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There are several credible studies which indicate that the ultimate success of a startup/small business is very low. Only half of them persist for five years and around 80% of the startups usually become history within a decade. If the startup/small business is owned by a female, then the figures are much more dismal as compared to the former.

The million-dollar question is what can be done in order to overcome all these odds. The suggestion by the experts is that you can initiate by starting to do certain usual things. There are certain characteristics regarding the women-founded startups and these can be leveraged wisely into success.

Here are some of the useful startup success tips which can be of great use for the women entrepreneurs:

1. Making the venture as a family business

   While you must be having the confidence of handling business on your own, the statistics say that the female-owned family businesses do have the maximum chances of growth, success, and longevity. The family business constitutes 70% of the overall Indian economy. Also, several studies conducted by apex research agencies suggest that 30% of the total number of family businesses comfortably survive for several years and roll over to the second generation. Secondly, ladies usually matter more in any kind of family business. Nearly 60% of the women occupy top management in the family businesses and 24% of the family businesses are being directed and mentored by female CEO or President. Also, family businesses are more adaptable in retaining their talents. The employees are usually protected from adversities and layoffs even during the downturns.

2. Doing business for a great purpose

   A special report was published in the Harvard Business Review which very clearly framed the major reasons why the women entrepreneurs get an adequate advantage when a particular business has a social impact. This is a fact that women are more prone to engage in projects which involve social issues as compared to men. The total count of women founders is just 9-10% and out of this dismal number, only 10% of these women entrepreneurs manage to receive VC funding. There is a gender bias even in the business world and this can’t be done away within no time. So, it is wise to frame the business in such a way that the funding can be received and all other issues are dealt with.

3. Joining networks of women entrepreneurs

   There are several networks of women entrepreneurs available online as well as in the dynamic coworking spaces. By joining such a network, you would be able to grow your network rapidly which would, in turn, provide you with several benefits.

4. Applying for Government benefits & incentives especially meant for female entrepreneurs

   Women entrepreneurs are likely to receive certain central as well as state subsidies and incentives which are as per the scheme of Stand-up India. This specifically includes certain reimbursements like the expenses related to project reports, stamp duty exemption, benefits of energy conservation, electricity tariff tax, entry tax and also the investment promotion subsidy related to fixed capital. The MSME Ministry’s Development Commissioner extended profound benefits to women entrepreneurs by opening a special cell for the women. This particular cell dedicatedly coordinates with several other agencies & provide amicable solutions for sincere women entrepreneurs who are trying to make it big in the business world. SIDBI (acronym of The Small Industries Development Bank of India) has introduced several programs like Mahila Vikas Nidhi and Mahila Udyam Nidhi to facilitate the women entrepreneurs. A socio-economic program introduced by the Central Social Welfare Board offers special grants to the women entrepreneurs for setting up of the production units. In case you have non-tech backgrounds, the above-mentioned organizations can help you a lot in setting up your small business or startup.

5. Placing value on the practices related to ethical business

   As a follow up of conducting business for a social or good cause, the women entrepreneurs should make the ethical business practices a core and prominent part of the overall business strategy. As a woman-led business, you should ideally make it a model for many others by creating the right codes of conduct that have got the highest level of ethical standards and strictly deal with suppliers and vendors who willingly abide by the set ethical rules.

6. Aiming to be at the top

   A female entrepreneur should be exceedingly ambitious and should have the zeal to reach the top. A coworking space is occupied with many other dynamic entrepreneurs. So, if the women entrepreneurs choose to operate from a well-organized office space, they would receive inspiration and support from several other dynamic entrepreneurs which would help them in attaining their goals.

There are several success stories of women entrepreneurs in the coworking spaces. The next one can be yours.