In recent years, many trending women who want to start their own business. That’s according to Michelle Hon, founder of MomBoss Academy who trains moms on how to build their own business. This is because many of them or their spouses have lost their jobs due to the pandemic. Therefore, women who need an additional source of income, or to pursue their dream business.
“The barriers and costs of starting a business are now very low and the trend is to encourage more women to become entrepreneurs. This is no longer a rare ‘job’,” Hon said.
Reporting from CNA Lifestyle, here are some business tips that are said from women who have their own businesses, in various fields.
1. Have Passion
Know your strengths and what you are passionate about. You have to know your business goals in addition to generating income. This is because there are difficult days. If you are only money oriented, then you will give up on other businesses or jobs.
An example is Linda Anaqi, a PAUD lecturer who started Fairyzcraftz in mid-2020, a home business selling handicrafts and accessories. He sees Pandemic as a blessing in disguise and sees it as a time to explore and start his business.
2. Start small.
Hon says his business costs almost nothing, but takes time to get started. Hon admits to not taking credit from his business. Apart from working from home, Hon also utilizes co-working spaces for training sessions with clients and meetings with employees to save costs. Now, he employs two part-time staff.
3. Make a business plan
By creating a business plan, you can take advantage of your budget and provide a better idea for the continuity of your business. It’s important to consider how much you have in your personal savings. This will determine the capital needed for set-up, monthly expenses, cash flow, or to set aside for your personal life or for business again.
4. Knowing the regulations
Familiarize yourself with the relevant regulations. For example, if you are a home business, you need to meet established criteria such as ad bans, heavy equipment in residence, and others. Popo Tang, who runs Precious Purple, a home-based cake business, noted that it was important to keep abreast of the COVID-19 restrictions in Singapore. He also needs not to infringe on patents.
5. Can outsource
Being a small business owner doesn’t mean you have to take care of every aspect of your business. This can help identify areas of the business that you don’t understand or need support for. Elynn Teo, was senior vice president of the investment management firm’s global finance and accounting team in 2020 and now runs two businesses:
The Mind Studio and Kalyana Advisory, During his initial business trip to Kalyana, Teo did not employ any staff when he started the business. But he knew that his work would take up too much time.
“Time is money. So it’s a constant evaluation of whether it makes more sense to save by doing it yourself or spending that dime for speed and results.” Theo said.
6. Faster and more flexible
It is important for business owners to keep up with the times, market changes and when to change your business. Edwina Tan, founder of online retail site Ubermums, which sells nursing blankets, was previously an online and retail business seller and turned it into a fully online business in the next year and a half. Tan also changed the direction of her business from maternity and nursing clothing to focus on nursing blankets as the former market was very competitive and she saw a niche market for nursing blankets. In addition, during the pandemic, Uberums has also diversified to supply face masks.
7. Explore various marketing options
Marketing is necessary to create awareness about your product, and one way to do that is by leveraging social media to reach your target audience. Teo Hon Wui, co-founder of marketing agency Mashwire, says that social media is becoming a two-way communication channel. This allows businesses to talk to consumers, and vice versa. This provides an opportunity for businesses to build relationships with consumers, through word of mouth or advocacy for the brand.