In this day and age, it’s great to be a working woman. Gender barriers in the workplace are rapidly disappearing. According to recent information from Grant Thornton International, a leading consulting firm, the Philippines has the highest percentage of women in senior management positions (47%) in the world—almost double the global average. The entrepreneurial sector has an even higher success rate according to DOLE’s Bureau of Labor and Employment Statistics, with an astonishing 69% of budding entrepreneurs and 51% of new business owners belonging to the female sex, as reported by PR.com. Clearly this is welcome news, especially to those of us who have a hankering to put up a business. However, as many who have tried it will attest, starting a business and having it take off while keeping some semblance of a balanced life is tricky. How exactly does a woman become the best possible entrepreneur when she has so many other things on her plate?

With the help of Entrepreneur Philippines, the country’s leading business magazine for new and established business owners, we’ve compiled a mini start-up guide for women who want to set up their own business. Read through our list and see if you’ve got what it takes to be your own boss.

Choose your product. Every good writer abides by the rule, “Write what you know.” The same logic applies in business when choosing a product or service to sell: go with something familiar that you understand inside and out. As a woman the options include—but are hardly limited to—clothing, jewelry, beauty products, baked goods, and craft items. The closer you hit to home with your product—the more often you use the product yourself, for instance—the easier it will be for you to build a business around it. Familiarity with a specific product or service means you’ll probably have a lot of insights about how to improve it, and a lot of exposure to potential competitors. This shouldn’t discourage you from selling something completely innovative and original, however—as they say, you can always “find a need and fill it.”

Find the funds. Just as important as finding the right product is getting the capital to set up your business. The best way to raise funds is largely dependent on your circumstances. If, for instance, you feel your savings could deal with some depletion, you could pony up the cash yourself. If not, there are always other viable options. Consider asking your parents and other relatives for support, or looking for investors who believe in your business’ potential enough to finance it. You could also work out a creative fund-raising activity that would draw a lot of easy attention, such as a garage sale or an auction. Loans from banks and other lending institutions are also an option, in which case you need to prepare a business plan to convince them that your business can earn enough money to meet your loan payments (though it's always a good idea to write a business plan, even if you're not planning to take out a formal loan).

Name yourself. Your business name makes the first impression—make yours a good one! It should encapsulate what the business is about while piquing the interest of your prospective customers. “Xocolat,” the independent Manila-based café and eatery specializing in “the ultimate hot chocolate” has a name based on its main product, prompting an automatic association; the unique spelling gives it that extra oomph. Xocolat’s local outlets are currently thriving, a franchise system for international expansion is being planned, and Rina Avecilla, one of the four women behind the enterprise, was named one of last year’s Ten Outstanding Entrepreneurs in the December 2008 issue of Entrepreneur Philippines.

Start it small. You’ve heard the phrase “small but terrible.” Start your business with a small, basic set-up that you can use as a training ground and for evaluation purposes. Try your product out on relatives, friends, and co-workers first to establish an acceptable price range and to get friendly—and constructive—feedback. Any mistakes or miscalculations you make during this stage can serve as lessons of what to avoid once your business is firmly on its feet.

Get online. Modern times call for modern measures. Take your business to the web to expose it to a much wider market using popular social networking sites such as Multiply and Facebook.  Multiply in particular is an established online bazaar of sorts, with businesses of every kind found within its domain. An online business not only means more customers (many Multiply sellers already ship abroad), but also less time, paperwork, and precious funds expended. The Entrepreneur website has a guide to setting up your own Multiply store .

Multitask. At the end of the day, becoming a successful female entrepreneur means juggling all the roles you must play, in your business, at the office (if you decide to keep your day job), and at home. If you’re self-employed, your job description doesn’t just end at being the boss—you’re also in charge of marketing, sales, PR, accounting, and—when your business expands—recruitment. At the same time, you must maintain your functions as friend, lover, and mother. Don’t neglect your personal life because you’re swamped with work. Remember, as an entrepreneur, you make the rules—hold yourself accountable for the other sectors of your life that may be experiencing some neglect.

Now that we’ve whet your appetite for that first big bite into business, you’ll need a lot of resources, both practical and inspirational. As early as now, bookmark Entrepreneur.com.ph, where you’ll find a lot of helpful insights and ideas for setting up shop. Their “Starter Kit” category has articles that expand on the points we’ve listed here; you’ll also find the nitty-gritty legal details of registering your business. We find the Workbook section especially useful: it provides valuable, step-by-step how-to’s on various topics, ranging from making food products (from soymilk to siomai), accessories (from beads to tree trimmings), and even your own glutathione soap. To connect with like-minded entrepreneurs, visit the Entrepreneurs board on the GIRLTalk forums. With some research and a lot of support, your dream business might just be within reach.