OK, being a business owner isn’t always the easiest option (but there are SO many good points!) – however, let’s not make it harder for ourselves to make money than it needs to be.
I work with thousands of women via my community, and I see the same issues coming up time and time again. Issues that are definitely making it harder for you to make money. See if you’re guilty of any of these little gems:
1. Not Knowing Your Numbers
Do you know yours?
By numbers I’m talking about your break-even point (what it costs you to provide your product or service so you can charge AT LEAST that amount), your profit margin, your weekly, monthly and annual sales figures.
I know you’re scared of numbers – most women business owners are. But the truth is, if you don’t know this stuff then you could be running at a huge loss without even knowing about it, effectively paying your customers to buy from you. How crazy is that?
Don’t be one of those scaredy-cat girls. Be brave, get your big girl knickers on and face facts. You need to know at the very least:
- What it costs you to make or provide your product or service (including time, materials, overheads)
- What you need to charge JUST TO COVER COSTS (this is your absolute minimum)
- What you need to charge to make a decent profit
THEN CHARGE IT. And put your prices up at least once a year.
2. Not Knowing What You’re Aiming For
If you’re not sure what you’re trying to achieve, how the heck are you going to achieve it? You need at least some basic targets in your business or you’re just pootling along aimlessly, wondering why you’re not getting any further forward.
Here’s an unexpected side effect of setting targets – you’ll push yourself just a bit further to achieve them. In my case, as soon as I started setting targets, my business skyrocketed. It became like a personal challenge. I know what I need to sell every day, week, month and year to hit my big targets and big vision.
If you’re not setting targets, you’re making it harder for yourself to make money.
3. Not Setting Boundaries
By NOT setting boundaries you don’t protect your work time, you tire yourself out, you fritter away precious time and you wonder why you’re not getting any richer.
Get really strict on your working hours, even if that’s only a couple of hours a day. Make that time count. Don’t sit there faffing and wasting time. Don’t get distracted by scrolling Instagram or falling down a TikTok rabbit hole. Don’t give in and have a cuppa with your pal (do that outside of your work time).
You’re a business owner. Be strict with yourself. Get really clear on what you’re going to do in those slices of time and do it. Use a project management tool like Trello, Asana, or Notion to plan your tasks, and batch your content creation so you’re not starting from scratch every day. Say ‘no’ to distractions. Get good at acting like you’re serious about your business – because if YOU don’t take it seriously, how can you expect anyone else to?
The thing about making money is that you’re doing it for a reason – to make your life and your family’s life better, right? So it’s really important that you don’t burn yourself out in the process. I see so many women who work every single spare hour and exhaust themselves very quickly.
Set boundaries. Make your work time count. Get really productive, really quickly – and then have time off. Time for you and time for your family. The better you get at this, the easier it will be to build your business, stay sane and make more money.
If you can crack these three areas, you’ll make money much more easily and you’ll be a happier, healthier business owner too. Don’t put obstacles in your own way – start thinking like a business owner and watch the magic start to happen!