Five success tips for women entrepreneurs image

Group of businesswomen meeting in modern boardroom. - 123RF

Canadian women are more likely to start their own business than in any other country in the world. Pursuing their passions and opportunities makes a big contribution to our economy, since firms headed by women tend to create more jobs.

If you’re a woman and thinking of opening your own business, use these tips to get ahead.

Develop an intellectual property (IP) strategy. Are you looking to get the most out of everything your company produces, including products and innovations? Are you looking to enter international markets? Developing an IP strategy will help you strategically grow your business and maximize the value of your IP.

Protect your brand. Have you come up with a name for your business that’s clever, catchy and describes the essence of you and your product? You may have just created a trademark. Everything that sets your business apart – its name, product and service name, slogans, logos and even sound – produces a brand image that your customers come to know. Make sure to register your trademarks to protect the brand identity that sets you apart from the competition.

Build your network. Reach out to established business owners and entrepreneurs to find a mentor and learn strategies for success. Everyone had to start somewhere, and most won’t mind sharing their insights. Also, consider networking with other new business owners to swap tips, commiserate and grow together. There are also start-up incubators with specific accelerator programs for women that are worth looking into.

Find something meaningful to you. Running your own business can be stressful and exhausting. But passion can be an essential tool and resource for when you feel like quitting. That’s why it’s important to find something you are truly passionate about and interested in, so you can be sure to stay motivated.

Flex your existing skills. If you don’t have a background in business, there are many skills you’ve already mastered that you may not realize are useful for an entrepreneur. Think about transferable skills you may have, like critical thinking, time management and working well with others.

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