With COVID rocking the employment landscape for job-seekers, some women have taken this opportunity to reinvent themselves and take charge of their own financial futures by launching a business. Entrepreneurship is one of the most consistent paths to wealth, though it doesn't come without some pitfalls, particularly in these uncertain times. What can women entrepreneurs do to survive and thrive in the COVID era?
Look for Untapped Markets
Market oversaturation can be a problem for any fledgling business. It's tough to attract customers or clients while there are already more established businesses in your niche, and the COVID-19 pandemic has only made this issue worse.
However, the pandemic has also created new business avenues where there are no established "big names," leaving the playing field fairly level. For example, six months ago, there was very little demand for handmade cloth face masks; today, thousands of independent shops feature these masks in a variety of colors, styles, patterns, and themes. With many schools across the country transitioning to an online learning model, there's more demand than ever for comprehensive homeschooling materials. Female entrepreneurs can be uniquely well-positioned to identify and capitalize on these needs, filling a market segment that has existed only briefly.
Investigate Interruptions in Supply Chains
Another way in which women entrepreneurs can effectively break into a new market involves looking into supply chain interruptions. When the pandemic first hit, grocery stores were having trouble supplying toilet paper, hand sanitizer, and other cleaning items. As the pandemic has continued, more supply chain issues are becoming apparent in the technology and sports equipment industries. Entrepreneurs who aren't reliant on overseas exports and can jump in to fill supply chain gaps are well-positioned to gain a foothold in their market, even in a field that's normally saturated.
Connect With Other Female Entrepreneurs
No business is successful in a vacuum, and when it comes to growing your own business, relationships matter. By joining trade groups, mentorship groups, or other groups focused on empowering and supporting women in business, you'll provide yourself with a built-in network of other women entrepreneurs who can provide advice and support to tackle some of the unique struggles you may face. These connections can be both personally and professionally fulfilling and, in some cases, can be the final push you need to give your business momentum.