29. Should I start my own startup?

This is a question that I am regularly asked when having career conversations with women.

Over my career journey, I’ve had a few of my own side businesses, including a beauty startup which was a marketplace for beauty professionals (think Airbnb for the beauty industry).

So, here's my four tips when considering a startup:

1. Pick something you’re passionate about

This is really your key to success. Startups involve a huge amount of time, effort and unknowns, so make sure the passion will keep you showing up for your idea.

2. Find a way to profit off something you’re already doing

I had people asking me at events if I would consider mentoring them. This is how Lady Leadership got its start! If you’re perhaps doing a service for others already and can clearly see that you’ve got some sort of demand for this, figure out how you can benefit financially.

3. Test the market

Figure out if your idea will solve a pain point. This is a crucial step: as much as you might believe in your idea, the consumer will define your success or failure (just make sure you’re not spending a lot of your money in this step).

4. Allocate time to spend on your Startup

Be realistic about the time you have available to put into this venture. If you have a young family or a demanding job, this is especially important. You may find that you might need to make some lifestyle adjustments, depending on the scale of your startup.

For career inspiration and motivation, listen to the Lady Leadership podcast here.