3 COMMON MISTAKES WOMEN IN BUSINESS MAKE
Did you know that women are the biggest growing demographic in the small business space?
Two-thirds of net new businesses created in Australia in the past decade were founded by women.
That’s an exciting statistic.
Ensuring those businesses last beyond the first couple of years however takes some serious strategy and planning.
My work has shown me that we all have common challenges when setting up our small businesses. Women tend to fall into 3 specific areas.
1. Not understanding their value proposition
A successful small business requires being able to take the vision (or your business idea) into form. Your value proposition refers to understanding what makes your product or service attractive and useful to your ideal client. Being able to articulate this clearly is vital to business success particularly in the early stages when you are developing your customer base.
Spend time developing this proposition. Know your customer. You need to be clear about the customer problem your product or service is solving and the benefits this will bring to the customer. Ask yourself, why would the customer buy your product or service? Why are they going to buy from you and not your competition?
2. Not writing a business plan
A business plan is like a road map – the more clearly marked the easier the journey.
Thinking about writing a business plan in the early stages can often seem daunting and not as exciting as marketing or developing your product and service. But this planning can speed up the long-term growth of your business and free you up to focus on improving profits, reducing costs and increasing returns on investment.
Spend time to establish your business model, that is, determine sources of your revenue, number of customers you can potentially reach, costs involved to running your business, and resources or partnership you need. Map your strategy, action plan and financial projections.
Remember, writing a business plan is only the beginning. Business plans should be updated as your business evolves, and you gain more clarity on your assumptions and business goals.
3. Lack of confidence
By far the most common obstacle to women in business is a lack of confidence. It’s important to reiterate here that lack of confidence is not the same thing as lack of skill or motivation. Far from it. Most women are more often over-qualified in their role as small business owners but can feel overwhelmed or doubtful of their ability to run the whole ship!
I understand as I have felt this way too.
It’s important to understand that a lack of confidence doesn’t have to hold you or your business back and often by admitting to feeling a lack here is the first step to breaking the pattern. Reaching out to a trusted friend or mentor or even investing in a confidence course or empowerment coach can help you find a new way to approach your path.
Remember, building a business requires a whole-person approach. How you feel about yourself, your product and service are all interlinked.
The better you feel about you, the better your business will flow.
If you identify with any of these points listed above, I’d love to support your business journey. Reach out to me at: [email protected]