It’s tricky being a business owner. Nobody tells you when you start out that there is SO MUCH to consider. You expect to spend most of your time doing the thing you love – the thing that made you want to have a business around it. And then reality hits.
I left corporate world in 2005 and made so many mistakes I’m surprised I even had a business at the end of it. Here are the 5 biggest ones I see women business owners making all the time.
1. Trying To Market To Everyone
Yes, I know I go on about this. But it’s a BIGGIE. You can’t market to everyone. You’ve got limited time, money and energy – so why would you waste any of it on people who aren’t likely to buy?
Focus your marketing on the people who are a great fit for your business. The ones who love what you do, who keep coming back, who tell their friends. Everyone else? Not your problem.
2. Not Thinking Like A Business Owner
When you ARE your business, it’s really tricky to separate the business from the personal. A criticism of your business feels like a criticism of you. A nasty comment on Facebook feels personal. You cave in every time someone asks for a discount because you’re “just little old me”.
Sound familiar? Thinking like a business owner means taking the higher ground, not being bullied into giving discounts, not being afraid to chase up YOUR money, and putting boundaries in place. Easier said than done. But the sooner you start thinking like a business owner, the sooner your business will start to fly.
3. Pricing Based On What Your Competitors Charge
No, no, no! Stop it! Do you know how your competitors set THEIR prices? They most likely looked around to see what everyone else was charging and benchmarked against that. “I’m new so I can’t charge as much as her because she’s been around for 10 years…”
That is NOT the way to price. Figure out who your ideal customer is, what problems you solve for them, and price based on the VALUE you deliver. Not what Sandra down the road charges.
4. Trying To Do Everything Yourself
You’re the boss, the marketer, the accountant, the customer service team, the IT department and the cleaner. And you wonder why you’re exhausted and your business isn’t growing?
You don’t have to do everything. Work out what only YOU can do (the stuff that actually makes money) and find ways to delegate or ditch the rest. A virtual assistant for a few hours a week can change your life. I’m not exaggerating.
5. Not Having A Plan
This is the big one. Most women start a business without any kind of target, vision, or end goal. They just plough on day by day, head down, busy busy, and never look up to check if they’re going in the right direction.
Without a plan, you can’t make decisions. You don’t know if you’re doing well or badly. You don’t know if the thing you’re spending hours on is actually moving your business forward. Get clear on where you want to be, and everything else gets easier.
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