So you want to be rich? Of course it's not easy, but if you're a woman and your goal is to fill your pockets with greenbacks, experts say that entrepreneurship is the way to go and you can get started for just $5,000.
According to the Women's Financial Network, women in this country start businesses at two times the rate of men and 6 percent of them have revenues of $1 million or more.
But even as women start businesses at a faster rate than men, they find it harder at the outset to grow their businesses and to access venture capital.
Here are some tips for women looking to indulge their entrepreneurial spirit but lacking the deep pockets they think they need to make it happen.
Even though some of the fastest-growing categories of women-owned businesses are non-traditional -- like construction, trade, transportation and manufacturing -- there are dozens of entrepreneurial options that don't require massive amounts of capital and can easily get started for as little as $5,000.
Focus on your strengths, interests and passions when deciding the kind of product or service you'd like to launch.
Here are some options that tend to be particularly appealing to women:
Health and wellness: yoga/pilates, nutrition counseling
Pet care: grooming, day care, accessories
Culinary arts: baking (for individuals or restaurants), catering
Creative arts: paper products (stationery, invitations); jewelry/clothing design, painting kids rooms
Services: graphic design, event/party planning, PR/marketing
You need to answer the simple question "why should someone buy from me?" Give some thought to what will make your business stand apart from your competitor regardless of what you're doing.
You need either a unique product, a unique service or a unique way of delivering your service that is better than the next guy. Your sales pitch has to be clearly conveyed in one line or less. For example: "We understand the small business owners' printing needs better than anyone else" or "We make the best hot dogs this side of the Mississippi."
