Figuring out how to start your own business? Here are 7 tips for women entrepreneurs on funding, financial guidance, and more.

Devotion, drive, determination; all women entrepreneurs (and aspiring business owners) have ‘em. But actually figuring out how to start your own business can be tricky. Do you just quit your job because you’re obsessed with your idea? Is this your new life now? The quick answer is almost always: no.
Regardless of your position, you need a game plan. Because there’s a lot to consider before you officially make the leap.
Here are 7 tips for woman entrepreneurs who want to start a business:
Entrepreneurship is hard, and it’s not for everyone. Do your research, and dip your toes in before quitting your job entirely. A simple Google search can tell you what competition you'll be facing for your idea. You can also search patents and trademarks to see if your idea has already been registered. Talk to people you know — and people you don’t know — about your idea and get their feedback.
Consider setting up shop on the side. Pick up a few freelance or consulting gigs with start-ups. Advise a start-up for a while, to get a feel for it. If you’re more of an artisan, start selling your products using major marketplaces like Amazon, Etsy, and eBay, which offer built-in traffic, or by creating your own storefront with platforms like Shopify, for example. This will help you see if you really have a money-making idea.
Lastly, know that work-life balance will change when you start a business. A little housekeeping can help you find a sustainable groove. Have conversations with your family and friends about how this entrepreneurial career path will change your routines, priorities, and availability. While you ask for their support, actively listen to their non-negotiable needs.
You cannot, cannot, cannot start a business alone. The strength of an entrepreneur's network can really make or break their business. Ask yourself who you know, and who you would like to know. Don’t be shy about calling on your friends, colleagues, and family for any help they can offer — whether it's giving you feedback or connecting you with potential clients or resources. Be generous and do the same for other women entrepreneurs.
Even if you believe you have a million-dollar idea, it's likely going to take a while before you actually turn it into one. Most experts say you need to give your new business two years to see if it can work. So before you go all-in and leave your day job behind, be sure you can support yourself along the way with adequate savings for the short term.
Next, one of the most impactful-yet-overlooked savings strategies for entrepreneurs: invest in starting your own business.
We recommend having two years' worth of your current take-home pay saved up. If you're starting out by freelancing instead of diving directly into starting your own business, you may be able to get started with less saved. But it's better to save too much than to risk not having enough to give your business a chance to work.
Remember the old adage, “If it’s not on paper, it doesn’t exist?” Well, it’s especially true when you start your own business. Get your plans on paper … or onto your computer. Even a few pages will help you get organized, focus your ideas, and get you on track.
Some things you may want to include in your business plan: your mission statement, target audience, revenue streams, marketing and distribution channels, partnerships , and, of course, financials. Keeping it brief will make it easy to adjust as things progress and change.
As you outline everything, it's a good time to recognize that you’ll be responsible for all of it. If you're uncertain about any portion of the work, figure out now how to get around that. For example, if you aren't great with bookkeeping, do you know someone who is? Give her a call. Get advice or consider having someone do it for you — and work hiring employees and freelancers into your plan (psst … it’s never too early to ask how you’ll help those future employees save for retirement).
Even as women are starting businesses at a greater rate than men, we still don’t receive anywhere near our fair share of funding.
But things are starting to change. To support women starting their own companies, we get real about what it takes to fund your business so you feel confident in your financial future.
There is a lot of red tape involved when you start a business. You need to select your form of ownership, register a name, get a tax identification number and whatever permits or licenses you'll need — to name just a few things. Check with the US Small Business Administration for guidance with these important details.
Once you’re up and running for a few months, give yourself a pat on the back. Next up: Register as a woman-owned business. Doing so can help you land big clients, including in local and federal governments, as well as large corporations, that aim to parcel out a certain amount of contracts to women entrepreneurs and women-owned businesses.
The certification process is a lot of paperwork and can take up to 90 days. You need to provide a ton of documentation for review and prove that your company is at least 51% owned and managed by women. See the National Association of Women Business Owners for more details and other resources on getting certified.
Founded in 2014, Ellevest is a women-founded, women-led financial services company dedicated to closing the gender wealth gap. Our mission is to get more money in the hands of women, their families, and the next generation through personalized, intentional wealth management, and financial planning.