Although the UK may be almost near its target of 25% women on boards by 2015, women still have problems smashing through the glass ceiling. But there is a way where women can operate in a world where there are no glass ceilings and that is to become their own CEO by starting their own businesses.
Over the past few years there has been an increase in women starting businesses. Many women across the globe are fed up of the limitations put on their career advancement and are exiting the rat race to become leaders of their own empires.
The advantages of starting a business
There are many advantages to creating your own entity and running your own business the way you want it to be. And if you start something that you are passionate about, what could be better than getting paid for doing what you love and feeling fulfilled?
You get to make the decisions in how the company is run. You decide who you want to work with and who you don’t. You decide the direction you want the business to go and how you want it to develop and grow.
Running your own business gives you autonomy, it gives you fulfilment and it gives you a great sense of accomplishment as you see your business take shape and grow.
But there are pitfalls...
Whilst there are many advantages for women to start their own business, there are also disadvantages which you need to be aware of before taking the plunge.
Despite the many claims made in adverts on social media that you can have a 6 figure income from your business in 30 days, the reality is, it can take a long time before you actually start generating income and making a profit.
If you are starting a business on your own, you become chief cook and bottle washer. Everything is down to you. If your computer packs up, you can’t simply pick up the phone to the I.T. department and have someone fix it in an instant. You have to make the arrangements yourself to fix things when they go wrong.
Leaving the structure and routine of the corporate world can make you feel a bit aimless if you are not disciplined. You need to establish a routine and put in place structure and targets of your own. There is no one breathing down your neck chasing that report or demanding results and the temptation to procrastinate can be great.
Getting started
If leaving the corporate world and starting your own business is what you want, it can be difficult to know where to get started. The best place to start is by doing your research and putting together a business plan.
According to the Department of Innovation, Business and Skills 50% of businesses in the UK fail within the first 3 years , and although there are no guarantees, if you want to minimise your chances of being one of these statistics, you need to have a plan. If you have an idea for a business you need to do research to make sure that it is something that people want and that they are willing to pay for. Having a plan will also help you to identify what financial outlay is needed and how you can go about funding this.
Get support at the beginning
According to Richard Branson, the difference between a budding entrepreneur who merely shows promise and one who is already enjoying some success often comes down to mentoring. If you have never run your own business, having a trusted coach, mentor and/or adviser helps you to cut through the overwhelm, remove your self limiting beliefs and provide clarity about what you need to do to make your business success.
Not only is it worth getting professional support, it is also good to develop a support network. Running your own business can be very lonely and family and friends who have only ever been employed may not get it. A strong support network will provide you with trusted people who have a shared interest who can encourage, support you, help to keep you motivated and hold you accountable.
Big bang or step by step approach
Deciding whether to go for a big bang approach or to take it step by step is something that you will need to consider. I am increasingly working with women who are starting their own business whilst doing their day job. This is a good way to get started if you are unable to take the plunge and give up the security of a steady income.
Doing it this way you can work on your business in the evening and weekends and as your business grows, reduce your hours in the day job until you are in a position to give it up completely.
Get a part time job
If you do go for the big plunge and find that you are not generating enough income straight away, look at what skills you have that can be used to generate income, or get a part time job. Examples of what some of my clients have done in order to boost their income include private tutoring, home typing and cleaning.
Develop the right mindset
Moving from the corporate environment and starting your own business can be scary as you are going from the known to the unknown. It will take you out of your comfort zone and you need to be prepared to constantly step outside of your comfort zone.
If you can overcome your fears and self limiting beliefs, you will be able to see the opportunities that exist, opportunities that can be far greater than you could ever expect to get working for somebody else. If you are tired of battling to smash through the glass ceiling, starting your own business is a sure way of removing that ceiling.
Starting a business is not an easy ride, it requires hard work, determination and resilience. But it can be very rewarding, very fulfilling and furthermore, there are no glass ceilings.
Have you ever considered starting your own business and if so, what are the obstacles you face?
Although the UK may be almost near its target of 25% women on boards by 2015, women still have problems smashing through the glass ceiling. But there is a way where women can operate in a world where there are no glass ceilings and that is to become their own CEO by starting their own businesses.
Over the past few years there has been an increase in women starting businesses. Many women across the globe are fed up of the limitations put on their career advancement and are exiting the rat race to become leaders of their own empires.
The advantages of starting a business
There are many advantages to creating your own entity and running your own business the way you want it to be. And if you start something that you are passionate about, what could be better than getting paid for doing what you love and feeling fulfilled?
You get to make the decisions in how the company is run. You decide who you want to work with and who you don’t. You decide the direction you want the business to go and how you want it to develop and grow.
Running your own business gives you autonomy, it gives you fulfilment and it gives you a great sense of accomplishment as you see your business take shape and grow.
But there are pitfalls...
Whilst there are many advantages for women to start their own business, there are also disadvantages which you need to be aware of before taking the plunge.
Despite the many claims made in adverts on social media that you can have a 6 figure income from your business in 30 days, the reality is, it can take a long time before you actually start generating income and making a profit.
If you are starting a business on your own, you become chief cook and bottle washer. Everything is down to you. If your computer packs up, you can’t simply pick up the phone to the I.T. department and have someone fix it in an instant. You have to make the arrangements yourself to fix things when they go wrong.
Leaving the structure and routine of the corporate world can make you feel a bit aimless if you are not disciplined. You need to establish a routine and put in place structure and targets of your own. There is no one breathing down your neck chasing that report or demanding results and the temptation to procrastinate can be great.
Getting started
If leaving the corporate world and starting your own business is what you want, it can be difficult to know where to get started. The best place to start is by doing your research and putting together a business plan.
According to the Department of Innovation, Business and Skills 50% of businesses in the UK fail within the first 3 years , and although there are no guarantees, if you want to minimise your chances of being one of these statistics, you need to have a plan. If you have an idea for a business you need to do research to make sure that it is something that people want and that they are willing to pay for. Having a plan will also help you to identify what financial outlay is needed and how you can go about funding this.
Get support at the beginning
According to Richard Branson, the difference between a budding entrepreneur who merely shows promise and one who is already enjoying some success often comes down to mentoring. If you have never run your own business, having a trusted coach, mentor and/or adviser helps you to cut through the overwhelm, remove your self limiting beliefs and provide clarity about what you need to do to make your business success.
Not only is it worth getting professional support, it is also good to develop a support network. Running your own business can be very lonely and family and friends who have only ever been employed may not get it. A strong support network will provide you with trusted people who have a shared interest who can encourage, support you, help to keep you motivated and hold you accountable.
Big bang or step by step approach
Deciding whether to go for a big bang approach or to take it step by step is something that you will need to consider. I am increasingly working with women who are starting their own business whilst doing their day job. This is a good way to get started if you are unable to take the plunge and give up the security of a steady income.
Doing it this way you can work on your business in the evening and weekends and as your business grows, reduce your hours in the day job until you are in a position to give it up completely.
Get a part time job
If you do go for the big plunge and find that you are not generating enough income straight away, look at what skills you have that can be used to generate income, or get a part time job. Examples of what some of my clients have done in order to boost their income include private tutoring, home typing and cleaning.
Develop the right mindset
Moving from the corporate environment and starting your own business can be scary as you are going from the known to the unknown. It will take you out of your comfort zone and you need to be prepared to constantly step outside of your comfort zone.
If you can overcome your fears and self limiting beliefs, you will be able to see the opportunities that exist, opportunities that can be far greater than you could ever expect to get working for somebody else. If you are tired of battling to smash through the glass ceiling, starting your own business is a sure way of removing that ceiling.
Starting a business is not an easy ride, it requires hard work, determination and resilience. But it can be very rewarding, very fulfilling and furthermore, there are no glass ceilings.
Have you ever considered starting your own business and if so, what are the obstacles you face?
Originally Published on LinkedIn