Advice for Aspiring Female Entrepreneurs

Ever since launching the Chronic Boss Collective, I’ve interfaced with hundreds of ambitious women with dreams of starting their own businesses, but there is one question I get all the time: “But Lilly, how will I know if I’m ready to go out on my own in business?”

I am a firm believer in entrepreneurship. It’s not the easiest path, and it’s certainly not for everyone, but there is no greater freedom than working for yourself. You can spend your life making money to make someone else’s dream a reality, or you can make money by fulfilling your own.

This is my advice for women everywhere, dreaming of their potential business but aren’t sure what steps to take.

Believe in YOU

“The future belongs to those who believe in the beauty of their dreams.” - Eleanor Roosevelt

Imposter syndrome impacts most of us, especially women. But, the comparison game gets us nowhere, and no one can do the work of building our self-belief for us.

In reality, everyone is faking it until they make it, and you may never feel 100% ready to take the leap into starting your own venture. But, that doesn’t mean you’re not ready. Until you take action, you’ll never know what is possible.

Never let the fear that you’re not good enough or qualified enough stop you from making your dreams happen. Your mindset is everything, so believe in the magic you bring to the world and manifest the life you want.

It’s okay to be scared because your ambitions should scare you, at least a little. If they didn’t, I’d tell you to dream bigger!

Follow your Passion

I am a firm believer that passion yields profit. When you align your passion with your purpose, you’ll lead with authenticity that will attract exactly the type of people you want to work with, and your impact will be greater. High income means nothing without impact.?

Take the time to identify your ‘why.’ If your business idea lights you up inside, you’re onto something special. When the going gets tough in business, your ‘why’ will keep you moving forward.

Make a Plan

One of the best ways to confidently step into business ownership is to lay a strong foundation. This doesn’t have to be a fully developed business plan by any means, but having an idea of how you can create a sustainable business is important. Commit to dedicating uninterrupted time daily or weekly to writing down what steps you can take to make your dream a reality.?

Spend time doing informational interviews with ideal clients and other entrepreneurs so you can get clear on the needs of the marketplace and what gaps you can fill. This will help you establish that there is an appetite for your product or service and get clear on your offering.

Then, crunch the numbers. You need to understand how much money you need to make to survive, versus how much you’d need to make to live comfortably. Starting with the minimum as your goal will feel palatable. Having a “hit it out of the park” goal will be motivating. Above all, knowing these numbers will help you set sustainable pricing and avoid undercharging.

I also recommend you think about how you’d like to transition into your business. Will you start as a side hustle? Or jump right in? Some other considerations to think through are your ideal work schedule, the logistics and legalities of setting up your business, and any start-up costs.

Take Messy Action

As the adage goes, “action takers are money makers.” Everyone has ideas, but those who move to take action early and often are the ones who are wildly successful.

Remember, you don't have to do everything at once, nor should you expect to go from 0 to 100 in business overnight. When I first shared the Chronic Boss Collective with the world, it wasn't with the full membership in place or a perfect website. I said to myself, “I am going to take the first step." I got the logo and a quick website together and announced the concept. I knew it would be a slow build, and having feedback from our target audience as we built was crucial.

You can spend forever trying to make your offering perfect before you share it with the world. Or, you can put it out there, get feedback, and learn valuable lessons from your successes and failures a lot sooner. Embrace imperfection and keep moving forward.

Build Your Network

Your network is your net worth. Relationship building is critical for entrepreneurs. It’s how we reach our ideal clients, identify champions, and establish credibility.? Networking with fellow entrepreneurs can be particularly rewarding. Having people to commiserate with during the tough times, go to for support and advice, and celebrate wins only entrepreneurs can understand, makes all the difference.

Networking is a surefire way to grow your business. It might not happen overnight, but nurturing those relationships will pay off.

Focus on Your Vision

Be careful about playing the comparison game. There’s a special kind of peace achieved when you stop comparing yourself to others. Instead of looking left and right at what others are doing, which can lead to self-doubt, keep your eyes forward.

Everyone will have opinions on where you should go with your business. It’s up to you to decide what advice to take and what to toss.

Block out the noise, stay laser-focused on your vision, and trust your gut. Let your vision and your ‘why’ be your north star.

Be Resilient

It’s not a matter of if, but when, there will be challenges. You can’t let a single failure or mistake stop you on your path. Being able to experience the suck, take a deep breath, and move forward is a valuable skill that will take you far.

Those who constantly seek to grow will find success, so embrace every experience to step outside of your comfort zone. What feels like a huge setback or challenge at the moment is going to stretch you and make you a better entrepreneur in the long run.

For any woman considering entrepreneurship, believe in all that you bring to the table. Find a balance between a healthy amount of planning and a heap of messy action, and start making your dreams a reality. You’ve got a supporter in me.