The Economic Downturn Hit Women Hard, But We Can Conquer Like Queens
Healthcare, tourism, food service — these are three industries affected the most by the pandemic. Unlike any other recession before, the economic downturn that tailed the coronavirus has hit women where it hurts: where we work. Further, as women continue to lead male counterparts in caring for children and aging parents, our burden has been exponentially heavier since March. But despite a grim job market and continuing responsibilities, there are many ways we can come out on top and conquer our finances like the queens we are.
As an entrepreneur, you are in a unique position to build your personal wealth and your brand in your own way. In today’s digital age, women have more options than ever before when it’s time to launch a business. The trick? Fulfill a need.
Think about your strengths, and then research the market to see where you can fill gaps. Do you live in an area where childcare is sparse? Open a home daycare. Little access to fresh fruits and vegetables within your community? Bring the farmers market to your hometown. It does not matter what you are good at — only that your service is in demand.
Marketing your small business means investing in yourself. In the early days, grassroots and social media efforts tend to pay off. You can also work with an influencer to get a product review out in front of your mutual audience. While putting your reputation on the line might feel a bit uncomfortable, a good marketing plan will showcase your business and capabilities in their very best light. And as you continue to build customers, you’ll be more confident in your abilities and learn which marketing efforts work and which don’t.
Another aspect of owning a small business is crossing your proverbial Ts and dotting your Is. in other words, you have to pay attention to details. This could mean something like forming an LLC, which is a smart move that can help protect your personal assets.
As a limited liability corporation, you’ll enjoy tax advantages as well. Do a bit of research to determine the regulations in your state, and look for a formation service that can help you navigate the red tape.
Working from home
If entrepreneurship isn’t right for you, you can still find flexibility and financial freedom in working from home. As the pandemic continues to loom, there are fortunately more and more business leaders who are open to remote staff.
Before you seek an at-home position, spend some time polishing your resume. Indeed recommends tailoring your resume to a remote work environment. This is important because your employers want to know that you can handle unsupervised tasks. You’ll also want to make sure that you include any pertinent tools or equipment you have available at home, such as broadband internet or a webcam.
Being a woman in the middle of a global pandemic is tough. And when you’re trying to supplement your family’s income, competition is fierce. But becoming an entrepreneur or seeking a work-at-home position are both great ways to elevate your career and take control of your personal finances. But remember, the devil is in the details, so learn how to market and take care of any administrative duties, like forming your LLC, before you get started.
This article was written by Sarah Bull, founder of Economymom.com. Email Chantal@Growinggirlswithcurls.com if you would like to submit your own guest post!