Tips for Women Who Own Small Businesses

Women-owned businesses are a foundation of the U.S. economy - and the ranks of female entrepreneurs are continuing to grow. According to U.S. Census Bureau figures, the number of female-owned companies increased by 20 percent between 1997 and 2002. These 6.5 million businesses brought in more than $940 billion in revenue in 2002.

Running your own firm can deliver independence and deep satisfaction. In a 2006 survey by MasterCard, the number one reason cited by female entrepreneurs for starting a business was the desire to be their own boss.

At the same time, the journey toward bringing your vision to fruition and working for yourself is likely to include some challenges. When asked about the secret to success, many successful female entrepreneurs mention the importance of staying positive and remaining focused on your goals.

Here are some other things to keep in mind:

Keep an eye on the financial picture

You don't have to be an expert or a financial planner to manage your firm's money. Small business software makes tasks such as tracking sales and expenses or generating a financial statement straightforward and painless.

A creative idea may be what inspired you to start your business, but effectively managing the bottom line is what helps ensure your company will thrive. Use your small business software to set financial targets for the future, as well as regularly assess how your business is doing. And, if you choose, you can always employ a bookkeeper to handle day-to-day financial transactions or an accountant to take care of end-of-year tax issues.

Balance work and home life

Many entrepreneurs really begin to appreciate their success when they have figured out how to achieve a reasonable work-home balance. No one wants to be haunted by unfinished work tasks during their leisure time, but they can creep up on you. Similarly, receiving family calls and running personal errands during work hours can eat into your productivity and cause undue stress.

One method for working toward this much-sought-after balance is to set clear boundaries between work and home. Let your family and friends know that when you are at the office, you are out of touch except for emergencies - even if you office is in your home.

And when you are away from the office, set aside a small amount of time, maybe 30 minutes before bed, just for yourself. Don't think about work or other items on your to-do list. Just relax.

Don't do everything yourself

Juggling responsibilities may come with the job, but you don't have to let your commitments take over your life. This applies to both work and home life. Experts suggest focusing on your strengths and relinquishing responsibilities that may not be your strong point. So, if you love using your small business software but dread responding to customer emails, hire a personal assistant.

Think about ways to delegate tasks - both at home and at the office - to help your life run more smoothly. This will help free up your time to concentrate on what really matters.

Network and accept support

Many women credit a strong support network as being vital to their success. This support can come from family, friends or colleagues and take many different forms. For example, you may ask your husband to take on some extra chores around the house or a friend to listen and respond to a new idea.

Building up professional contacts is also very useful. There are a number of organizations out there aimed specifically at female entrepreneurs, such as the National Association of Women Business Owners and the American Business Women's Association. You can visit their websites to find out if they operate a chapter near you.

Online discussion boards, forums and social networking sites also provide an opportunity to meet other small business owners, promote your company and share ideas.

Reward yourself

While a support network is undoubtedly important, don't forget to give yourself credit for your success. You can do this when times are tough, as well as when your business is booming. On a day in which you're feeling challenged, make a list of all of the roadblocks you have already effectively surpassed. This can help provide inspiration to move forward with a positive attitude.

You can also reward yourself in a tangible way. What is your favorite way to spend your free time? Cycling? Having coffee with a friend? Dining out? Schedule these activities as you would a business meeting or client appointment and make sure nothing impinges on your plans. Enjoy yourself, both at work and at home - you deserve it.

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