Choosing to be responsible for yourself and for a new or growing business, brings challenges to many women that are frustrating, time consuming and often not fully understood. Overcoming these challenges and the obstacles they put in your path can make or break your business.
Balance your work with your life.
Especially where there are children involved, women entrepreneurs who have their own business can find it especially difficult when starting out. Finding the time for family as well as the demands of a start-up can put pressure on everyone. Women’s natural ability to mulit-task steps in here and can be a huge help, however, knowing when to focus on just one task at a time is just as important when running your own business.
Being able to share the chores at home and diplomacy when discussing your new venture is very important when dealing with all of the members of your family. Explaining, especially to younger children, just how important this is to you will help. Trying to involve everyone in things such as advertising and networking ideas can help them feel that your time with them is more important than ever.
Funding: Get over your fear of debt.
One thing most women fear when running a business is how much debt they will need to take on. Balancing good and bad debt is an important factor that you need to consider. Bad debt includes purchases which are spur of the moment or unnecessary. Good debt is something that will improve your future and that of your family. It builds your credit rating and should be an amount that you know you will be able to repay.
Think big and pay yourself well.
This includes charging an appropriate amount for your products and/or services. Women have been well trained in the art of feeling that their contribution is not worth as much as something a man contributes. Assert yourself, compare what others are charging for similar services and charge accordingly. You deserve it!
Have a destination in mind at all times. It’s easier to work backward from where you want to be than to move forward without specific goals in mind. One step at a time will get you there.
Know yourself.
While you wouldn’t think this would be a challenge that is especially targeted at women, most women really don’t know themselves well and if you ask them what they want to do, many times they aren’t sure or have no idea at all.
Each of us knows our own personal strengths and unique abilities. Build on those and don’t listen to what others tell you. You should be doing what works for you, not for someone else! On the flip side, we also know our weaknesses. When needing help in your business, hire an assistant or outsource to a team that specializes in what you need. It will help grow your business! Remember, you don’t have to do it all yourself.
Have confidence and believe in yourself.
Leading the way in the corporate world is totally different than leading the way! Being an independent thinker and stepping outside of the usual role model can be scary. Carrying it off with confidence and knowing you can do this is a challenge that must be overcome in order to run a profitable and successful business. Don’t doubt YOUR talents or your ability to provide what others need and want. Negotiate the best deal for yourself and do it in such a way that your business grows. If you do have doubts, look to a mentor for advice and to help you with difficult decisions. Don’t let others belittle your efforts or think of your business as “just a hobby.”It’s your livelihood and your future you are building.
The most important thing to keep in mind is that you can meet your challenges head on, overcome them and be successful!
Chris Draper
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