Ready To Start Your Own Business?
Inspiring female entrepreneurs offer ten tips to get you going.
By Soko Edit
At The Soko Edit we encourage people to support and shop female founders, because with just 3% of business funding going to female-owned start-ups in the US last year, it’s time to create change.
To inspire more women to start their own businesses, we asked advice from the entrepreneurs in our international community and are sharing them with you below. Here’s the round-up:
ONE: BE OPEN TO OPPORTUNITY
With COVID, companies across sectors have been forced to take an entirely different path, but whether it’s a change in demand or competition, constantly evolving and embracing new avenues is key.
Bonita, founder of London-based stationery brand Bonita Ivié explains:
I never thought I’d go into homeware. But during Covid, I spent more time on my drawing and people thought my food series would be good to have on homeware products – so here we are!
TWO: LISTEN TO YOUR CUSTOMER
You might love your idea but if your customer doesn’t, it’s time to pivot. Chat with them, share ideas with them and hear their opinions so you can be sure you’re getting it right.
Genevieve, founder of DC-based underwear brand Underbares says:
“I ask customers what they want next in their top drawer and we go from there.”
THREE: KNOW YOUR AUDIENCE
Before you begin creating your product or service, pinpointing who will buy your product, their price appetite and how well they’ll understand your proposition is critical.
Ruchi Zaveri, founder of Indian artisanal brassware brand NHEST explains her biggest challenge:
People are used to buying mass-produced products, which are much cheaper than hand-made ones, and this can affect my sales. But this has helped me choose my target audience well and I have learnt how to sell the product in a way that people can visualise themselves using it.
FOUR: KNOW YOUR STRENGTHS
The current entrepreneurship narrative teaches people to get their hands dirty and do it all. But knowing your strengths and getting support in weaker areas will produce a stronger result and boost confidence. We appreciate Bonita’s candor when she says:
For things that aren’t your strength or things you don’t enjoy, outsource them. It is worth it for your mental health.
FIVE: FIND A CO-FOUNDER
Businesses with 2-3 co-founders are more likely to survive than those with one person at the helm. On days you feel like throwing in the towel, they remind you it’ll be worth the fight.
Even if you can’t find anyone to complement your skillset, seek a support network. Vera, founder of Singapore-based Align Swim and LetsFloatSG advises:
It is important to have a strong support system that will be there for you. Do not keep your feelings in, share them! You will gain so much insight from other perspectives.
SIX: DON’T DITCH THE DAY JOB TOO SOON
Consider your options. Can you work a flexible schedule, even part-time? It’s easy to get carried away and go all-in, but entrepreneurship is risky business and a stable income can take a huge weight off your mind.
Eesha, founder of India’s Eesha Zaveri Jewellery cautions: Do it only if you are ready to struggle in the beginning. The market is more competitive and crowded than ever right now.
SEVEN: NO ONE EVER SAID IT WAS EASY
The barriers to entry are higher, but the rewards have the potential to be far greater. Hayley, founder of Singapore’s Rooki Beauty explains:
I was having a difficult day and I complained to my partner that running Rooki was too hard. He told me “If it was easy, everyone would be doing it. Everyone would run their own business, and be their own boss”.
EIGHT: LISTEN TO YOUR GUT
If your idea fires you up inside, it’s worth more than 1000 opinions to the contrary. It’s up to you to have the drive and passion to see it through. Eesha reminds us:
Love your work such that even if you are working at 1 am, it doesn’t feel like work.
NINE: EMBRACE MISTAKES
Mistakes are part of the process – the sooner you embrace this, the quicker you’ll grow in business and in character.
Tatiana, founder of Colombian textile collective Zuahaza, explains:
Every time we “fail” there is so much good that can come out of it if we are willing to listen to what the situation is trying to tell us. Your business will grow stronger from mistakes.
TEN: JUST START.
If it’s perfect, you’ve launched too late, so just get going and watch your idea evolve as you learn. Sarah, founder of California-based pottery and prints brand Sun to Sea reminds us:
The process is the inspiration. The only way to get past a blank canvas is to start doing.
The Soko Edit’s community of entrepreneurs describe it as the most challenging yet most rewarding journey they’ve ever embarked on. Are you ready to embrace it and start your business (Ad)venture?
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