By nature, many women are leaders and builders instinctively. We manage entire households–balancing budgets, coordinating activities and calendars, arranging transportation, planning meals, scheduling maintenance visits, keeping up with doctor's appointments. With such a dynamic set of skills, it seems pretty logical that lots of women have chosen to venture into entrepreneurship and start businesses. This is especially true during the times we live in today where the barrier to entry is relatively low for those wanting to start a business online with minimal startup costs. Whether they are service-based entrepreneurs or have a physical or digital product, they are looking to not only serve people and solve problems, but they are desiring to challenge themselves and build a strong financial legacy for themselves and their families.
The number of women-owned businesses is growing every day–about twice the rate of male-owned startups, according to a statistic provided by the Kauffman Foundation. The alarming thing is, though, that most of these women-owned businesses fail at a far higher rate than their male counterparts. A limiting mindset–likely built on false beliefs about oneself–is very much to blame when it comes to this failure. These thoughts can lead to behaviors that don't serve the business–not trusting one's gut, draining personal savings, being afraid to collaborate, giving up too soon, and even forgetting the reason they started their business in the first place.
So, if you're a woman who has a business or is considering starting a business right now, here are five (5) secrets you need to know so that you not only start out successfully, but you maintain that success:
Secret #1: You shouldn't be afraid to trust your intuition.
Studies have shown that women tend to be very critical of themselves, often not fully trusting their gut when it comes to their business decisions. Although feelings of self-doubt and the habit of self-criticism can come naturally, moving past it and learning to trust your intuition can be extremely beneficial for your business. Think about what internally guided you to start that business in the first place, and allow that to motivate you to reach those goals in your business.
When it comes to the feelings that cause you to doubt yourself, assess them honestly. What stories are you hearing over and over in your head? What are you telling yourself? Now, are these truly facts? Or are they just feelings? What can you affirm about yourself (that is actually true) to counteract those thoughts and feelings? Journal it out if you have to.
Secret #2: You have to level up your mindset concerning money.
It's not a secret that men and women have varying views when it pertains to money. And when it comes to starting a business, women are more likely to seed their business with their own personal funds–often draining savings accounts, 401(k), etc. The few who do decide to use OPM (other people's money–i.e. lines of credit), they tend to ask for an average of about $35,000 less than men. Money mindset is a contributing factor, indeed.
What thoughts do you have about money that may be holding you back in your business? Are you educated about business credit? Are you afraid to invest in your business? Answering questions like these can go a long way in strengthening your money mindset. It could be what's holding you back from investing in that coach, raising your rates, getting that new software, or hiring that freelancer.
Secret #3: You have to release the limiting belief that you have to do it alone.
There's a saying–or some variation of the saying–that you hear in network marketing businesses all the time: You're in business for yourself, but not by yourself. Although your business may not follow the network marketing model, the statement still holds true. Yes, your name may be the only one on the LLC, but it doesn't mean you have to do everything solo.
There are a number of ways to collaborate and have community as a business owner. You could join a group coaching program or mastermind, join your local chamber of commerce or a business meetup, seek out a mentor, become a member of a professional organization, attend business conferences, or even just ask a fellow female entrepreneur from that Facebook group out for coffee.
Secret #4: Remember the twins “Consistent” & “Persistent”.
Okay, so they're not real people, BUT they are real words that should be applied, especially in business. 🙂 Many times, women aren't as consistent as they should be in their business, especially the marketing aspect, because of some of the limitations mentioned above. They may be overly critical of the way they appear in a live streaming video and stop showing up online as a result. They could be second-guessing themselves about investing in PPC marketing to generate leads for their business and end up haphazardly throwing content out there with no real plan or schedule. Inconsistency in brand messaging is also a thing that can hurt business owners and hinder success.
Being persistent works hand-in-hand with consistency. Being able to push through and keep showing up online despite doubt and fear can lead to tremendous results–even being a vital part of raising your brand awareness. Persistency is also crucial during other times of difficultly, because as we know, entrepreneurship presents its own unique set of challenges. However, understanding that your goals are greater than the current challenges will allow you to find your “center” even when you feel like quitting.
Secret #5: When you sell with the intent of making an impact, it doesn't feel like selling.
We often forget the impact we want to make on others' lives with our product or service so we end up telling them about the features and not the benefits. Once you understand what your ideal client needs, connect that with the passion behind your work, and tie it all to the end result of working with you, you'll never “sell” another day in your life.
The big problem is, most of the time when you ask women entrepreneurs what they do, they tell you they want to help people or give you a line about just wanting to serve. However, when you ask them how they help others, it's hard for them to articulate so they end up telling you what the program or service entails–the number of coaching sessions, the lesson outlines, etc. What they don't tell you is the outcome of the program, product, or service. Think about how your business will most affect the people you work with. What value are you truly providing? What is the transformation? Use that to help you “sell.”
Starting a business can be both scary and fulfilling. No one starts a business just to let challenges impede its growth or dampen its effect. Using these 5 secrets and getting the help you need will put you far ahead of the pack and allow you to see real results in your business with ease. If you need help with fleshing out your ideas and how to insert them into your overall marketing strategy, book a free Digital Review session with us today to see how we can best work with you or head over to our services page for more information. The bottom line is, you don't have to do it alone.
