As the world continues to evolve, an increasing number of women are disrupting social norms and exploring their potential. This can especially be seen in the number of female-owned businesses that are emerging which, according to a 2018 SCORE Association report, has increased by 45 percent between 2007 and 2016. While such increases are exciting to see, it’s important to look at some of the challenges that are faced by female entrepreneurs.
Fundera has found that 20% of businesses fail in their first year, while 30% fail in the second year. The odds are especially stacked against women, as MIT Sloan has found that the most successful businesses are started by middle-aged men. Nevertheless, there are ways to improve your chances of success in the entrepreneurial world as a woman.
Some of these steps may be familiar, while others may be new ideas you’ve never explored. Either way, when applied consistently, such ideas could improve your business outcomes. If you’ve got a coding business and want to increase your chances of success, consider some of the suggestions mentioned below.
Build a Strong Network
Any business or entrepreneur hoping to be successful needs a strong network. No matter how state of the art your products and services may be, realizing your greatest potential often requires the help of others. Never underestimate the power of a professional mentor. The next question you may have is how you can build this network and who you should be networking with.
Start by writing down the most influential people in the tech sector and then think about how they could add value to your business. The next step is setting out to meet individuals like them or in their sectors. This could mean looking for upcoming conferences or attending trade shows. If you do decide to attend a trade show, there are lots of tips for preparing. Create a strategy for engaging with other attendees and bring along business cards that you can distribute. You could also make a note to choose the exhibitors you want to visit ahead of time as they could end up being useful contacts and future partners.
Having said that, don’t discredit the influence peers or other small business owners could have on your company. They could turn out to be people you can collaborate or partner with, whether it be a social media influencer or fellow coding business. The fact of the matter is that networking is needed to help you pave your entrepreneurial path within coding.
Update Your Qualifications
Although certifications aren’t a prerequisite for starting and running a coding business, they often help you appear more reputable. When prospects know they’ll be receiving products and services from qualified experts, it creates a deeper level of trust and boosts their confidence in your brand. If, for instance, your clients know that you got a coding degree from the University of California Berkeley (which is seen as a top college for learning code) it could make you appear like more of an expert in your field.
A good IT certification to add to your list would be CompTIA Security+, which is one of the most popular of 2019. If you wanted to acquire knowledge relating to mobile services, networking, or security, then taking the CompTIA A+ would be ideal. Such knowledge could help you make your business more secure or equip you with the right information if you want to expand your services to mobile audiences.
To take it a step further, getting a degree is another way to update your knowledge, especially if you don’t already have one. Seeing the once persistent gender gap in STEM degrees is now being closed by women, acquiring one could also help you contribute to improving the numbers. The icing on the cake is that you walk away with knowledge that could help you run your business more effectively.
Prioritize Data Security
One of the most preeminent threats that the digital world presents is to data security. Ponemon Institute’s Cost of a Data Breach 2018 study for IBM found that the average data breach costs companies worldwide $3.86 million. To uphold your integrity and trustworthiness as a coding business, how you can minimize the risk of data breaches occurring?
An approach to try would be putting data security protocols in place during the incipient stages. Some common protocols you could implement are backing up your data and changing passwords every couple of months. Doing this helps prepare your team for an unexpected cyberattack or natural disaster. It is also key that you update your security processes and train your staff on a regular basis.
Poor data security could do serious damage to your business if not approached with a sense of urgency. In the event that data is breached, your customer’s personal information could be leaked which could result in a ripple effect of negative consequences for your business. Not only could you end up losing money, but you could also lose the reputation that you worked so hard to build. An example of what is classified as one of the biggest data breaches in history is one that happened to Yahoo in 2013-2014. Users names, email addresses, dates of birth and phone numbers were comprised and it knocked an estimated $350 million off Yahoo’s sale price as a result.
Use the Right Tools
When running a coding business that you hope will leave an indelible mark, tools can make a noticeable difference. They can help you in areas such as efficiency, time management and also cost-effectiveness. To choose the right tools, however, you’ve got to identify areas of your business that are underperforming or in serious need of streamlining.
Social media is a great example of a tool that could benefit your business. It’s a tool that could expand your business reach and give you a return on your investment. Posting ads on Facebook, LinkedIn or Instagram is a way to capture your audience and get them to engage with your business.
Aside from social media, try making the best use of software that will help keep you organized. Infusionsoft Complete is an ideal software to use for your business if you want marketing assistance. There is also Xero if you’re a small businesses with accounting needs. There are endless numbers of tools out there that can automate mundane tasks so that you and the team can focus on building a successful and legendary coding business.
Guest article written by: Charlie Fletcher
Thanks for sharing such nice piece of content with us, i think that womens can be good coders because unlike guys they are more focused and determined to make a difference.
This is such a great article. I like how you addressed women’s most common business problems. Thank you for sharing this blog. It will surely enlighten not just women but also men who are engaging in business when it comes to coding.