. The important thing is that you find something that you love and go from there. Turning passion into cash in the modern age is easier than ever.
There are a couple of questions you should ask yourself before you dive head-first into any new business idea, though.
How to choose your new business
Choosing the right business for you isn’t always easy, and it can be even more difficult for those with multiple other things like a full-time job, family commitments, and no funds to get started.
Here are the big questions that you need to ask yourself so that you narrow down the ideas and select a business that makes sense to you.
What do you want to do this for?
Do you want to make more money? Do you want to give back to the community? Have you spotted a defect or something that can be improved? Perhaps you want to have more time to spend with your family, and doing work from home will make the difference.
You might be really handy with a wrench and pipes, or you might be great at car detailing. Perhaps the recipes passed down through your family are something that everyone should get to taste. We often have a lot more skills than we think we do, and what’s more, is that many of them are gained outside of a traditional educational establishment. Take a moment to think about your skills and which ones you have really enjoyed gaining and using.
How do you spend your free time?
There is some consideration to be given if you want to turn a hobby into something that you are paid for – for some people, it takes the joy out of it. For others, they can think of nothing better than their hobby, making them enough money to live.
Do you need formal education?
Depending on how your list is looking, you might need to start researching courses that can fill any skills gaps you have. While you might not need a formal qualification, they can sometimes give you some credibility – especially if it is a new field you are heading into.
What is your budget to start your business? For many modern businesses, there are little to no start-up costs (when based online). For product-based businesses, you will need storage space, buying the products, and depending on the size, you may need a team. For interior decoration, designs, construction, many types of field services, and logistics, you need a little more when it comes to budget.
Remember that you will likely need some software, somewhere to work, and a website to get started, no matter how small the company.
What do you want to earn?
Most people will say millions, but that all starts with the cents and the dollars. Take a look at your income now, and 20% on top is a good place to start. Working out what you need to make can begin to crystallize which job role can work for you.
This list below is some of the common start-ups that work well around family and other commitments and can be as flexible as you need.
Social Media Management
Make your scrolling time count and consider a social media management company. You can start small and handle one account and then pitch for more clients. Social Media has been booming for years, and it is not just companies that need management – micro-influencers, small companies, artists, and more can all use social media management. Choose a niche that is something that you have an interest in to get the most out of it.
Make use of the automated software and planning campaigns long ahead of time. Not every idea you have will work across all platforms, so make sure you know your TikTok trends from your Facebook fan favorites.
Sewing and Alterations
A good tailor is worth their weight in gold and then some. Sewing and alterations are something of a dying art, and many people don’t have access to this service, depending on their location.
An interest and skill in sewing is essential for this one, although you could also do smaller repairs like knee patches and sock darning. You can also choose to specialize in silk, satin, wedding attire, or vintage items. Leverage local Facebook pages and put flyers in thrift stores and around local markets.
Home services that are female and only have a female team can be life-changing for many older ladies or those who may have had traumatic incidents. For those who love a bit of DIY, this can be a great choice, but keep in mind for anything, specialist like electricians, plumbing, or heating and cooling, you’ll need a qualified team.
You can make a difference to people who are deaf or have hearing loss with transcription. When we put the subtitles on, every word we see has been transcribed. The same can be said for speeches, podcasts, music and more. Although there has been a rise in automated transcription, when it comes to dialect and accuracy, they can sometimes miss the mark.
You can take a transcription course, there are many online, and then start selling your services and pitching for jobs you see online.
Have you got a qualification or a skill in something that you just don’t get to use any more? And, is it something that would benefit others? If the answer is yes, then you could join one of the thousands of online course creators. Online courses are top-rated for buyers, and once you have created the course, you don’t need to do anything more than market it: pre-recorded videos, all the course material already uploaded, and more.
Busy people need other people to help them stay organized and still busy. As a virtual assistant, you will work the hours you want to and only accept clients you believe will work for you.
VAs can manage a lot of different tasks, so there will be a role that works for you. You might want to work with a writer and help with research, or you might want to work with a freelancer who needs client emails and calendar organization. No matter what your particular skills are, there will be someone who needs you to keep them on track.
You’ll need to have a firm idea of what you want to sell and who you want to sell it to because there are thousands of online stores with a strong niche, and a specific audience will help. You could set up your own website, or you can run your business through eBay, Shopify, and Amazon.
Selling your own crafted items is where many people start, but you can make like Gary Vee and head to garage sales to buy stuffed teddies and flip them. Almost anything can be flipped for a profit, but it pays to research what is selling and trends.
Skincare & Beauty
We often think of skincare and beauty as female-heavy, but most of the executives in the biggest beauty brands are male. While makeup and skincare are for everyone, it might be time for a more even playing field. Creating your own skincare from natural ingredients or solving a particular skin issue that few people have can be a good start. Selling at local farmers’ markets, online, or in local independent stores will work well.
Perhaps you are renowned for your incredible parties, and you have people asking – how you did it! This can be a great place to start. Think about the parties you like to throw and how that would translate into a business.
You’ll need a solid network – which you may already have if you love to throw a party already. It is a good idea to focus on one specific event type, though, so you can specialize and become known in that area – think weddings, kids’ parties, or even product launches.
When it comes to launching a business and getting the time to do so, women are often on the back foot – since they tend to be the main carer for the children and taking care of the house – but that doesn’t mean there aren’t plenty of options that can be as flexible as you need.