7 Important Milestones for Every Female Entrepreneur
Can you believe that for thousands of years, our male-dominated society prevented women from entering the business world? Probably because they knew that lady entrepreneurs would crush the competition. Being a female entrepreneur is truly something to be proud of.
Whether you’re launching a startup business or undertaking a large investment project, there are several achievements in your entrepreneurial career that you shouldn’t hesitate to celebrate. Here are 7 important milestones for every female entrepreneur.
As they say, “the most important step is the first step.” On your path toward entrepreneurial stardom, one of the most important milestones is your very first one: getting started.
If you’re opening a business, your first step might be registering your new company with the IRS or with your state tax authority. When you’ve got your business registered, you can start to build a website, open your business bank accounts, begin the hiring process, and plan your marketing strategy.
If you’re participating in some sort of investment venture, then your first step might be making your first payout or achieving a fundraising goal. No matter what you define your “first step” as, don’t underplay its importance—this is where your whole career will begin.
Hiring Your First Employee
Hiring your first employee is a big deal because your business has now expanded to include other people. You’re now responsible for managing the productivity and effectiveness of your employee, as well as your employee’s happiness at your company. It’s a big responsibility to take on, but a necessary one and an indicator that your business has either a solid cash flow or good financial backing to bring on a staff.
If you’re launching a startup, it’s critical that your first employee is intelligent, motivated, and as driven to see your company succeed as you are. That’s why you should take great care in hiring the right person, and be sure to offer good benefits (like promotions or stock options) as the company grows. An online job board is a good place to begin your search, but you might also turn to your business network to find job candidates who are trusted by your friends and business partners.
Buying a Luxury Car
No, we’re not being materialistic—not completely, anyway. As your business grows larger, you might want to expand your company assets, and a luxury vehicle for your company could be a very valuable asset. Of course, there’s nothing wrong with buying yourself a luxury vehicle with all that newfound cash you’ve earned—you go girl!
When it comes to company vehicles, though, a luxury car can help you evoke a sense of success and professionalism when you meet with partners and clients. You don’t have to make purchasing a company vehicle an extravagant event: just search online for local dealerships. If you’re operating in Georgia, just search online for “New Volkswagen models near Atlanta,” or if you’re operating in Los Angeles search for “New Mercedes-Benz models near LA.” Keep it simple, buy local, and consider leasing. Nobody likes an ostentatious business owner.
Turning a Profit
You should always celebrate the moment your company or investment becomes profitable. Maybe you balance your business checkbook, or your recoup your initial investment, or sell your startup for profit. If you made any money on your business, we consider you a successful entrepreneur. Go and buy yourself an expensive bottle of wine.
Acquiring Your First Office
Many entrepreneurs start their first business in their home (or their coffee shop—wherever they can get a good internet connection on their laptop). It’s a big milestone when you’re able to move your business into an office. Many small businesses aren’t able to acquire a large, stunning office for their first office space. But so long as you have a good place for your employees to get their work done, any office outside your home is a great leap forward for your company.
Starting Your Second Business
Entrepreneurs are always looking for the next great business opportunity. If your first business was a big success, it might be time to start thinking about launching your second business venture. And even if your first business was more of a learning experience than a financial success, you’ll surely be able to use your newfound skills and experience to do better with your next business.
Becoming a Mentor
Last but not least, becoming a mentor to another entrepreneur is truly one of the most important and humbling milestones in your career. Most entrepreneurs received financial assistance or career advice from a trusted mentor. Pass along what you’ve learned to a new generation of budding business owners. The importance of mentorship cannot ever be understated.