8 Business Models Every Women Entrepreneur Should Know About
Female entrepreneurs are making their mark in the business world. According to a report by American Express, there are now more than 11 million women-owned businesses in the United States alone. This is a huge increase from just a few years ago, when there were only 7 million businesses owned by women.
The success of these businesses is due to a number of factors, including the ever-growing number of women in the workforce, the increasing number of women-owned businesses, and the fact that women are now starting businesses at a younger age.
So, what are some of the most successful business models for women entrepreneurs? Keep reading to find out!
2. The Solopreneur
For many women entrepreneurs, the solo-preneur model is the ideal choice. This is especially true for those who don’t have the resources or time to grow a bigger business.
The solo-preneur model is about keeping things small, simple, and personal. It allows for a great deal of flexibility and freedom, and the overhead costs are considerably lower than that of a larger business.
The solo-preneur model is a great option for women entrepreneurs who are just starting out or who only want to focus on one or two areas of their business. It is also a great option for women who want to start a business that can be managed on their own and is not dependent on the help of employees. This type of business model allows for maximum control and allows women entrepreneurs to be in charge of their own success.
3. The Consultant
Are you an expert in a particular field or have a lot of valuable knowledge to share? Then start a consulting business! This business model is perfect for women entrepreneur who have the necessary expertise to give the best advice to their clients.
As a consultant, you can offer your services based on your skills and experience. You can offer services in areas such as business plans and strategies, marketing, research and development, project management, and more. Some consultants choose to work as independent contractors or consultants in a particular niche for a limited duration, while others prefer to partner with large organizations for long-term consulting engagements.
One of the great things about consulting is that you can set your own rates and you determine the type of services you want to offer. Setting your own rates means that you can make more money in the long run. If you prove your value to clients, they are likely to come back to you in the future.
4. The Home-Based Business
The home-based business is a great choice for female entrepreneurs who want to venture into self-employment. It’s a low-cost startup solution that requires minimal investments and even lower overhead costs.
Home-based businesses can be anything from a virtual assistant, to a blog or online-based store. If you have the skills and knowledge to run a successful online business, then this is the right choice for you.
The best thing about working from home is that you can work flexible and custom hours that best suit your lifestyle. You can focus on customer service, marketing, and design aspects all within the comfort of your home.
You can also specialize in a particular niche and provide a service that a larger company might not have access to. For example, if you are good at designing logos, you can specialize in logo designing and create a home-based business around it.
The home-based business model requires thorough research and planning. Make sure to prioritize your marketing and understand the importance of SEO (search engine optimization) for the success of your business.
5. The Franchise
The franchise is another popular business model for female entrepreneurs. The franchise model allows you to purchase the right to operate under an established brand name. This eliminates the need to design, build, and launch a brand from scratch.
Franchises typically provide a complete package, from marketing materials to product distribution. This makes the franchise model ideal for entrepreneurs who want to enter an established market with an already established customer base.
When selecting a franchise, make sure to choose one that resonates with you and your skillset. Don’t just choose a franchise because it is popular or offers a high return. The success of a franchise business largely depends on the person running it and their commitment to the brand.
Apart from the upfront costs, when you purchase a franchise you also need to pay maintenance fees, marketing costs, and inventory purchasing fees. Once you start the business, you need to follow the guidelines set by the franchiser such as hours of operation and accounting guidelines.
In the right hands, franchises offer a great business opportunity for female entrepreneurs. Through a franchise, female entrepreneurs can become part of an established brand while getting the support they need to market and grow their business.
6. The Network Marketing or Direct Sales Business
Network marketing or direct sales businesses are popular business models amongst female entrepreneurs. This type of business is attractive because it requires minimal overhead and offers potential to earn a generous income.
Network marketing or direct sales business has been viewed as the most gender equal business model – where women can reach higher levels and salaries comparable to those obtained by men in the corporate world.
This type of business involves recruiting and selling products through a network of independent distributors. Success in network marketing depends on creating an expanding network of distributors. A large network of distributors not only helps you make more sales, but can also help you earn passive income from the sales made by the distributors in your team.
When selecting a network marketing or direct sales business opportunity, select a product or service that you enjoy and that is in line with your interests and experience. You need to have a good command over the product you are selling in order to sell it effectively. You also need to market your business and recruit new distributors to grow your network and to make more sales.
Network marketing or direct sales business model offers a great opportunity for female entrepreneurs who want to take control of their income and lifestyle. It is a highly flexible business model where you have the potential to earn a good income and that too with the added advantage of being your own boss.
7. The Online Business
Online businesses are becoming increasingly popular among female entrepreneurs. The flexibility of working from home and the scalability offered by online businesses makes it very attractive.
Online businesses let you start with minimal resources and scale almost instantly. You can literally start your own blog, or an ecommerce website using platforms such as Shopify, or launch a service-based business by just setting up a website and advertising your services as an expert.
Online businesses can include website development, freelance writing, content marketing, digital marketing, graphic design, virtual assisting, teaching and tutoring, etc. Today, there are numerous platforms and business tools available to make the process of setting up and running an online business much easier.
The most important factor for running a successful online business is creating consistent content to stay top of mind for your visitors. You can build an audience on your website or blog by creating valuable content and promoting it on social media. You can also network with other women entrepreneurs in online groups to get tips and strategies.
Online businesses need a great digital presence, social media marketing, and content marketing strategy to succeed. Whether you are looking to become an entrepreneur, work from home, or make extra income, an online business has the potential to provide all these benefits without having to invest too much. However, it needs hard work, dedication, and proactive marketing strategies to succeed.
8. The Brick-and-Mortar Business
The brick-and-mortar business model can provide a more certain income and profit margin due to the lower entry barrier than when starting an online business. As a woman entrepreneur, you could open a store selling all kinds of products, from household items to apparel, health and beauty products, etc.
You can also offer professional services like bookkeeping, tax preparation, and restaurant consulting. One of the main advantages of a brick-and-mortar business is that it offers more tangible presence in the lives of your customers and their communities.
For a successful brick-and-mortar business, you need to take into account factors such as the location of your store, the people who will be served by your store, the products you will be selling, and your customer service offering. You also need to understand the laws and regulations associated with running a business in your city or area.
One of the biggest challenges associated with a brick-and-mortar business is marketing, as you have to draw attention to your store in order to have the right kind of customers. You can utilize the popular channels such as Yelp or Google My Business listing to get noticed by potential customers and promote your store with flyers and coupons to grow your customer base.
Apart from the basic marketing, there are numerous ways to become visible to the public such as social media marketing, email marketing, and in-store signage. As a female entrepreneur, a brick-and-mort
9. Wrapping Things Up
Wrapping up your brick-and-mortar business with exceptional customer service is the key to success. You can do this by providing flexible payment options, creating loyalty programs and promotions, and offering free shipping for online orders. You can also send out personalized reminders to customers who have expressed interest in a particular product.
Your packaging of the products will be what sets you apart from the rest. Focus on high-quality boxes, unique wrapping paper, and statement tags. Detailed personalization in your packaging will be what leads customers to return. You can even offer gift-wrapping services.
Carefully consider the ‘experience’ that customers have when they buy something from your store. Make sure to add a few extras such as a hand-written thank you note, a coupon, or a sample product. Every one of these details will demonstrate to customers the extra care and attention you put into your goods.
Finally, take a step back and objectively assess how you are meeting customer needs. Leverage customer feedback to fine-tune your services and product offering. Remember that a successful brick-and-mortar business model takes time and a lot of effort to develop and keep up with the competition. But the results make all of the hard work worth the effort.